3. G.G. Sportswear Manufacturing Corp. vs. Banco de Oro Unibank, Inc.

3. G.G. Sportswear Manufacturing Corp. vs. Banco de Oro Unibank, Inc. G.R. o. !"##3# " $ebruar% &'!' $acts( 

G.G. Sportswear mortgaged a lot in A randa, Maka, and a house and lot in Be l-Air Village, Maka, to BDO, to secure secu re a !",#$%,"""."" loan to G.G. Sportswear. Sportswear.

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&he pares amended the real estate mortgages to include an addional '',()#,"""."" loan.

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G.G. Sportswear was una*le to pa+ its loans.

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BDO told G.G. Sportswear in a leer that the *ank transerred its past due loan o*ligaon with the *ank to hilippine n/estment One, nc. 0O1 0also a respondent in this case1, including all interest, ees, charges, penales, and securies2collaterals, securies2collaterals, i an+. an+. &his was ollowed *+ BDO 3er4caon that it has assigned, con/e+ed, con/e+ed, transerred and sold to O, on a without recourse *asis, all its rights, tle, *ene4ts and interest to the 5oan 6ecei/a*les o G.G. Sportswear. Sportswear.

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Su*se7uentl+, Su*se7uentl+, howe/er, howe/er, BDO applied with the 89 O:cio Sheri; o Maka or the oreclosure oreclosure o the properes that G.G. Sportswear mortgaged with the *ank.

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&he sheri; auconed o; the Aranda propert+ to BDO.

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&wo da+s da+s *eore the rescheduled aucon o the Bel-Air propert+, G.G. Sportswear 4led an acon with 6&3 Maka to annul the oreclosure, hold respondent BDO in indirect contempt, award damages, and en
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n its answer, answer, BDO denied transerring transerring G.G. Sportswear =s loan recei/a*les to O, stang that the 3er4caon it issued was a mere general cer4caon that did not speci+ which o se/eral loan recei/a*les were sold to O. BDO in act transerred transerred onl+ !>",?!"."" out o G.G. Sportswears total loan.

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6&3 issued an order den+ing G.G. Sportswear=s applicaons or &6O and preliminar+ in
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G.G. Sportswear 4led an M6 and a moon to inhi*it the presiding
Issue(

@O 6&3 gra/el+ a*used its discreon when it denied G.G. Sportswear=s applicaon or &6O and preliminar+ in
&he test or issuing a &6O or an in
n
outstanding o*ligaon, the remed+ i this turns out to *e true is to direct BDO to return the e9cess proceeds with damages as the circumstances ma+ warrant. &he pro/isional remed+ o preliminar+ in