FACTS:
On
May 9, 1912, Alejandro Callao, mother of Juan Villaroel, obtained a loan of
P1,000 from spouses Mariano Estrada and Severina payable after seven years.
Alejandra
died, leaving Juan Villaroel as sole heir, Spouses Mariano Estrada and Severina
also died, leaving Bernardino Estrada as sole heir.
On
August 9, 1930, Juan Villaroel signed a document in which he declared to pay
the debt of his deceased mother in the amount of P1,000 with legal interest of
12% per annum.
The
Court of First Instance of Laguna ordered Juan Villaroel to pay the amount of
P1,000 with an interest of 12% per annum since August 9, 1930 until full
payment
Villaroel
appealed.
ISSUE:
Whether or not the right to prescription may be waived or renounced.
HELD:
Yes, right to prescription may be waived or renounced. As a general rule, when
a debt has already prescribed, it cannot be imposed by the creditor. However, a
new contract which recognizes and assumes the prescribed debt is an exception,
for it would be valid and enforceable. Hence, a person who acknowledges the
correctness of the debt and promises to pay it despite knowing that the debt
has already prescribed, such as the case at bar, waived the benefit of the prescription.
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