IN RE SUCESORES de ABARCA, INC.

No. 88-1123.

862 F.2d 394 (1988)

In re SUCESORES de ABARCA, INC., Debtor. Tomas PADILLA, etc., Plaintiff, Appellee, v. GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO, Defendant, Appellant.

United States Court of Appeals, First Circuit.

Decided December 5, 1988.


Attorney(s) appearing for the Case

Roberto E. Garcia Torres, Delfina Betancourt, San Juan, P.R., and Jose Raul Alio Cortada, Bayamon, P.R., on brief for defendant, appellant.

Ismael H. Herrero, III and Correa Calzada, Collazo Salazar & Herrero, San Juan, P.R., on brief for plaintiff, appellee.

Before COFFIN, BOWNES and SELYA, Circuit Judges.


COFFIN, Circuit Judge.

This case concerns the application of Puerto Rican mortgage law to industrial equipment. The issue is whether, by terms of the mortgage law or the mortgage deed at issue, certain overhead cranes located at a warehouse were permanently annexed to the property so as to be covered by the mortgage deed securing a commercial loan extended by appellant. We hold, contrary to the decisions below, that by operation of both covenant and statute, the cranes...

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