This case has been cited 1 times or more.
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2002-10-28 |
BELLOSILLO, J. |
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| Rule 39, of the Rules of Court, is applicable in case of redemption of real estate mortgaged to the DBP to secure a loan. As such, the redemption price to be paid by the mortgagor or debtor to the DBP is 'all the amount he owes the latter on the date of the sale, with interest on the total indebtedness at the rate agreed upon,' and not merely the amount paid for by the purchaser at the public auction, pursuant to Section 26, Rule 39, of the Rules of Court."[22] Clearly the redemption of properties mortgaged with the Development Bank of the Philippines and foreclosed either judicially or extrajudicially is governed by special laws which provide for the payment of all the amounts owed by the debtor. This special protection given to a government lending institution is not accorded to judgment creditors in ordinary civil actions.[23] It is worth noting that the mortgage contract between petitioner DBP and Bacolod Medical Center as assignor of respondent West Negros College was expressly constituted subject to the provisions of RA 85 which by explicit reference include Sec. 31 of CA 459 requiring for | |||||