This case has been cited 2 times or more.
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2016-01-20 |
JARDELEZA, J. |
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| On January 5, 1998, the Regional Trial Court (RTC), Branch 17, Kidapawan, North Cotabato (the trial court) rendered its decision dismissing the complaint.[7] The trial court, relying on the case of Lee Chuy Realty Corporation v. Court of Appeals[8] ruled that a formal offer alone, or the filing of a case alone, within the prescribed period of five (5) years is not sufficient to effect a valid offer to redeem—either must or should be coupled with consignation of the repurchase price if bona fide tender of payment has been refused.[9] The dispositive portion of the decision reads: | |||||
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2006-08-18 |
CARPIO, J. |
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| We hold that there was no valid and effective offer to redeem the 25% undivided interest in the property. Although Lita Sy invoked her right to redeem the property in the answer filed with the RTC Branch 2, she failed to consign in court the redemption price. Well-settled is the rule that a formal offer to redeem must be accompanied by a valid tender of the redemption price and that the filing of a judicial action, plus the consignation of the redemption price within the period of redemption, is equivalent to a formal offer to redeem.[36] | |||||