This case has been cited 2 times or more.
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2011-07-27 |
VILLARAMA, JR., J. |
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| Here, the Dys and the Maxinos complied with the above-quoted provision. Well within the redemption period, they initially attempted to pay the redemption money not only to the purchaser, DRBI, but also to the Yaps. Both DRBI and the Yaps however refused, insisting that the Dys and Maxinos should pay the whole purchase price at which all the foreclosed properties were sold during the foreclosure sale. Because of said refusal, the Dys and Maxinos correctly availed of the alternative remedy by going to the sheriff who made the sale. As held in Natino v. Intermediate Appellate Court,[40] the tender of the redemption money may be made to the purchaser of the land or to the sheriff. If made to the sheriff, it is his duty to accept the tender and execute the certificate of redemption. | |||||
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2004-06-10 |
TINGA, J. |
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| Instead, we find the case of Natino v. Intermediate Appellate Court[10] to be on all fours with the case at hand. That case also involved the annulment of the final deed of sale of the mortgaged property executed in favor of respondent bank. There, it was not disputed that no redemption was made by petitioner spouses Natino within the two-year redemption period expressly provided in the certificate of sale, so the sheriff issued the Final Deed of Sale in favor of respondent bank which had earlier purchased the property in the foreclosure sale. The Natino spouses, however, averred that they were granted by respondent bank an extension of the redemption period, which the bank denied. This Court affirmed the findings of the Court of Appeals, rejecting the alleged extension of the redemption period, to wit:The right to redeem becomes functus officio on the date of its expiry, and its exercise after the period is not really one of redemption but a repurchase. Distinction must be made because redemption is by force of law; the purchaser at public auction is bound to accept redemption. Repurchase however of foreclosed property, after redemption period, imposes no such obligation. After expiry, the purchaser may or may not re-sell the property but no law will compel him to do so. And, he is not bound by the bid price; it is entirely within his discretion to set a higher price, for after all, the property already belongs to him as owner.[11] As of May 31, 1984, petitioners were redemptioners. As their mortgage indebtedness was extinguished with the foreclosure and sale of the mortgaged subject property, what they had was the right of redemption granted to them by law. But they lost the right when they failed to exercise it within the prescribed period. | |||||