This case has been cited 4 times or more.
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2010-08-09 |
VELASCO JR., J. |
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| Contrary to what the RTC wrote, there was no urgent necessity to issue the writ to protect the rights and interest of petitioners as owners. First, they could participate in the foreclosure sale and get their property back unencumbered by the payment of the obligations that they acknowledged in the first place. Second, a foreclosure sale does not ipso facto pass title to the winning bidder over the mortgaged property. Petitioners continue to own the mortgaged property sold in an auction sale until the expiration of the redemption period. Third, petitioners have one year from the auction sale to redeem the mortgaged property. The one-year redemption period is another grace period accorded petitioners to pay the outstanding debt, which would be converted to the proceeds of the forced sale pursuant to the requisites under Sec. 6 of Republic Act No. 3135, as amended, for the redemption of a property sold in an extrajudicial sale, also in accordance with Sec. 78 of the General Banking Act, as amended by Presidential Decree No. 1828.[40] It is only upon the expiration of the redemption period, without the judgment debtors having made use of their right of redemption, does ownership of the land sold become consolidated in the purchaser or winning bidder.[41] | |||||
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2009-06-19 |
CARPIO, J. |
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| Although petitioner filed a complaint for judicial redemption on 6 February 2002, the records are bereft of any indication that petitioner ever paid or consigned with the trial court the redemption price. Furthermore, in all her pleadings, petitioner never indicated that she has already paid or consigned with the trial court the redemption price. In Tolentino v. Court of Appeals,[18] the Court held:It should, however, be noted that in Hi-Yield Realty, Inc. v. Court of Appeals, we held that the action for judicial redemption should be filed on time and in good faith, the redemption price is finally determined and paid within a reasonable time, and the rights of the parties are respected. Stated otherwise, the foregoing interpretation has three critical dimensions: (1) timely redemption or redemption by expiration date; (2) good faith as always, meaning, the filing of the action must have been for the sole purpose of determining the redemption price and not to stretch the redemptive period indefinitely; and (3) once the redemption price is determined within a reasonable time, the redemptioner must make prompt payment in full.[19] (Emphasis supplied) Considering the lack of consignation of the redemption price since the petitioner's filing of the action for judicial redemption on 6 February 2002, it would be unfair to deny respondent the possession of the property which it bought for P3,958,539.92 in a public auction on 24 September 1999. Between petitioner who has not paid or consigned with the trial court the redemption price, and respondent who bought the property as the highest bidder in the auction sale, the latter is more entitled to have possession of the property. Petitioner cannot be granted possession of the property by the mere expediency of filing an action for judicial redemption without ever paying or consigning the redemption price with the trial court. | |||||
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2009-01-20 |
CARPIO MORALES, J. |
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| Evidently, whether the redemption is being made under Act No. 3135 or the General Banking Act, as amended by Presidential Decree No. 1828, or under P.D. No. 694, the mortgagor or his assignee is required to tender payment to make said redemption valid - something which petitioners' predecessor failed to do. The only instance when this rule may be construed liberally, i.e., allow the non-simultaneous tender of payment, is if a judicial action is instituted by the redemptioner. [22] | |||||
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2008-10-17 |
CHICO-NAZARIO, J. |
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| The general rule in redemption is that it is not sufficient that a person offering to redeem manifests his/her desire to do so. The statement of intention must be accompanied by an actual and simultaneous tender of payment. This constitutes the exercise of the right to repurchase. Bona fide redemption necessarily implies a reasonable and valid tender of the entire purchase price, otherwise the rule on the redemption period fixed by law can easily be circumvented.[36] There is no cogent reason for requiring the vendee to accept payment by installments from the redemptioner, as it would ultimately result in an indefinite extension of the redemption period.[37] | |||||