This case has been cited 1 times or more.
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2007-07-03 |
GARCIA, J. |
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| The law requires the presence of any one and not the concurrence of all of the circumstances enumerated under Article 1602, supra, to conclude that the transaction is one of equitable mortgage. So it is that in Socorro Taopo Banga v. Sps. Jose and Emeline Bello,[14] this Court, citing Aguirre v. CA,[15] unequivocally ruled:The presence of even one of the circumstances in Article 1602 is sufficient basis to declare a contract as one of equitable mortgage. The explicit provision of Article 1602 that any of those circumstances would suffice to construe a contract of sale to be one of equitable mortgage is in consonance with the rule that law favors the least transmission of property rights. To stress, the existence of any one of the conditions under Article 1602, not a concurrence, nor an overwhelming number of such circumstances, suffices to give rise to the presumption that the contract is an equitable mortgage. (Emphasis ours) | |||||