This case has been cited 1 times or more.
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2015-06-17 |
PERALTA, J. |
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| Consistent with such view, this Court frowned upon agreements indicating indefinite stipulations for the exercise of the right to repurchase and restricted the redemption period to ten (10) years from the date of the contract of sale, in consonance with the provisions of the Civil Code. Accordingly, when vendors a retro were granted the right to repurchase properties sold "at any time they have the money," "in the month of March of any year," or "at any time after the first year," this Court had not hesitated in imposing the ten (10)-year period, the expiration of which effectively bars redemption of the subject properties.[30] Similarly, there have been numerous occasions[31] wherein We invalidated stipulations permitting the repurchase of property only after the lapse of at least ten (10) years from the date of the execution of the contract for being in contravention of the limitation mandated by the Civil Code provision. Waivers of such period were likewise held to be void for being against public policy.[32] | |||||