Practice question
Sale proceeds are PHP 450,000; sale costs PHP 10,000; mortgage debt due PHP 400,000; established junior debt PHP 20,000. No other claims exist. What final residue remains for the entitled mortgagor?
- PHP450,000.
- PHP50,000 without deducting costs.
- Nothing despite the stated figures.
- PHP20,000.
- PHP400,000.
Legal references
- Civil Code Articles2052,2056-2057,2066,2071-2084 and2126-2130: https://lawphil.net/statutes/repacts/ra1949/ra_386_1949.html
- Rules of Court Rule68 Sections3-6: https://lawphil.net/courts/rules/rc_1-71_civil.html
Answer this question in flashcards to review your response and continue practicing.