Practice question
A corporation’s land is sold in an extrajudicial bank foreclosure governed by section 47. The certificate of sale is registered two months after foreclosure. The corporation attempts redemption one week after registration, arguing that three months have not yet elapsed. What follows, absent another valid legal basis?
- It necessarily has a full year after registration.
- The earlier registration has ended its statutory redemption right despite the unexpired three-month outer cap.
- Registration starts a fresh three months.
- Every corporation may disregard section 47 by passing a board resolution.
- The sale is automatically void solely because registration occurred before three months.
Legal references
- https://www.lawphil.net/courts/rules/rc_1-71_civil.html — Rules of Court, Rule 68 sections 2–3.
- https://lawphil.net/judjuris/juri2024/jan2024/gr_217860_2024.html — Lontoc v Tiglao, GR 217860, January 29 2024, main opinion: equity versus statutory redemption.
- https://lawphil.net/statutes/repacts/ra2000/ra_8791_2000.html — RA 8791, section 47, bank foreclosure and juridical-person exception.
- https://lawphil.net/judjuris/juri2013/mar2013/gr_195540_2013.html — Goldenway Merchandising v Equitable PCI Bank, GR 195540, March 13 2013, main opinion: earlier registration or three-month limit.
- https://lawphil.net/judjuris/juri2016/jan2016/gr_158622_2016.html — Spouses Limso v PNB, GR 158622 and consolidated cases, January 27 2016, main opinion: corporate owner despite individual co-debtors.
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