Practice question
A natural-person mortgagor’s bank mortgage is judicially foreclosed in a case governed by Section47. The creditor says judicial foreclosure always precludes any statutory redemption, regardless of the banking law. Which is correct?
- The specific Section47 bank rule must be applied rather than that universal nonbank proposition
- Every judicial foreclosure is exclusively governed by Act3135
- Section47 never concerns a judicial sale
- Only corporations can ever redeem bank collateral
- The bank may repeal Section47 by a private notice
Legal references
- Rules of Court: https://lawphil.net/courts/rules/rc_1-71_civil.html Rule68 Sections2–3.
- RA8791: https://lawphil.net/statutes/repacts/ra2000/ra_8791_2000.html Section47 redemption amount and bank judicial foreclosure.
- Spouses Lontoc v Spouses Tiglao GR217860 January29,2024 MAIN: https://lawphil.net/judjuris/juri2024/jan2024/gr_217860_2024.html Equity and statutory rights distinguished.
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