Practice question
An ordinary private nonbank mortgage is judicially foreclosed. The sale has been validly confirmed, and no statute or agreement grants a separate post-confirmation redemption right. The former owner demands a year under Act 3135 solely because the collateral was real estate. What is correct?
- Every real estate foreclosure carries Act 3135’s year regardless of procedure.
- Confirmation has no legal consequence.
- The ordinary Act 3135 extrajudicial period does not automatically apply; equity of redemption has ended at confirmation on these facts.
- The owner may redeem perpetually without payment.
- The court must retroactively call the proceeding extrajudicial.
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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