Practice question
In a covered bank foreclosure, the mortgagor offers only the auction bid price as redemption payment. The amount due under the mortgage deed with applicable interest and costs less income is proved higher. No contrary valid agreement or issue changes Section47. Which is correct?
- The statutory bank-redemption computation cannot be replaced solely by the lower bid price
- The bid price always displaces Section47
- The mortgagor may choose any number
- Every bank redemption is free
- The creditor must accept half the bid price
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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