Practice question
A seller merely sends an unheeded demand that the installment buyer surrender the vehicle. Does that demand alone establish an exercised foreclosure remedy?
- No; an unheeded demand alone is insufficient
- Yes, automatically
- Yes, because mail transfers ownership
- Yes, even without security
- Yes, because every default is foreclosure
Legal references
- Borbon II v. Servicewide Specialists, Inc., G.R. No.106418, July 11, 1996, MAIN decision: https://lawphil.net/judjuris/juri1996/jul1996/gr_106418_1996.html
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