Practice question
A corporation's property is extrajudicially foreclosed to satisfy a bank loan governed by RA8791 §47. The certificate is registered one month after foreclosure. The corporation insists that every mortgagor necessarily gets a full year after registration. Which is correct?
- The special bank-foreclosure rule for juridical persons ends redemption at registration or three months after foreclosure, whichever is earlier; a universal full-year claim is wrong.
- Every corporation always receives a fresh year after registration.
- Registration can never affect corporate redemption.
- The debtor chooses the later of one year and three months.
- The rule applies only to judicial foreclosure, never extrajudicial foreclosure.
Legal references
- https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/28/20591 — Act3135 §§1–4, as amended by Act4118.
- https://www.lawphil.net/courts/supreme/am/am_10_05_2001.html — AM99-10-05-0, further amended August7 2001 (filing and supervision provisions; later fee amendments retained).
- https://lawphil.net/statutes/repacts/ra2000/ra_8791_2000.html — RA8791 §47 bank-foreclosure redemption.
- https://lawphil.net/judjuris/juri2020/sep2020/gr_226272_2020.html — Panacan Lumber v Solidbank, GR226272, September16 2020, main decision (sale notice and contractual personal notice).
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