Practice question
A mortgaged property worth PHP2 million is scheduled for an Act3135 sale. The creditor posts notices but omits the statutory newspaper publication, arguing that public posting is always enough. Which is correct?
- Posting always replaces every publication requirement.
- Only the bank's website is required by Act3135.
- The creditor may waive the mortgagor's statutory safeguards unilaterally.
- The statutory publication requirement also applies on these facts; posting alone does not establish compliance.
- No notice is necessary after default.
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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