Practice question
Land in a province outside Metro Manila is to be sold under an Act3135 mortgage power. The creditor proposes holding the auction in a different province solely because its head office is there, with no applicable special legal basis. Which is correct?
- The head-office location overrides every statutory sale-location requirement.
- Act3135 §2 prohibits sale outside the property's province and regulates the place within that province.
- Any sale location chosen by the highest bidder is automatically valid.
- Only the Supreme Court may hold every auction.
- Extrajudicial foreclosure has no location rule.
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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