This case has been cited 2 times or more.
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2009-03-13 |
CHICO-NAZARIO, J. |
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| Reference is made to the governing law on extrajudicial foreclosure of real estate mortgages, i.e., Republic Act No. 3135 entitled "An Act to Regulate the Sale of Property Under Special Powers Inserted in or Annexed to Real Estate Mortgages," as amended by Republic Act No. 4118.[33] Section 6 of the said statute provides:SECTION 6. In all cases in which an extrajudicial sale is made under the special power hereinbefore referred to, the debtor, his successors in interest or any judicial creditor or judgment creditor of said debtor, or any person having a lien on the property subsequent to the mortgage or deed of trust under which the property is sold, may redeem the same at any time within the term of one year from and after the date of the sale x x x. (Emphasis ours.) | |||||
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2008-07-09 |
CORONA, J. |
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| Statutes should be sensibly construed to give effect to the legislative intention.[12] Act 3135 regulates the extrajudicial sale of mortgaged real properties[13] by prescribing a procedure which effectively safeguards the rights of both debtor and creditor. Thus, its construction (or interpretation) must be equally and mutually beneficial to both parties. | |||||