This case has been cited 1 times or more.
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2002-10-28 |
BELLOSILLO, J. |
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| he owed the latter on the date of the sale, with interest on the total indebtedness at the rate agreed upon in the obligation from said date, unless the bidder has taken material possession of the property or unless this had been delivered to him, in which case the proceeds of the property shall compensate the interest."[12] This rule applies whether the foreclosed property is sold to the DBP or another person at the public auction, provided of course that the property was mortgaged to DBP.[13] Where the property is sold to persons other than the mortgagee, the procedure is for the DBP "in case of redemption, [to] return to the bidder the amount it received from him as a result of the auction sale with the corresponding interest paid by the debtor."[14] The foregoing rule is embodied consistently in the charters of petitioner DBP and its predecessor agencies. Section 31 of CA 459 creating the Agricultural and Industrial Bank explicitly set the redemption price at the total indebtedness plus contractual interest as of the | |||||