This case has been cited 1 times or more.
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2004-06-04 |
CALLEJO, SR., J. |
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| Catalina Macias executed a real estate mortgage over the property covered by TCT No. 9383 in favor of the Bank of the Philippine Islands (BPI) as security for a loan on December 15, 1976.[17] Upon failure to pay her loan, the bank foreclosed the mortgage and caused the sale of the property at public auction. The BPI was the highest bidder for P90,250.74. A sheriff's certificate of sale was executed on June 18, 1982, in favor of the BPI. The certificate of sale was annotated at the dorsal portion of TCT No. 9383.[18] As Catalina Macias failed to redeem the property within the redemption period, the bank consolidated its title over the property. Thus, on December 29, 1983, TCT No. 9383 was cancelled by TCT No. 14229 in the name of the Bank.[19] | |||||