This case has been cited 1 times or more.
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2008-09-17 |
CORONA, J. |
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| There is no dispute that in extrajudicial foreclosures under Act 3135, the debtor or his or her successors-in-interest may redeem the property within one year. This redemption period should be reckoned from the date of registration of the certificate of sale.[28] The five-year period fixed in Sec. 119 begins to run from the expiration of the one-year redemption period.[29] Here, the certificate of sale was registered on December 24, 1992 and the one-year redemption period expired on December 24, 1993. Reckoned from that day, respondents had a five-year period, or until December 24, 1998, to exercise their right to repurchase under Sec. 119 of CA 141. Consequently, the CA was correct in holding that the complaint filed on May 15, 1998 was on time. | |||||