This case has been cited 2 times or more.
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2015-03-23 |
PERALTA, J. |
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| Redemption within the period allowed by law is not a matter of intent but a question of payment or valid tender of the full redemption price.[25] It is irrelevant whether the mortgagor is diligent in asserting his or her willingness to pay. What counts is that the full amount of the redemption price must be actually paid; otherwise, the offer to redeem will be ineffectual and the purchaser may justly refuse acceptance of any sum that is less than the entire amount.[26] In Metropolitan Bank and Trust Co. v. Spouses Tan, et al.,[27] We held: The general rule in redemption is that it is not sufficient that a person offering to redeem manifests his/her desire to do so. The statement of intention must be accompanied by an actual and simultaneous tender of payment. This constitutes the exercise of the right to repurchase. Bona fide redemption necessarily implies a reasonable and valid tender of the entire purchase price, otherwise, the rule on the redemption period fixed by law can easily be circumvented. There is no cogent reason for requiring the vendee to accept payment by installments from the redemptioner, as it would ultimately result in an indefinite extension of the redemption period.[28] | |||||
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2008-10-17 |
CHICO-NAZARIO, J. |
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| In order to effect a redemption, the judgment debtor must pay the purchaser the redemption price composed of the following: (1) the price which the purchaser paid for the property; (2) interest of 1% per month on the purchase price; (3) the amount of any assessment or taxes which the purchaser may have paid on the property after the purchase; and (4) interest of 1% per month on such assessment and taxes.[38] | |||||