This case has been cited 4 times or more.
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2016-01-13 |
SERENO, C.J. |
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| Registration of the mortgage establishes a real right or lien in favor of the mortgagee, as provided by Articles 1312[61] and 2126[62] of the Civil Code.[63] Corollary to the rule, the lien has been treated as "inseparable from the property inasmuch as it is a right in rem."[64] In other words, it binds third persons to the mortgage. | |||||
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2015-12-09 |
BERSAMIN, J. |
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| By acquiring the parcel of land with notice of the covenants contained in the Deed of Sale between the vendor (Ortigas) and the vendee (Amethyst), the petitioner bound itself to acknowledge and respect the encumbrance. Even so, the petitioner did not step into the shoes of Amethyst as a party in the Deed of Sale. Thus, the annotation of the covenants contained in the Deed of Sale did not give rise to a liability on the part of the petitioner as the purchaser/successor-in-interest without its express assumption of the duties or obligations subject of the annotation. As stated, the annotation was only the notice to the purchaser/successor-in-interest of the burden, claim or lien subject of the annotation. In that respect, the Court has observed in Garcia v. Villar:[49] | |||||
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2015-11-23 |
REYES, J. |
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| BSP is persistent in claiming that there was a valid assignment of credit by virtue of the promissory note with trust receipt issued by the Rural Bank of Hinigaran in its favor. However, other than BSP's allegation of assignment of credit, there was no document denominated as deed of assignment of credit/mortgage ever presented to show that the Rural Bank of Hinigaran has indeed transferred its rights to BSP.[16] Even if we follow BSP's argument that the promissory note with trust receipt was actually an assignment of credit, the same will still not hold as BSP foiled to comply with the formalities required by law for a valid assignment of credit involving real property. Indeed, a mortgage credit is a real right,[17] thus, the formality required by law for its transfer or assignment, i.e., it must be in a public instrument and must be registered and should be complied with in order to bind third person.[18] | |||||
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2015-01-28 |
LEONEN, J. |
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| In Garcia v. Villar,[99] this court discussed the elements of pactum commissorium:The following are the elements of pactum commissorium: | |||||