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Sales Digest 2003hs108_property Salgado

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Heirs of ESTELITA BURGOS-LIPAT, namely: ALAN B. LIPAT and ALFREDO B.

LIPAT, JR., Petitioners,
vs.
Heirs of EUGENIO D. TRINIDAD, namely: ASUNCION R. TRINIDAD, VICTOR R.
TRINIDAD, IMACULADA T. ALFONSO, CELESTINA T. NAGUIAT, FERNANDO R.
TRINIDAD, MICHAEL R. TRINIDAD and JOSEFINA T. NAGUIAT, Respondents.

G.R. No. 185644 March 2, 2010

CORONA, J.:

Facts
Estelita and Alfredo Lipat obtained a loan from Pacific Banking Corporation,
secured by a real estate mortgage. Due to petitioners’ failure to pay their loans, the
PBC foreclosed the subject property with Eugenio D. Trinidad as the highest bidder.
He was issued a certificate of sale which was registered on April 12, 1989.
The petitioners filed a complaint for annulment of mortgage, extra-judicial
foreclosure and certificate of sale. The RTC dismissed the complaint but granted
petitioners five months and 17 days from the finality of the decision to exercise
their right of redemption, a decision which was subsequently affirmed by the
Supreme Court. Meanwhile, petitioners assigned their rights over the contested
property to Partas Transporation Co., Inc. (PTCI). Within the given period left for
redemption, PTCI exercised the right of redemption. However, the heirs of Trinidad
refused to claim the redemption money and surrender the certificate of title.

Issue
WON the right to redemption should have been exercised within one year
from the date of registration of the certificate of sale. This document is...
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The one-year redemption period is
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the rule that generally applies to
foreclosure of mortgage by a bank. The period of redemption is not tolled by the
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filing of a complaint or petition for annulment of the mortgage and the foreclosure
sale conducted pursuant to the said mortgage. However, in Lipat, the Supreme
Court upheld the RTC decision giving petitioners five months and 17 days from the
finality of the trial court’s decision to redeem their foreclosed property. Lipat ,
already final and executory, has therefore become the law of the case between the
parties, even though the said period was beyond one year from the date of