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Dec.
20,
1993,
Santiago
(Isabela) Memorial Park (SANTIAGO) filed
a complaint for redemption and
specific
performance against Banco Filipino (BANK).
SANTIAGO alleged that the BANK foreclosed the
mortgage and became the highest bidder in the sale.
The Certicate of Sale was inscribed at the back of
the TCT on Jan. 21, 1991. On Aug. 6, 1991,
SANTIAGO offered to repurchase the property at
P700k which was the start of negotiation between
the 2. SANTIAGO was given up to the end of
March 1992 to negotiate and make special
arrangement for any satisfactory plan of payment
for the redemption. On Jan. 23, 1992, the Deputy
Liquidator directed SANTIAGO to remit at least
P50k to the BANK to manifest its willingness
to redeem. On Jan. 20, 1993, SANTIAGO increased
its offer to P1M. But the BANK demanded P5.8M.
Issue: Whether or not SANTIAGO can redeem the
property.
Held: NO. SANTIAGO has no cause of action
for redemption against petitioner. The right
of redemption should be exercised within the
specified time limit, which is one year from the date
of registration of the certificate of sale. The
redemptioner should make an actual tender in good
faith of the full amount of the purchase price. In
case of disagreement over the redemption price, the
redemptioner
may
preserve
his
right
of redemption through judicial action which in
every case must be filed within the one-year period
of redemption. The filing of the court action to
enforce redemption, being equivalent to a formal
offer to redeem, would have the effect of preserving
his redemptive rights and freezing the expiration
of the one-year period. In this case, the period
of redemption expired
on
Jan.
21,
1992.
The complaint was filed on Dec. 20, 1992.
SANTIAGO should have filed the complaint before
Jan.
21,
1992.
Moreover,
while
that
Maranaw Hotels v CA
HUIBONHOA V CONCEPCION
Facts: