Beruflich Dokumente
Kultur Dokumente
Facts:
Private respondents Manalac and Gonzales obtained a loan from the
petitioner secured by a real estate mortgage over parcels of land registered under
the name of Manalac. Private respondent Manalax executed a Promissory Note and
Disclosure Statement. The loan documents stipulated that the loan shall be paid in
three installment starting December 26, 1997 and imposed fixed rates for late
payment charges, attorneys fees and other charges in case of unpaid installments.
Subsequently, the proceeds of the loan were released which led Manalac to
issue three checks corresponding their payment in three installments. However,
only one check was cleared for payment. Thus, Manalac incurred an outstanding
balance of P 3,012,252.32 which they failed to settle. Notice for Foreclosure Sale
was then received by Manalac. In June 1999, foreclosure sale was held where the
petitioner emerged as the highest bidder. Manalac still tried to settle the loan but
was surprised when the petitioner issued a Statement of Account stating that as of
October 29, 1999, Pinzman Realty owed the petitioner P12,525,673.44. For failure to
redeem the her properties within the redemption period, the ownership of the
foreclosed properties was consolidated in petitioners name. Petitioner later
succeeded in acquiring certificates of title over the disputed properties.
Issue:
Whether the imposition of usurious interest rates on a loan obligation
secured by a real estate mortgage will result in the invalidity of the subsequent
foreclosure sale of the mortgage.
Ruling:
Petition must be denied.