PAYMENT IN INSTALLMENT commercial, residential), the right MANUEL UY & SONS, INC. v. VALBUECO, of the seller to cancel the contract INCORPORATED upon non-payment of an installment by the buyer; which is G.R. No. 179594 September 11, 2013 simply an event that prevents the obligation of the vendor to convey DOCTRINE: title from acquiring binding force. Under R.A. No. 6552, the right of the buyer o It also provides the right to refund accrues only when he has paid at of the buyer on least two years of installments installments in case he defaults in the payment of FACTS: succeeding installments. Manuel Uy & Sons, Inc, is the Under the law, the right of the registered owner of 3 parcels of land. buyer to refund accrues only Petitioner, as vendor, executed two when he has paid at least two (2) Conditional Deeds of Sale in favor years of installments. of Valbueco Inc. In this case, respondent has paid The parties agreed that in both less than two years of conditional sale, that the purchase installments; hence it is not price shall be paid in 3 installments entitled to a refund. with interest within 30 days. Respondent was able to pay the down payments and it complied with the conditions under the conditional deeds of sale in releasing the mortgages of the subject lands, compelling the unlawful occupants to surrender possession of the subject lots, and paying the mortgage with Philippine Trust Company. However, respondent was not satisfied with the manner by which petitioner complied with the stipulations of the conditional deeds of sale; thus, it suspended further payment. Petitioner sent the respondent a letter informing the latter of its intention to rescind the conditional deeds of sale. Respondent then filed its complaint against petitioner for specific performance and damages, seeking to compel the latter to accept the purchase price and execute the absolute sale. ISSUE: Whether or not respondent is entitled to a refund (as a remedy granted by the Court of Appeals) - NO RELEVANT RULING: R.A. No. 6552, otherwise known as the Reality Installment Buyer Act, applies only to contracts to sell. The law recognizes the right of
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