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Goldenway Merchandising Corp. v. Equitable PCI Bank
Goldenway Merchandising Corp. v. Equitable PCI Bank
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*** Per Special Order No. 1429 dated March 12, 2013.
* FIRST DIVISION.
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1 Rollo, pp. 36-47. Penned by Associate Justice Isaias P. Dicdican with
Associate Justices Stephen C. Cruz and Amy C. Lazaro-Javier, concurring.
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2 Id., at pp. 86-87.
3 Id., at pp. 240-245. Penned by Judge Maria Nena J. Santos.
4 Id., at pp. 192-197, 236.
5 Id., at pp. 198-200, 236.
6 Id., at pp. 236-237.
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7 Id., at pp. 183-191.
8 Id., at pp. 211-215.
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9 Id., at pp. 243-245.
10 Id., at pp. 44-47.
11 200 Phil. 333, 347; 114 SCRA 842, 858 (1982).
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12 G.R. No. 83992, January 27, 1993, 217 SCRA 554, 565.
13 335 Phil. 914, 928; 268 SCRA 441, 454 (1997).
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14 AN ACT TO REGULATE THE SALE OF PROPERTY UNDER SPECIAL POWERS
INSERTED IN OR ANNEXED TO REAL ESTATE MORTGAGES, approved on March 6,
1924.
15 Now Section 28 of Rule 39, 1997 Rules on Civil Procedure.
SEC. 28. Time and manner of, and amounts payable on, successive
redemptions; notice to be given and filed.―The judgment obligor, or
redemptioner, may redeem the property from the purchaser, at any time
within one (1) year from the date of the registration of the certificate of
sale, by paying the purchaser the amount of his purchase, with one per
centum per month interest thereon in addition, up to the time of
redemption, together with the amount of any assessments or taxes which
the purchaser may have paid thereon after purchase, and interest on such
last named amount of the same rate; and if the purchaser be also a
creditor having a prior lien to that of the redemptioner, other than the
judgment under which such purchase was made, the amount of such other
lien, with interest.
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16 See A.M. No. 99-10-05-0 Re: Procedure in Extrajudicial Foreclosure
of Mortgages, August 7, 2001 (Unsigned Resolution).
17 People v. Siton, G.R. No. 169364, September 18, 2009, 600 SCRA
476, 479, citing Lacson v. Executive Secretary, G.R. No. 128096, January
20, 1999, 301 SCRA 298.
18 Beltran v. Secretary of Health, 512 Phil. 560, 588; 476 SCRA 168,
199-200 (2005), citing Basco v. Philippine Amusements and Gaming
Corporation, G.R. No. 91649, May 14, 1991, 197 SCRA 52, 68 and Yu Cong
Eng v. Trinidad, 47 Phil. 385 (1925).
19 Id.
20 Art. III, Sec. 10 of the 1987 Constitution reads:
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“Sec. 10. No law impairing the obligation of contracts shall be
passed.”
21 Siska Development Corporation v. Office of the President of the
Phils., G.R. No. 93176, April 22, 1994, 231 SCRA 674, 680.
22 Id., citing Clemons v. Nolting, 42 Phil. 702, 717 (1922).
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23 JMM Promotion and Management, Inc. v. Court of Appeals, G.R. No.
120095, August 5, 1996, 260 SCRA 319, 331, citing Itchong v. Hernandez,
101 Phil. 1155, 1164 (1957).
24 Abbas v. Commission on Elections, 258 Phil. 870, 882; 179 SCRA
287, 299 (1989), citing People v. Vera, 65 Phil. 56 (1937); Laurel v. Misa,
76 Phil. 372 (1946); J.M. Tuason and Co., Inc. v. Land Tenure
Administration, No. L-21064, February 18, 1970, 31 SCRA 413.
25 Id., citing Dumlao v. Commission on Elections, No. L-52245,
January 22, 1980, 95 SCRA 392, 404.
26 JMM Promotion and Management, Inc. v. Court of Appeals, supra
note 23, at p. 332.
27 Records of the Eleventh Congress showed that the consolidated
House Bill No. 6814 and Senate Bill No. 1519 under Conference
Committee Report submitted on April 28, 2000 contained the reconciled
Sec 47 that was approved and signed into law by the President of the
Philippines, and became R.A. 8791. Said final version of Sec. 47 was based
on the recommendation made by Senator Franklin Drilon during the
Second Reading of SB 1519 that a distinction be made in the foreclosure of
properties used for residence and those used for business purposes. We
quote from the Record of the Senate during the session of September 14,
1999:
“Senator Drilon. x x x
Maybe, the sponsor can consider, at the appropriate time, a provision
which would allow this one-year redemption period by whatever liberal
provisions and which may be incorporated in cases
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30 Beltran v. Secretary of Health, supra note 18, at p. 587; p. 198, citing
Vda. de Genuino v. Court of Agrarian Relations, No. L-25035, February
26, 1968, 22 SCRA 792, 796-797.
31 Basco v. Philippine Amusement and Gaming Corporation, supra
note 18, at p. 61, citing Edu v. Ericta, No. L-32096, October 24, 1970, 35
SCRA 481, 487 & 488.
32 Beltran v. Secretary of Health, supra note 30, citing Ongsiako v.
Gamboa, 86 Phil. 50 (1950).
33 Id., citing Philippine Association of Service Exporters, Inc. v. Drilon,
No. L-81958, June 30, 1988, 163 SCRA 386, 397.
34 Asiatrust Development Bank v. First Aikka Development, Inc., G.R.
No. 179558, June 11, 2011, 650 SCRA 172, 190, citing Banco de Oro-EPCI,
Inc. v. JAPRL Development Corporation, G.R. No. 179901, April 14, 2008,
551 SCRA 342, 356.
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