LAW (04-21-21)

REDEMPTION
- extingushments applicable to sales

Conventional vs Legal
Conventional Legal
contractual/voluntary | under the operation of law
|
pacto de retro |

Conventional
- vendee a retro & vendor a retro
- not applicable to banks
- repurchase should not exceed 10 years
- when no agreement, law assigns you 4 years (within) to redeem property

Equitable Mortgage
- collateral for loan
- presumed to be equitable equity when:
* price of sale is unusually inadequate
* vendor remains in possession
* period of redumption is extended after expiration
* purchaser retains part of the price
* vendor binds himself to pay taxes on the thing sold
* the parties really intend an equitable mortgage instead of sale

Redemption by Heirs
- vendee a retro can refuse partial redemption

Redemption may be performed by:

- Vendor
- Vendor's Heirs
- Vendor's Creditor
* before they can redeem, first they need to exhaust all of vendor's
other properties

Rights to Fruits of the Land

-Ex. 2010-2015
* Vendor a retro - 2010-2013
* Vendee a retro - 2013 & 2014
!!! there are more years for vendor a retro because he is the one that put work on
the land to gain fruits

Legal Redemption
- rural lands & urban lands
- adjoining owners rural land
- adjacent owners urban land