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F. David Enterprises, Et Al. Vs. Insular Bank Of Asia And America, Et Al.

F. DAVID ENTERPRISES, represented by Owner/Proprietor, FRANCISCO DAVID and NORMA DAVID, petitioners, vs. INSULAR BANK OF ASIA AND AMERICA (IBAA) now PHILIPPINE COMMERCIAL INTERNATIONAL BANK, THE PRESIDING JUDGE OF THE REGIONAL TRIAL COURT, BRANCH XLI (41), San Fernando, Pampanga and/or THE COURT OF APPEALS, formerly IAC, former SPECIAL NINTH DIVISION, respondents.

G.R. No. 78714 | 1990-11-21

D E C I S I O N


CRUZ, J.:

For alleged non-payment of obligations secured by a real estate mortgage executed by Francisco and Norma David in its favor on July 17, 1980, IBAA instituted extrajudicial foreclosure proceedings. The auction sale was held on August 11, 1980 and the mortgaged property was sold to IBAA as the highest bidder. The certificate of sale was registered on August 13, 1990. After one year, no redemption having been effected by the mortgagors, ownership of the land was consolidated in IBAA and a new certificate of title was issued in its name on August 23, 1982. On December 30, 1984, IBAA filed a petition for a writ of...