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Genoveva Ligot Sempio, et al. vs CA, et al.

GENOVEVA LIGOT SEMPIO and HEIRS OF BERNARDO SEMPIO, petitioners, vs. COURT OF APPEALS and DEVELOPMENT BANK OF THE PHILIPPINES, respondents.

G.R. No. 115953 | 1996-10-28

BELLOSILLO, J.:


The spouses Bernardo Sempio and Genoveva Ligot owned a parcel of land situated in San Miguel, Bulacan, containing an area of 3,192 square meters and covered by Transfer Certificate of Title No. T-6263, which they mortgaged to respondent Development Bank of the Philippines (DBP) to secure a loan of P116,700.00. 1 Upon failure of the spouses to meet their loan obligation DBP extrajudicially foreclosed the mortgage. At the public auction sale, DBP emerged as the highest bidder and was correspondingly issued a Certificate of Sale. 2

On 8 March 1990 the Sempio spouses filed a complaint for Annulment of Foreclosure,...