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GSIS vs CA and Conrado Colarina.

GOVERNMENT SERVICE INSURANCE SYSTEM, petitioner, vs. THE HONORABLE COURT OF APPEALS and CONRADO O. COLARINA, respondents.

G.R. No. 128118 | 2002-02-15

REDEMPTION

Facts:

A complaint was filed for Determination and Payment of Just Compensation by private respondent against the GSIS, the Secretary of Agrarian Reform and the Land Bank of the Philippines.

The case involves 15 parcels of land titled in the name of Associated Agriculture Activities (AAA). These parcels of land were mortgaged to GSIS.
GSIS foreclosed the mortgage and subsequently registered the parcels of land in its name.

Within the period of redemption, private respondent informed petitioner of its offer to sell the mortgaged land to the DAR, and also of its willingness to pay 20% of the repurchase price and the balance...