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Carlos Lim, et al. Vs. Development Bank of the Philippines

CARLOS LIM, CONSOLACION LIM, EDMUNDO LIM,* CARLITO LIM, SlllRLEY LEODADIA DIZON,** and ARLEEN LIM FERNANDEZ, Petitioners, vs. DEVELOPMENT BANK OF THE PHILIPPINES,Respondent.

G.R. No. 177050 | 2013-07-01

SECOND DIVISION 

DECISION 

DEL CASTILLO, J.:

"While the law recognizes the right of a bank to foreclose a mortgage upon the mortgagor's failure to pay his obligation, it is imperative that such right be exercised according to its clear mandate. Each and every requirement of the law must be complied with, lest, the valid exercise of the right would end."1 

This Petition for Review on Certiorari under Rule 45 of the Rules of Court assails the February 22, 2007 Decision3 of the Court of Appeals (CA) in CA-G.R. CV No. 59275.

Factual Antecedents
 
On November 24, 1969, petitioners Carlos, Consolacion, and Carlito, all surnamed...