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Consolidated Bank & Trust Corp. vs. I. A. Court

THE CONSOLIDATED BANK AND TRUST CORPORATION (SOLIDBANK), petitioner, vs. HON. INTERMEDIATE APPELLATE COURT, GOLDEN STAR INDUSTRIAL CORPORATION, NICOS INDUSTRIAL CORPORATION and THE PROVINCIAL SHERIFF OF BULACAN, respondents.

G.R. No. 73976 | 1987-05-29

D E C I S I O N


GUTIERREZ, JR., J.:

The basic issue for resolution in this petition for review of the December 13, 1985 decision of the Intermediate Appellate Court, now the Court of Appeals, as well as the resolution of March 13, 1986 denying the motion for reconsideration, is whether or not an attaching creditor acquires the right of redemption of a debtor over the attached properties of the latter which are subsequently extrajudicially foreclosed by third parties.

Briefly, the facts are as follows: Originally, petitioner Consolidated Bank and Trust Corporation (SOLIDBANK) loaned private respondent NICOS Industrial Corporation...