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Development Bank Of The Philippines vs West Negros College, Inc.

DEVELOPMENT BANK OF THE PHILIPPINES, petitioner, vs. WEST NEGROS COLLEGE, INC., respondent.

G.R. No. 152359 | 2002-10-28

D E C I S I O N

BELLOSILLO, J.:

How much should a mortgagor pay to redeem a real property mortgaged to and foreclosed extrajudicially by the Development Bank of the Philippines? Must he pay to the bank the entire amount he owed the latter on the date of the sale with interest on the total indebtedness at the rate agreed upon in the obligation, or is it enough for purposes of redemption that he reimburse the amount of purchase with one per cent (1%) monthly interest thereon including other expenses defrayed by the purchaser at the extrajudicial sale?

Bacolod Medical Center (BMC) was the registered owner of Lots Nos. 1397-A and 1397-B-1...