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Dante Sarraga, Sr. And Maria Teresa Sarraga vs Banco Filipino Savings And Mortgage Bank

DANTE SARRAGA, SR. and MARIA TERESA SARRAGA, petitioners, vs. BANCO FILIPINO SAVINGS AND MORTGAGE BANK, respondent.

G.R. No. 143783 | 2002-12-09

D E C I S I O N

SANDOVAL-GUTIERREZ, J.:

Spouses Dante Sarraga, Sr. and Maria Teresa Sarraga, petitioners, were the absolute owners of three (3) parcels of land, one of which is Lot 416-B, situated in Poblacion, Cagayan de Oro City, and the other two, Lots 1053-A and 1053-B, in Lapasan, same city.

Sometime in the early 1980's, petitioners mortgaged their lots to Banco Filipino Savings and Mortgage Bank (Banco Filipino), respondent, as security for a loan in the amount of P3,618,714.59.

Petitioners defaulted in the payment of their loan. Consequently, Banco Filipino foreclosed the mortgage.

On June 29, 1984, Banco Filipino was placed in...