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Philippine National Bank vs. Spouses Cabatingan and Edullantes

PHILIPPINE NATIONAL BANK, Petitioner, versus SPOUSES TOMAS CABATINGAN and AGAPITA EDULLANTES Represented by RAMIRO DIAZ as Their Attorney-in-Fact, Respondents.

G.R. No. 167058 | 2008-07-09

R E S O L U T I O N


CORONA, J.:

Respondent spouses Tomas Cabatingan and Agapita Edullantes obtained two loans, secured by a real estate mortgage,[1] in the total amount of P421,200[2] from petitioner Philippine National Bank. However, they were unable to fully pay their obligation despite having been granted more than enough time to do so.[3] Thus, on September 25, 1991, petitioner extrajudicially foreclosed on the mortgage pursuant to Act 3135.[4]

Thereafter, a notice of extrajudicial sale[5] was issued stating that the foreclosed properties would be sold at public auction on November 5, 1991 between 9:00 a.m. and 4:00 p.m. at the main...