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Spouses Divina C. Publico and Jose T. Publico Vs. Teresa Bautista

SPOUSES DIVINIA C. PUBLICO AND JOSE T. PUBLICO,* Petitioners, versus TERESA BAUTISTA, Respondent.

G.R. No. 174096 | 2010-07-20

D E C I S I O N


CARPIO MORALES, J.:

Petitioners, spouses Divinia Publico (Divinia) and Jose Publico (Jose) obtained on April 12, 1996 a P200,000 loan from Teresa Bautista (respondent) which was secured by a real estate mortgage (REM) over a real property covered by Transfer Certificate of Title (TCT) No. T-244828.

The REM, "Kasulatan ng Pagkakautang na may Panagot[1]" (Kasulatan), provides, inter alia, that the loan would bear interest and penalties to would be paid within one-and-a-half years, failing which the mortgaged property would be sold pursuant to Act 3135.[2] Petitioners surrendered the owners' copy of TCT No. T-244828 to...