property is either inserted or attached to the deed of real estate mortgage 2

Property is either inserted or attached to the deed

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property is either inserted or attached to the deed of real estate mortgage. 2) raffle the application among the Sheriffs 3) cause the posting and /or publication of the notice of sale Where to sell > place where each of the mortgaged property is located. > The sale must be made in the province where the property to be sold is situated. Sale outside the province is illegal. > If the mortgage deed specified a place in the municipality in the province where the sale would be made, such sale shall be made in such place. > If the place of sale in the municipality was not stipulated, the sale shall be made in the municipal building of the municipality in which the property or part thereof is situated. Posting Requirement/ Publication Requirement 1) Notices of the sale shall be posted for not less than 20 days in at least 3 public places in the city or municipality where the property is situated. 2) If property is worth more than P400, the notice of the sale shall also be published once a week for 3 consecutive weeks in a newspaper of general circulation in the city or municipality. EXCEPTION to the requirement of newspaper publication even if mortgaged property is worth more than P400: > For real estate mortgages covering loans not exceeding P100,000, exclusive of interests due and unpaid, granted by rural or thrift banks , publication in a newspaper shall be dispensed with, it being sufficient that notices of foreclosure are posted for a period of 60 days immediately preceding the public auction in the most conspicuous areas at the premises of the rural bank or thrift bank, as the case may be, and at the municipal building, municipal public market, barangay hall and barangay public market if any or where the land is situated Unless otherwise stipulated by the parties in the mortgage contract , the debtor/mortgagor need not be personally served a copy of the notice of extrajudicial foreclosure. No personal notice is required because an EJF is an action in rem requiring only the publication of the notice of the sale to bind the parties interested. > Failure to post notice is NOT per se a ground for invalidating the sale provided that the notice
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  • Spring '13
  • MartaYellin
  • chattel mortgage, warehouseman, Chattel Mortgage Law

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