Potenciano CA 48 OG 2230 g it is reserved at the moment of the perfection of

Potenciano ca 48 og 2230 g it is reserved at the

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[Ocampo vs. Potenciano, CA 48 OG 2230] ; (g) it is reserved at the moment of the perfection of the contract for if the right to repurchase is agreed upon afterwards, there is only a promise to sell which produces different rights and effects and is governed by Art. 1479 [Diamante vs. CA, 206 SCRA 52] ; (h) the person entitled to exercise the right of redemption necessarily is the owner of Nature: (a) identical with conventional redemption, except for the source of the right – conventional redemption arises from the voluntary agreement of the parties; legal redemption proceeds from law; (b) it is not predicated on proprietary right but on a bare statutory privilege to be exercised only by the person named in the statute – the statute does not make actual ownership at the time of sale or redemption a condition precedent, the right following the person and not the property [Magno vs. Viola and Sotto, 61 Phil. 80] ; (c) it is in the nature of a mere privilege created partly for reason of public policy and partly for the benefit and convenience of the redemptioner to afford him a way out of what might be a disagreeable or inconvenient association into which he has been thrust – it is intended to minimize co- ownership [Basa vs. Aguilar, 117 SCRA 128; Tan vs. CA, 172 SCRA 660]. Instances of Legal Redemption : (a) Under the Civil Code, those found in Arts. 1620-1622, 1634, and 1088; (b) Under special laws: (1) redemption by owner of real property sold for delinquent taxes – period is within 1
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the property sold and not any third party [Gallar vs. Husain, 20 SCRA 186] ; (i) it gives rise to reciprocal obligation that of returning the price of sale and other expenses, on the part of the vendor, and that of delivering the property and executing a deed of sale therefore, on the part of the vendee [Pandaquilla vs. Gaza, 12 Phil. 663] . year from date of sale; (2) repurchase by homesteader of homestead sold under the Public Land Act – period is 5 years [Tupas vs. Damasco, 132 SCRA 593]; (3) redemption by judgment debtor or redemptioner or real property sold on execution – period is 12 months; (4) redemption by mortgagor after mortgaged property has been judicially foreclosed and sold – period is 90 days but before confirmation of sale by the court (in all cases of extra-judicial foreclosure sale, the mortgagor may redeem the property within 1 year from the date of registration of the sale); (5) redemption by an agricultural lessee of landholding sold by the landowner – period is 180 days from notice in writing which shall be served by the vendee on all lessees affected by DAR upon the registration of the sale. An equitable mortgage is one which lacks the proper formalities, form of words, or other requisites prescribed by law for a mortgage, but shows the intention of the parties to make the property subject of the contract as security for a debt and contains nothing impossible or contrary to law [Cachola vs. CA, 208 SCRA 496] .
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