a Erlinda Peñafiel received the Notice of Sale b The Notice of Sale was

A erlinda peñafiel received the notice of sale b the

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public. a. Erlinda Peñafiel received the Notice of Sale b. The Notice of Sale was published in Maharlika Pilipinas, as attested by its published through an affidavit of publication c. Copies of the notice were posed in 3 conspicuous places in Mandaluyong 3. Metrobank was the sole and highest bidder. And it was sold to them for P6M. 4. Eugenio Peñafiel filed a complaint praying for the annulment of the extrajudicial foreclosure. 5. RTC – ruled in favor of Metrobank, requisites of notice are complied with 6. CA – reversed RTC decision a. Held that the law requires publication to be made in a newspaper of general circulation in the municipality or city where the property is situated b. Maharlika was not circulated in Mandaluyong where the property was located ISSUE: WON petitioners complied with the publication requirements. NO 19
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1. The affidavit of the publisher stated that they do not offer [Maharlika Pilipinas] to anybody” taken in conjunction with the fact that there are no subscribers to the paper in Mandaluyong City this implies that the newspaper is NOT of general circulation in Mandaluyong 2. The object of notice is to inform the public of the nature and condition of the property sold, and the time, palce and terms of the sale. This is to secure bidders and prevent a sacrifice of the property. a. Goal: reach a reasonably wide publicity for the auction sale 3. Newspaper requisites: a. Must be available to the public in general, not just a few selected people chosen by publisher b. Jurisprudence suggests – newspaper must be appealing to the general public c. Must not be solely devoted to particular interests or published f for entertainment of a particular class, profession, trade, calling, race, religious denomination d. Doesn’t have to be largest circulation, only general 4. Maharlika Pilipinas – not a newspaper of general circulation since it doesn’t circulate in Mandaluyong, as attested by the affidavit of publication of the publisher Mr. Alvarez PNB v Nepomuceno 1. PMB granted Nepomuceno Productions a credit line worth P4M to finance the filming of the movie “Pacific Connection” 2. This was secured by a mortgage on Nepomuceno’s real and personal properties a. Parcel of land in Makati (Malugay Property) b. Parcel of land in North Forbes Park (Forbes property) c. Several motion picture equipment 3. Credit line was increased to P6M then to P7.5M 4. Nepomuceno defaulted, PNB foreclosed mortgaged properties with Sheriff’s office in Pasig, Rizal 5. The auction was initially scheduled for a certain date, but was continually rescheduled without republication of the notice of sale. This is because the petitioners waived the republication requirement—that republication of notice of sale is needed when the auction is rescheduled—in their stipulated Agreement to Postpone Sale.
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