tirol.q and a .succession
TRANSCRIPT
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7/25/2019 Tirol.q and a .Succession
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TOPIC: INTESTATE PROCEEDINGS, SUCCESSION
SOURCE: G.R. No. 171206 September 23, 2013
HEIRS O THE !ATE SPOUSES !A "IANO #AG!ASANG $%& SA!UD ADA'A(#AG!ASANG,
%$me)*, OSCAR A. #AG!ASANG, EDGAR A. #AG!ASANG, CONCEPCION CHONA A.
#AG!ASANG, G!ENDA A. #AG!ASANG(ARNAI', !ER#A A. #AG!ASANG, E!#A A. +
#AG!ASANG, E DORIS A. #AG!ASANG, !EO!INO A. #AG!ASANG, #ARGIE !EI!A A.
#AG!ASANG,#A. #I!A!IE A. #AG!ASANG, SA!UD A. #AG!ASANG, $%& #A. !ASA!IE A.
#AG!ASANG, REPRESENTING THE ESTATES O THEIR AORE(NA#EDDECEASED PARENTS,
Petto%er-, -. #ANI!A /ANING CORPORATION, %o -b-ttte& b* IRST SO"EREIGN
ASSET #ANAGE#ENT SP"(A#C, INC. SA#I, Re-po%&e%t.
CONTRI/UTOR: TIRO!, #AR ASON S. 4E5ete C)$--
PRO/!E#:
On June 16, 1975, spouses Flaviano and Salud Maglasang obtained a credit line from ManilaBaning !orporation in t"e amount of #$5%,%%%&%% '"ic" 'as secured b( a real estatemortgage e)ecuted over seven of t"eir properties located in Ormoc !it( and t"e Municipalit(of *ananga, #rovince of +e(te& "e( availed of t"eir credit line b( securing loans in t"eamounts of #-%9,79%&5% and #1$9,.%5&.$ on October -/, 1975and Marc" 15, 1976,respectivel(, bot" of '"ic" becoming due and demandable 'it"in a period of one (ear&Furt"er, t"e parties agreed t"at t"e said loans 'ould earn interest at 1-0 per annum p&a&2and an additional /0 penalt( 'ould be c"arged upon default&
"e creditor proceeded to e)tra34udiciall( foreclose t"e mortgage covering t"e Sps&Maglasangs properties and emerged as t"e "ig"est bidder at t"e public auction for t"eamount of #$5%,%%%&%%& "ere, "o'ever, remained a decienc( amounting to # 1%%,%%%&!an t"e creditor recover t"e decienc(
SUGGESTED ANS8ER:
8o&
Jurisprudence breas do'n t"e rule and e)plains t"at t"e secured creditor "as t"ree
remediesoptions t"at "e ma( alternativel( adopt for t"e satisfaction of "is indebtedness& :n
particular, "e ma( c"oose to; a2 'aive t"e mortgage and claim t"e entire debt from t"e
estate of t"e mortgagor as an ordinar( claim< b2 foreclose t"e mortgage 4udiciall( and prove
t"e decienc( as an ordinar( claim< and c2 rel( on t"e mortgage e)clusivel(, or ot"er
securit( and foreclose t"e same before it is barred b( prescription, 'it"out t"e rig"t to le a
claim for an( decienc(&:t must, "o'ever, be emp"asi=ed t"at t"ese remedies are distinct,
independent and mutuall( e)clusive from eac" ot"er< t"us, t"e election of one e>ectivel(bars t"e e)ercise of t"e ot"ers&