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    Case No. 1.odt

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    Maphile Mae Canencia
    The Supreme Court denied the petition of Fortune Motors (Phils.) Inc. to annul the extrajudicial foreclosure of property used as collateral for a loan. Fortune Motors had taken out loans from Metropolitan Bank and Trust Company, securing the loans with mortgaged real estate. When Fortune Motors failed to repay the loans, Metropolitan Bank foreclosed on the property. The Supreme Court ruled that The New Record, where notices of the foreclosure were published, was a newspaper of general circulation, as it met the criteria of being published regularly, having a subscription list, and disseminating local news. The Court also determined that while The New Record was published in Quezon City, the mortgaged property was located in an area

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    Case No. 1.odt

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    Maphile Mae Canencia
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    The Supreme Court denied the petition of Fortune Motors (Phils.) Inc. to annul the extrajudicial foreclosure of property used as collateral for a loan. Fortune Motors had taken out loans from Metropolitan Bank and Trust Company, securing the loans with mortgaged real estate. When Fortune Motors failed to repay the loans, Metropolitan Bank foreclosed on the property. The Supreme Court ruled that The New Record, where notices of the foreclosure were published, was a newspaper of general circulation, as it met the criteria of being published regularly, having a subscription list, and disseminating local news. The Court also determined that while The New Record was published in Quezon City, the mortgaged property was located in an area

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    The Supreme Court denied the petition of Fortune Motors (Phils.) Inc. to annul the extrajudicial foreclosure of property used as collateral for a loan. Fortune Motors had taken out loans from Metropolitan Bank and Trust Company, securing the loans with mortgaged real estate. When Fortune Motors failed to repay the loans, Metropolitan Bank foreclosed on the property. The Supreme Court ruled that The New Record, where notices of the foreclosure were published, was a newspaper of general circulation, as it met the criteria of being published regularly, having a subscription list, and disseminating local news. The Court also determined that while The New Record was published in Quezon City, the mortgaged property was located in an area

    Copyright:

    © All Rights Reserved
    Download as ODT, PDF, TXT or read online from Scribd
    Download as odt, pdf, or txt
    50 views2 pages

    Case No. 1.odt

    Uploaded by

    Maphile Mae Canencia
    The Supreme Court denied the petition of Fortune Motors (Phils.) Inc. to annul the extrajudicial foreclosure of property used as collateral for a loan. Fortune Motors had taken out loans from Metropolitan Bank and Trust Company, securing the loans with mortgaged real estate. When Fortune Motors failed to repay the loans, Metropolitan Bank foreclosed on the property. The Supreme Court ruled that The New Record, where notices of the foreclosure were published, was a newspaper of general circulation, as it met the criteria of being published regularly, having a subscription list, and disseminating local news. The Court also determined that while The New Record was published in Quezon City, the mortgaged property was located in an area

    Copyright:

    © All Rights Reserved
    Download as ODT, PDF, TXT or read online from Scribd
    Download as odt, pdf, or txt
    of 2

    Fortune Motors (Phils.) Inc. v.

    Metropolitan Bank and Trust Company, and CA


    G.R. No. 115068 November 28, 1996

    FACTS:

    Fortune Motors (Phils.) Inc. filed a petition for review of the decision of the Court of Appeals,
    wherein the CA reversed the decision the RTC of Makati City. The Fortune Motors (Phils.) Inc.
    obtained loans from the Metropolitan Bank and Trust Company. To secure the obligation in the
    total amount of P34,150,000.00, petitioner mortgaged certain real estate in favor of
    respondent bank. The petitioner failed to pay the loan upon maturity. Consequently, the
    respondent bank initiated extrajudicial foreclosure proceedings and in effect, foreclosed the
    real estate mortgage.
    The extrajudicial foreclosure was conducted. In accordance with law, copies of the Notice of
    Sheriff's Sale were posed at three conspicuous public places in Makati. The said notice was
    also published on June 2, 9 and 16, 1984 in three issues of "The New Record." Subsequently,
    the mortgaged property was sold at public auction to the mortgagee bank, the highest bidder.
    Petitioner failed to redeem the mortgaged property within the one-year redemption period and
    so, the titles thereto were consolidated in the name of respondent bank. Petitioner then filed a
    complaint for the annulment of the extrajudicial foreclosure. The trial court rendered judgment
    annulling the extrajudicial foreclosure of the mortgage. An appeal was interposed by the
    respondent to the CA. The CA reversed the decision rendered by the lower court.

    ISSUE:
    (1) Whether or not the New Record is a newspaper of general circulation.
    (2) Whether or not the New Record is a newspaper of general circulation in Makati
    where the foreclosed property is situated.

    RULING:
    (1) The Supreme Court, speaking through Justice Hermosisima, Jr., states that to be a
    newspaper of general circulation, it is enough that it is published for the dissemination of local
    news and general information; that it has a bona fide subscription list of paying subscribers;
    that it is published at regular intervals. The newspaper need not have the largest circulation
    so long as it is of general circulation.
    (2) Contrary to the contention posited by petitioner is that the New Record is published
    and edited in Quezon City and not in Makati where the foreclosed property is situated, in
    1984, when the publisher's affidavit relied upon by petitioner was executed, Makati,
    Mandaluyong, San Juan, Parañaque et. al., were still part of the province of Rizal. Apparently,
    this is the reason why in the New Record's affidavit of publication executed by its publisher,
    the enumeration of the places where it was being circulated, only the cities of Manila,
    Quezon, Caloocan, Pasay, Tagaytay et. al., were named.
    The petition was DENIED.

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