No. 53466. November 10, 1980.
Main Topic – Rule 68.
FACTS
The failure of Serrano Spouses on paying the mortgaged debt resulted in Trial Court’s order for the sale at public auction of the mortgaged coconut land. The mortgaged lot was sold to the bank as the only bidder and there being no redemption within the one-year period (sec. 78, General Banking Law), the sheriff issued a final certificate of sale. The bank then sold the lot to Eufemia Mejos. Judge Genato issued an order directing the issuance of a writ of possession to the bank.