G.R. No. 64220. March 31, 1992.
Main Topic – Rule 58.
FACTS
Searth borrowed from Development Bank of the Philippines (DBP) amounting to P370,000 to finance its tomato plantation in La Union. In 1974, Searth failed to pay its agricultural loan which resulted to the foreclosure of the real estate and chattel mortgage executed. Title to the foreclosed properties were thereafter consolidated in the name of DBP. In 1980, DBP advertised to sell some of its acquired assets, including the subject residential properties previously owned by petitioners Camacho, Castro and Taroja. Petitioners filed for annulment of real estate mortgages and foreclosure sale and the issuance of a writ of preliminary injunction to enjoin the sale of the residential properties.
The Trial Court issued an order restraining the bidding of the individual properties of the petitioners. After the expiration of the restraining order the petitioners moved for its extension.