Friday, December 02, 2011

Equitable PCI Bank, Inc. vs. OJ-Mark Trading, Inc. and Spouses Oscar and Evangeline Martinez, G.R. No. 165950, August 11, 2010.

Family Code; family home; exemption from foreclosure. We note that the claim of exemption under Article 153 of the Family Code, thereby raising issue on the mortgaged condominium unit being a family home and not corporate property, is entirely inconsistent with the clear contractual agreement of the REM. Assuming arguendo that the mortgaged condominium unit constitutes respondents’ family home, the same will not exempt it from foreclosure as Article 155 (3) of the same Code allows the execution or forced sale of a family home “for debts secured by mortgages on the premises before or after such constitution.” Equitable PCI Bank, Inc. vs. OJ-Mark Trading, Inc. and Spouses Oscar and Evangeline Martinez, G.R. No. 165950, August 11, 2010


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