Monday, December 05, 2011

Supreme Transliner, Inc., Moises C. Alvarez and Paulita S. Alvarez v. BPI Family Savings Bank, Inc./BPI Family Savings Bank, Inc. v. Supreme Transliner Inc., Moises C. Alvarez and Paulita S. Alvares; G.R. No. 165617/G.R. No. 165837. February 25, 2011;

Mortgage; Redemption price; should not include CGT. Considering that herein petitioners-mortgagors exercised their right of redemption before the expiration of the statutory one-year period, petitioner bank is not liable to pay the capital gains tax due on the extrajudicial foreclosure sale. There was no actual transfer of title from the owners-mortgagors to the foreclosing bank. Hence, the inclusion of the said charge in the total redemption price was unwarranted and the corresponding amount paid by the petitioners-mortgagors should be returned to them. Supreme Transliner, Inc., Moises C. Alvarez and Paulita S. Alvarez v. BPI Family Savings Bank, Inc./BPI Family Savings Bank, Inc. v. Supreme Transliner Inc., Moises C. Alvarez and Paulita S. Alvares; G.R. No. 165617/G.R. No. 165837. February 25, 2011


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0 comments: on "Supreme Transliner, Inc., Moises C. Alvarez and Paulita S. Alvarez v. BPI Family Savings Bank, Inc./BPI Family Savings Bank, Inc. v. Supreme Transliner Inc., Moises C. Alvarez and Paulita S. Alvares; G.R. No. 165617/G.R. No. 165837. February 25, 2011;"

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