This is based allegedly on Development Bank of the Philippines vs.
BANCO DE ORO FORECLOSED PROPERTIES REGISTRATION
VTL filed a Motion to Order Defendant to Correct Statement of Account, praying that BDO be ordered to compute interests and penalties due only up to April 28, 1995, which is the date of registration of the Certificate of Sale. During the hearing set on March 28, 2007, BDO submitted a Statement of Account showing that the total obligation of Victor Bollozos and/or World's Arts & Crafts, Inc. Separate motions for execution were filed by BDO and VTL. Thereafter, an Entry of Judgment was issued. VTL appealed the RTC judgment to the Court of Appeals (CA), which affirmed the same in a Decision dated May 26, 2004. By the same token, VTL was directed to assume and pay Bollozos' obligation to BDO upon receipt of such Statement of Account.
On January 6, 1997, the RTC rendered a Decision directing BDO to furnish VTL with Bollozos and/or World's Arts and Crafts Inc.'s new Statement of Account based on the Statement of Account dated August 12, 1994, plus the corresponding interests and penalty charges that have accrued thereafter. Upon the expiration of the redemption period with no redemption being made, BDO consolidated ownership over the property. A Certificate of Sale was issued to BDO as the lone bidder at the auction sale. In the course of the proceedings, the obligation remained unpaid, prompting BDO to foreclose the real estate mortgage on March 29, 1995.
BANCO DE ORO FORECLOSED PROPERTIES TRIAL
This led VTL to institute an action for specific performance with damages against BDO with the Regional Trial Court (RTC) of Cebu City. contracted should be settled prior to any change in the ownership of the mortgaged property. For BDO, the loan obligation that Bollozos and/or World's Arts and Crafts, Inc. However, BDO refused to accept VTL's payment as it does not recognize VTL as the new owner of the property. On August 12, 1994, Bollozos sold the property to VTL Realty Corporation (VTL) and A Deed of Definite Sale with Assumption of Mortgage was executed between the parties. (BDO) to secure the loan of World's Arts & Crafts, Inc. He mortgaged his property to petitioner Banco de Oro Unibank, Inc. Bollozos (Bollozos) was the registered owner of a parcel of land with a building situated at Barangay Guizo, Mandaue City, and covered by TCT No. The following facts gave rise to the present controversy.
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