[G.R. No. 139437.

December 8, 2000]
LANGKAAN REALTY DEVELO!ENT, "N#., petitioner, vs. $N"TED #O#ON$T LANTER% &ANK,
'() *ON. #O$RT O+ AEAL%, respondents.
Facts: Petitioner LANGKAAN executed a Real Estate Mortgage over its 631,63 s!uare "eter #arcel o$
land covered %& 'rans$er (erti$icate o$ 'itle No) 1113**, and located at Lang+aan, ,as"arinas, (avite) in
$avor o$ #rivate res#ondent -nited (oconut Planter.s /an+ 0-(P/1 as a securit& $or a loan o%tained $ro"
t2e %an+ %& Gui"aras Agricultural ,evelo#"ent, 3nc) 0G-3MARA41 in t2e a"ount o$ P3,555,555)55)
LANGKAAN and G-3MARA4 agreed to s2are in t2e total loan #roceeds t2at t2e latter "a& o%tain $ro"
-(P/) 4u%se!uentl&, anot2er loan o$ P*,555,555)55 6as o%tained %& G-3MARA4, totaling its o%ligation
to t2e %an+ to P7,555,555)55) '2e loan 6as $ull& secured %& t2e real estate "ortgage 62ic2 covered all
o%ligations o%tained $ro" -(P/ %& eit2er G-3MARA4 or LANGKAAN 8%e$ore, during or a$ter t2e
constitution9 o$ t2e "ortgage) Also #rovided in t2e "ortgage agree"ent is an acceleration clause stating
t2at an& de$ault in #a&"ent o$ t2e secured o%ligations 6ill render all suc2 o%ligations due and #a&a%le,
and t2at -(P/ "a& i""ediatel& $oreclose t2e "ortgage):;<
G-3MARA4 de$aulted in t2e #a&"ent o$ its loan o%ligation, t2us, #rivate res#ondent -(P/ $iled a
8Petition $or 4ale) '2e 8#etition9 6as given due course, and a Notice o$ Extra=>udicial 4ale o$
LANGKAAN.s #ro#ert& 6as issued, setting t2e sale o at t2e "ain entrance o$ t2e ?$$ice o$ t2e (ler+ o$
(ourt o$ R'( o$ 3"us) '2e Notice o$ Extra=>udicial 4ale 6as #u%lis2ed in t2e 8Record Ne6s6ee+l&9)
Later, t2e "ortgaged #ro#ert& 6as sold $or P3,57,555)55 at #u%lic auction to #rivate res#ondent -(P/
as t2e 2ig2est %idder, and a corres#onding (erti$icate o$ 4ale 6as issued in $avor o$ t2e %an+) As
#etitioner LANGKAAN $ailed to redee" t2e $oreclosed #ro#ert& 6it2in t2e rede"#tion #eriod, t2e title o$
t2e #ro#ert& 6as consolidated in t2e na"e o$ -(P/ oand a ne6 'rans$er (erti$icate o$ 'itle 6as issued in
t2e latter.s $avor) LANGKAAN 6rote -(P/ a letter o$$ering to %u& %ac+ t2e $oreclosed #ro#ert& $or
P;,555,555)55) @o6ever, t2is 6as re>ected %& t2e %an+ stating t2at t2e current selling #rice $or t2e
#ro#ert& 6as alread& P6,755,555)55) '2is led t2e #etitioner to $ile a (o"#laint $or Annul"ent o$ Extra=
>udicial Foreclosure and 4ale, and 6it2 ,a"ages)
A$ter trial, t2e R'( o$ 3"us ruled in $avor o$ #rivate res#ondent -(P/ o$ 62ic2 t2e (ourt o$ A##elas
a$$ir"ed into) @ence t2is #etition)
3ssue: A2et2er or not t2e extra=>udicial $oreclosure sale is valid and legal on account o$ t2e alleged non=
co"#liance 6it2 t2e #rovisions o$ Act No) 3137 on venue, #osting and #u%lication o$ t2e Notice o$ 4ale,
and o$ t2e alleged de$ects in suc2 Notice):
@eld: '2e extra>udicial $oreclosure sale is valid) Fro" 1B6 to A#ril 1B, des#ite +no6ledge o$ t2e
$oreclosure sale o$ t2eir #ro#ert&, t2e President o$ #etitioner LANGKAAN did not ta+e an& ste# to !uestion
t2e #ro#riet& o$ t2e venue o$ t2e sale) 3t 6as onl& on Ma& 35, 1B t2at t2e #etitioner $iled a (o"#laint $or
Annul"ent o$ t2e $oreclosure sale, and onl& a$ter its o$$er to re#urc2ase t2e $oreclosed #ro#ert&, t2e title to
62ic2 2ad %een consolidated in t2e na"e o$ #rivate res#ondent -(P/, 2ad %een re>ected %& t2e %an+)
3n t2e letter deno"inated as 8?$$er to Reac!uire %& Lang+aan Realt& ,evelo#"ent, 3nc) Ait2out
Pre>udice9, #etitioner LANGKAAN, t2roug2 its counsel Att&) Franco L) Lo&ola, 62o is li+e6ise t2e
#etitioner.s counsel in t2is case, ac+no6ledged t2at t2e title to t2e #ro#ert& 8t2en registered9 under t2e
na"e o$ LANGKAAN 2as %een consolidated under t2e na"e o$ -(P/, 62ic2 6as t2e 2ig2est %idder in
t2e extra=>udicial $oreclosure sale conducted %& t2e s2eri$$):3B< No62ere can it %e $ound t2at t2e #etitioner
o%>ected to or o##osed t2e 2olding o$ t2e sale at t2e R'( o$ 3"us) /& neglecting to do so, #etitioner
LANGKAAN is dee"ed to 2ave 6aived its rig2t to o%>ect to t2e venue o$ t2e sale, and cannot %elatedl&
raise its o%>ection in t2is #etition $iled %e$ore t2e court)