PRESCRIPTION

Art.1144. The following action must be brought within ten years from the time the
right of action accrues:

(1). Upon a written contract

(2).Upon an obligation created by law

(3).Upon a judgment

A mortgage action prescribes in ten years from the time the right of action
accrues, that is, from the time the mortgagor defaults in the payment of his
obligation to the mortgagee, not from the date of mortgage contract. Cando
vs.Olazo, 518 SCRA 741.

Art.1152. The period for prescription of action to demand the fulfillment of

obligation declared by a judgment commences from the time the judgment became
final.

Art.1155. The prescription of action is interrupted when they are filed before the
court, when there is written extra judicial demand by the creditors, and when there
is any written acknowledgement of the debt by the debtor.

There could be no valid and effective demand where the demand letters are
not received by the recipient. Philippine Bank of Communications vs.
Diamond Seafoods Corporation, 513 SCRA 186.