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The Supreme Court ruled that the Memorandum of Agreement and Dacion in Payment agreement between Spouses Ong and Roban Lending Corporation constituted a prohibited pactum commissorium under the Civil Code. A pactum commissorium allows the mortgagee to automatically take ownership of the mortgaged property without foreclosure in case of default, which is null and void. As the agreements between the parties did not contain provisions for foreclosure or redemption, they violated the prohibition on pactum commi
- Author
- jonjie.jumamil.23
- Language
- EN