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What is BPI Foreclosure Case: TML Default Ruling about?

TML obtained an 85 million peso loan from Bank of Southeast Asia (BSA) secured by a real estate mortgage. BSA later changed its name and merged with BPI. TML defaulted on payments leading BPI to extrajudicially foreclose on the mortgaged properties. The court ruled the foreclosure was proper under the terms of the promissory notes and mortgage which allowed extrajudicial foreclosure in the event of default. While TML argued the interest rates were excessive, it was undisputed that TML had an outstanding obl

Author

bidan

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EN