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1) Zenaida executed a mortgage in favor of Bulatao covering her property, with a stipulated interest of 5% per month. When she defaulted, Bulatao initiated foreclosure. 2) The Supreme Court ruled the 5% monthly interest rate was unconscionable and void. It applied the legal interest rates set by the central bank instead. 3) While the mortgage was valid over Zenaida

Author

Carlo Pajo

Language

EN