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What is Equitable Mortgage vs. Absolute Sale about?
The spouses Salonga owned land as collateral for loans from multiple banks. After an earthquake damaged their business, they defaulted on the loans. To repay the loans, they secured another loan from the spouses Concepcion and executed deeds of absolute sale of the properties. However, the spouses Salonga argue the transactions were actually equitable mortgages based on the inadequate sale prices and their continued possession of the properties. The spouses Concepcion later increased the redemption price si
- Author
- Apollonia Corleone
- Language
- EN