A borrowed money from Metrobank and executed a mortgage over his house and lot as security. No period has been agreed upon on the date of payment. Before the lapse of ten (10) years, the bank foreclosed the mortgage. Is the bank correct?

Related MCQs

• A built his house on his lot up to the boundary line and opened windows with direct view over the lot of B. Twenty (20) years later, B built his house up to the boundary line of his lot, hence, A filed a complaint enjoining B from building his house up to the boundary contending that he has acquired the easement of light and view by prescription and that B cannot build less than 3 meters from the boundary. Is A correct?
• A borrowed money from B. As security for the payment of the loan, he executed a chattel mortgage on the building erected on his land and the machinery stored therein. For failure to pay the loan, he was sued and a judgment was rendered against him, where the building and the machinery were levied upon. Is the chattel mortgage binding upon C, the plaintiff?
• A obtained a loan from B secured by a mortgage over his house & lot. B failed to pay hence, A foreclosed the mortgage but it was sold for less than the amount of the obligation. Can B recover the deficiency?
• A entered into a contract of sale over B’s house and lot but since there is a balance which remained unpaid, A executed a mortgage over the house and lot. A failed to pay. Can B rescind the contract?
• Santos owes Maria P5 million. The debt is secured by a mortgaged on the house of Santos. No. 1 - If before the due date, the security is lost through no one’s fault, Maria can declare the debt due and demandable even before the original maturity date. No. 2 - If the house was burned up to 25% its value through the fault of Santos, the debt may be declared due by Maria even before the original maturity date but she cannot do so if the impairment was without the fault of Santos.
• A lent money to B in the amount of P3M and executed a mortgage over his house and lot to secure the payment of the obligation with a condition that if he fails to pay, A shall became the owner of the property. Is the stipulation valid?
• A, a practicing lawyer represented B in the intestate proceedings of his father. The agreement is on a contingency basis as B did not have money to pay the services of A. To secure the payment of B’s obligation, they executed a mortgage over ¼ of what B will receive from the estate of his father. Is the mortgage valid?
• A & B entered into a contract of sale, A, obligating himself to deliver his house and lot to B who obligated himself to pay P2M upon delivery. B has already paid, but A has not delivered the house and lot despite demand. State the remedy of B.
• Mr. MO executed a real estate mortgage over his land in favor of Mr. ME as security for a substantial loan he obtained from the latter. The mortgage agreement provided for a “first refusal clause”, i.e., Mr. MO, is obligated to offer the property first to Mr. ME in case he decides to sell the property mortgaged. Which of the following statements expresses a correct legal principle?
• Mr. S sold his land to Mr. B with a right to repurchase within ten years from the date of sale. Despite the lapse of the period of redemption, no such redemption was made.