- Petitioner
- Inocencio Y. Lucasan For Himself
- Respondent
- Philippine Deposit Insurance Corporation (Pdic) As Receiver
- Citation
- G.R. No. 176929
- Court
- Supreme Court
- Decided
- July 4, 2008
Summary
Lucasan failed to pay a P5,000 loan from Pacific Banking Corporation (PBC), resulting in a 1979 RTC judgment for P7,199.99. His properties were levied and sold at public auction in 1981 to PBC, with a redemption period expiring in 1982. Lucasan failed to redeem and only attempted reacquisition in 1997, which PDIC (PBC's receiver) denied, offering to sell at appraised value of P2.9 million instead. Lucasan filed a petition to quiet title, seeking cancellation of the notice of embargo and certificate of sale. The Supreme Court affirmed the dismissal, ruling that Lucasan lacked the requisite legal title and failed to show the annotations were invalid. The Court emphasized that failure to redeem within the statutory period forecloses redemption rights absolutely, making subsequent offers mere repurchase attempts not binding on the purchaser. The decision reinforces the finality of foreclosure proceedings and the importance of timely redemption.