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    United Coconut Planters Bank v. Sps. Beluso, G.R. No. 159912, August 17, 2007 Case Digest

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    Des Gerardo
    The United Coconut Planters Bank granted a credit line to the Beluso spouses in 1996 allowing them to borrow up to 1.2 million pesos. In 1998, UCPB demanded payment of the spouses' total obligation of over 2.9 million pesos which they failed to pay. UCPB then foreclosed on properties of the Beluso spouses securing their over 3.7 million peso credit line. The Supreme Court ruled that the foreclosure was legal as the spouses received a legitimate demand despite the amount being excessively overdue compared to their original obligation.

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    United Coconut Planters Bank v. Sps. Beluso, G.R. No. 159912, August 17, 2007 Case Digest

    Uploaded by

    Des Gerardo
    45 views1 page
    The United Coconut Planters Bank granted a credit line to the Beluso spouses in 1996 allowing them to borrow up to 1.2 million pesos. In 1998, UCPB demanded payment of the spouses' total obligation of over 2.9 million pesos which they failed to pay. UCPB then foreclosed on properties of the Beluso spouses securing their over 3.7 million peso credit line. The Supreme Court ruled that the foreclosure was legal as the spouses received a legitimate demand despite the amount being excessively overdue compared to their original obligation.

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    The United Coconut Planters Bank granted a credit line to the Beluso spouses in 1996 allowing them to borrow up to 1.2 million pesos. In 1998, UCPB demanded payment of the spouses' total obligation of over 2.9 million pesos which they failed to pay. UCPB then foreclosed on properties of the Beluso spouses securing their over 3.7 million peso credit line. The Supreme Court ruled that the foreclosure was legal as the spouses received a legitimate demand despite the amount being excessively overdue compared to their original obligation.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    45 views1 page

    United Coconut Planters Bank v. Sps. Beluso, G.R. No. 159912, August 17, 2007 Case Digest

    Uploaded by

    Des Gerardo
    The United Coconut Planters Bank granted a credit line to the Beluso spouses in 1996 allowing them to borrow up to 1.2 million pesos. In 1998, UCPB demanded payment of the spouses' total obligation of over 2.9 million pesos which they failed to pay. UCPB then foreclosed on properties of the Beluso spouses securing their over 3.7 million peso credit line. The Supreme Court ruled that the foreclosure was legal as the spouses received a legitimate demand despite the amount being excessively overdue compared to their original obligation.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    United Coconut Planters Bank v. Sps. Beluso, G.R. No.

    159912, August 17, 2007


    Case Digest

    Gerardo, Desmund A.

    FACTS:
    UCPB granted the Beluso spouses a Promissory Notes Line under a Credit Agreement
    on 16 April 1996, allowing them to borrow up to P1.2 million pesos from the former until
    30 April 1997. On 2 September 1998, UCPB demanded that the spouses Beluso pay
    their total obligation of P2,932,543.00 plus 25% attorney's fees, but they failed to
    comply. UCPB foreclosed the Beluso spouses' properties on December 28, 1998, to
    secure their P3,784,603.00 credit line.

    UCPB was sued by the Beluso spouses in Makati City's RTC on February 9, 1999. The
    RTC sided with the Beluso spouses on 23 March 2000. UCPB's Motion for
    Reconsideration was denied by the RTC on 8 May 2000. On September 9, 2003, the
    Court of Appeals rejected UCPB's Motion for Reconsideration.

    ISSUE:
    Whether or not foreclosure was void

    RULING:
    No, the foreclosure process is legal because the spouses Beluso received a legitimate
    demand from UCPB. The property the Beluso spouses mortgaged to secure such
    amounts may be foreclosed upon even though it is excessively overdue in comparison
    to the proper amount of their obligation to UCPB. As a result, the proceeds of the
    foreclosure sale should be used to the extent that they correspond to the sums to which
    UCPB is legally entitled.

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