G.R. No. 155716 - ROCKVILLE EXCEL INTERNATIONAL EXIM CORPORATION, VS. SPOUSES OLIGARIO CULLA AND BERNARDITA MIRANDA. D E C I S I O N - Supreme Court E-Library

Ruling

WHEREFORE, in view of all the foregoing, the complaint filed by the plaintiff, Rockville Excel International Exim Corporation against defendants Oligario Culla and Bernardita Miranda is hereby DISMISSED. The Absolute Deed of Sale executed between the said plaintiff and defendants on June 25, 1994 is hereby declared as an equitable mortgage and, defendants are hereby entitled to redeem the mortgaged property upon full payment of their mortgaged debt to the plaintiff in the total amount of two million pesos (P2,000,000.00) with legal rate of interest from June 25, 1994, the time the loan matured, until it is fully satisfied. With costs against the plaintiff. SO ORDERED.