G.R. No. 147321 - SPOUSES CRISPIN AUSTRIA AND LEONISA HILARIO, VS. SPOUSES DANILO GONZALES, JR., AND VERONICA GONZALES.DECISION - Supreme Court E-Library

Ruling

WHEREFORE, conformably with all the foregoing, judgment is hereby rendered declaring the subject deeds of absolute sale (Exhs. "1" and "3") a loan transaction between the parties herein and, therefore, an equitable mortgage. Plaintiffs are declared entitled to redeem their mortgaged properties which shall be effected upon the payment of their mortgage debt to defendants in the total amount of P260,000.00 with legal rate of interest from October 23, 1981, the date of delivery of said loan amount to plaintiffs, until it is fully paid. Further, defendants are hereby ordered to pay P20,000.00 for attorney's fee (sic) of plaintiffs and the costs of suit. SO ORDERED.