SECOND DIVISION
[G.R. No. 232854. April 10, 2019.]
EDUARDO A. COLON, AS SUBSTITUTED BY DANILO P. COLON, petitioner, vs.GRACE M. MARAMBA, respondent.
NOTICE
Sirs/Mesdames :
Please take notice that the Court, Second Division, issued a Resolution dated10 April 2019which reads as follows:
"G.R. No. 232854 — Eduardo A. Colon, as substituted by Danilo P. Colon versus Grace M. Maramba
After reviewing the Petition and its annexes, including the Court of Appeals (CA) Decision 1 dated March 30, 2017 and Resolution 2 dated July 19, 2017 in CA-G.R. CV No. 107211, the Court resolves to DENY the instant Petition and AFFIRM the ruling of the CA since the petitioner failed to sufficiently show that the CA committed any reversible error in the assailed Decision and Resolution as to warrant the exercise of this Court's discretionary appellate jurisdiction. DETACa
The Court agrees with the CA that the true agreement of the parties was an equitable mortgage and not a pacto de retro sale. The consolidation of ownership in the person of the mortgagee in equity, merely upon failure of the mortgagor in equity to pay the obligation, would amount to a pactum commissorium, 3 which is prohibited by Article 2088 of the Civil Code. An action for consolidation of ownership is an inappropriate remedy on the part of the mortgagee in equity. 4 The only proper remedy is to cause the foreclosure of the mortgage in equity 5 and if the mortgagee in equity desires to obtain title to the mortgaged property, the mortgagee in equity may buy it at the foreclosure sale. 6
SO ORDERED. (PERLAS-BERNABE, J., on leave)''
Very truly yours,
(SGD.) MARIA LOURDES C. PERFECTODivision Clerk of CourtBy:TERESITA AQUINO TUAZONDeputy Division Clerk of Court
Footnotes
1.Rollo, pp. 35-51. Penned by Associate Justice Ramon R. Garcia and concurred in by Associate Justices Leoncia R. Dimagiba and Henri Jean Paul B. Inting.
2.Id. at 53-54.
3.Briones-Vasquez v. Court of Appeals, 491 Phil. 81, 94-95 (2005).
4.Id. at 95.
5.Id.
6.Id.