IX.
(5%)
On December 4, 2003, RED Corporation executed a real estate mortgage in favor of BLUE Bank. RED Corporation defaulted in the payment of its loan.
Consequently, on June 4, 2004, BLUE Bank extrajudicially foreclosed the property. Being the highest bidder in the auction sale conducted, the Bank was issued a Certificate of Sale which was registered on August 4, 2004.
Does RED Corporation still have the right to redeem the property as of September 14, 2007? Reason briefly.
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IX.
RED Corporation no longer has the right to redeem the property as of September 14, 2007 because said right to redeem can be exercised only within one year from the registration of the sale or from August 4, 2004.
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