LETICIA CO v.

PHILIPPINE NATIONAL BANK

[G.R. No. L-51767. June 29, 1982.]

Facts:
Citadel Insurance Co., to whom Standard Parts Manufacturing Corporation
had assigned its right of redemption over the Makati property, offered to
redeem the extra judicially foreclosed property accompanied by a check as
payment. The appellant bank refused as the amount was very much lower
than its total claim. Citadel filed a complaint before the trial court and
judgment was rendered ordering the appellant bank to accept payment.

Issue:
What is the amount of the redemption price?

Held:
It is but just and proper that PNB should be paid the full amount of
P3,366,546.42 without any interest as of March 11, 1976, when it refused a
redemption legally and validly tendered without need however of accounting
to Citadel and/or Leticia Co. rentals it had earned from the time it took
possession of the property.