Article 2137

RA 386 · Civil Code of the PhilippinesKey provision

ELI5— what this means for you

The creditor does not acquire the ownership of the real estate for non-payment of the debt within the period agreed upon.

Official text — RA 386

The creditor does not acquire the ownership of the real estate for non-payment of the debt within the period agreed upon.

Every stipulation to the contrary shall be void. But the creditor may petition the court for the payment of the debt or the sale of the real property. In this case, the Rules of Court on the foreclosure of mortgages shall apply. (1884a)

Source: lawphil.net (RA 386 as amended)

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