FACTS:
Petitioner mortgaged certain real estate in favor of respondent bank to
secure the obligation in the total amount of P34,150,000.00. Due to financial
constraints, petitioner failed to pay the loan upon maturity. Respondent
initiated extrajudicial foreclosure proceedings which foreclosed the real
estate mortgage. Copies of the Notice of Extrajudicial Sale were sent to the
opposing parties by registered mail. It was also posted at three conspicuous
public places in Makati and was published in three issues of "The New
Record." Petitioner claims that the New Record is not a newspaper of
general circulation because it is published only once a week.
ISSUE: Whether
the New Record is a newspaper of general circulation.
RULING:
Yes. To be a newspaper of general circulation, it is enough that
"it is published for the dissemination of local news and general
information; that it has a bona fide subscription list of paying subscribers;
that it is published at regular intervals." The newspaper need not have
the largest circulation so long as it is of general circulation. Under P.D.
1079, for a newspaper to qualify, it is enough that it be a "newspaper or
periodical which is authorized by law to publish, and which is regularly
published for at least one (1) year before the date of publication" which
requirement was satisfied by New Record.
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