Text of the provision
Sec. 4. Disposition of proceeds of sale. — The amount realized from the foreclosure sale of the mortgaged property shall, after deducting the costs of the sale, be paid to the person foreclosing the mortgage, and when there shall be any balance or residue, after paying off the mortgage debt due, the same shall be paid to junior encumbrancers in the order of their priority, to be ascertained by the court, or if there be no such encumbrancers or there be a balance or residue after payment to them, then to the mortgagor or his duly authorized agent, or to the person entitled to it.
2019 Rules of Civil Procedure (A.M. No. 19-10-20-SC), Rule 68, Section 4. Reproduced verbatim and verified word-for-word against the Supreme Court's official text and the ChanRobles rendering.
About this section
This is Section 4 of Rule 68 (Foreclosure Of Real Estate Mortgage) of the 2019 Rules of Civil Procedure, the rules promulgated by the Supreme Court in A.M. No. 19-10-20-SC and in force since May 1, 2020. The text above is reproduced verbatim from the current rules.
Related provisions
- Section 3 — Sale of mortgaged property; effect.
- Section 5 — How sale to proceed in case the debt is not all due.
Cases citing this section
- Authorities on this section will be added here as each is verified against primary sources.