G.R. No. L-46029; April 24, 1939
THE NATIONAL LOAN AND INVESTMENT BOARD, plaintiff-appellee, vs. LUIS MENESES, defendant-appellant.

FACTS

The National Loan and Investment Board filed a case against Luis Meneses to recover a debt. The parties submitted a stipulation of facts wherein Meneses confessed his indebtedness of P42,430.96 plus interest. The stipulation granted him six months from March 16, 1937, to pay; failure to pay would result in the issuance of a writ of execution upon the mortgaged property. The court rendered judgment in accordance with this stipulation. Meneses failed to pay, prompting the court to issue a writ of execution, leading to a public auction where the plaintiff emerged as the highest bidder. Meneses opposed the confirmation of the sale, arguing that the judgment did not expressly order foreclosure and that the sale price was inadequate.

ISSUE

1. Whether the writ of execution and the subsequent public sale were valid despite the judgment not expressly ordering foreclosure.
2. Whether the inadequacy of the sale price is a sufficient ground to annul the sale.

RULING

1. Yes. The writ of execution and sale were valid. The judgment was based on a stipulation where Meneses agreed that a writ of execution would be levied on the mortgaged property if he failed to pay. He cannot impugn an execution issued pursuant to his own stipulation.
2. No. Inadequacy of price alone is not sufficient to annul a public sale where there has been strict compliance with legal requisites to secure the highest possible price and no showing that a better price was obtainable. The Court affirmed the lower court’s order confirming the sale.

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