What are the necessary conditions and deadline for a court action seeking to question a delinquency sale?
No action to recover delinquent stock sold can be sustained on the ground of irregularity or defect in the notice or in the sale itself, unless the party first pays or tenders to the current holder the sum for which the stock was sold, plus interest at the legal rate from the date of sale (SEC. 68, Revised Corporation Code of the Philippines). This requirement prevents frivolous lawsuits challenging the sale without compensating the party who satisfied the debt. Furthermore, no such action shall be maintained unless a complaint is formally filed within six (6) months from the date of sale. This strict time limit ensures the quick finality of the sale transaction.
02 November 2025
About Nicolas and De Vega Law Offices
Nicolas and De Vega Law Offices is a full-service law firm in the Philippines. You may visit us at the 16th Flr., Suite 1607 AIC Burgundy Empire Tower, ADB Ave., Ortigas Center, 1605 Pasig City, Metro Manila, Philippines. You may also call us at +632 84706126, +632 84706130, +632 84016392 or e-mail us at [email protected]. Visit our website https://ndvlaw.com/.
