FACTS:

Tan owned a parcel of land. During his lifetime, he obtained a loan secured by a REM over the land. Upon his death, he was survived by his wife and children. The loan was unpaid and thus, the REM was foreclosed. Wife and kids sought the annulment of the REM. An amicable settlement was then entered into between the bank and the family. The redemption would be
extended into 1 year more. Anne redeemed from bank but the latter issued the title back to the co-heirs.

HELD:

Co-ownership expired when the heirs allowed the one-year redemption period to expire without redeeming their parent’s property and permitted the issuance of the new title and consolidation of ownership. There was no co-ownership anymore when Annie “redeemed” the property. It was in all accounts, to be considered as a sale.