Law on Obligations and Contracts.

Bell Mon Te obtained a loan of P2,000,000 from Dell Monte, which is payable within 1 year. Bell Mon Te then executed a chattel mortgage on a Honda City and a real estate mortgage on a 300-

square meter piece of property in order to secure payment. Bell Mon Te's failure to pay led to the extra-judicial foreclosure of the mortgaged real property. Within one year from foreclosure, Bell Mon Te offered a manager's check to Dell Monte to redeem the property. Dell Monte declined to receive the payment on the ground that he demanded payment in cash claiming that the check is not a legal tender and does not include the interest payment. Is Dell Monte's refusal justified? Explain.