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Facts: A decedent died intestate on March 15, 2020, leaving a house and lot encumbered by a mortgage of PHP 2,100,000 in favor of Bank Omega and a PHP 300,000 bank deposit. Heirs are his widow Maria and two children Jose and Ana. All heirs sign a public instrument titled Extrajudicial Settlement and Partition, distributing the estate as follows: Maria 1/2; Jose 1/4; Ana 1/4. The instrument contains a clause that the heirs jointly bind themselves to pay all of the decedent’s debts and a bond in the amount of PHP 2,500,000 is posted to secure payment of these debts. The instrument is notarized, published in a newspaper of general circulation for three consecutive weeks, and filed with the Registry of Deeds. On June 20, 2022—approximately 28 months after the extrajudicial settlement—Bank Omega files a case against the heirs for collection of the mortgage debt. The heirs contend that the extrajudicial settlement is valid and binding on third parties because the statutory conditions are met, and that Bank Omega’s claim is time-barred. Bank Omega contends (a) the extrajudicial settlement is void as to the inclusion of real property encumbered by a mortgage; and (b) its claim is timely. In light of Rule 74, Secs. 1, 4, and 5: (1) Identify the controlling doctrine and the essential requisites of extrajudicial settlement under Rule 74, Sec. 1 and Sec. 4, with emphasis on the debt situation. (2) Apply the facts to the requisites and explain whether the extrajudicial settlement in this case is valid and binding on the creditor, paying particular attention to the mortgage debt, the bond, and publication. (3) Explain the effect and limits of Rule 74, Sec. 5 for creditors like Bank Omega, both within and after the two-year period for filing claims. What remedies, if any, remain for the creditor if the two-year period lapses?