This case has been cited 1 times or more.
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2003-04-29 |
QUISUMBING, J. |
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| Petitioner's contention that the final and executory judgment of the Court of Appeals in CA-G.R. CV No. 14909 does not bind the bank, in our view, is devoid of merit. Rule 39, Section 47 (b)[20] of the 1997 Rules of Civil Procedure, speaks of conclusiveness of judgment as "between the parties and their successors-in-interest by title subsequent to the commencement of the action." In the present case, petitioner herein derived its title from the Valentin and Razon spouses, after an extrajudicial foreclosure sale. Under the law which permits a successor in interest to redeem the property sold on execution, the term "successor-in-interest" includes one to whom the debtor has transferred his statutory right of redemption; one to whom the debtor has conveyed his interest in the property for the purpose of redemption; or one who succeeds to the interest of the debtor by operation of law.[21] Petitioner acquired its title while CA-G.R. CV No. 14909 was pending before the Court of Appeals. To acquire title, the successor-in-interest must do so subsequent to the commencement of the action, and not before such commencement.[22] Having derived little from the Spouses Valentin and Razon, whose title was nullified by the final and executory decision of the Court of Appeals in CA-G.R. CV No. 14909, the petitioner cannot escape the effect of the appellate court's judgment in said case. The rural bank as purchaser at an auction sale does not have a better right to said property than their predecessors-in-interest, namely the Valentin and Razon couple. | |||||