This case has been cited 2 times or more.
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2015-06-23 |
PERALTA, J. |
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| United Overseas Bank, on the other hand, alleged that JOS Managing Builders is the owner of several parcels of land covered by Transfer Certificate of Title (TCT) Nos. N-146444, N-146445 and N-143601. On April 3, 1997, JOS Managing Builders executed in favor of United Overseas Bank a Real Estate Mortgage[3] over the said parcels of land and the improvements existing or to be erected thereon to secure the Two Hundred Million Peso (PhP200,000,000.00)[4] loan it acquired from the bank. The subject condominium building project Aurora Milestone Tower, which is situated in the said parcels of land, are part of the properties mortgaged to United Overseas Bank. JOS Managing Builders defaulted in the payment of its loan obligations to United Overseas Bank. Hence, United Overseas Bank foreclosed the mortgage constituted over properties of JOS Managing Builders and the subject properties were sold by public auction on March 22, 1999 wherein United Overseas Bank was declared as the highest bidder. Subsequently, a certificate of sale was issued in favor of United Overseas Bank corresponding to the foreclosed properties, which was registered with the Register of Deeds of Quezon City on April 27, 1999. | |||||
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2008-12-16 |
CARPIO MORALES, J. |
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| As observed in Far East Bank and Trust Co. v. Marquez,[12] Section 18 of P.D. 957 is a prohibitory law and acts committed contrary to it are void. | |||||