13. Aranas v. Mercado.docx - Diaz Jayson Paolo DM Special...

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Diaz, Jayson Paolo DM. Special Proceedings – Case Digest 3 rd Year – John Wesley School of Law and Governance ARANAS V. MERCADO FACTS: Emigdio S. Mercado (Emigdio) died intestate on January 12, 1991, survived by his second wife, Teresita V. Mercado (Teresita), and their five children, namely: Allan V. Mercado, Felimon V. Mercado, Carmencita M. Sutherland, Richard V. Mercado, and Maria Teresita M. Anderson; and his two children by his first marriage, namely: respondent Franklin L. Mercado and petitioner Thelma M. Aranas (Thelma). Emigdio inherited and acquired real properties during his lifetime. He owned corporate shares in Mervir Realty Corporation (Mervir Realty) and Cebu Emerson Transportation Corporation (Cebu Emerson). He assigned his real properties in exchange for corporate stocks of Mervir Realty, and sold his real property in Badian, Cebu (Lot 3353 covered by Transfer Certificate of Title No. 3252) to Mervir Realty. Thelma filed in the Regional Trial Court (RTC) in Cebu City a petition for the appointment of Teresita as the administrator of Emigdio's estate. The RTC granted the petition considering that there was no opposition. The letters of administration in favor of Teresita. As the administrator, Teresita submitted an inventory of the estate of Emigdio for the consideration and approval by the RTC. She indicated in the inventory that at the time of his death, Emigdio had "left no real properties but only personal properties" worth P6,675,435.25 in all, consisting of cash of P32,141.20; furniture and fixtures worth P20,000.00; pieces of jewelry valued at P15,000.00; 44,806 shares of stock of Mervir Realty worth P6,585,585.80; and 30 shares of stock of Cebu Emerson worth P22,708.25.
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