BANKING.docx

B the real estate mortgage constituted on the

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ChanRoblesVirtualawlibrary (b) The real estate mortgage constituted on the subject property by Bienvenida Pantaleon in favor of Allied Banking Corporation, the foreclosure on the mortgage by Allied Banking Corporation, and the public auction sale of the subject property are DECLARED null and void; and the Certificate of Sale dated March 19, 1998 issued by the Office of the Clerk of Court of the Regional Trial Court of Muntinlupa City in favor of Allied Banking Corporation and any certificate of title for the subject property issued in the name of Allied Banking Corporation are CANCELLED ; ChanRoblesVirtualawlibrary (c) Allied Banking Corporation is ORDERED to reconvey the subject property to Games and Garments Developers, Inc. and the Register of Deeds of Makati City (now Muntinlupa City) is DIRECTED to issue a new certificate of title, free from any liens or encumbrances, in the name of Games and Garments Developers, Inc.; (3) The spouses Bienvenida and Benedicto Pantaleon are ORDERED to pay Games and Garments Developers, Inc. exemplary damages in the amount of FIVE HUNDRED THOUSAND PESOS (P500,000.00) and attorney's fees equivalent to TEN PERCENT (10%) of the total monetary award in paragraph (1) hereof; ChanRoblesVirtualawlibrary (4) Allied Banking Corporation is ORDERED to pay Games and Garments Developers, Inc. the amounts of FIVE HUNDRED THOUSAND PESOS (P500,000.00) as temperate/moderate damages, ONE HUNDRED FIFTY THOUSAND PESOS (P150,000.00) as exemplary/corrective damages, and ONE HUNDRED THOUSAND PESOS (P100,000.00) as attorney's fees; ChanRoblesVirtualawlibrary (5) The spouses Bienvenida and Benedicto Pantaleon and Allied Banking Corporation are ORDERED to pay, jointly and severally, the costs of suit; ChanRoblesVirtualawlibrary (6) Legal interest of six percent (6%) per annum shall be IMPOSED on all the aforementioned monetary awards from date of finality of this judgment until full satisfaction of the same; and (7) The cross-claims of the spouses Bienvenida and Benedicto Pantaleon and Allied Banking Corporation against one another are DISMISSED without prejudice. SO ORDERED. chanroblesvirtuallawlibrary BANK OF THE PHILIPPINE ISLANDS AND ANA C. GONZALES, PETITIONERS, VS. SPOUSES FERNANDO V. QUIAOIT PROMULGATED: AND NORA L. QUIAOIT, RESPONDENTS. CARPIO, J.: The Case Before the Court is a petition for review on certiorari [1] assailing the 22 September 2011 Decision [2] and the 29 November 2011 Resolution [3] of the Court of Appeals in CA-G.R. CV No. 94141. The Court of Appeals affirmed the 15 May 2009 Decision [4] of the Regional Trial Court of Quezon City, Branch 100 in Civil Case No. Q-00-42619. The Antecedent Facts Fernando V. Quiaoit (Fernando) maintains peso and dollar accounts with the Bank of the Philippine Islands
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(BPI) Greenhills-Crossroads Branch (BPI Greenhills). On 20 April 1999, Fernando, through Merlyn Lambayong (Lambayong), encashed BPI Greenhills Check No. 003434 dated 19 April 1999 for US$20,000.
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