BANKING.docx

Despite the lapse of the redemption period and the

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Despite the lapse of the redemption period and the fact of issuance of a Certificate of Final Sale to Vila, the Spouses Cormsta were nonetheless allowed to buy back the subject property by tendering the amount of P50,000.00. A Certificate of Redemption 7 dated 14 March 1989 was issued for this purpose and was duly annotated in the title under Entry No. 708261 . Claiming that the Spouses Cornista already lost their right to redeem the subject property, Vila filed an action for nullification of redemption, transfer of title and damages against the Spouses Cornista and Alfredo Vega in his capacity as the Register of Deeds of Pangasinan. The case was docketed as Civil Case No. V-0242 on 10 January 1992 and was raffled to Branch 50. A Notice of Lis Pendens was issued for this purpose and was duly recorded in the certificate of title of the property on 19 October 1992 under Entry No. 759302 . 8 chanrobleslaw On 3 February 1995, the RTC rendered a Decision 9 in Civil Case No. V-0242 in favor of Vila thereby ordering the Register of Deeds to cancel the registration of the certificate of redemption and the annotation thereof on TCT No. 131498. The said decision was affirmed by the CA on 19 October 1997 in CA-G.R. CV No. 49463 . 10 The decision of the appellate court became final and executory on 19 November 1997. In order to enforce the favorable decision, Vila filed before the RTC a Motion for the Issuance of Writ of Execution which was granted by the court. Accordingly, a Writ of Execution 11 was issued by the RTC on 14 December 1997. By unfortunate turn of events, the Sheriff could not successfully enforce the decision because the certificate of title covering the subject property was no longer registered under the names of the Spouses Cornista. Hence, the judgment was returned unsatisfied as shown in Sheriffs Return 12 dated 13 July 1999. Upon investigation it was found out that during the interregnum the Spouses Cornista were able to secure a loan from the PNB in the amount of P532,000.00 using the same property subject of litigation as security. The Real Estate Mortgage (REM) was recorded on 28 September 1992 under Entry No. 758171 13 or month before the Notice of Lis Pendens was annotated. Eventually, the Spouses Cornista defaulted in the payment of their loan obligation with the PNB prompting the latter to foreclose the property offered as security. The bank emerged as the highest bidder during the public sale as shown at the Certificate of Sale issued by the Sheriff. As with the prior mortgage, the Spouses Cornista once again failed to exercise their right of redemption within the required period allowing PNB to consolidate its ownership over the subject property. Accordingly, TCT No. 131498 14 in the name of the Spouses Cornista was cancelled and a new one under TCT No. 216771 15 under the name of the PNB was issued.
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