G.R. No. 160758 - DEVELOPMENT BANK OF THE PHILIPPINES, VS. GUARIÑA AGRICULTURAL AND REALTY DEVELOPMENT CORPORATION.

Ruling

WHEREFORE, premises considered, the court hereby resolves that the extra-judicial sales of the mortgaged properties of the plaintiff by the Office of the Provincial Sheriff of Iloilo on January 15, 1979 are null and void, so with the consequent issuance of certificates of sale to the defendant of said properties, the registration thereof with the Registry of Deeds and the issuance of the transfer certificates of title involving the real property in its name. It is also resolved that defendant give back to the plaintiff or its representative the actual possession and enjoyment of all the properties foreclosed and possessed by it. To pay the plaintiff the reasonable rental for the use of its beach resort during the period starting from the time it (defendant) took over its occupation and use up to the time possession is actually restored to the plaintiff. And, on the part of the plaintiff, to pay the defendant the loan it obtained as soon as it takes possession and management of the beach resort and resume its business operation. Furthermore, defendant is ordered to pay plaintiffs attorneys fee of P50,000.00. So ORDERED.