G.R. No. 130380 - HEIRS OF GAUDENCIO BLANCAFLOR, VS. COURT OF APPEALS AND GREATER MANILA EQUIPMENT MARKETING CORPORATION. D E C I S I O N - Supreme Court E-Library

Ruling

WHEREFORE, in the light of the foregoing, the instant petition is hereby GRANTED. As prayed for, the respondent Heirs of Gaudencio Blancaflor are hereby ordered to surrender to this Court within Fifteen (15) days from receipt of copy of this Decision their owner's copy of Transfer Certificate of Title No. T-14749. Failure to do so within the said time will result in the nullification of the same without further orders from this Court in which case, it is already proper for the Register of Deeds for the City of Iloilo to issue a new Certificate of Title over Lot No. 22 in favor of the petitioner. Moreover, Entry No. 81965 in favor of Philippine Commercial and Industrial Bank at the dorsal portion of TCT No. T-14749 is hereby ordered cancelled. [5] Petitioners seasonably appealed to the Court of Appeals, which docketed the appeal as CA-G.R. CV No. 38838. Petitioners argued that the process of execution of the decision of the CFI of Rizal had not been completely carried out and that it was only 19 years after the issuance of the final certificate of sale that it was sought to be enforced through the filing of appellee's petition for the surrender of the owner's duplicate copy of TCT No. 14749. Hence, appellee's cause of action had already prescribed. The Court of Appeals affirmed the challenged decision of the trial court, holding as follows: [6] The judgment of the then Court of First Instance of Rizal against Gaudencio Blancaflor and in favor of Sarmiento Trading Corporation ordering the former to pay the latter the amount of P9,994.05 with interest thereon at the rate of 12% per annum from June 21, 1967 until fully paid, P500 as attorney's fees and the costs having become final, the writ to execute it was issued. At the auction sale conducted by the sheriff, the parcel of land, Lot No. 22, covered by TCT No. 14749, belonging to the judgment debtor was sold to the judgment creditor at an execution sale. The certificate of sale was inscribed as a memorandum of encumbrance on TCT No. 14747. After the lapse of one year from date of sale the final deed was issued in favor of the judgment creditor. Upon petition filed, the then Court of First Instance of Iloilo acting as a cadastral court ordered cancellation of TCT No. 14749 in the name of the judgment debtor and issuance of another in lieu thereof in the name of the judgment creditor, which was annotated on TCT No. 14749. The judgment creditor subsequently transferred and conveyed the parcel of land unto Sarmiento Distributors Corporation. To enable the Registrar of Deeds to issue the corresponding title in appellee's name, the judgment creditor's successor-in-interest, there is a need for the judgment debtor to surrender the owner's duplicate copy of TCT No. T-14749, now in the possession of his heirs, the herein appellants. Under Section 107 of the Property Registration Decree, Presidential Decree No. 1529, which provides: Where it is necessary to issue a new certificate of title pursuant to any in