G.R. NO. 155698 - PHILIPPINE NATIONAL OIL COMPANY, VS. NATIONAL COLLEGE OF BUSINESS AND ARTS. D E C I S I O N - Supreme Court E-Library

Ruling

WHEREFORE, judgment is rendered in favor of plaintiff NCBA and against defendants and intervenor, as follows: Declaring plaintiff NCBA the owner in fee simple of the properties in question, now covered by TCT Nos. 199394 to 199400 of the Registry of Deeds of Manila in the name of intervenor Petrophil Corporation (now PETRON); Declaring fully extinguished the mortgage of the property in question in favor of defendant Development Bank of the Philippines (DBP); Ordering the Register of Deeds of Manila to cancel Transfer Certificates of Title Nos. 199394 to 199400 of said Registry and/or all transfer certificates of title derived or issued subsequent thereto and to issue, in lieu thereof, new transfer certificates of title in the name of plaintiff NCBA free from the mortgage in favor of defendant Development Bank of the Philippines [DBP]; Declaring the owner's duplicate copies of Transfer Certificates of Title No. 199394 to 199400 of the Registry of Deeds of Manila and all certificates of title issued subsequent thereto null and void; Ordering defendants Felipe [M]onserrat, Enrique Monserrat and Development Bank of the Philippines and intervenor and third-party plaintiff Petrophil (now known as PETRON) jointly and severally to pay to plaintiff NCBA the amounts of P100,000.00 as exemplary damages and P150,000.00 as attorney's fees, in addition to the costs of suit. Dismissing the defendants' counterclaims and cross-claims, and the intervention and third party complaint of Petrophil (now PETRON). SO ORDERED.