G.R. No. 136368 - JAIME TAN, JR., AS JUDICIAL ADMINISTRATOR OF THE INTESTATE ESTATE OF JAIME C. TAN, VS. HON. COURT OF APPEALS (NINTH SPECIAL DIV.) AND JOSE A. MAGDANGAL AND ESTRELLA MAGDANGAL.D E C I S I O N - Supreme Court E-Library

Ruling

WHEREFORE, judgment is rendered: The Deed of Absolute Sale (Exhibits B, B-1) is, in accordance with the true intention of the parties, hereby declared and reformed an equitable mortgage; The plaintiff is ordered to pay the defendants within 120 days after the finality of this decision P59,200 plus interest at the rate of 12% per annum from May 2, 1988, the date the complaint was filed, until paid; In order to avoid multiplicity of suits and to fully give effect to the true intention of the parties, upon the payment of the aforesaid amount, TCT No. T-134470 in the name of defendants Jose Magdangal and Estrella Magdangal (Exh. 13) and shall be deemed canceled and null and void and TCT No. T-72067 in the name of Jaime C. Tan and Praxedes Valles Tan (Exh. A) be reinstated. No pronouncement as to costs. SO ORDERED.