G.R. No. 192813 - VASHDEO GAGOOMAL, VS. SPOUSES RAMON AND NATIVIDAD VILLACORTA.D E C I S I O N - Supreme Court E-Library

Ruling

WHEREFORE , premises considered, the petition is GRANTED . The assailed Orders dated August 5, 2008 and March 20, 2009 issued by Hon. Danilo S. Cruz of the Regional Trial Court, Branch 152, Pasig City are hereby REVERSED and SET ASIDE and another one entered, the Motion to Quash Writ of Possession filed by spouses Ramon and Natividad Villacorta in Civil Case No. 67381 is GRANTED . ACCORDINGLY , the Writ of Possession issued in Civil Case No. 67381 is ordered QUASHED . SO ORDERED . The Facts Albert Zeñarosa (Zeñarosa) was the registered owner of a parcel of land located in Ayala Alabang Village, Alabang, Muntinlupa City, covered by Transfer Certificate of Title (TCT) No. 170213. He mortgaged the same in favor of BPI Family Savings Bank (BPI) which was duly annotated on the title on June 7, 1990. Subsequently, Zeñarosa obtained a loan in the amount of $300,000.00 from RAM Holdings Corporation (RAM), secured by a second mortgage [3] over the property and a Promissory Note [4] . The parties likewise executed a Memorandum of Agreement [5] (MOA) dated March 2, 1995 whereby Zeñarosa, through an Irrevocable Special Power of Attorney, authorized RAM, among others, to sell the subject property in case of his failure to pay. Zeñarosa failed to settle his obligations prompting RAM to file a Complaint [6] for collection of sum of money with damages against him and BPI before the RTC of Pasig City, Branch 152, docketed as Civil Case No. 67381. RAM also caused the annotation of a notice of lis pendens on TCT No. 170213 on June 11, 1999. Pending Civil Case No. 67381, Zeñarosa failed to pay his obligation to BPI resulting in the foreclosure of the subject property. The certificate of sale was annotated on TCT No. 170213 on March 24, 2000. Meanwhile, RAM sold its rights and interests over the subject property to New Summit International, Inc., represented by its President, Vashdeo Gagoomal, herein petitioner. The assignment was annotated on TCT No. 170213 on October 16, 2000. On August 29, 2002, one Luis P. Lorenzo, Jr. (Lorenzo) filed a complaint for recovery of sum of money with application for a writ of preliminary attachment against Zeñarosa before the RTC of Makati City, Branch 64, docketed as Civil Case No. 02-1038. A writ of preliminary attachment was issued on September 20, 2002, pursuant to which the Branch Sheriff of Makati City attached the subject property. The lien was annotated on TCT No. 170213 on September 30, 2002. On the other hand, Zeñarosa redeemed the foreclosed property from BPI on March 23, 2003. Thereafter, he sold the property to a certain Patricia A. Tan (Tan) in whose favor TCT No. 10206 [7] was issued on April 4, 2003. The annotations of the notice of lis pendens in Civil Case No. 67381, as well as the notice of levy on attachment in Civil Case No. 02-1038, were carried over to her title. In the meantime, in Civil Case No. 02-1038, Lorenzo obtained a favorable decision which had become final and executory. A notice of levy