G.R. No. 137792 - SPOUSES RICARDO ROSALES AND ERLINDA SIBUG, VS. SPOUSES ALFONSO AND LOURDES SUBA, THE CITY SHERIFF OF MANILA.D E C I S I O N - Supreme Court E-Library

Ruling

WHEREFORE, judgment is rendered: (1) Declaring the Deed of Sale of Exhibit D, G and I, affecting the property in question, as an equitable mortgage; (2) Declaring the parties Erlinda Sibug and Ricardo Rosales, within 90 days from finality of this Decision, to deposit with the Clerk of Court, for payment to the parties Felicisimo Macaspac and Elena Jiao, the sum of P65,000.00, with interest at nine (9) percent per annum from September 30, 1982 until payment is made, plus the sum of P219.76 as reimbursement for real estate taxes; (3) Directing the parties Felicisimo Macaspac and Elena Jiao, upon the deposit on their behalf of the amounts specified in the foregoing paragraph, to execute a deed of reconveyance of the property in question to Erlinda Sibug, married to Ricardo Rosales, and the Register of Deeds of Manila shall cancel Transfer Certificate of Title No. 150540 in the name of the Macaspacs (Exh. E) and issue new title in the name of Sibug; (4) For non-compliance by Sibug and Rosales of the directive in paragraph (2) of this dispositive portion, let the property be sold in accordance with the Rules of Court for the release of the mortgage debt and the issuance of title to the purchaser. "SO ORDERED.