Cited Laws
accordingly, a writ of execution was issued on September 17, 1992. Despite service of the writ and demand by the sheriff for the satisfaction of the judgment, the defendants therein, including Silverio, failed to pay said judgment. The only asset of Silverio that could be found for the satisfaction of the judgment was his proprietary membership share in the Manila Golf and Country Club, Inc. (Manila Golf). Accordingly, the sheriff levied upon the Silverio share on December 7, 1992. At the public auction sale on December 29, 1992, Yau emerged as the highest and only bidder of said Silverio share at P2 Million and the corresponding Certificate of Sale issued in his name. [4] However, at the time of the execution sale on December 29, 1992, the Silverio share was already subject to a prior levy pursuant to separate writs of preliminary attachment dated March 27, 1990 [5] and October 17, 1990 [6] obtained by the Manila Banking Corporation (Manilabank) from Branches 62 and 64 of the Regional Trial Court of Makati City before which complaints for sums of money, docketed as Civil Case Nos. 90-513 [7] and 90-271, [8] respectively, were pending, in which Silverio is also one of the defendants. On February 11, 1993, Yau filed separate motions to intervene [9] in both cases pending before Branches 62 and 64 of the RTC of Makati City. In an Order [10] dated March 29, 1993, Branch 62 denied the motion to intervene in Civil Case No. 90-513 on the ground that the motion was filed after the parties have rested their respective cases and the same will only unduly delay the disposition of the case. Branch 64, on the other hand, granted Yaus motion to intervene in Civil Case No. 90-271 in an Order dated July 1, 1993. [11] Manilabank sought reconsideration [12] but Branch 64 denied the same in an Order [13] dated August 30, 1993. Hence, Manilabank interposed a petition for certiorari [14] before the Court of Appeals (CA), docketed as CA-G.R. SP No. 32405. Meanwhile, in a letter [15] dated September 20, 1993, Yau formally requested Manila Golf, through its transfer agent, Far East Bank and Trust Company (FEBTC), to cancel the certificate in the name of Silverio and issue a new certificate in his name by virtue of the Certificate of Sale dated December 29, 1992 issued in his favor. Yau expressly agreed in the letter that the certificate to be issued in his name shall be subject to the preliminary attachments issued in other cases. Manila Golf, however, refused to accede to Yaus request, expressing the apprehension that it could be cited for contempt in view of the fact that notices of garnishment against the Silverio share directed the club not to remove, transfer or otherwise dispose of" said share. Thereupon, Yau filed in Civil Case No. CEB-2058 before the RTC Cebu City, (Branch 6) a motion for order directing Manila Golf to issue a certificate in his name. [16] Acting upon the motion, the said court issued an Order dated March 6, 1995, [17] which was subsequently