G.R. NO. 142022 - MINDANAO SAVINGS AND LOAN ASSOCIATION, INC., VS. VICENTA VDA. DE FLORES, AND HEIRS OF FLORENCIO FLORES, SR., NAMELY, EDNA FLORES EISEIDEL, BELINDA FLORES, FLORENCIO T. FLORES, JR., ROBERTO T. FLORES, SYLVIA FLORES SICAT AND LORNA FLORES FERNANDEZ.D E C I S I O N - Supreme Court E-L

Ruling

WHEREFORE, judgment is hereby entered: Declaring that the accounting and/or liquidation of the Joint Venture Agreement entered into by the late Dr. Florencio Flores, Sr., and the Davao Homes, Inc., dated December 9, 1982, to be already deemed made and terminated. Accordingly, no party or parties shall receive any award of income/share. All income generated by the Flores building beginning 1986 shall henceforth exclusively belong to plaintiffs. Annulling and declaring null and void the said Joint Venture Agreement. Declaring the Flores building which was built under the Joint Venture agreement, aforementioned, in the exclusive ownership of plaintiffs, free from all aliens and encumbrances. Annulling and declaring VOID the contract of loan, together with the corresponding promissory notes (marked Exhibit "1" to "1-10"), and the real mortgage (marked Exhibits "J" to "J-3") executed by Dr. Florencio Flores and Vicenta Flores, as principal borrower, in favor of defendant Bank (Mindanao Savings and Loan Association) as creditor. No party is entitled to any award of damages including costs. SO ORDERED.