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TALA Realty Services Corp. vs Banco Filipino Savings and Mortgage Bank

TALA REALTY SERVICES CORPORATION, petitioner, vs. BANCO FILIPINO SAVINGS AND MORTGAGE BANK, respondent.

G.R. No. 147997 | 2002-04-05

Facts:

TALA is composed of 4 major stockholders of Banco Filipino. It was formed for the purpose of unloading & then leasing back from petitioners properties which it cannot retain under banking laws & regulations.

Petitioner leased 12 properties to Banco Filipino. In this particular case, the property is located in Lucena City.

The 1st contract of lease contract of lease executed was for a period of 20 years & renewable for another 20 years at the option of respondent. A 2nd contract of lease was allegedly executed involving the property in Lucena for a period of 11 years & renewable for another 9 years at the option of respondent.

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