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Union Bank of the Philippines vs. Securities and Exchange Commission, et al.

UNION BANK OF THE PHILIPPINES, Petitioner, versus SECURITIES AND EXCHANGE COMMISSION, MABASA AND COMPANY, INC., and SHERIFF NORBERTO MAGSAJO, JR. of the Office of the Ex-Officio Sheriff - REGIONAL TRIAL COURT OF MAKATI CITY, Respondents.

G.R. No. 165382 | 2006-08-17

SECOND DIVISION

D E C I S I O N 

PUNO, J.: 

Before us is a petition for review on certiorari under Rule 45 of the Rules of Court, seeking to set aside and reverse the August 13, 2004 Decision[1] and September 27, 2004 Resolution[2] of the Court of Appeals (CA) which upheld the Order[3] and Writ of Execution,[4] both dated July 8, 2003, issued by public respondent Securities and Exchange Commission (SEC) in SEC-AC No. 685. 

First, we unfurl the facts. 

In 1970, private respondent Mabasa & Company, Inc. (Mabasa) owned and held certificates of stock representing 4,532 shares in International Corporate Bank (ICB). Private...