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Bank of the Philippines Islands vs. La Suerte Trading & Industrial Corp.

BANK OF THE PHILIPPINE ISLANDS, Petitioner, versus LA SUERTE TRADING & INDUSTRIAL CORPORATION, as represented by EDWARD O. JOSON, Respondent.

G.R. No. 164875 | 2009-03-20

DECISION


QUISUMBING, J.:

This petition for review assails the Decision[1] dated November 20, 2003 and the Resolution[2] dated August 6, 2004 of the Court of Appeals in CA-G.R. SP No. 73753.

The antecedent facts are as follows:

La Suerte Trading and Industrial Corporation (La Suerte) is the registered owner of five parcels of land located in Cabanatuan City covered by Transfer Certificates of Title Nos. T-34708,[3] T-34709,[4] T-34710,[5] T-34711[6] and T-37455.[7]

In 1994, Ricardo Joson, allegedly without authorization from the Board of Directors of La Suerte, mortgaged the said properties to Far East Bank and Trust Company (FEBTC). La Suerte...