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Privatization Management Office Vs. Legaspi Towers 300, Inc.

PRIVATIZATION AND MANAGEMENT OFFICE, Petitioner, versus LEGASPI TOWERS 300, INC., Respondent.

G.R. No. 147957 | 2009-07-22

DECISION


PERALTA, J.:

This is a petition for review on certiorari seeking to annul and set aside the Decision[1] dated February 16, 2001, of the Court of Appeals (CA) in CA-G.R. CV No. 48984, affirming the Decision of the Regional Trial Court (RTC).

The factual and procedural antecedents are as follows:

Caruff Development Corporation owned several parcels of land along the stretch of Roxas Boulevard, Manila. Among them were contiguous lots covered by Transfer Certificate of Title (TCT) Nos. 120311, 120312, 120313, and 127649 (now TCT No. 200760).

Sometime in December 1975, Caruff obtained a loan from the Philippine National Bank...