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Government Service Insurance System Vs. Board of Commissioners (2nd Division), et al.

GOVERNMENT SERVICE INSURANCE SYSTEM, Petitioner, versus BOARD OF COMMISSIONERS (2ND DIVISION), BOARD OF COMMISSIONERS OF THE HOUSING AND LAND USE REGULATORY BOARD (HLURB) HLURB NATIONAL CAPITAL REGION FIELD OFFICE, SPOUSES MARCELINO H. DE LOS REYES and ALMA T. DE LOS REYES, and NEW SAN JOSE BUILDERS, INC., Respondents.

G.R. No. 180062 | 2010-05-05

D E C I S I O N


CARPIO MORALES, J.

New San Jose Builders, Inc. (NSJBI) mortgaged on December 10, 1997, three parcels of land together with the existing improvements, 366 lots with existing low cost houses, and 102 condominium units located ion Scout Rallos Street, Quezon City to the Government Service Insurance System (GSIS) to secure the payment of a loan amounting to Six Hundred Million (P600,000,000) Pesos. Included in tThe mortgaged properties included is a Ccondominium Uunit (Unit 312) (the condominium unit) which was later sold by NSJBI to respondent sSpouses Marcelino and Alma De Llos Reyes (sSpouses De Llos Reyes) by Deed of...