Professional Documents
Culture Documents
IYA
Felix, J.
Rizal (Quezon City)
1958
FACTS:
-Sps Adriano and Lucia Valino owned a house of
strong materials in Grace Park Subdivision,
Caloocan, Rizal purchased from Philippine
Realty Corporation
-Lucia filed an P11K bond subscribed by the
Associated Insurance & Surety Co., Inc., executed
CHATTEL MORTGAGE on house as counterguaranty in favor of surety company (registered
with CM Register of Rizal on December 6, 1951)
-at time of undertaking, land on which house was
erected was still registered in the name of
Philippine Realty Corporation
-Valinos executed an REM over the lot AND house
in favor of Isabel Iya to secure loan of P12K on
October 24, 1952
-certificate of title of land in the names of Sps
Valino was secured on October 18, 1958
-Lucia failed to pay NARIC, Associated Insurance
paid. Demaned payment from sps Valino, the
latter failed. AISC foreclosed CM over house.
Property was awarded to AISC for P8K
-July 1958, AISC discovered REM over the lot
(together
with
the
improvements).
Filed
complaint against Sps Valino and Isabel Iya,
praying for exclusion of house from REM n favor
of Iya and declaration and recognition of AISCs
right to ownership over the same
-Iya: by virtue of REM, she acquired real right
over lot and house, auction sale from foreclosure
of CM NULL and VOID
-iya filed complaint against Sps Valino and AISC
praying for payment of debt with interest, and if
not paid, for foreclosure of land, bldg., and other