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Facts: On 9 February 1979, Adelaida Rodriguez-Magsaysay, widow and special

administratix of the estate of the late Senator Genaro Magsaysay, brought before the
then Court of First Instance of Olongapo an action against Artemio Panganiban, Subic
Land Corporation (SUBIC), Filipinas Manufacturer's Bank (FILMANBANK) and the
Register of Deeds of Zambales, for the annulment of the Deed of Assignment executed
by the late Senator in favor of SUBIC (as a result of which TCT 3258 was cancelled and
TCT 22431 issued in the name of SUBIC), for the annulment of the Deed of Mortgage
executed by SUBIC in favor of FILMANBANK (dated 28 April 1977 in the amount of P
2,700,000.00), and cancellation of TCT 22431 by the Register of Deeds, and for the
latter to issue a new title in her favor. On 7 March 1979, Concepcion Magsaysay-
Labrador, Soledad Magsaysay-Cabrera, Luisa Magsaysay-Corpuz, Felicidad Magsaysay,
and Mercedes Magsaysay-Diaz, sisters of the late senator, filed a motion for
intervention on the ground that on 20 June 1978, their brother conveyed to them 1/2 of
his shareholdings in SUBIC or a total of 416,566.6 shares and as assignees of around
41 % of the total outstanding shares of such stocks of SUBIC, they have a substantial
and legal interest in the subject matter of litigation and that they have a legal interest
in the success of the suit with respect to SUBIC. On 26 July 1979, the trial court denied
the motion for intervention, and ruled that petitioners have no legal interest whatsoever
in the matter in litigation and their being alleged assignees or transferees of certain
shares in SUBIC cannot legally entitle them to intervene because SUBIC has a
personality separate and distinct from its stockholders.