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First Philippine Holding Corporation Case Digest
First Philippine Holding Corporation Case Digest
EQUITIES INC.
G.R. NO. 179505, 04 DECEMBER 2009
FACTS:
ISSUE :
Whether or not the sale of property is void and the prescriptive period had elapsed.
HELD:
No, the SC found that the sale is not void for a suit for the annulment of voidbale
contract on account of fraud shall be filed within four years from the discovery of the same, here,
from the time the questioned sale transaction on May 24, 1984 took place, FHPC didn't deny that
it had actual knowledge of the same. Simply, petitioner was fully aware of the sale of the PCIB
shares to TMEE and espite full knowledge petitioners did not question the said sale from its
inception and sometime thereafter. it was only four years and seven months had elapsed
following the knowledge or discovery of the alleged fraudulent sale that the petitioner assailed
the same, by then it was too late for the petitioners to beset same transaction, since the
prescriptive period had already come into play.
The SC therefore denied the instant petition and affirmed the resolution of the SB with
cost against the petitioner.