Professional Documents
Culture Documents
_______________
* THIRD DIVISION.
80
81
VOL. 508, NOVEMBER 24, 2006 81
Green Asia Construction and Development Corporation vs.
Court of Appeals
QUISUMBING, J.:
1
This special civil
2
action for certiorari impugns the Decision
and Resolution of the Court of Appeals, dated March 18,
2004 and May 26, 2004, respectively, in CAG.R. CV No.
78117, for alleged grave abuse of discretion amounting to3
lack or excess of jurisdiction when it affirmed the Orders
of the Regional Trial Court of Angeles City, Branch 57 in
LRC Case No. A124–1088.
The facts are as follows:
On June 8, 1995, petitioner Green Asia Construction
and Development Corporation (GACDC), represented by its
president, 4petitioner Renato Legaspi, obtained a loan of
P2,600,000 from private respondent PCI Leasing and
Finance, Inc. (PCILFI).
As security, GACDC, represented by petitioner spouses5
Renato and Delia Legaspi, executed a real estate mortgage
for P450,000 in favor of PCILFI. The mortgage covered
three parcels of land located in Barrio Balibago, 6Angeles
City, under TCT Nos. 100362, 100363, and 100364.
When GACDC failed to pay the loan on maturity, the
mortgage was foreclosed extrajudicially. PCILFI was the
_______________
82
_______________
83
_______________
SEC. 8. The debtor may, in the proceedings in which possession was requested,
but not later than thirty days after the purchaser was given possession, petition
that the sale be set aside and the writ of possession cancelled, specifying the
damages suffered by him, because the mortgage was not violated or the sale was
not made in accordance with the provisions hereof, and the court shall take
cognizance of this peti
84
_______________
tion in accordance with the summary procedure provided for in section one
hundred and twelve of Act Numbered Four hundred and ninetysix; and if it finds
the complaint of the debtor justified, it shall dispose in his favor of all or part of
the bond furnished by the person who obtained possession. Either of the parties
may appeal from the order of the judge in accordance with section fourteen of Act
Numbered Four hundred and ninetysix; but the order of possession shall continue
in effect during the pendency of the appeal.
85
_______________
86
_______________
17 Ong v. Court of Appeals, G.R. No. 121494, June 8, 2000, 333 SCRA
189, 198.
87
SO ORDERED.
Carpio, CarpioMorales, Tinga and Velasco, Jr., JJ.,
concur.
——o0o——