LZK Holding Vs Planters Dev. Bank (Digest)

 

LZK Holdings vs. Planters Dev’t Bank G.R. No. 187973 !an"ar# $% $%1& RULE 68, FORECLOSURE OF REAL ESTATE MORTGAGE  TOPIC: Sale of Foreclosed property (Section 3)

'()*+, LZK Holdings obtained a P40,000,000.00 loan from Planters Bank on December 16, 1996 and secred t!e same "it! a #eal $state %ortgage o&er its lot located in La 'nion. (n )e*tember +1, 199, t!e lot "as sold at a *blic action after Planters Bank e-tradiciall/ foreclosed t!e real estate mortgage t!ereon de to LZK Holdings failre to *a/ its loan. Planters Bank emerged as t!e !ig!est bidder dring t!e action sale and its certificate of sale "as registered on %arc! 16, 1999. (n *ril 2, 1999, LZK Holdings filed before t!e #3 of %akati it/, Branc! 120, a com*laint for  annlment of e-tra dicial foreclosre, mortgage contract, *romissor/ note and damages. LZK Holdings also *ra/ed for t!e issance of a tem*orar/ restraining order 53#( or "rit of *reliminar/ innction to enoin t!e consolidation of title o&er t!e lot b/ Planters Bank . Planters Bank filed an e-7*arte motion for  t!e issance of a "rit of *ossession "it! t!e #37)an 8ernando. 3!e 3#( and "rit "ere bot! issed. Planters Banks motion for a "rit of *ossession "as denied bt "as sbse:entl/ granted *on a**eal to t!e .  stated t!at a "rit of *ossession ma/ be issed in case of an e-tradicial foreclosre of a real estate mortgage nder )ection ; of ct