PNB retakes 3 contested properties from Jacintos

By Danessa O. Rivera

07/15/2010

The Lucio Tan group’s Philippine National Bank (PNB) took possession of three real estate properties from RJ Ventures Realty and Development Corp. of the Jacinto group after a decision of Makati Regional Trial Court (RTC) Branch 138.

The three properties are the 8,000-square meter lot at Sen. Gil Puyat (formerly Buendia) corner Paseo de Roxas, Makati City, and two other parcels of land in Tagaytay City.

The Makati RTC Branch 138 came up with the decision after it recognized the right of PNB to retake the said properties, the issuance of a writ of possession dated July 5 directing the court sheriff to implement the same, and service by the sheriff of the five-day notice to vacate last July 5.

The ruling of the Makati RTC Branch 138 implements an earlier decision by the Court of Appeals dated July 2009 reversing the order and writ of execution issued by Makati RTC Branch 132 which previously transferred the possession of the Buendia and Tagaytay properties from PNB to RJ Ventures.

Last February 2010, the high court issued an entry of judgment voiding the writ of execution granted in 2009 which gave temporary possession of said properties to RJ Ventures. The resolution further denied with finality RJ Ventures’ motion for reconsideration, and expressly directed the parties from filing any further pleading relating to the case.

The properties were previously mortgaged by RJ Ventures to PNB to secure its loans to the bank. PNB initiated extrajudicial foreclosure proceedings against the properties after the company defaulted in its obligations.

The titles to the Buendia and Tagaytay properties have been under PNB’s name since 2000.

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