![]() ![]() ![]() In a letter dated August 30, 1989, Vicente G. Since no disposition of assets could be made due to the litigation concerning Manila Bank's closure, an arrangement was thought of whereby the property would first be leased to Manila Equities Corporation (MEQCO, for brevity), a wholly-owned subsidiary of Manila Bank, with MEQCO thereafter subleasing the property to the Laureano group. Likewise, the letter-offer stated that in consideration of advancing the construction cost, the group wanted to be given the " exclusive option to purchase" the building and the lot on which it was constructed. Puyat offering to lease the building for ten (10) years and to advance the cost to complete the same, with the advanced cost to be amortized and offset against rental payments during the term of the lease. Laureano (hereafter referred to as Laureano group), wrote Vicente G. On August 18, 1989, a group of investors, represented by Calixto Y. Puyat, in a bid to save the bank's investment, started scouting for possible investors who could finance the completion of the building earlier mentioned. In the interim, Manila Bank's then acting president, the late Vicente G. Santos as Liquidator was amended by the Central Bank on Decemto that of Statutory Receiver. The liquidation, however, was held in abeyance pending the outcome of the earlier suit filed by Manila Bank regarding the legality of its closure. 505, ordered the liquidation of Manila Bank and designated Atty. On November 11, 1988, the Central Bank, by virtue of Monetary Board (MB) Resolution No. The legality of the closure was contested by the bank before the proper court. On May 22, 1987, the Central Bank of the Philippines, now Bangko Sentral ng Pilipinas, ordered the closure of Manila Bank and placed it under receivership, with Feliciano Miranda, Jr. Not long after, however, the bank encountered financial difficulties that rendered it unable to finish construction of the building. Prior to 1984, the bank began constructing on said land a 14-storey building. 132935 of the Registry of Deeds of Makati. Respondent Manila Banking Corporation ( Manila Bank, for brevity), owns a 1,435-square meter parcel of land located along Gil Puyat Avenue Extension, Makati City and covered by Transfer Certificate of Title (TCT) No. The petition is casts against the following factual backdrop: Resolution of February 17, 2004, 2 denying petitioner's motion for reconsideration. Decision dated May 26, 2003, 1 reversing an earlier decision of the Regional Trial Court at Makati City, Branch 59, in an action for specific performance and damages thereat commenced by the petitioner against the herein respondent Manila Banking Corporation and cralawlibraryĢ. ![]() seeks to set aside the following issuances of the Court of Appeals in CA-G.R. Thru this appeal by way of a Petition for Review on Certiorari under Rule 45 of the Rules of Court, petitioner Abacus Real Estate Development Center, Inc. THE MANILA BANKING CORPORATION, Respondents. Home > ChanRobles Virtual Law Library > Philippine Supreme Court Jurisprudence >ĪBACUS REAL ESTATE DEVELOPMENT CENTER, INC., Petitioners, v. ![]()
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