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The Supreme Court ruled that the deeds of sale executed between the petitioners and Candelaria Sanchez, and between Sanchez and Norma Sulit, were absolutely simulated and void. While the deeds stated monetary consideration, no money actually changed hands, as acknowledged by petitioner Edilberto Cruz. As such, the subsequent mortgage agreement between Sulit and the respondent bank produced no legal effect. The Court held the respondent bank was not a mortgagee in good faith over the subject property.

Author

Anabelle Talao-Urbano

Language

EN