Santos v. Santos

[SEC-SICD * CASE NO. 03-95-5009. June 16, 1995.] WILLIAM SANTOS, ET AL. , petitioners , vs . FLORINDA SANTOS, ET AL. , respondents . D E C I S I O N Submitted by the parties is a Compromise Agreement dated May 25, 1995 for approval by this Hearing Officer, the terms and conditions of which are as follows: 1. That, petitioner Santos recognizes respondent Florinda Santos as the incumbent Chairman of the Board of directors, respondent Alberto Santos as the incumbent Treasurer, respondent Divina Ramos as the incumbent Secretary and respondents Jocelyn De Leon and Demetria de Lara as incumbent Directors, all of Land 2000 Resource Management Development Corporation (Land 2000 for brevity); 2. That, petitioner Santos recognizes the validity of the sale of the Land 2000's former Chairman of the Board, Rogelio Ancheta and that by former director, Celso Maceda, Jr., of their subscribed shares of stocks to respondent Florinda Santos; 3. That, petitioner Santos likewise recognizes the validity of the sale by Land 2000's former secretary Anita Ancheta of her subscribed shares of stocks to respondent Alberto Santos; 4. That, petitioner Santos shall sell/assign and transfer to the FIRST PARTY all the shares of stock that he subscribed to with the Land 2000; 5. That, petitioner waives and renounces in favor of the FIRST PARTY any and all rights he may have over each and every Saudia Subdivision residential subdivision lot purchased by Land 2000 from Teresita Reyes; 6. That, respondents hereby declare petitioner Santos totally free and exempt from any liability with respect to the P3.15 Million loan released by the BPI Family bank to the Land 2000; 7. That, petitioner waives and renounces in favor of the FIRST PARTY any and all rights he may have over all other assets/properties, real and personal, including machines, equipments and construction materials purchased by the Land 2000 for the road concreting of Phase II of Saudia Subdivision and office equipments, appliances, tools, furnitures owned by Land 2000; 8. That, petitioner waives and renounces and quitclaims any and all rights and interests he may have over the project Saudia Subdivision, Phase II in favor of the FIRST PARTY; 9. That, respondents shall work for the cancellation of the Surety Agreement entered into by petitioner and his wife with the BPI Family Bank under which they hold themselves jointly and severally liable with the Land 2000 for the loan obtained from the said bank by Land 2000 and shall have it substituted with similar Surety Agreement under which spouses/respondents Florinda Santos and Alberto Santos shall stand as sureties for the said loan; 10. That, respondents shall work for the release of the lot owned by petitioner which was put up as additional collateral for the loan obtained by the Land 2000 from the BPI Family Bank and shall have it substituted with another property, if necessary; 11. That, respondents shall execute or cause to be executed such papers or documents as may be necessary to have the title to the lot mentioned in the immediately preceding paragraph transferred/registered in the name of petitioner; 12. That, respondents recognize that petitioner has already paid the following obligations, to wit: 1. P75,000.00 petitioner's personal loan to Florida Santos; 2. P75,000.00 Overpayment by respondent Florinda Santos to Rene Casapao used by petitioner; 3. P50,000.00 Payment supposedly to be paid by the petitioner to the HLURB for Land 2009; 4. P83,600.00 Unliquidated amount received by petitioner respondent Florinda Santos for construction materials; 5. P157,000.00 Over loan commission paid by respondent to petitioner for the P3.15 million loan from the BPI Family Bank. Finding the aforementioned Compromise Agreement to be not contrary to law, morals, good customs, public order or public policy, the same is hereby APPROVED and Decision is hereby rendered in accordance therewith. The parties are hereby enjoined to faithfully comply with the terms and conditions of the Compromise Agreement from hereon. SO ORDERED. (SGD.) ELPIDIO S. SALGADO Hearing Officer