Philippine Banking Corp. v. Rural Bank of Baras (Rizal), Inc.

[SEC-SICD * CASE NO. 09-94-4883. March 25, 1996.] PHILIPPINE BANKING CORPORATION , petitioner , vs . RURAL BANK OF BARAS (RIZAL), INC. , respondent . D E C I S I O N This is a petition which prayed that judgment be rendered directing the respondent (a) to transfer, upon submission by the petitioner of the requisite documents, and payment of the necessary fees, in the name of the petitioner the four thousand eight hundred ninety seven (4,897) of Rural Bank of Baras (Rizal) Inc. (RBBI) shares; (b) to make the corresponding entry in respondents book reflecting the transfer in the name of petitioner, the said RBBI shares; (c) to pay petitioner the amount of P100,000.00 as and by way of attorney's fees; and (d) to pay the costs of suit. In its answer, respondent alleged that the instant action is premature and that the filing of the instant petition is not necessary to resolve the issue, and that the respondent is ready and willing to sit down and discuss the matter with the petitioners, and prayed that the instant petition be dismissed for being premature, and for lack of merit. Preliminary conference of the case did not push through on account of respondents' failure to appear on the preliminary conference on February 7, 1995. Hence, the hearing ex-parte for the reception of evidence for the petitioner was held where the petitioner presented the following evidence to prove its entitlement to the relief prayed for. These are: Exhibits "A", certificate of sale dated 19 November 1993 issued by the Clerk of Court and Ex-Officio Sheriff of Morong, Rizal; Exhibits "B" to "B-2" letter request and follow up letter both for the registration of the shares covered by certificate numbers appearing in Exhibit "B". Petitioner appears to have adequately established its right to the reliefs prayed for with the submission of the required documents. WHEREFORE, judgment is hereby rendered directing the respondent to transfer in the name of the petitioner the 5,897 RBBI shares and to make the corresponding entry in the respondents' book reflecting the transfer in the name of the petitioner of said RBBI shares. No pronouncement as to cost. LLpr SO ORDERED. (SGD.) MANUEL P. PEREA Hearing Officer