By Princess Dawn H. Felicitas
Friday, March 23, 2012
FILINVEST Land Inc. (FLI) titles on the lot it purchased at the South Road Properties (SRP) are still “clean titles,” a City Hall official said.
This, despite the notice of levy and notice of “lis pendens” issued by Sheriff Eugenio
Fuentes of the Regional Trial Court Branch 9 on the SRP lots.
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“A mere notice is not an encumbrance nor is it a lien, as what they (FLI) believed. It is just a notice. Just because a matter is annotated on a particular title, it doesn’t mean it already constitutes as a lien. That perception is wrong,” said City Attorney Joseph Bernaldez, in an interview yesterday.
Bernaldez said the notices of levy annotated on the titles of FLI property at the SRP do not affect the ownership of FLI on their lots.
“An affidavit of loss can be annotated on a title if the lot owner losses his or her title. She can request the Registry of Deeds to annotate the affidavit of loss to the title. Is it an encumbrance or a lien? Does that affect the interest of the lot owner on his or her property? Of course not,” Bernaldez said.
The same logic applies to the notices of levy annotated on the titles of the FLI property, he added.
“Before the eyes of the law, the FLI titles are still very clean,” the city attorney said.
FLI’s lot at the SRP with titles PT-15971 and PT-15972 have been annotated with notice of levy and notice of lis pendens, which means there is pending litigation involving the properties, as a result of the City’s court battle with the heirs of Fr. Vicente Rallos.
PT-15971 is the first title issued to FLI in exchange for its payment to the City in 2009 for the 10.6-hectare property at Pond F that it purchased. PT-15972, on the other hand, is the fourth title that is to be released in exchange for their 2012 payment.
The two titles are part of the six titles for FLI’s 10.6-hectare property at Pond F, which have been placed on escrow with the Land Bank of the Philippines (LBP). The titles are turned over to FLI each time it pays the City.
Based on the records of the City Treasurer’s Office, FLI is due to pay P245.2 million, which will serve as the fourth amortization for the lot it purchased at SRP.
It is also due to pay the P600 million, which represents the City’s, share of profit plus percentage premium from the sale of FLI’s condominium units for its joint venture at the SRP.
FLI is withholding its payment to the City until the notice of levy and notice of lis pendens annotated on their SRP lots will be removed.
Published in the Sun.Star Cebu newspaper on March 23, 2012.
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