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SPECIAL FIRST DIVISION

Sirs/ Mesdames:

Quoted hereunder, for your information, is a resolution of this Court dated APR 4 2005.

G.R. No. 153571 (Benguet Management Corporation vs. Court of Appeals, Keppel Bank Philippines, Inc., as Trustee for Metropolitan Bank and Trust Company, United Coconut Planters Bank, Rizal Commercial Banking Corporation, Far East Bank and Trust Company and Bank of the Philippine Islands under the Mortgage Trust Indenture, and The Register of Deeds of Calamba.)

This resolves the joint motion ^[1] cralaw filed by petitioner and respondents seeking to lift the status quo order issued by the Court on June 26, 2002.

In a resolution ^[2] cralaw dated June 26, 2002, the Court, pending resolution of the petition on the merits, issued a status quo order [3] enjoining respondent banks from consolidating in their name the title over petitioner's foreclosed properties located in Laguna. Specifically, the Register of Deeds of Calamba, Laguna, was restrained from canceling TCT Nos. T-283693, T-290259, T-290288, T-290903, T-291055 and T-279460 in the name of petitioner and from issuing new ones in lieu thereof in favor of respondent banks until further order from the Court. ^[4] cralaw

On September 18, 2003, the Court remanded the case to the Court of Appeals for determination on its merits. It however maintained the June 26, 2002 status quo order until further order of the Court. [5]

On November 12, 2004, petitioner and respondent banks entered into an amicable settlement by executing a Memorandum of Agreement (MOA), ^[6] cralaw which pertinently provides:

2.������ Upon the execution of this Memorandum of Agreement, the SECOND PARTY [petitioner], by these presents withdraws any and all opposition, shall no longer oppose and will allow the FIRST PARTY [respondents] to proceed and/or continue with extrajudicial foreclosure of the Laguna and Zambales properties mortgaged under the Mortgage Trust Indenture dated 29 November 1994 as well as take control, possession and consolidate ownership over these foreclosed properties. The SECOND PARTY hereby waives any and all defects in the extrajudicial foreclosure of its Zambales and Laguna properties mortgaged in the Mortgage Indenture of 29 November 1994. Accordingly, the SECOND PARTY hereby acknowledges that it no longer has a right to redeem the Laguna properties whose Torrens titles were annotated the certificate of extrajudicial foreclosure on 22 March 2002. ^[7] cralaw

On November 16, 2004, the parties filed a Joint Motion to Approve Compromise Settlement before the Court of Appeals ^[8] cralaw and the Land Registration Authority. ^[9] cralaw

The Court of Appeals found the MOA to be in order. Thus, on December 29, 2004, it rendered decision ^[10] cralaw citing the MOA as basis and directing the parties to comply with its terms. ^[11] cralaw

The Land Registration Authority, however, held in abeyance the resolution of the Joint Motion to Approve Compromise Settlement until this Court has lifted the June 26, 2002 status quo order. ^[12] cralaw

The parties having reached an amicable settlement and there being no more reason to restrain the consolidation of titles of the questioned lots in the name of respondent banks, the status quo order should now be lifted.

ACCORDINGLY, the June 26, 2002 status quo order which was reiterated in our September 18, 2003 Decision is ordered LIFTED.

Azcuna, J., no part.

Very truly yours,

(Sgd.) ENRIQUETA ESGUERRA-VIDAL
Clerk of Court

EDGAR O. ARICHETA

Asst. Clerk of Court