Antonio Jayme, et.al. vs Hon. Nestor Alampay, GR No. L-39592, January 28, 1975
Subject: Obligations and Contracts
FACTS
Antonio
Jayme and Ana Solidarios spouses signed mortgage contract with Benito Ong, and
they also signed a deed of sale. Petitioner spouse filed a complaint in the
court of first instance of Negros Occidental presided by respondent judge on
November 29, 1972 for the reformation of instrument, praying that the deed of
sale of the parcel of land in Bacolod executed by them on December 24, 1964 in
favor of Benito Ong, which did not embody their true agreement be reformed and
declared a contract of mortgage, and that their property be returned to them
upon their paternity be reformed and declared a contract of mortgage. The
petitioners claim that they entered into an agreement.
ISSUE
Whether
or not the respondent court manifestly erred in holding that petitioners'
action prescribed four years after the execution of the questioned deed of sale
on the premise of its unsupported prejudgment in its dismissal order.
RULING
Yes, respondent
court manifestly erred in holding that petitioners' action prescribed four
years after the execution of the questioned deed of sale on the premise of its
unsupported prejudgment in its dismissal order.
Under
the law (Article 1368, NCC), reformation may be ordered at the instance of
either party or his successor in interest, if the mistake was mutual;
otherwise, upon petition of the injured party, or his heirs and assigns.
The
period of prescription for the reformation of a contract (such as one
ostensibly an absolute sale but actually a mortgage) is ten years.
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