This case has been cited 2 times or more.
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2014-04-21 |
ABAD, J. |
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| It is pointed out that under common law,[23] if one corporation sells or otherwise transfers all its assets to another corporation, the latter is not liable for the debts and liabilities of the transferor if it has acted in good faith and has paid adequate consideration for the assets, except: (1) where the purchaser expressly or impliedly agrees to assume such debts; (2) where the transaction amounts to a consolidation or merger of the corporations; (3) where the purchasing corporation is merely a continuation of the selling corporation; and (4) where the transaction is entered into fraudulently in order to escape liability for such debts.[24] | |||||
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2011-09-06 |
PER CURIAM |
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| The respondent Judge should have refrained from acting on the petition because Branch 6 of the Iligan City RTC retains jurisdiction to rule on any question on the enforcement of the writ of execution. Section 16, Rule 39 of the Rules of Court (terceria), cited in the course of the Court's deliberations, finds no application to this case since this provision applies to claims made by a third person, other than the judgment obligor or his agent;[38] a third-party claimant of a property under execution may file a claim with another court[39] which, in the exercise of its own jurisdiction, may issue a temporary restraining order. In this case, the petition for injunction before the respondent Judge was filed by MSU itself, the judgment obligor. If Sheriff Gaje committed any irregularity or exceeded his authority in the enforcement of the writ, the proper recourse for MSU was to file a motion with, or an application for relief from, the same court which issued the decision, not from any other court,[40] or to elevate the matter to the CA on a petition for certiorari.[41] In this case, MSU filed the proper motion with the Iligan City RTC (the issuing court), but, upon denial, proceeded to seek recourse through another co-equal court presided over by the respondent Judge. | |||||