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An attachment is a legal process that allows a creditor to seize a debtor's property to secure a potential future judgment. It must be filed and registered in the property registry and reference the certificate of title. It can be issued in cases of fraud, removal or disposal of property to defraud creditors. Knowledge of a prior unregistered interest has the same effect as registration of that interest against a third party. An attachment can be discharged by posting a counter-bond or if it was improperly issued/enforced.
An attachment is a legal process that allows a creditor to seize a debtor's property to secure a potential future judgment. It must be filed and registered in the property registry and reference the certificate of title. It can be issued in cases of fraud, removal or disposal of property to defraud creditors. Knowledge of a prior unregistered interest has the same effect as registration of that interest against a third party. An attachment can be discharged by posting a counter-bond or if it was improperly issued/enforced.
An attachment is a legal process that allows a creditor to seize a debtor's property to secure a potential future judgment. It must be filed and registered in the property registry and reference the certificate of title. It can be issued in cases of fraud, removal or disposal of property to defraud creditors. Knowledge of a prior unregistered interest has the same effect as registration of that interest against a third party. An attachment can be discharged by posting a counter-bond or if it was improperly issued/enforced.
An attachment, or a copy of any writ, order or process issued
by a court of record, intended to create or preserve any lien, status, right, or attachment upon registered land, shall be filed and registered in the Registry of Deeds for the province or city in which the land lies, and, in addition to the particulars required in such papers for registration, shall contain a reference to the number of the certificate of title to be affected and the registered owner or owners thereof, and also if the attachment, order, process or lien is not claimed on all the land in any certificate of title a description sufficiently accurate for identification of the land or interest intended to be affected. A restraining order, injunction or mandamus issued by the court shall be entered and registered on the certificate of title affected, free of charge. WHAT IS AN ATTACHMENT?
ATTACHMENT is a legal process of seizing
another’s property in accordance with a writ or judicial order for the purpose of securing satisfaction of a judgment set to be rendered. It is used primarily to seize the debtor’s property in order to secure the debt or claim of the creditor in the event that a judgment is rendered. “Current doctrine thus seems to be that entry alone produces the effect of registration, whether the transaction entered is a voluntary or involuntary one, so long as the registrant has complied with all that is required of him for purposes of entry and annotation, and nothing more remains to be done but a duty incumbent solely on the register of deeds” JUSTICE NAVASA DEVELOPMENT BANK OF THE PHILIPPINES v. ACTING REGISTER OF DEEDS OF NUEVA ECIJA UDK No. 7671 June 23, 1988 GROUNDS UPON WHICH ATTACHMENT MAY ISSUE:
• In an action to recover the possession of property unjustly or
fraudulently taken, detained or converted, when the property or any part thereof, has been concealed, removed or disposed of, to prevent its being found or taken by the applicant or an authorized person • In an action against a party who has been guilty of fraud in contracting the debt or incurring an obligation upon which the action is brought, or in the performance thereof • In an action against a party who has removed or disposed of his property, or is about to do so, with intent to defraud his creditors. KNOWLEDGE OF A PRIOR UNREGISTERED INTEREST IS EQUIVALENT TO REGISTRATION “In case of a conflict between a vendee and an attaching creditor, an attaching creditor who registers the order of attachment and the sale of the property to him as the highest bidder acquires a valid title to the property, as against a vendee who had previously bought the same property from the registered owner of who failed to register his deed of sale. This is because registration is the operative act that binds or affects the land insofar as third persons are concerned. But where a party has knowledge of a prior existing interest which is unregistered at the time he acquired a right to the same land, his knowledge of that prior unregistered interest has the effect of registration as to him. KNOWLEDGE OF A PRIOR UNREGISTERED SALE IS EQUIVALENT TO REGISTRATION”
JUSTICE KAPUNAN RUIZ v. CA G.R. No. 121298 DISCHARGE OF ATTACHMENT
upon giving a COUNTER-BOND or on
the ground that THE SAME WAS IMPROPERLY OR IRREGULARLY ISSED IR ENFORCED, OR THAT BOND IS INSUFFICIENT.