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THIRD DIVISION.
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Second Division.
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The Facts
Sisters Antonia Torres and Emeteria Baring, herein
petitioners, entered into a joint venture agreement with
Respondent Manuel Torres for the development of a parcel
of land into a subdivision. Pursuant to the contract, they
executed a Deed of Sale covering the said parcel of land in
favor of respondent, who then had it registered in his
name. By mortgaging the property, respondent obtained
from Equitable Bank a loan of P40,000 which, under the
Joint Venture Agreement, was
to be used for the
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development of the subdivision. All three of them also
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The case was deemed submitted for resolution on September 15, 1999,
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1923.
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437
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They contend that since the parties did not make, sign or
attach to the public instrument an inventory of the real
property contributed, the partnership is void.
We clarify. First, Article 1773 was intended primarily to
protect third persons. Thus, the eminent Arturo M.
Tolentino states that under the 12aforecited provision which
is a complement of Article 1771, the execution of a public
instrument would be useless if there is no inventory of the
property contributed, because without its designation and
description, they cannot be subject to inscription in the
Registry of Property, and their contribution cannot
prejudice third persons. This will result in fraud to those
who contract with the partnership in the belief [in] the
efficacy of the guaranty in which
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See Fuentes v. Court of Appeals, 268 SCRA 703, February 26, 1997.
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SO ORDERED.
Melo (Chairman), Vitug, Purisima and Gonzaga
Reyes, JJ., concur.
Petition denied, judgment affirmed.
Note.The three final stages of a partnership are (1)
dissolution (2) windingup and (3) termination. (Idos vs.
Court of Appeals, 296 SCRA 194 [1998])
o0o
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