Flashcards Studio

Facts: In the Regional Trial Court of Makati, Global Finance Corp. (GFC), a Philippine bank, files a complaint for a money claim against Orenda Techs, Ltd., a foreign corporation, arising from a loan agreement. Orenda owns 30% of the issued and outstanding shares of Astro Realty, Inc., a Philippine corporation that holds land in Makati. Orenda has not appeared, and service was effected by publication due to unknown address. After due proceedings, the court renders a money judgment in GFC’s favor and attaches Orenda’s 30% shares in Astro Realty, Inc. to satisfy the judgment, with the shares to be sold if necessary.   (a)Identify the correct classification of this action under the Rules of Court (In Rem, In Personam, or Quasi In Rem) and briefly state why. (b)How would your answer change if instead GFC had filed only a money claim against Orenda to be satisfied out of Orenda’s personal assets in the Philippines and not for attachment or sale of the shares? (c)What is the effect of the judgment on third parties with an interest in Astro Realty, Inc., and on Orenda if he did not appear?