[SEC-SICD * CASE NO. 07-99-6376. September 18, 2000.]
SPOUSES DR. POLICARPIO PEREGRINO AND WILHELMINA PEREGRINO, plaintiffs, vs. TIMESHARE REALTY CORPORATION, defendant.
Civil Law; Art. 1409; void contract; right to refund. — Were the contract was perfected between the parties, defendants was never authorized nor allowed to sell the said timeshare purchase to the plaintiffs, therefore, from the very start, the contract is void or void ab initio. When the plaintiffs requested for a refund as early as February 24, 1998, it is within the time limit given to plaintiffs to claim the refund if that is their intention to do so, otherwise, their right to rescind the contract within the thirty (30) day period given by this Commission would have lapsed, they could have been considered to have waived their right to the refund. SADECI
Revised Securities Act; license to sell registered securities not absolute. — The issuance of the license to defendant Timeshares to sell their registered securities (timeshare purchases) is not absolute. It is very clear and unequivocal that this Commission has mandated the licensee to...
