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ISSUE:
WON the trust agreement alleged made by Constancio Labanon and Maximo
Labanon prescribed.
HELD:
Maximo Labanon maintained the title over the property while acknowledging
the true ownership of Constancio Labanon over the eastern portion of the
land. The existence of an express trust cannot
be doubted nor disputed. In the case at bar, Maximo never repudiated the
express trust instituted between him and Constancio and after Maximos
death, the trust could no longer be renounced thus, respondents right to
enforce the trust agreement can no longer be restricted nor prejudiced by
prescription. In addition, petitioners can no longer question the validity of
the positive declaration of Maximo Labanon in the assignment of rights and
ownership in favor of the late Constancio Labanon, as the agreement was
not impugned during the formers lifetime and there cognition of his
brothers rights over the eastern portion of the low was further affirmed and
confirmed in the subsequent sworn statement.