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Ruling: Yes, the Court agrees with the appellate court that
petitioners complaint is barred by prescription and laches. An action for
reconveyance prescribes in ten years, the point of reference being the
date of registration of the deed or the date of issuance of the certificate
of title over the property. Even if we reckon the prescription period from
TCT No. 19181 issued on November 27, 1953, the only title verified to
be in the name of respondents, more than ten years have already
elapsed since then until the time the petitioners filed their complaint on
February 29, 1998. An action for reconveyance is imprescriptible only
when the plaintiff is in actual possession of the property. In the present
case, there is no showing that petitioners were in actual possession of
the subject property. In any event, petitioners cause of action is likewise
barred by laches. The essence of laches or stale demands is the failure
or neglect for an unreasonable and unexplained length of time to do that
which, by exercising due diligence, could or should have been done
earlier, thus giving rise to the presumption that the party entitled to assert
it either has abandoned or declined to assert it.