PURPOSE: keep subject matter within the power of the court until the entry of final judgment --- therefore creates merely a contingency & not a lien
EFFECT OF REGISTRATION:
1. Impossibility of alienating the property in dispute during the pendency of the suit may be alienated but purchaser is subject to final outcome of pending suit
2. ROD duty bound to carry over notice of lis pendens on all new titles to be issued
CANCELLATION OF LIS PENDENS:
1. Before final judgment court may order cancellation after showing that notice is only for purpose of molesting an adverse party or it is not necessary to protect rights of party who caused it to be registered
2. ROD may also cancel by verified petition of party who caused such registration
3. Deemed cancelled when certificate of clerk of court stating manner of disposal of proceeding is registered
NOTICE OF LIS PENDENS IS AN INVOLUNTARY TRANSACTION
Sufficient that there is entry in day book