In 1927, Fortunato S. Veloso, Manuel H. Veloso, Gabino M. Veloso and Buenaventura M. Veloso filed with the Department of Agriculture and Commerce sales applications for four tracts of land situated in barrio Odiongan, Municipality of Gingoog (now a city) in Misamis Oriental. On September 8, 1928, the Director of Forestry certified that the tracts of land were not needed for forest purposes therefore it could be sold to the applicants.
In 1935, the Velosos transferred their rights and interest to the Visayan Realty Inc. The transfer was approved by the Secretary of Agriculture and Commerce on September 6, 1940 and on November 7, 1940 patents were issued to the Visayan Realty Inc.
From January 13, 1930 to November 4, 1940, the Collector of Internal Revenue collected from the Visayan Realty Inc. the amount of P69,138.67 representing forest charges for the timber cut and removed from the four tracts of their land. The payments made from January 13, 1930 to June 1, 1939 amounting to P53,198 were made without protest, however the payments made from July 3, 1939 to November 4, 1940 were made under protest. The Collector demanded payment as Visayan Realty Inc. was not able to make payments to the forest charges from November 1935 to December 1940.
The Visayan Realty Inc. then instituted a complaint before the Court of First Instance of Cebu seeking the refund of the forest charges it had made to the Collector of Internal Revenue. The Collector of Internal Revenue in answer to the complaint said that the Visayan Realty Inc. is even indebted to the government.
The Court of First Instance of Cebu then dismissed the complaint filed by Visayan Realty Inc. against the Collector of Internal Revenue. However, when Visayan Realty Inc, filed a motion for reconsideration, the court amended its decision. The court said that the Visayan Realty Inc. was entitled to recover the forest charges it had made under protest. It ordered the Collector of Internal Revenue to pay Visayan Realty Inc.
Visayan Realty Inc. and the Bibiano L. Meer, both appealed the decision of the Court of First Instance before the Supreme Court. On January 31, 1955 the Supreme Court ruled that since the government still remains the owner of the parcels of land now possessed by Visayan Realty Inc. before the final patent can be issued in its favor the government has the power to collect charges on them.
The Supreme Court reversed the ruling of the Court of First Instance and ordered the Visayan Realty Inc. to pay the government the forest charges it had not yet paid.
Bibiano L. Meer, the longest serving Collector of Internal Revenue (served under the Presidents Manuel Roxas, Elpidio Quirino and Ramon Magsaysay), married Crispina Malvar, a daughter of Gen. Miguel Malvar, the last general who surrendered to the American forces in the Philippines. In 2011, the youngest sister of Crispina by the name of Isabel (who married Dr. Jose Villegas Sr.) was honored by the Philippine American War Centennial Foundation in Lapu-Lapu City, Cebu.
One of the legal counsels of Visayan Realty Inc. was Pedro Lopez, a lawyer and congressman. Lopez (a relative of Cebu City Mayor Michael Lopez Rama) died together with President Ramon Magsaysay in a plane crash in Mt. Manunggal, Balamban, Cebu. An uncle of Mayor Michael Lopez Rama by the name of Jesus Genson Rama (son of Don Vicente Rama and Catalina Genson), a young lawyer then, as he became a lawyer on January 21, 1955, was a passenger of the plane that crashed on March 17, 1957.
A street in Cebu City in front of the University of San Jose Recoletos formerly named as Carmelo St. (named after Father Miguel Nellas Carmelo) was renamed as P. Lopez Street by virtue of City Ordinance No. 378 enacted on March 15, 1962.