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X owns Lot 12. He privately sells the lot to Y through a private deed, with no public instrument and no registration. Y takes possession. Later, X conveys the same lot to Z by a public instrument and registers the title. A bank, Bank M, holds a mortgage on the lot. (a) Classify whether the rule that transfers of immovable property must be effected by a public instrument in order to transfer ownership and bind third parties is mandatory or prohibitory under Art. 5 of the Civil Code. (b) Explain the effect of the private X–Y transfer on (i) the validity of the X–Y transfer as to ownership between them, and (ii) Y’s rights against Bank M and against other third-party claimants to the land. (c) If Y later obtains from X a private deed to transfer the same parcel to W, what would be W’s rights and why, in light of the mandatory/prohibitory doctrine?