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ASSIGNMENT 2

Special Commercial Laws


Saturday 6:30pm-830pm
Jan. 11, 2020
Trust Receipts Law (P.D. No. 115)

a. Definition and Purpose


South City Homes v. BA Finance (G.R. No. 135462, December 7, 2001) ; Ching v. CA
(331 SCRA 16)
b. Form and Contents
c. Parties
d. Concept of Trust Receipt Transaction
i. Loan/Security Feature
ii. Ownership of the Goods, Documents and Instruments under a Trust Receipt
Nacu v. CA (G.R. No. L-I08638, March 11,1994)
e. Coverage of Trust Receipts Transaction
Robles v. CA (G.R. No. 59640, July 15, 1991); Allied v. Ordonez (GR No. 82495,
December 10, 1990); Ng v. People of the Philippines (GR No. 173905, April 23, 2010)
f. Rights and Obligations of Parties
g. Remedies
h. Penalty for Breach of Entrustee
Prudential v. IAC (216 SCRA 257) ; Colinares v. CA (339 SCRA 609); Tiomico v.CA
(G.R. No. 122539, March 4, 1999) ; Phil. Blooming v. CA (GR No. 142381, October 15,
2003) ; Sarmiento Jr. v. CA (GR No. 122502, December 27, 2002)
i. Letter of Credit-Trust Receipt Transactions
Rizal Commercial Banking Corporation v. Alfa RTW Manufacturing Corp. G.R. No.
133877, November 14, 2001)

The New Central Bank Act (R.A. No. 7653)


a. State policy– Sec. 1, NCBA
b. Creation of the Bangko Sentral ng Pilipinas (BSP) – Sec. 2, NCBA
c. Responsibility and Primary Objective – Sec. 3, NCBA
d. Monetary Board - Powers and Functions– Secs. 6-16, NCBA
e. How the BSP handles banks in distress
1. Conservatorship: Sec. 67, GBL; Secs. 29 and 30, NCBA
a. Grounds – Sec. 29, par. 1, NCBA
b. Appointment of Conservator – Sec. 29, par. 1 and Sec. 30, last par. NCBA
c. Powers of Conservator – Sec. 29, par. 1, NCBA;First Philippine International
Bank v. Court of Appeals, 252 SCRA 259 (1996)
d. Qualifications and Remuneration – Sec. 29, pars. 2 and 3, NCBA
e. Termination of Conservatorship – Sec. 29, last par., NCBA
f. Effect: Bank cannot be compelled to pay same bonuses to employees –
Producers Bank of the Philippines v. NLRC, 355 SCRA 489 (2001)
g. Judicial Review – Sec. 30, 2nd to last par., NCBA
2. Voluntary Liquidation – Sec. 68, GBL
3. Receivership and Involuntary Liquidation – Sec. 69, GBL; Sec. 30, NCBA
a. Governing Law – In Re: Petition for Assistance in the Liquidation of the Rural
Bank of Bokod (Benguet), Inc., PDIC v. Bureau of Internal Revenue, 511
SCRA 123 (2006)
b. Grounds – Secs. 30 and 36, 2nd par., NCBA; Sec. 53, last par., GBL; Banco
Filipino Savings and Mortgage Bank v. Monetary Board, 204 SCRA 767
(1991); Rural Bank of San Miguel, Inc. v. Monetary Board, Bangko Sentral ng
Pilipinas, 516 SCRA 154 (2007)
c. Who May Be Receiver – Sec. 30, 1st and 2nd pars., NCBA
d. Duties of Receiver –Larrobis, Jr. v. Philippine Veterans Bank, 440 SCRA 34
(2004)
e. “Close Now-Hear Later Doctrine” – Central Bank of the Philippines v. Court
of Appeals, 220 SCRA 536 (1993); Rural Bank of Buhi v. Court of Appeals, 162
SCRA 288 (1988)
f. Liquidation
i. As opposed to rehabilitation – Philippine Veterans Bank Employees
Union-N.U.B.E. v. Hon. Benjamin Vega, 360 SCRA 33 (2001)
ii. Actions to take – Sec. 30, NCBA
iii. How assets are distributed – Secs. 31 and 32, NCBA
iv. All claims filed in liquidation court – Ong v. Court of Appeals, 253
SCRA 105 (1996); Manalo v. Court of Appeals, 366 SCRA 752 (2001)
v. Disposition of banking franchise – Sec. 33, NCBA
g. Effects of Receivership and Liquidation
i. Restriction on capacity to act – Villanueva v. Court of Appeals, 244
SCRA 395 (1995); Abacus Real Estate Development Center, Inc. v.
The Manila Banking Corporation, 455 SCRA 97 (2005)
ii. Penalties for transaction after Bank becomes insolvent – Sec. 70,
GBL
iii. Effect on garnishment, levy on attachment or execution – Sec. 30,
NCBA; Lipana v. Development Bank of Rizal, 154 SCRA 257 (1987)
iv. Stoppage of business – Provident Savings Bank v. Court of Appeals,
222 SCRA 125 (1993)
v. Interest on deposits – Fidelity Savings and Mortgage Bank v.
Cenzon, 184 SCRA 141 (1990); But SeeRural Bank of Sta. Catalina,
Inc. v. Land Bank of the Philippines, 435 SCRA 183 (2004)
4. Judicial Review
a. Availability of remedy – Sec. 30, NCBA
b. Ground: grave abuse of discretion – Central Bank v. Court of Appeals, 106
SCRA 143 (1981); Banco Filipino Savings and Mortgage Bank v. Monetary
Board, 204 SCRA 767 (1991)
c. Jurisdiction – Sec. 4, Rule 65, Rules of Court
d. Who may question – Central Bank of the Philippines v. Court of Appeals, 220
SCRA 537 (1993); Central Bank of the Philippines v. Court of Appeals, 208
SCRA 652 (1992)
e. Actions of the MB final and executory; Injunction – Central Bank of the
Philippines v. Dela Cruz, 191 SCRA 346 (1990); Sec. 22, PDIC Charter
f. Effect of Filing Petition for Review – Banco Filipino Savings and Mortgage
Bank v. Ybañez, SCRA (2004)
g. Liability of the MB and PDIC – Miranda v. Philippine Deposit Insurance
Corporation, 501 SCRA 288 (2006)
5. How the BSP handles exchange crisis
1. Legal tender power – Sec. 52, NCBA; BSP Circular No. 537, Series of 2006
2. Rate of exchange – Sec. 74 NCBA