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CORPORATION LAW
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BANKING LAWS
Banks, their business being impressed with public
interest, are expected to exercise more care and
prudence
than
private
individuals in their
dealings, even those involving registered lands. The
rule that persons dealing with registered lands can
rely solely on the certificate of title does not apply to
banks. - Philippine Trust Company (also known as
Philtrust Bank) vs. Hon. Court of Appeals and
Forfom Development Corporation, G.R. No.
150318, November 22, 2010
Bangko Sentral ng Pilipinas placed Rural Bank of
Tuba (RBTI) under receivership with the Philippine
Deposit Insurance Corporation as the receiver.
Accordingly, PDIC filed a petition for assistance in the
liquidation of RBTI which was approved by the trial
court. As an incident of the proceeding, BIR
intervened as one of the creditors of RBTI. BIR
contends that a tax clearance is required before the
approval of project of distribution of the assets of a
bank. In denying their contention, the Court held the
law expressly provides that debts and liabilities of the
bank under liquidation are to be paid in accordance
with the rules on concurrence and preference of credit
under the Civil Code. With reference to the other real
and personal property of the debtor, sometimes
referred to as free property, the taxes and
assessments due the National Government, other
than those in Articles 2241(1) and 2242(1) of the Civil
Code, such as the corporate income tax, will come
only in ninth place in the order of preference. If the
BIRs contention that a tax clearance be secured first
before the project of distribution of the assets of a
bank under liquidation may be approved, then the tax
liabilities will be given absolute preference in all
instances, including those that do not fall under
Articles 2241(1) and 2242(1) of the Civil Code. Philippine Deposit Insurance Corporation vs.
Bureau Of Internal Revenue, G.R. No. 172892,
June 13, 2013
INTELLECTUAL PROPERTY
LAW
The conviction of Gemma for trademark infringement
under Section 155 of Republic Act No. 8293, as the
counterfeit goods seized were not only found in her
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NEGOTIABLE INSTRUMENTS
LAW
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