Professional Documents
Culture Documents
POEA Rules and Regulation For Landbased Workers
POEA Rules and Regulation For Landbased Workers
1. Definition
2. Applicable laws
3. Parties to a letter of credit
4. Transactions involved in a letter of credit (See: Independence Principle; Fraud
Exception Principle and Rule of Strict Compliance)
5. Types of letters of credit
a. irrevocable letter of credit
b. confirmed letter of credit
c. standby letter of credit
d. others
CASES: Bank of the Philippine Islands vs. De Reny Fabric Industries, Inc., G.R. No.
L-24821, 16 October 1970,; Bank of America, NT vs. Court of Appeals, G.R. No.
105395,10 December 1993; Feati Bank & Trust Company vs. Court of Appeals, G.R.
No. 94209, 30 April 1991; Transfield Philippines, Inc. vs. Luzon Hydro Corp., G.R.
No. 146717,22 November 2004; MWSS vs. Hon. Daway, G.R. No. 160732, 21 June
2004
TRUST RECEIPTS
CASES: People vs. Nitafan, G.R. Nos. 81559-60, 06 April 1992; Rosario Textile Mills
Corp., et al. vs. Home Bankers Savings & Trust Co., G.R. No. 137232, 29 June 2005;
Landl Company vs. Metrobank, G.R. No. 159622, 30 July 2004; Vintola vs. Insular
Bank, G.R. No. 73271, 29 May 1987; Pilipinas vs. Ong, G.R. No. 133176, 8 August
2002)
WAREHOUSE RECEIPTS LAW
2. Duties of a warehouseman
3. Warehouse receipts
a. Functions
b. Form of receipts (Sec. 2, WRL)
c. kinds of warehouse receipts
1. negotiable
2. non-negotiable
4. Negotiation of receipts
a. bearer and order receipts (Sec. 37 & 38, WRL)
b. effects of negotiation (Sec. 41, 49 and 25, WRL)
c. incomplete negotiation (Sec. 43, WRL)
d. negotiation by fraud, mistake or duress (Sec. 47, WRL compare with
Art. 1518, NCC)