Guidelines for Case Briefs and Trust Receipts Law

GUIDELINES FOR CASE BRIEFS
● The class should divide the cases (assigned in the course outline) to all enrolled students.
● The case briefs should be aligned to the assigned topic in the course outline. Otherwise, no credit w
● MAXIMUM number of sentences:
○ Facts: 10 sentences
○ Issue - 1 sentence per issue
○ Ruling - 10 sentences per ruling (Use the language of the Supreme Court. Do not use yo
● At the end of the semester/term, the class shall submit the Final Case Briefs (with corrections
or revision).
● DO NOT copy any existing case digest or the other class’ case digest.
● Grade: Each brief will be graded according to:
○ (a) number of cases briefs prepared;
○ (b) conformity to the above rules;
○ (c) the ability to spot relevant facts, issue/s, and ruling/s; and
○ (d) overall presentation of the final output (e.g., compilation of case briefs)
Be reminded that this activity will form part of the 20% of your final grade.
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COURSE OUTLINE
LETTERS OF CREDIT
(Arts. 567-572, Code of Commerce)
A. Definition and nature

Prudential Bank v. Intermediate Appellate Court, G.R. No. 74886, 08 Dec 1992
Bank of America, NT & SA v. Court of Appeals, G.R. No. 105395, 10 Dec 1993
Metropolitan Waterworks and Sewerage System v. Daway, G.R. No. 160732, 21 Jun 2004
Feati Bank & Trust Co. v. Court of Appeals, G.R. No. 94209, 30 Apr 1991
Reliance Commodities, Inc. v. Daewoo Industrial Co., Ltd., G.R. No. 100831, 17 Dec 1993
Lee v. Court of Appeals, G.R. Nos. 117913 & 117914, 01 Feb 2002
B. Laws governing letter of credit

Bank of the Philippine Islands v. De Reny Fabric Industries, Inc., G.R. No. L24821, 16 Oct 1970
Bank of America, NT & SA v. Court of Appeals, G.R. No. 105395, 10 Dec 1993
C. Parties
Bank of America, NT & SA v. Court of Appeals, G.R. No. 105395, 10 Dec 1993 (MARTINEZ)
Lee v. Court of Appeals, G.R. Nos. 117913 & 117914, 01 Feb 2002 (PANTONIAL)
Metropolitan Waterworks and Sewerage System v. Daway, G.R. No. 160732, 21 Jun 2004 (PENARANDA)
D. Perfection
Belman Compañia Incorporada v. Central Bank of the Philippines, G.R. No. L10195, 29 Nov 1958 (PEPITO)
Johannes Schuback & Sons Philippine Trading Corp. v. Court of Appeals, G.R. No. 105387, 11 Nov 1993 (QUINAN
E. Rights and obligations of parties

a. Applicant
b. Issuing bank
c. Beneficiary
d. Advising/notifying bank
e. Paying bank
f. Confirming bank
- Bank of the Philippine Islands v. De Reny Fabric Industries, Inc., G.R. No. L24821, 16 Oct 1970 (QUINTAYO)
- Insular Bank of Asia & America v. Intermediate Appellate Court, G.R. No. 74834, 17 Nov 1988 (SAGUIN)
- Philippine Virginia Tobacco Administration v. De Los Angeles, G.R. No. L27829, 19 Aug 1988 (SALABSAB)
- Reliance Commodities, Inc. v. Daewoo Industrial Co., Ltd., G.R. No. 100831, 17 Dec 1993 (TOMILAP)
- Prudential Bank v. Intermediate Appellate Court, G.R. No. 74886, 08 Dec 1992
- Rodzssen Supply Co. Inc. v. Far East Bank & Trust Co., G.R. No. 109087, 09 May 2001 (CALONGE)
- Abad v. Court of Appeals, G.R. No. L-42735, 22 Jan 1990 (CONSULAR)
- Consolidated Bank & Trust Corp. v. Court of Appeals, G.R. No. 114286, 19 Apr 2001 (GALO)
- Marphil Export Corp. v. Allied Banking Corp. , G.R. No. 187922, 21 Sep 2016 (GUIRAL)
- Bank of America, NT & SA v. Court of Appeals, G.R. No. 105395, 10 Dec 1993 (ITIT)
- Feati Bank & Trust Co. v. Court of Appeals, G.R. No. 94209, 30 Apr 1991 (JABIDO)
F. Kinds
a. Commercial and standby letter of credit
Insular Bank of Asia & America v. Intermediate Appellate Court, G.R. No. 74834, 17 Nov 1988 (MARAVE)
- Bank of America, NT & SA v. Court of Appeals, G.R. No. 105395, 10 Dec 1993 (MARTINEZ)
- Transfield Philippines, Inc. v. Luzon Hydro Corp., G.R. No. 146717, 22 Nov 2004 (with Resolution) (PANTONI
b. Irrevocable and revocable letter of credit
- Philippine Virginia Tobacco Administration v. De Los Angeles, G.R. No. L27829, 19 Aug 1988 (PENARANDA)
c. Confirmed and unconfirmed letter of credit
- Feati Bank & Trust Co. v. Court of Appeals, G.R. No. 94209, 30 Apr 1991 (PEPITO)
G. Basic principles of letter of credit

a. Doctrine of independence
- Keng Hua Paper Products Co. Inc. v. Court of Appeals, G.R. No. 116863, 12 Feb 1998 (QUINANOLA)
Transfield Philippines, Inc. v. Luzon Hydro Corp., G.R. No. 146717, 22 Nov 2004 (with Resolution) (QUINTAYO)
- Feati Bank & Trust Co. v. Court of Appeals, G.R. No. 94209, 30 Apr 1991 (SAGUIN)
Bank of the Philippine Islands v. De Reny Fabric Industries, Inc., G.R. No. L- 24821, 16 Oct 1970 (SALABSAB)
- Land Bank of the Phils. v. Monet's Export and Manufacturing Corp., G.R. No. 161865, 10 Mar 2005 (TOMILA
Philippine National Bank v. San Miguel Corp., G.R. No. 186063, 15 Jan 2014 (BACOLOD)
The Hongkong & Shanghai Banking Corp., Limited v. National Steel Corp., G.R. No. 183486, 24 Feb 2016 (CALON
- Insular Bank of Asia & America v. Intermediate Appellate Court, G.R. No. 74834, 17 Nov 1988 (CONSULAR)
b. Fraud exception principle

- Transfield Philippines, Inc. v. Luzon Hydro Corp., G.R. No. 146717, 22 Nov 2004 (with Resolution) (GALO)
c. Doctrine of strict compliance

- Feati Bank & Trust Co. v. Court of Appeals, G.R. No. 94209, 30 Apr 1991 (GUIRAL)
- The Hongkong & Shanghai Banking Corp., Limited v. National Steel Corp., G.R. No. 183486, 24 Feb 2016 (IT-I
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TRUST RECEIPTS LAW

(P.D. No. 115)
A. Definition and purpose

- South City Homes, Inc. v. BA Finance Corp., G.R. No. 135462, 07 Dec 2001 (JABIDO)
- Ching v. Court of Appeals, G.R. No. 110844, 27 Apr 2000 (CONSULAR)
- Lee v. Court of Appeals, G.R. Nos. 117913 & 117914, 01 Feb 2002 (GALO)
- Spouses Vintola v. Insular Bank of Asia and America, G.R. No. 73271, 29 May 1987 (SALABSAB)
- Rosario Textile Mills Corp. v. Home Bankers Savings and Trust Co., G.R. No. 137232, 29 Jun 2005 (GUIRAL)
- Colinares v. Court of Appeals, G.R. No. 90828, 05 Sep 2000 (QUINANOLA)
- Consolidated Bank & Trust Corp. v. Court of Appeals, G.R. No. 114286, 19 Apr 2001 (TOMILAP)
- Ng v. People, G.R. No. 173905, 23 Apr 2010 (PEPITO)
- Land Bank of the Phils. v. Perez, G.R. No. 166884, 13 Jun 2012 (MARAVE)
- Hur Tin Yang v. People, G.R. No. 195117 (Resolution), 14 Aug 2013 (QUINTAYO)
- Spouses Dela Cruz v. Planters Products, Inc., G.R. No. 158649, 18 Feb 2013 (SAGUIN)
- People v. Nitafan, G.R. Nos. 81559-60, 06 Apr 1992 (MARAVE)
- Metropolitan Bank and Trust Co. v. Tonda, G.R. No. 134436, 16 Aug 2000 (CALONGE)
B. Nature of entruster's title

- Colinares v. Court of Appeals, G.R. No. 90828, 05 Sep 2000 (MARTINEZ)
Development Bank of the Phils. v. Prudential Bank, G.R. No. 143772, 22 Nov 2005 (PENARANDA)
C. Form and contents

D. Parties
E. Concept of trust receipt transaction
a. Loan/security feature
b. Ownership of the goods, documents and instruments under a trust receipt
- Spouses Nacu v. Court of Appeals, G.R. No. 108638, 11 Mar 1994 (PANTONIAL)
- Spouses Vintola v. Insular Bank of Asia and America, G.R. No. 73271, 29 May 1987 (BACOLOD)
- Rosario Textile Mills Corp. v. Home Bankers Savings and Trust Co., G.R. No. 137232, 29 Jun 2005 (JABIDO)
F. Coverage of trust receipts transaction

- Robles v. Court of Appeals, G.R. No. 59640, 15 Jul 1991 (CONSULAR)
- Allied Banking Corp. v. Ordoñez, G.R. No. 82495, 10 Dec 1990 - Ng v. People, G.R. No. 173905, 23 Apr 2010 (
G. Rights of the entrusters

- Prudential Bank v. National Labor Relations Commission, G.R. No. 112592, 19 Dec 1995 (GUIRAL)
- Landl & Company (Phil.) Inc. v. Metropolitan Bank & Trust Co., G.R. No. 159622, 30 Jul 2004 (QUINANOLA)
H. Obligations and liability of the entrustee

- Colinares v. Court of Appeals, G.R. No. 90828, 05 Sep 2000 (TOMILAP)
- Consolidated Bank & Trust Corp. v. Court of Appeals, G.R. No. 114286, 19 Apr 2001 (PEPITO)
- Ng v. People, G.R. No. 173905, 23 Apr 2010 (SAGUIN)
- Land Bank of the Phils. v. Perez, G.R. No. 166884, 13 Jun 2012 (QUINTAYO)
- Hur Tin Yang v. People, G.R. No. 195117 (Resolution), 14 Aug 2013 (SAGUIN)
- Ramos v. Court of Appeals, G.R. Nos. L-39922-25, 21 Aug 1987 (MARAVE)
- Ong v. Court of Appeals, G.R. No. L-58476, 02 Sep 1983 (CALONGE)
- Pilipinas Bank v. Ong, G.R. No. 133176, 08 Aug 2002 (MARTINEZ)
I. Payment/delivery of proceeds of sale or disposition of goods, documents or instruments

J. Return of goods, documents or instruments in case of non-sale
Spouses Vintola v. Insular Bank of Asia and America, G.R. No. 73271, 29 May 1987 (PENARANDA)
- Ching v. Court of Appeals, G.R. No. 110844, 27 Apr 2000 (PANTONIAL)
- Land Bank of the Phils. v. Perez, G.R. No. 166884, 13 Jun 2012 (BACOLOD)
K. Liability for loss or goods, documents or instruments

Rosario Textile Mills Corp. v. Home Bankers Savings and Trust Co., G.R. No. 137232, 29
L. Penal sanctions if offender is a corporation

a. Criminal liability of directors, officers and agents
- Ong v. Court of Appeals, G.R. No. 119858, 29 Apr 2003 (CONSULAR) -
Ching v. Secretary of Justice, G.R. No. 164317, 06 Feb 2006 (GALO)
b. Directors and officers of the corporation not civilly liable unless they assum personal liability
Tupaz IV v. Court of Appeals, G.R. No. 145578, 18 Nov 2005 (SALABSAB)
M. Remedies
- Spouses Vintola v. Insular Bank of Asia and America, G.R. No. 73271, 29 May 1987 (GUIRAL)
Sarmiento Jr. v. Court of Appeals, G.R. No. 122502, 27 Dec 2002 (QUINANOLA)
- Philippine National Bank v. Pineda, G.R. No. L-46658, 13 May 1991 (TOMILAP)
- Landl & Company (Phil.) Inc. v. Metropolitan Bank & Trust Co., G.R. No. 159622, 30 Jul 2004 (PEPITO)
N. Letter of credit vis-à-vis trust receipt transactions

- Rizal Commercial Banking Corp. v. Alfa RTW Manufacturing Corp., G.R. No. 133877, 14 Nov 2001 (QUINTAY
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WAREHOUSE RECEIPTS LAW

(Act No. 2137, as amended)
A. General concepts (Sec. 1-7)

a. Purpose and coverage
b. Definition
i. Warehouse receipt (Arts. 1507-1520, Civil Code)
ii. Warehouseman (Sec. 58)
iii. Warehouse
c. Who may issue warehouse receipts? (Sec. 1)
d. Form and content of warehouse receipts (Sec. 2)
e. Effect of omission of any of the essential terms
- Gonzales v. Go Tiong, G.R. No. L-11776, 30 Aug 1958 (SAGUIN)
f. Terms that cannot be included (Sec. 3)
B. Obligations and rights of a warehouseman

a. Obligation to deliver (Secs. 8-19, 36, & 58)
b. Liability for goods (Secs. 20-26)
c. Warehouseman’s lien (Secs. 31-36)
C. Duties of a warehouseman
D. Who is a warehouseman

a. Principal obligations of a warehouseman
b. Lawful excuses to deliver goods
c. In case of misdelivery
d. Altered receipts
e. Liability of warehouseman
E. Kinds
a. Negotiable warehouse receipt (Secs. 5-6 & 47)
- Philippine National Bank v. Noah's Ark Sugar Refinery, G.R. No. 107243, 01 Sep 1993 (MARAVE)
b. Non-negotiable warehouse receipt (Secs. 4, 7, 39, 45, & 46)
F. Distinction between a negotiable instrument and a negotiable warehouse receipt
G. Rights of a holder of a negotiable warehouse receipt vs. rights of a transferee of a nonnegotiable warehouse receip
- Philippine National Bank v. Sayo, Jr., G.R. No. 129918, 09 Jul 1998 (CALONGE)
H. Assignment and negotiation (Secs. 37-49)

a. Transfer of title
b. Rights acquired
c. Vendor’s lien
d. Pledge of receipt
- Bank of the Philippine Islands v. Herridge, G.R. Nos. 21000, 21002-21004 & 21006, 20 Dec 1924 (MARTINEZ
I. Warehouse’s lien

a. Extent (Sec. 27)
b. Loss and waiver of lien (Sec. 29)
c. Enforcement (Secs. 28 & 36)
J. Warehouse defenses for non-delivery or misdelivery

a. Legal excuses
Philippine National Bank v. Sayo, Jr., G.R. No. 129918, 09 Jul 1998 (PENARANDA)
b. Effect if no excuse
K. Criminal offenses (Secs. 50-55, 24, 6, 10, 7, 33-34, 20-21, & 11)
L. Case/s:
- Liberata Antonio Estrada v. Court of Agrarian Relations, G.R. Nos. L-17481 and L-17537 to 17559 (Resolution)
- Consolidated Terminals, Inc. v. Artex Development Co., Inc., G.R. No. L-25748, 10 Mar 1975 (BACOLOD)
- Philippine National Bank v. Se, Jr., G.R. No. 119231, 18 Apr 1996 (JABIDO)
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BULK SALES LAW

(Act No. 3592, as amended)
A. Nature, objective and purpose

B. Business covered
C. Transactions covered
a. Extra-ordinary sales of goods
b. Ordinary sales of business
c. Extra-ordinary sales of equipment
D. “Bulk Sales” not covered

E. Obligation of seller
F. Bulk transfers for nominal value
G. Consequences of violation of the law
H. Case/s
- People vs. Wong Szu Tung, 50 OG 4876, 26 Mar 1954 (CONSULAR)
- Liwanag v. Menghraj, G.R. No. 47588, 20 Jun 1941 (GALO)
- People v. Mapoy, G.R. No. 48336, 21 Sep 1942 (SALABSAB)
- Ong vs. Ong, G.R. No. L-67888, 08 Oct 1985 (GUIRAL)
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THE NEW CENTRAL BANK ACT

(R.A. No. 7653, as amended)
A. State policy (Sec. 1)
B. Creation of the Bangko Sentral ng Pilipinas (BSP) (Sec. 2)

- Busuego v. Court of Appeals, G.R. No. L-48955, 30 Jun 1987 (TAN)
C. Responsibility and primary objective (Sec. 3)

D. Monetary board (MB); its powers and functions (Secs. 6-16)
E. How the BSP handles banks in distress
a. Conservatorship (Secs. 29 & 30; Sec. 67, R.A. No. 8791)
i. Grounds
ii. Appointment of conservator
iii. Powers of conservator
First Philippine International Bank v. Court of Appeals, G.R. No. 115849, 24 Jan 1996 (CALONGE)
iv. Qualifications and remuneration
v. Termination of conservatorship
vi. Effect
Producers Bank of the Phils. v. National Labor Relations Commission, G.R
vii. Judicial review
b. Voluntary liquidation (Sec. 68, R.A. No. 8791)
c. Receivership and involuntary liquidation (Sec. 30; Sec. 69, R.A. No. 8791)
i. Governing law
- In Re: Petition for Assistance in the Liquidation of the Rural Bank of Bokod (Benguet), Inc., G.R. No. 158261, 18 D
ii. Grounds (Secs. 30 & 36; Sec. 53, R.A. No. 8791)
Banco Filipino Savings and Mortgage Bank v. Monetary Board, G.R. Nos. 70054, 68878, 77255-58, 78766, 78767, 7
Rural Bank of San Miguel, Inc. v. Monetary Board, G.R. No. 150886, 16 Feb 2007 (IT-IT)
iii. Who may be receiver? (Sec. 30)
iv. Duties of receiver
Spouses Larrobis, Jr. v. Philippine Veterans Bank, G.R. No. 135706, 01 Oct 2004 (JABIDO)
v. “Close Now-Hear Later” doctrine
Central Bank of the Philippines v. Court of Appeals, G.R. No. 76118, 30 Mar 1993 (MARAVE)
- Rural Bank of Buhi, Inc. v. Court of Appeals, G.R. No. 61689, 20 Jun 1988 (MARTINEZ)
vi. Liquidation
1. As opposed to rehabilitation
Philippine Veterans Bank Employees Union v. Vega, G.R. No. 105364, 28 Jun 2001 (PANTONIAL)
2. Actions to take (Sec. 30)
3. How assets are distributed (Secs. 31 & 32)
4. All claims filed in liquidation court
Ong v. Court of Appeals, G.R. No. 112830, 01 Feb 1996 (PENARANDA)
Vda. de Manalo v. Court of Appeals, G.R. No. 129242, 16 Jan 2001 (PEPITO)
5. Disposition of banking franchise (Sec. 33)
vii. Effects of receivership and liquidation
1. Restriction on capacity to act

Villanueva v. Court of Appeals, G.R. No. 114870, 26 May 1995 (QUINANOLA)
Abacus Real Estate Develoment Center Inc. v. Manila Banking Corp., G.R. No. 162270, 06 Apr 2005 (QUINTAYO)
2. Penalties for transaction after bank becomes insolvent (Sec. 70, R.A. No. 8791)
3. Effect on garnishment, levy on attachment or execution (Sec. 30) -
Spouses Lipana v. Development Bank of Rizal, G.R. No. 73884, 24 Sep 1987 (SAGUIN)
4. Stoppage of business
Provident Savings Bank v. Court of Appeals, G.R. No. 97218, 17 May 1993 (SALABSAB)
5. Interest on deposits
- Fidelity Savings and Mortgage Bank v. Cenzon, G.R. No. L-46208, 05 Apr 1990 (TOMILAP)
- Rural Bank of Sta. Catalina Inc. v. Land Bank of the Phils., G.R. No. 148019, 26 Jul 2004 (TAN)
d. Closure
F. Supervision and regulation of bank operations
a. Loans and other credit accommodations
b. Selective regulation
i. Margin requirements against letters of credit
ii. Required security against bank loans
iii. Portfolio ceilings
iv. Minimum capital ratios
G. Judicial review
a. Availability of remedy (Sec. 30)
b. Ground
- Central Bank of the Philippines v. Court of Appeals, G.R. No. L-50031-32, 27 Jul 1981 (CALONGE)
Banco Filipino Savings and Mortgage Bank v. Monetary Board, G.R. Nos. 70054, 68878, 77255-58, 78766, 78767, 7
c. Jurisdiction (Sec. 4, Rule 65, Rules of Court)
d. Who may question?
- Central Bank of the Philippines v. Court of Appeals, G.R. No. 76118, 30 Mar 1993 (GALO)
- Central Bank of the Phils. v. Court of Appeals, G.R. Nos. 88353 & 92943, 08 May 1992 (GUIRAL)
e. Actions of the MB final and executory; Injunction
- Central Bank of the Philippines v. De la Cruz, G.R. No. 59957, 12 Nov 1990 (IT-IT)
f. Effect of filing petition for review
- Banco Filipino Savings and Mortgage Bank v. Ybañez , G.R. No. 148163, 06 Dec 2004 (JABIDO)
g. Liability of the MB and PDIC
- Miranda v. PDIC, G.R. No. 169334, 08 Sep 2006 (MARAVE)
h. How the BSP handles exchange crisis
i. Legal tender power (Sec. 52)
BSP Circular No. 537, s.2006
ii. Rate of exchange (Sec. 74)
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GENERAL BANKING ACT

A. Definition (Sec. 3.1)

B. Elements
- Republic of the Philippines v. Security Credit and Acceptance Corp., G.R. No. L20583, 23 Jan 1967 (MARTINE
- Central Bank of the Philippines v. Morfe, G.R. No. L-20119, 30 Jun 1967 (PANTONIAL)
Bañas v. Asia Pacific Finance Corp., G.R. No. 128703, 18 Oct 2000 (PENARANDA)
a. Engaged in lending of funds
b. Obtained in the form of deposits
c. From the public, which shall mean 20 or more persons (Sec. 8.2)
C. Classification of banks (Sec. 3; Sec. X101, Manual of Regulations for Bank)
D. Distinction of banks from quasi-banks and other entities (Sec. 4[last para]; Sec. X234, Manual of Regulations for
E. Ownership/capitalization of banks
a. Organization (Sec. 8)
i. Stock corporation (Sec. 8.1)
ii. Funds obtained from the public (Sec. 8.2)
iii. Minimum capital requirements (Sec. 8.3;
- BSP Circular No. 257, s.2000
iv. Capability and other requirements (Sec. 8[para. 2])
b. Stockholdings
i. Foreign stockholdings
1. Individuals and non-banks (Sec. 11)
2. Foreign banks (Secs. 11 & 73)
- See: R.A. No. 7721, as amended
ii. Filipino stockholdings (Sec. 11)
1. Stockholdings of family groups or related interests (Secs. 12 & 13)
2. Required public offering (Sec. X102.1, Manual of Regulations for Banks)
- SEC MC No. 13, s.2017
c. Directors and Officers

i. Composition of Board (Secs. 15 & 17; Sec. 7, R.A. No. 7721, as amended; Secs. 22 & 24, R.A. No. 11232)
ii. Qualifications
1. Own at least one share (Sec. 22, R.A. No. 11232)
2. “Fit and Proper” rule (Sec. 16)
Busuego v. Court of Appeals, G.R. No. 95326, 11 Mar 1999 (PEPITO)
3. Other minimum qualifications (Guidelines for the Establishment of Banks)
iii. Disqualifications (Guidelines for the Establishment of Banks)

1. Criminal conviction (Sec. 26, R.A. No. 11232)
2. Public officials (Sec. 19)
3. MB member/BSP personnel (Secs. 9 & 27, R.A. No. 7653, as amended)
iv. Compensation and other benefits (Sec. 18; Sec. 29, R.A. No. 11232)
v. Meetings (Sec. 15)
vi. Powers of directors
vii. “Apparent Authority” doctrine
Philippine Commercial International Bank v. Court of Appeals, G.R. Nos. 121413, 121479 & 128604, 29 Jan 2001 (Q
viii. Prohibited acts (Sec. 55.1)
F. Incorporation (Sec. 14; Secs. 16, 45, & 116, R.A. No. 11232)
G. Operation (Sec. 6)
a. Authority required
b. Monetary board determination
c. Unauthorized advertisement (Sec. 64)
d. Change in name
- P.C. Javier & Sons Inc. v. Court of Appeals, G.R. No. 129552, 29 Jun 2005 (QUINTAYO)
e. Sanctions for operating without authority (Sec. 6 in rel. to Sec. 66)
H. Nature of banking business (Sec. 2)

a. Vital role in economy
i. Subject to reasonable regulation by the State
Central Bank of the Phils. v. Court of Appeals, G.R. Nos. 88353 & 92943, 08 May 1992 (SAGUIN)
ii. Strikes and lockouts (Sec. 22; Article 278[g], Labor Code, as amended)
b. Fiduciary nature of banking business
i. Degree of diligence required
- Simex International, Inc. v. Court of Appeals, G.R. No. 88013, 19 Mar 1990 (SALABSAB)
- Bank of the Philippine Islands v. Intermediate Appellate Court, G.R. No. 69162, 21 Feb 1992 (TOMILAP)
1. When utmost diligence required

a. In dealing with accounts of depositors
Philippine Banking Corp. v. Court of Appeals, G.R. No. 127469, 15 Jan 2004 (BACOLOD)
b. In selection and supervision of employees
Philippine Commercial International Bank v. Court of Appeals, G.R. Nos. 121413, 121479 & 128604, 29 Jan 2001 (
c. To be mortgagees in good faith
Cruz v. Bancom Finance Corp., G.R. No. 147788, 19 Mar 2002 (CONSULAR)
d. In the custody of documents; integrity of records

Heirs of Manlapat v. Court of Appeals, G.R. No. 125585, 08 Jun 2005 (GALO)
2. Exception
- Spouses Reyes v. Court of Appeals, G.R. No. 118492, 15 Aug 2001 (GUIRAL)
3. Applicability to government financial institutions
- Government Service Insurance System v. Santiago, G.R. No. 155206, 28 Oct 2003 (IT-IT)
ii. Liability for negligence

1. Rules on determination of negligence
Consolidated Bank and Trust Corp. v. Court of Appeals, G.R. No. 138569, 11 Sep 2003 (JABIDO)
2. Award of actual, moral, compensatory or temperate damages
- Prudential Bank v. Court of Appeals, G.R. No. 125536, 16 Mar 2000 (MARAVE)
3. Right to recover against erring employee
- Pacific Banking Corp. v. Court of Appeals, G.R. No. L45656, 05 May 1989 (MARTINEZ)
I. Basic function of banks

a. Loan function
i. Basic concepts
1. Grant, purpose, and requirement of loans (Secs. 39 & 40)
2. Prohibited transactions (Secs. 55.1[c], 55.1[d], and 55.2)
ii. Ratio of net worth to total risk assets
iii. Single borrower’s limit (Sec. 35)
iv. DORSI Accounts (Sec. 36; Sec. 26, R.A. No. 7653, as amended)
v. Interest (Art. 1956, Civil Code)
1. No ceiling (Sec. 1-a, 4-a, 45 of Usury Law)
- Spouses Bacolor v. Banco Filipino Savings and Mortgage Bank, G.R. No. 148491, 08 Feb 2007 (PANTONIAL)
2. In the absence of stipulation
3. Escalation clause; when allowable (Art. 1308, Civil Code) - Philippine National Bank v. Court of Appeals, G.R.
4. Floating rates of interest
- Consolidated Bank & Trust Corp. v. Court of Appeals, G.R. No. 114286, 19 Apr 2001 (PEPITO)
b. Deposit function
i. Nature of deposit
1. Deposits as simple loans (Arts. 1953 & 1980, Civil Code)
Serrano v. Central Bank of the Philippines, G.R. No. L- 30511, 14 Feb 1980 (QUINANOLA)
2. Bank as debtor
a. Deposit
“Know Your Customer” standards voluntary agreement;
b. Bank acquires ownership of money deposited
BPI Family Bank v. Franco, G.R. No. 123498, 23 Nov 2007 (QUINTAYO)
c. Payment to proper party-depositor
Bank of the Philippine Islands v. Court of Appeals, G.R. No. 104612, 10 May 1994 (SAGUIN)
d. Deposits are not preferred credits
Central Bank of the Philippines v. Morfe, G.R. No. L-38427, 12 Mar 1975 (SALABSAB)
e. Bank has right to compensation
Bank of the Philippine Islands v. Court of Appeals, G.R. No. 136202, 25 Jan 2007 (TOMILAP)
3. Bank’s duty of utmost care (Sec. 2)

ii. Kinds of deposit
1. Demand deposits (Secs. 58-60, R.A. No. 7653, as amended; Part 2
[a], Manual of Regulations for Bank)
2. Savings Deposits (Part 2 [b], Manual of Regulations for Bank)
3. Negotiable Order of Withdrawal (NOW) Accounts (Part 2 [c], Manual of Regulations for Bank)
4. Time deposits (Part 2 [c], Manual of Regulations for Bank)
5. Foreign currency deposits (Secs. 2 & 3, R.A. No. 6426)
iii. Capacity of depositors

1. Minors (Sec. 1, P.D. No. 734; Sec. 22, R.A. No. 7906)
2. Married women (Sec. 5, R.A. No. 7192)
3. Corporations (Sec. 23, R.A. No. 11232)
4. Bank officers and employees (Sec. X204, Manual of Regulations for Bank)
iv. Opening of deposit accounts
1. “Know Your Customer” standards
2. Prohibitions
a. Anonymous accounts/fictitious names (Sec. 9[a], R.A.
No. 9160, as amended)
b. Pseudonyms (Art. 178, Revised Penal Code)
c. Exception (Sec. 9[a], R.A. No. 9160 , as amended; Sec. 3[1], R.A. No. 6426)
3. Joint accounts (Arts. 485, 1207 and 1208, Civil Code)
4. Interest on deposits
c. Other services, functions, and operations

i. Custodian of funds, documents, valuable objects (Sec. 53.1)
ii. Financial agent (Sec. 53.2)
iii. Collection/payment agent (Sec. 53.3)
iv. Financial adviser (Sec. 53.4)
v. Renting out safety deposit boxes (Sec. 53.5)
- CA Agro-Industrial Development Corp. v. Court of Appeals, G.R. No. 90027, 03 Mar 1993 (BACOLOD)
vi. Issue guarantees (Sec. 74)
vii. Credit card operations (Sec. X320, Manual of Regulations for Bank)
J. Prohibited acts
a. Insurance business (Sec. 54; Sec. 2, P.D. No. 612, as amended)
b. Outsourcing of bank functions (Sec. 55.1[e])
K. Penalty for Violations (Sec. 66; Sec. 34-37, R.A. No. 7653, as amended) - Perez v. Monetary Board, G.R. No. L-
a. Fine or imprisonment
b. Suspension or removal of director/officer
c. Dissolution of bank
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LAW ON SECRECY OF BANK DEPOSITS

A. Purpose (Sec. 28, Art. II, 1987 Constitution; Secs. 2-3, & 7, Art. III, 1987 Constitution) - BSB Group, Inc. v. Go,
B. Prohibited acts (Secs. 2 & 3; Secs. 55.1(b) and 55.4, R.A. No. 8791, as amended)
- Oñate v. Abrogar, G.R. Nos. 107303 & 107491, 23 Feb 1995 (GALO)
- Union Bank of the Philippines v. Court of Appeals, G.R. No. 134699, 23 Dec 1999 (GUIRAL)
C. Deposits covered (Sec. 2)

- Ejercito v. Sandiganbayan, G.R. Nos. 157294-95, 30 Nov 2006 (TAN)
- Intengan v. Court of Appeals, G.R. No. 128996, 15 Feb 2002 (JABIDO)
- Sibayan v. Alda, G.R. No. 233395, 17 Jan 2018 (MARAVE)
D. Exceptions
a. Under the Law on Secrecy of Bank Deposits (Sec. 2, R.A. No. 1405)
- Mellon Bank, N.A. v. Magsino, G.R. No. 71479, 18 Oct 1990 (MARTINEZ)
b. Under the Anti-Graft and Corrupt Practices Act (Sec. 8 R.A. No. 3019, as amended)
- Philippine National Bank v. Gancayco, G.R. No. L-18343, 30 Sep 1965 (PANTONIAL)
- Banco Filipino Savings and Mortgage Bank v. Purisima, G.R. No. 56429, 28 May 1988 (PENARANDA)
c. Under the Ombudsman Act (Sec. 15[8], R.A. No. 6770)
- Marquez v. Desierto, G.R. No. 135882, 27 Jun 2001 (PEPITO)
Ejercito v. Sandiganbayan, G.R. Nos. 157294-95, 30 Nov 2006 (QUINANOLA)
d. Under the Plunder Law (Secs. 1[d] & 4, R.A. No. 7080, as amended)
Ejercito v. Sandiganbayan, G.R. Nos. 157294-95, 30 Nov 2006 (QUINTAYO)
e. Under the Anti-Money Laundering Act (Sec. 11, R.A. No. 9160, as amended) - Republic v. Eugenio, Jr., G.R. No
f. BSP inquiry into or examination of deposits or investments with any bank, when the inquiry or examination is m
g. Independent auditor hired by the bank to conduct its regular audit, provided that the examination is for audit purp
- DOJ Opinion No. 243, s.1957
- Marquez v. Desierto, G.R. No. 135882, 27 Jun 2001 (SALABSAB)
h. Under the PDIC charter (Sec. 8[8], R.A. No. 3591, as amended)
i. Under the Anti-Terrorism Act (Sec. 39, R.A. No. 11479)1
j. Under the National Internal Revenue Code (Sec. 6[F], Tax Code, as amended)
k. Under the Unclaimed Balances Law (Sec. 3, R.A. No. 3936, as amended) - DOJ Opinion No. 104, s.1975
l. Under the Rules of Court

i. Garnishment
1. Procedure (Sec. 9[c], Rule 39, Rules of Court)
2. Exempt Deposits
a. Foreign currency deposits (Sec. 8, R.A. No. 6426)
Salvacion v. Central Bank of the Philippines, G.R. No. 94723, 21 Aug 1997 (TOMILAP)
b. Under the Rules of Court (Sec. 13, Rule 39, Rules of Court)
c. No violation of Law on Secrecy of Bank Deposits
- China Banking Corp. v. Ortega, G.R. No. L-34964, 31 Jan 1973 (BACOLOD)
Philippine Commercial & Industrial Bank v. Court of Appeals, G.R. No. 84526, 28 Jan 1991 (CALONGE)
d. Liability for release
Rizal Commercial Banking Corp. v. De Castro, G.R. No. L-34548, 29 Nov 1988 (TAN)
Philippine Commercial & Industrial Bank v. Court of Appeals, G.R. No. 84526, 28 Jan 1991 (GALO)
ii. Preliminary attachment (Sec. 10, Rule 57, Rules of Court)
E. Penalty for violation (Sec. 5)
F. Foreign Currency Deposit Act of the Philippines (R.A. No. 6426)
a. Coverage (Sec. 8, R.A. No. 6426)
- Estrada v. Desierto, G.R. No. 156160, 09 Dec 2004 (GUIRAL)
- Salvacion v. Central Bank of the Philippines, G.R. No. 94723, 21 Aug 1997 (IT-IT)
b. Prohibition (Sec. 8, R.A. No. 6426)

Secs. 27-43 of R.A. No. 9372 gives another exception for R.A. No 1405, as amended. R.A. No. 11479 (AntiTerrorism Act) has expressly repealed R.A
(Human Security Act) and the former is being questioned [for its constitutionality] before the Supreme Court as of 15 Jan 2021.
c. Exceptions
i. Upon written consent of the depositor (Sec. 8, R.A. No. 6426)
- Intengan v. Court of Appeals, G.R. No. 128996, 15 Feb 2002 (JABIDO)
- China Banking Corp. v. Court of Appeals, G.R. No. 140687, 18 Dec 2006 (MARAVE)
- Government Service Insurance System v. Court of Appeals, G.R. No. 189206, 08 Jun 2011 (MARTINEZ)
- Philippine Savings Bank v. Senate Impeachment Court, G.R. No. 200238 (Resolution), 20 Nov 2012 (PANTONI
ii. Upon order of a competent court in cases of violation of the AMLA where there is probable cause of money launde
except that no court order is required in specified cases (Sec. 11, R.A. No. 9160, as amended)
iii. BSP inquiry into or examination of deposits or investments with any bank, when the inquiry or examination is ma
course of the BSP’s periodic of special examination of said bank
iv. Under the PDIC charter (Sec. 8[8], R.A. No. 3591, as amended)
d. Penalty for violation (Sec. 10, R.A. No. 6426)
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PHILIPPINE DEPOSIT INSURANCE CORP

A. Basic policy (Sec. 1)

B. Philippine Deposit Insurance Corporation (PDIC); its powers and functions
C. Concept of insured deposits (Sec. 3)
Linsangan v. Philippine Deposit Insurance Corp., G.R. No. 228807, 11 Feb 2019 (PENARANDA)
- PDIC Regulatory Issuance No. 2009-03
- Philippine Deposit Insurance Corp. v. Gidwani, G.R. No. 234616, 20 Jun 2018 (PEPITO)
D. Liability to depositors (Sec. 4)
- Spouses Chugani v. Philippine Deposit Insurance Corp., G.R. No. 230037, 19 Mar 2018 (QUINANOLA)
E. Deposit liabilities required to be insured with PDIC
- Philippine Deposit Insurance Corp. v. Court of Appeals, G.R. No. 126911, 30 Apr 2003 (QUINTAYO)
- Philippine Deposit Insurance Corp. v. Court of Appeals, G.R. No. 118917, 22 Dec 1997 (SAGUIN)
a. Commencement of liability
b. Deposit accounts not entitled to payment (Sec. 2)
c. Extent of liability
d. Determination of insured deposits
e. Calculation of liability (Sec. 3)
i. Per depositor, per capacity rule
ii. Joint accounts
iii. Mode of payment
iv. Effect of payment of insured deposit
v. Payments of insured deposits as preferred credit under Art. 2244, Civil Code
vi. Failure to settle claim of insured depositor
vii. Failure of depositor to claim insured deposit

1. Examination of banks and deposit accounts
2. Prohibition against splitting of deposits
3. Prohibition against issuances of TROs, etc.
So v. Philippine Deposit Insurance Corp., G.R. No. 230020, 19 Mar 2018 (CALONGE)
F. Concept of bank resolution
G. Role of the PDIC in relation to banks in distress
a. Closure and takeover
b. Conservatorship
c. Receivership
- Banco Filipino Savings and Mortgage Bank v. Bangko Sentral ng Pilipinas, G.R. No. 200678, 04 Jun 2018 (SALAB
d. Liquidation
H. Case/s:
- Philippine Deposit Insurance Corp. v. Citibank, G.R. No. 170290, 11 Apr 2012 (TOMILAP)
- Philippine Deposit Insurance Corp. v. Philippine Countryside Rural Bank, Inc., G.R. No. 176438, 24 Jan 2011 (
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ANTI-MONEY LAUNDERING ACT
(R.A. No. 9160, as amended by R.A. Nos. 9194, 10167, 10168, 10365, 10927, 11479, and 11521)
A. Policy of the law (Sec. 2)

B. Covered persons; obligations of covered persons (Secs. 3[a] & 9)
C. Covered transactions (Sec. 3[b])
D. Suspicious transactions (Sec. 3[b-1])
a. Safe harbor provision (Rule 9[c][3], 2016 Revised IRR)
E. When is money laundering committed (Sec. 4)
F. Unlawful activities or predicate crimes (Sec. 3[i])
- Republic v. Glasgow Credit and Collection Services, Inc., G.R. No. 170281, 18 Jan 2008 (CALONGE)
- Republic v. Eugenio, Jr., G.R. No. 174629, 14 Feb 2008 (TAN)
- Republic v. Bolante, G.R. Nos. 186717 & 190357, 17 Apr 2017 (GALO)
- Philippine Deposit Insurance Corp. v. Gidwani, G.R. No. 234616, 20 Jun 2018 (GUIRAL)
G. Anti-Money Laundering Council (AMLC); its powers and functions (Sec. 7)
H. Freezing of monetary instrument or property (Sec. 10)
- Republic v. Eugenio, Jr., G.R. No. 174629, 14 Feb 2008 (TAN)
Republic v. Cabrini Green & Ross, Inc., G.R. Nos. 154522, 154694, 155554 & 155711 (Resolution), 05 May 2006 (J
Ligot v. Republic, G.R. No. 176944, 06 Mar 2013 - nature of freeze order (MARAVE)
Subido Pagente Certeza Mendoza and Binay Law Offices v. Court of Appeals, G.R. No. 216914, 06 Dec 2016 (MART
Republic v. First Pacific Network, Inc., G.R. No. 156646 (Notice), 19 Nov 2014 (PANTONIAL)
I. Authority to inquire into bank deposits
- Republic v. Eugenio, Jr., G.R. No. 174629, 14 Feb 2008 (PENARANDA)
- Subido Pagente Certeza Mendoza and Binay Law Offices v. Court of Appeals, G.R. No. 216914, 06 Dec 2016 (P
J. Jurisdiction (Sec. 5)
K. Prosecution (Sec. 6)
L. Penalties (Sec. 14)
M. Implementing rules and regulations
- 2018 IRR of R.A. No. 9160, as amended (27 Nov 2018)
N. Forfeiture (Sec. 12)
- A.M. No. 05-11-04-SC - Rules on Civil Forfeiture
- Republic v. Glasgow Credit and Collection Services, Inc., G.R. No. 170281, 18 Jan 2008 (QUINANOLA)
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TRUTH IN LENDING ACT
(R.A. No. 3765)
A. Purpose and applicability

- BSP Circular No. 730, s.2011 dated 20 Jul 2011
- BSP Circular No. 754, s.2012 dated 17 Apr 2012
- BSP Circular No. 755, s.2012 dated 20 Apr 2012
- BSP Memorandum No. 18, s.2012
- BSP Memorandum No. 20, s.2012
- BSP Memorandum No. M-2012-030 dated 03 Jul 2012
- SEC MC No. 07, s.2011 dated Sep 2011
- Insurance Commission (IC) Circular No. 21, s.2011
- Cooperative Development Authority (CDA) Circular No. 2012-05 dated 14 Mar 2012
- Republic Act No. 9474, as amended by R.A. No. 10881
- Republic Act No. 5890, as amended by R.A. No. 8556
B. Obligation of creditors to persons to whom credit is extended
a. When does the Truth in Lending Act (TILA) apply?
b. What are the items required to be disclosed?
c. When should disclosure be made?
i. In credit sales
ii. In consumer loans
C. Covered transactions
D. Excluded transactions
E. Consequences of non-compliance
F. Case/s:
- Development Bank of the Phils. v. Arcilla, G.R. Nos. 161397 & 161426, 30 Jun 2005 (QUINTAYO)
- Consolidated Bank and Trust Corp. v. Court of Appeals, G.R. No. 91494, 14 Jul 1995 (SAGUIN)
- New Sampaguita Builders Construction v. Philippine National Bank, G.R. No. 148753, 30 Jul 2004 (SALABSAB
- Bank of the Philippine Islands v. Spouses Yu, G.R. No. 184122, 20 Jan 2010 (TOMILAP)
- United Coconut Planters Bank v. Spouses Beluso, G.R. No. 159912, 17 Aug 2007 (BACOLOD)
Spouses Silos v. Philippine National Bank, G.R. No. 181045, 02 Jul 2014 (CALONGE)
Heirs of Espiritu v. Spouses Landrito, G.R. No. 169617, 03 Apr 2007 (CONSULAR)
- Emata v. Intermediate Appellate Court, G.R. No. 72714, 29 Jun 1989 (TAN)
- International Harvester Macleod, Inc. v. Medina, Jr., G.R. No. 53623, 22 Mar 1990 (GUIRAL)
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SECURITIES REGULATIONS CODE

(R.A. No. 8799)
A. State policy (Sec. 2)

Abacus Securities Corp. v. Ruben U. Ampil, G.R. NO. 160016, February 27, 2006 (IT-IT)
B. The Securities Regulation Code and the Securities and Exchange Commission (“SEC”)
Philippine Stock Exchange, Inc. v. Court of Appeals, G.R. No. 125469, 27 Oct 1997 (TAN)
Speed Distributing Corp. v. Court of Appeals, G.R. No. 149351, 17 Mar 2004 (MARAVE)
- Morato v. Court of Appeals, G.R. No. 141510, 13 Aug 2004 (MARTINEZ)
- Orendain v. BF Homes, Inc., G.R. No. 146313, 31 Oct 2006 (PANTONIAL) -
SEC v. subic bay golf and country club inc. GR. No. 179047, 11 Mar 2015 (PENARANDA)
- Consuelo Metal Corp v. Planters Development Bank, C.R. No. 152580, 26 Jun 2008 (PEPITO)
- GD Express Worldwide v. Court of Appeals, GR No. 136978, 08 May 2009 (QUINANOLA)
- Yujuico v. Quiambao, G.R. No. 168639, 29 Jan 2007 (QUINTAYO)
- Cemco Holdings, Inc. v. National Life Insurance Co. of the Philippines, Inc., G.R. No. 171815, 07 Aug 2007 (SA
- Government Service Insurance System v. Court of Appeals, G.R. Nos. 183905 & 184275, 16 Apr 2009 (SALABS
C. Definition (Secs. 3 & 11; Rules 3 & 11, IRR; Secs. 6, 8, 9 and 40, Revised Corporation Code; Sec. 3, R.A. No. 926
- SEC Opinion No. 09-25 dated 11 Sep 2009
- SEC Opinion No. 06-15 dated 01 Mar 2006
- SEC-OGC Opinion No.11-22 dated 12 Apr 2011
- 1982 Rules Governing Redeemable and Treasury Shares
- SEC Resolution No. 494, s.2015
- Power Homes Unlimited Corp. v. Securities and Exchange Commission, G.R. No. 164182, 26 Feb 2008 (TOMIL
Abacus Capital and Investment Corp. v. Tabujara, G.R. No. 197624, 23 Jul 2018 (BACOLOD)
Securities and Exchange Commission v. CJH Development Corp., G.R. No. 210316, 28 Nov 2016 (CALONGE)
- Securities and Exchange Commission v. Prosperity.com, Inc., G.R. No. 164197, 25 Jan 2012 (CONSULAR)
- Gabionza v. Court of Appeals, G.R. No. 161057, 12 Sep 2008 (TAN)
ONAPAL Philippines Commodities, Inc. v. Court of Appeals, G.R. No. 90707, 01 Feb 1993 (GUIRAL)
- Lopez v. Court of Appeals, G.R. No. L41291, 08 Dec 1998 – definition of an Exchange (IT-IT)
- SEC v. W.J. Howey Co., Supreme Court of the United States, 328 U.S. 293 (1946) (JABIDO)
- SEC v. Glenn W. Tuner Enterprises, Inc., 1973 (US) (TAN)
- United Housing Foundation, Inc. v. Forman, 421 U.S. 837 (1975) (MARTINEZ)
- Teamsters v. Daniel, 439 U.S. 551 (1979) (PANTONIAL)
- SEC v. Koscot Interplanetary, Inc., 497 F.2d 473 (1974) (PENARANDA)
- SEC v. Life Partners, Incorporated, United States Court of Appeals, D.C. Circuit, 1996, 102 F. 3d 587 (PEPITO
- United States v. Jones, United States Court of Appeals, Fifth Circuit, 1971, 450 F. 2d 523 (QUINANOLA)
In re Tucker Corp, Securities and Exchange Commission, 1947, 26 S.E.C. 249 - Procter & Gamble Company v. Ban
Company and BT Securities Corporation, United States District Court, S.D. Ohio, Western Division, 1996, 925 F. Su
(QUINTAYO)
Landreth Timber Co. v. Landreth, Supreme Court of the United States, 1985, 471 U.S. 681 (SAGUIN)
- Reves v. Ernst & Young, Supreme Court of the United States, 1990, 494 U.S. 56 (SALABSAB)
- Nicole v. Ames, 173 US 509, 43 L Ed 786, 19 S Ct 522) (TOMILAP)
D. Registration of securities (Sec. 8; SRC Rules 8.1 & 8.3, IRR)
Rivilla v. Intermediate Appellate Court, G.R. No. 78170, 31 Jul 1989 (BACOLOD)
Nestle Philippines, Inc. v. Court of Appeals, G.R. No. 86738, 13 Nov 1991 (CALONGE)
Securities and Exchange Commission v. Court of Appeals, G.R. Nos. 106425 & 106431-32, 21 Jul 1995 (CONSULA
- People v. Petralba, G.R. No. 137512, 27 Sep 2004 (TAN)
- Standard Chartered Bank v. Senate Committee on Banks, Financial Institutions and Currencies, G.R. No. 16717
- Gabionza v. Court of Appeals, G.R. No. 161057, 12 Sep 2008 (IT-IT)
- Timeshare Realty Corp. v. Lao, G.R. No. 158941, 11 Feb 2008 (JABIDO)
E. Kinds of securities

Securities and Exchange Commission v. Prosperity.com, Inc., G.R. No. 164197, 25 Jan 2012 (MARAVE)
Power Homes Unlimited Corp. v. Securities and Exchange Commission, G.R. No. 164182, 26 Feb 2008 (MARTINEZ
a. Exempt securities (Sec. 9; SRC Rule 9.2, IRR)
Union Bank of the Philippines v. Securities & Exchange Commission, G.R. No. 138949, 06 Jun 2001 (PANTONIAL)
- SEC Opinion No. 06-10 dated 08 Feb 2006
- SEC MC No. 04, s.2011
- DOJ Opinion No. 144, s.1993
b. Exempt transactions (Sec. 10; SRC Rule 10.1, IRR)
- SEC-OGC Opinion No. 10-33 dated 17 Dec 2010
- Motoomull v. Dela Paz, G.R. No. 45302, 24 July 1990 (PENARANDA)
c. Non-exempt transactions (Sec. 10; SRC Rule 10.1, IRR)
F. Powers and functions of the Securities and Exchange Commission
- Cemco Holdings, Inc. v. National Life Insurance Co. of the Philippines, Inc., G.R. No. 171815, 07 Aug 2007 (PEPI
G. Procedure for registration of securities (Secs. 8 & 12; SRC Rule 8.1, IRR)
a. Application for registration
b. Other information
c. Signature and written consent.
d. Filing fees
e. Notice and publication.
f. Declaration of effectivity
g. Statement under oath
H. Rejection and revocation of registration of securities (Sec. 13; SRC Rule 13, IRR)
Securities and Exchange Commission v. Universal Rightfield Property Holdings, Inc., G.R. No. 181381, 20 Jul 2015
Philippine Stock Exchange, Inc. v. Court of Appeals, G.R. No. 125469, 27 Oct 1997 (QUINTAYO)
I. Prohibitions on fraud, manipulation and insider trading
People v. Pastrana, G.R. No. 196045, 21 Feb 2018 (TAN)
a. Manipulation of security prices (Sec. 24; SRC Rule 24.1[d], IRR)
i. Painting the tape
ii. Marking the close
iii. Improper matched order
iv. Hyping and dumping the stocks
v. Wash sale
vi. Squeezing the float
vii. Short selling (SRC Rule 24.2-2, IRR)
viii. Circulating unverified rumor-based market information
ix. Stop Loss Order
x. Repurchasing of outstanding stock by issuers
b. Option trading (Sec. 25; SRC Rule 25.1, IRR)

c. Fraudulent transactions (Sec. 26; SRC Rule 26.3, IRR)
Securities and Exchange Commission v. Court of Appeals, G.R. Nos. 106425 & 106431-32, 21 Jul 1995 (SALABSA
- Benedicto-Muñoz v. Cacho-Olivares, G.R. Nos. 179121, 179128 & 179129, 09 Nov 2015 (TOMILAP)
d. Insider trading (Sec. 27)
J. Protection of shareholder interests

a. Tender offer rule (Sec. 19; SRC Rule 19, IRR)
- SEC Opinion No. 12-19 dated 11 Oct 2012
- Cemco Holdings, Inc. v. National Life Insurance Co. of the Philippines, Inc., G.R. No. 171815, 07 Aug 2007 (BA
- Philippine Veterans Bank v. Callangan, G.R. No. 191995, 03 Aug 2011 (CALONGE)
b. Rules on proxy solicitation (Sec. 20; SRC Rule 20, IRR)
- Securities and Exchange Commission v. Court of Appeals, G.R. No. 187702, 22 Oct 2014 (CONSULAR)
c. Disclosure rule
- Securities and Exchange Commission v. Court of Appeals, G.R. No. 125469, 27 Oct 1997 (GALO)
K. Civil liability
a. On false registration (Sec. 56)
b. In connection with prospectus, communications and reports (Sec. 57)
c. Fraud in connection with securities transactions (Sec. 58)
d. Manipulation of security prices (Sec. 59)
e. With respect to commodity futures contract and pre-need plans (Sec. 60)
f. On account of insider trading (Sec. 61)
L. Limitation of actions (Sec. 62)
M. Investigation, Injunctions and prosecution of offenses
Baviera v. Paglinawan, G.R. No. 168380, 08 Feb 2007 (TAN)
N. Cease and desist order (Sec. 64)
- Securities and Exchange Commission v. Performance Foreign Exchange Corp., G.R. No. 154131, 20 Jul 2006 (I
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FOREIGN INVESTMENTS ACT

(R.A. No. 7042, as amended by R.A. No. 8179)
A. Policy of the law

B. Definition of terms
a. Foreign investment
b. "Doing business" in the Philippines (Sec. 3[d])
- Steelcase, Inc. v. Design International Selections, Inc., G.R. No. 171995, 18 Apr 2012 (JABIDO)
- Commissioner of Internal Revenue v. Interpublic Group of Companies, Inc., G.R. No. 207039, 14 Aug 2019 (MA
- Air Canada v. Commissioner of Internal Revenue, G.R. No. 169507, 11 Jan 2016 (MARTINEZ)
c. Export enterprise (Sec. 3[e])
d. Domestic market enterprise (Sec. 3[f])
e. Philippine corporation
- Querubin v. Commission on Elections (En Banc), G.R. No. 218787, 08 Dec 2015 (PANTONIAL)
C. Registration of investments of non-Philippine nationals
a. Who are Philippine nationals?
- Roy III v. Herbosa, G.R. No. 207246, 22 Nov 2016 (PENARANDA)
b. Who are considered as non-Philippine nationals?
c. Requirements for non-Philippine nationals to do business (Sec. 5)
d. Limitations
D. Foreign investments in export enterprises (Sec. 6)
a. Rules regarding foreign registration in export enterprise:
b. The penalties provided under the law:
E. Foreign investments in domestic market enterprises
F. Foreign investment negative list (Sec. 3[g])
- E.O. No. 65, s.2018
National Federation of Hog Farmers, Inc. v. Board of Investments, G.R. No. 205835, 23 Jun 2020 (PEPITO)
G. Grandfather rule
- Narra Nickel Mining and Development Corp. v. Redmont Consolidated Mines Corp., G.R. No. 195580 (Resolutio
- In the matter of: The Corporate Rehabilitation of Bayan Telecommunications, Inc., G.R. Nos. 175418-20, 05 Dec
- Gamboa v. Teves, G.R. No. 176579, 28 Jun 2011 (SAGUIN)
- Heirs of Gamboa v. Teves, G.R. No. 176579 (Resolution), 09 Oct 2012 (SALABSAB)
- SEC MC No. 08, s.2013
- Roy III v. Herbosa, G.R. No. 207246, 22 Nov 2016 (TAN)
H. Nationality restriction

a. Filipino ownership requirements (e.g. reserved to Philippine nationals by mandate of the Constitution and specif
i. 100% Filipino-owned
- Art. 26, Ch. III, R.A. No. 6938, as amended
- Sec. 5, R.A. No. 7183
- Sec. 5, P.D. 449, as amended
- Sec. 3[c], R.A. 7076
- Sec. 4, R.A. 5487, as amended
- Sec. 5, R.A. 8762
Manufacture, repair, stockpiling and/or distribution of biological, chemical and radiological weapons and Anti-perso
(through various treaties to which the Philippines is a signatory and conventions supported by the Philippines)
- Sec. 2, Art. XII, 1987 Constitution
- Sec. 8, Art. II, 1987 Constitution
- Mass media except recording and internet business
(see: 11th Negative List)
ii. 80% Filipino-owned (up to 20% foreign equity)
- Sec. 4, R.A. No. 3846, as amended
iii. 75% Filipino-owned (up to 25% foreign equity) - Sec. 1, C.A. No. 541 in relation to LOI No. 630 except Sec. 2[a
- Sec. 1, C.A. No. 541
- Art. 27, P.D. No. 442, as amended
- R.A. No. 8491 in relation to Sec. 1, CA 138
iv. 70% Filipino-owned (up to 30% foreign equity)
- Sec. 11[2], Art. XVI, 1987 Constitution
- Sec. 8, P.D. No. 114
v. 60% Filipino-owned (up to 40% foreign equity)
- Sec. 7, Art. XII, 1987 Constitution; Sec. 22, Ch. 5, C.A. No. 141; Sec. 4, R.A. No. 9182
- Sec. 2, Art. XII, 1987 Constitution
- Sec. 4[2], Art. XIV, 1987 Constitution
- Sec. 11, Art. XII, 1987 Constitution; Sec. 16, C.A. No. 146, as amended
- Sec. 11, Art. XII, 1987 Constitution; Sec. 2[a], R.A. No. 7718
- Sec. 1, R.A. No. 5183
- Sec. 333, R.A. No. 10607, as amended - Adjuster [Adjustment companies]
- Sec. 5, P.D. No. 194
- Sec. 8[b][1], R.A. No. 7042, as amended
- P.D. No. 1464, as amended (Corporations engaged in coastwise shipping)
vi. 40% Filipino-owned (up to 60% foreign equity)
- Sec. 5, P.D. No. 129, as amended
b. “Filipino First” policy
- Tañada v. Angara, G.R. No. 118295, 02 May 1997 (BACOLOD)
- Manila Prince Hotel v. Government Service Insurance System, G.R. No. 122156, 03 Feb 1997 (CALONGE)
c. National resources
La Bugal-B'laan Tribal Association, Inc. v. Ramos, G.R. No. 127882 (Resolution), 01 Dec 2004 (CONSULAR)
- IDEALS, Inc. v. PSALM Corp., G.R. No. 192088, 09 Oct 2012 (GALO)
d. Land ownership
- Chavez v. Public Estates Authority, G.R. No. 133250 (Resolution), 11 Nov 2003 (TAN)
- Lee v. Republic, G.R. No. 128195, 03 Oct 2001 (IT-IT)
e. Public utilities
J.G. Summit Holdings Inc. v. Court of Appeals, G.R. No. 124293 (Resolution), 31 Jan 2005 (JABIDO)
- Bagatsing v. Committee on Privatization, G.R. Nos. 112399 & 115994, 14 Jul 1995 (MARAVE)
f. Educational institutions
- Crisostomo v. Securities and Exchange Commission, G.R. Nos. 89095 & 89555, 06 Nov 1989 (MARTINEZ)
g. Mass media and advertising
h. Retail trade law
- Espina v. Zamora, Jr., G.R. No. 143855, 21 Sep 2010 (PANTONIAL)
i. Anti-dummy law
- People v. Quasha, G.R. No. L-6055, 12 Jun 1953 (PENARANDA)
- Roque, Jr. v. Commission on Elections, G.R. No. 188456, 10 Sep 2009 (PEPITO)
Chan Sui Bi v. Court of Appeals, G.R. No. 129507, 29 Sep 2000 (QUINANOLA)
I. Investment incentives
a. Omnibus investments code (E.O. No. 226, as amended)
Garcia v. Board of Investments, G.R. No. 92024, 09 Nov 1990 (QUINTAYO)
b. Economic zones
- John Hay Peoples Alternative Coalition v. Lim, G.R. No. 119775, 24 Oct 2003 (SAGUIN)
- Coconut Oil Refiners Association, Inc. v. Torres, G.R. No. 132527, 29 Jul 2005 (SALABSAB)
J. Case/s
- Hahn v. Court of Appeals, G.R. No. 113074, 22 Jan 1997 (TOMILAP)
Cargill, Inc. v. Intra Strata Assurance Corp. , G.R. No. 168266, 15 Mar 2010 (BACOLOD)
Agilent Technologies Singapore v. Integrated Silicon Technology Phil. Corp., G.R. No. 154618, 14 Apr 2004 (CALO
- Avon Insurance PLC v. Court of Appeals, G.R. No. 97642, 29 Aug 1997 (CONSULAR)
- B. Van Zuiden Bros., Ltd. v. GTVL Manufacturing Industries, Inc., G.R. No. 147905, 28 May 2007 (GALO)
- Eriks Pte. Ltd. v. Court of Appeals, G.R. No. 118843, 06 Feb 1997 (GUIRAL)
- European Resources and Techologies, Inc. v. Ingenieuburo Birkhahn + Nolte, G.R. No. 159586, 26 Jul 2004 (IT
- General Garments Corp. v. Director of Patents, G.R. No. L-24295, 30 Sep 1971 (JABIDO)
Lorenzo Shipping Corp. v. Chubb and Sons, Inc., G.R. No. 147724, 08 Jun 2004 (MARAVE)
Tuna Processing, Inc. v. Philippine Kingford, Inc., G.R. No. 185582, 29 Feb 2012 (MARTINEZ)
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FINANCIAL REHABILITATION AND INSO

(R.A. No. 10173)
A. Policy (Sec. 2)

B. Definition of terms
C. Proceedings covered; persons who can file and/or approve
D. Excluded debtors
E. Rehabilitation
a. Types
b. Commencement order (Sec. 15)
c. Stay or suspension order (Secs. 16 & 18)
- Philippine Airlines v. Spouses Kurangking, G.R. No. 146698, 24 Sep 2002 (PANTONIAL)
- Far East Bank and Trust Co. v. Union Bank of the Philippines, G.R. No. 196637, 03 Jun 2019 (PENARANDA)
- Panlilio v. Regional Trial Court, Manila, G.R. No. 173846, 02 Feb 2011 (PEPITO)
- Town and Country Enterprises, Inc. v. Quisumbing, Jr., G.R. Nos. 173610 & 174132, 01 Oct 2012 (QUINANO
d. Suspended claims

- Rubberworld (Phils.), Inc. v. National Labor Relations Commission, G.R. No. 126773, 14 Apr 1999 (QUINTAY
- Spouses Sobrejuanite v. ASB Development Corp., G.R. No. 165675, 30 Sep 2005 (SAGUIN)
- Metropolitan Bank & Trust Company v. ASB Holdings, Inc., G.R. No. 166197, 27 Feb 2007 (SALABSAB)
e. Rehabilitation receiver (Secs. 4[hh] & 28)

f. Management committee (Sec. 36-37)
g. Rehabilitation plan (Sec. 4[ii], 64, & 68-69)
- Phil. Bank of Communications v. Basic Polyprinters and Packaging Corp., G.R. No. 187581, 20 Oct 2014 (TOM
- Philippine Asset Growth Two, Inc. v. Fastech Synergy Philippines, Inc., G.R. No. 206528, 28 Jun 2016 (BACOL
h. Cram down effect (Sec. 86)

Victorio-Aquino v. Pacific Plans, Inc., G.R. No. 193108, 10 Dec 2014 (CALONGE)
- Leca Realty Corp. v. Manuela Corp., G.R. Nos. 166800 & 168924, 25 Sep 2007 (CONSULAR)
- Bank of the Philippine Islands v. Sarabia Manor Hotel Corp., G.R. No. 175844, 29 Jul 2013 (GALO)
F. Suspension of payments (Sec. 96)

a. Suspension of payments vs. rehabilitation
b. Suspension of payments vs. liquidation
c. Prohibited acts
G. Liquidation
a. Types
b. Conversion of rehabilitation to liquidation proceedings (Secs. 25[c], 72, 75, & 90)
c. Liquidation order (Secs. 112-113)
d. Rights of secured creditors (Sec. 114)
e. Liquidator (Secs. 4[w], 117, & 119)
f. Determination of claims (Secs. 123-125)
g. Liquidation of plan (Sec. 129)
H. Distribution of assets (Sec. 133)

I. Cross-border insolvency
J. Financial Liquidation and Suspension of Payments Rules of Procedure for Insolvent Debtors (A.M. No. 15-04-06
a. Conversion of rehabilitation proceedings to liquidation proceedings (Sec. 9)
b. Liquidation order (Sec. 2, Rule 4)
c. Effects of liquidation order (Sec. 3, Rule 4)
d. Rights of secured creditors (Sec. 4, Rule 4)
Yngson, Jr. v. Philippine National Bank, G.R. No. 171132, 15 Aug 2012 (TAN)
e. Powers, duties and responsibilities of the liquidator (Secs. 8-16)
K. Determination of claims (Secs. 18-20)

L. Liquidation plan (Secs. 23-29)
M. Concurrence and preference of credits (Sec. 133)
a. Meaning of concurrence and preference
b. Exempt properties
c. Classification of credits
d. Order of preference of credits
N. Case/s
- Majority Stockholders of Ruby Industrial Corp. v. Lim, G.R. Nos. 165887 & 165929, 06 Jun 2011 (IT-IT)
- Steel Corporation of the Philippines v. Bureau of Customs, G.R. No. 220502, 12 Feb 2018 (JABIDO)
Allied Banking Corp. v. Equitable PCI Bank, Inc., G.R. No. 191939, 14 Mar 2018 (MARAVE)
Phil. Bank of Communications v. Basic Polyprinters and Packaging Corp., G.R. No. 187581, 20 Oct 2014 (MARTIN
- Definition of insolvent and corporate debtor
Land Bank of the Philippines v. Fastech Synergy Philippines, Inc., G.R. No. 206150, 09 Aug 2017 (PANTONIAL)
definition of Rehabilitation
- Pilipinas Shell Petroleum Corp. v. Royal Ferry Services, Inc., G.R. No. 188146, 01 Feb 2017 (PENARANDA)
- Golden Cane Furniture Manufacturing Corp. v. Steelpro Philippines, Inc., G.R. No. 198222, 04 Apr 2016 (PEPI
- Viva Shipping Lines, Inc. v. Keppel Philippines Mining, Inc., G.R. No. 177382, 17 Feb 2016 (QUINANOLA)
- Finasia Investment & Finance Corp. v. Court of Appeals, et. al., G.R. No. 107002, 07 Oct 1994 (QUINTAYO)
- Rosario v. Co., G.R. No. 133608, 26 Aug 2008 (SAGUIN)
- - - - - - - - - - end of this law - - - - - - - - - -
PHILIPPINE COMPETITION ACT

(R.A. No. 10667)
A. Introduction (Sec. 1, Art. XII, 1987 Constitution; Sec. 2, R.A. No. 10667)
- Tatad v. Secretary of the Department of Energy, G.R. Nos. 124360 & 127867, 05 Nov 1997 (with Resolution) (SA
Pernito Arrastre Services, Inc. v. Mendoza, G.R. Nos. L-53492, L-54265, L-54394 & L-54565, 29 Dec 1986 (TOMI
- Influence or effect of competition: See R.A. No. 11202 or the Mobile Number Portability Act
B. Definition of terms (Sec. 4)
a. Anti-trust v. competition law
C. Scope of application (Secs. 3 & 4[h])
D. Powers, functions and organization of the Philippine Competition Commission (PCC); its powers and (Secs. 6, 32
E. Concept of “substantially prevents, restricts or lessens competition”
F. Prohibited acts (“The Three Pillars”)
a. Anti-competitive agreements (Sec. 14; Sec. 1, Rule 3, IRR)
i. Per se violations
ii. Not per se violations
- Vitamin Cartel (2001)
- Single economic entity
b. Abuse of dominant position (Sec. 15; Sec. 2, Rule 3, IRR)

Competition Enforcement Office of the Philippine Competition Commission vs. Urban Deca Homes Manila Condomi
Corporation and 8990 Holdings, Inc., PCC Case No. E-2019-001 (BACOLOD) -
Facebook Case (2018, Germany) (GALO)
c. Prohibited / anti-competitive mergers and acquisitions (Secs. 20 & 17; Rule 4, IRR)
In the Matter of the Proposed Acquisition by Universal Robina Corporation (URC) of Assets of Central Azucarera D
Inc. (CADPI) and Roxas Holdings Inc. (RHI), PCC Case No. M-2018-006 (CALONGE)
i. Forms of merger reviews
1. Regular merger review
2. Expedited merger review
- PCC Resolution No. 008-2019
G. Covered transactions

a. Thresholds for compulsory notification (Secs. 17 & 12[b]; Sec. 3, Rule 4, IRR)
- PCC Resolution No. 02-2020
- Memorandum Circular No. 18-001
- Sec. 4[eee], R.A. No. 11494
b. Notifying entity
c. Exceptions (Sec. 21)
- In the Matter of the Proposed Acquisition of Chelsea Logistics Holdings Corporation of Shares in KGLI-NM Ho
Inc., PCC Case No. M2018-002 (CONSULAR)
- In the Matter of Wingtech Technology, Co. Ltd. and Nexperia Holding B.V.’s Alleged Violation of the Compulso
Notification Requirements Under Section 2.1 of the PCC Rules on Merger Procedure, PCC Case No. M-2019-006 (G
Directing the Mergers and Acquisitions Office to Commence a Motu Proprio Review of the Acquisition by Grab Hold
and MyTaxi.PH, Inc. of the Assets of Uber B.V. and Uber Systems, Inc., PCC Resolution No. 08-2018 (GUIRAL)
H. Determining the relevant market (Secs. 4[k] & 24)

I. Determining control or dominance of market (Sec. 27)
J. Determining existence of anti-competitive conduct
K. Forbearance by the PCC (Sec. 28)
L. Judicial relief
a. Appeals from the PCC (Sec. 39)
b. Temporary restraining order (TRO) / preliminary injunction (Sec. 47)
c. Jurisdiction and venue (Sec. 44)
- - - - - - - - - - end of this law - - - - - - - - - -

DATA PRIVACY ACT
(R.A. No. 10173)
A. Constitutional and statutory basis for the right to privacy under Philippine law (except the Data Privacy Act)
a. The Reasonable Expectation of Privacy Test
- Pollo v. Constantino-David, G.R. No. 181881, 18 Oct. 2011 (TAN)
B. Definition and scope; extra-territorial application

C. The National Privacy Commission (NPC)
D. Kinds of [personal] Information
a. Personal Information
b. Sensitive Personal Information
c. Privileged Personal Information
E. Processing of [personal] information

F. Tripartite Privacy Relationship
a. Data Controller
b. Data Processor
c. Data Subjects
G. Rights of a data subject

H. Penalties
------------------------------------------------------------
OWNER
(BACOLOD)
(CALONGE)
(CONSULAR)
(GALO)
(GUIRAL)
(IT-IT)
(JABIDO)
(MARAVE)
(BACOLOD)
Jun 2005 (JABIDO)
15 Aug 1961 (PANTONIAL)
108
No. 100701, 28 Mar 2001 (CONSULAR)
ec 2006 (GALO)
8894, 81303, 81304 & 90473, 11 Dec 1991 (GUIRAL)

8894, 81303, 81304 & 90473, 11 Dec 1991 (CONSULAR)
QUINANOLA)
No. 88880, 30 Apr 1991 (PENARANDA)
3307, 30 Jun 1967 (CALONGE)
G.R. No. 168644, 16 Feb 2010 (TAN)
. 174629, 14 Feb 2008 (SAGUIN)

de in the course of the BSP’s periodic or special examination
oses only and the results thereof shall be for the exclusive use of the bank
ORATION ACT
BACOLOD)
7; Sec. 3, R.A. No. 9856)
, 27 Dec 2007 (GUIRAL)

QUINANOLA)
n), 28 Jan 2015 (QUINANOLA)
2012 (QUINTAYO)
nnel mines
], R.A. No. 7718

LVENCY ACT
-
ALABSAB)

Guidelines for Case Briefs and Trust Receipts Law

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Guidelines for Case Briefs and Trust Receipts Law

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GUIDELINES FOR CASE BRIEFS

A. Definition and nature

B. Laws governing letter of credit

E. Rights and obligations of parties

G. Basic principles of letter of credit

b. Fraud exception principle

c. Doctrine of strict compliance

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TRUST RECEIPTS LAW

A. Definition and purpose

B. Nature of entruster's title

C. Form and contents

F. Coverage of trust receipts transaction

G. Rights of the entrusters

H. Obligations and liability of the entrustee

I. Payment/delivery of proceeds of sale or disposition of goods, documents or instruments

K. Liability for loss or goods, documents or instruments

L. Penal sanctions if offender is a corporation

N. Letter of credit vis-à-vis trust receipt transactions

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WAREHOUSE RECEIPTS LAW

A. General concepts (Sec. 1-7)

B. Obligations and rights of a warehouseman

C. Duties of a warehouseman

D. Who is a warehouseman

F. Distinction between a negotiable instrument and a negotiable warehouse receipt

H. Assignment and negotiation (Secs. 37-49)

I. Warehouse’s lien

J. Warehouse defenses for non-delivery or misdelivery

BULK SALES LAW

A. Nature, objective and purpose

D. “Bulk Sales” not covered

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THE NEW CENTRAL BANK ACT

B. Creation of the Bangko Sentral ng Pilipinas (BSP) (Sec. 2)

C. Responsibility and primary objective (Sec. 3)

1. Restriction on capacity to act

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GENERAL BANKING ACT

A. Definition (Sec. 3.1)

c. Directors and Officers

3. Other minimum qualifications (Guidelines for the Establishment of Banks)

iii. Disqualifications (Guidelines for the Establishment of Banks)

H. Nature of banking business (Sec. 2)

1. When utmost diligence required

d. In the custody of documents; integrity of records

ii. Liability for negligence

I. Basic function of banks

3. Bank’s duty of utmost care (Sec. 2)

iii. Capacity of depositors

c. Other services, functions, and operations

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LAW ON SECRECY OF BANK DEPOSITS

C. Deposits covered (Sec. 2)

l. Under the Rules of Court

b. Prohibition (Sec. 8, R.A. No. 6426)

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PHILIPPINE DEPOSIT INSURANCE CORP

A. Basic policy (Sec. 1)

vi. Failure to settle claim of insured depositor

vii. Failure of depositor to claim insured deposit

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A. Policy of the law (Sec. 2)