~ATENEO

VCENTRAL
I BAR OPERATIONS 20191

JORGE ALFONSO C. MELO

Bar Review Coordinator

LEILAS. LIM
Bar Review Secretariat

ATENEO CENTRAL BAR OPERATIONS

·,
PATRICK EDWARD BALISONG
Chairman

KATRINA Y. COSCOLLUELA JONATHAN VICTOR NOEL CZARINA CHEF< CUERPO

GENICA THERESE ENDALUZ JOHN STEPHEN PANGU..INAN BENIGNO ENCISO
A<;Jministration Committee Heads Academics Committee Heads Hotel Operations Committee Heads

DEAN JOSE MARIA HOFILENA

ATTY. ROEL REFRAN
ATTY. IVY PATDU
ATTY. FELICISIMO AGAS Ill
COMMERCIAL LAW Faculty Advisers

!SABELLA NAGUIAT
CHRISTINE LEONG
CLAUDINE BERNAS
PAOLOGABRIEL BAUTISTA
COMMERCIAL LAW Subject Heads

EUNICE A. MALA YO
FRANCES CHRISTINE F. SAYSON
Central Bar Operations
Academics Understudies

GIAMORDENO
MOIRA SARMIENTO NICKI VINE CAPUCHINO
JEBEL CLAUDIO
MAE SAMPANG ELi:>EN ROCAMORA
REI LUIS DOMINGO
REMEDIAL LAW Volunteers

\ .
 1''"

ATENEO CENTRAL
BAR OPERATIONS 2019 MERCANTILE LAW

1· :,·,:L·:··AEQ I . , ,!. e·• . .. i. LETTERS OF CREDIT ANO TRUST RECEIPTS . · •=::i

A. Basic Concepts 1
1. Doctrine of Independence , , 4
2. Fraud Exception Principle , , 4
3. Doctrine of Strict Compliance 5.
4. Warehouseman's lien ., 5
B. Rights and Obligations of Parties , ; 10 ·
1. Entruster/entrustee 1O
2. Applicant/banl<s/beneficiaries ........................................................•............... .4
C. Remedies Available · ·12
~
[ . II. NEGOTIABLE INSTRUMENTS LAW

A. Requisites of Negotiability : 13
B. Forgery aiid Material Alteration 19
C. Negotiation : , ,. 23·
O. Rights of the Holder , , .. : ,. ,..26
1. Holder in Due Course , 26
2. Defense Against the Holder 26
E. Checks · 37

. Ill. INSURANCE CODE

A. Basic Concepts , , .......•.. . 39.

1. What may be insured 39
2. Insurable interest · .' 41
3. Double insurance and Over insurance 44
4. Reinsurance ••..•.•..................... : , ; 44
5. No fault, suicide, and incontestability clauses 45
B. Perfection of the Insurance Contract 48
C. Rights and Obligation of the Parties 53
1. Insurer · : , 53
2. Insured , : 54
3. Beneficiary ....................•......................................................................•....... 54.
D. Rescission of Insurance Contracts ,. ~ : 54 ·
1. Concealment , : 54
2. Misrepresentation or omissions 56
·3. Breach of warranties , : ·........•................. : 57
E. Loss : 59
 IV. TRANSPORTATION

A. Common Carriers 72
1. Concept · 72
2. Common Carrier v. Private Carrier : , 72
3. Diligence Required ; 73
a. Obligations and Liabilities , 73
1. Vigifance over goods 74
2.· Safety of passengers ~ , 77
C. Defenses available to a common carrier , 80
1. Proof of negligence 80
2. Due diligence in the selection and supervision of employees 80
3. Fortuitous event. 80
4,· Contributory negligence : 80
5 Doctrine of last clear chance
-e. :· 80
D. Extent of liability 81
1 -. Recoverable darnaqes 81
2. Stipulations limiting liability , 82
3. Limitations under the Warsaw Convention : : 96

c . V. CORPORATION LAW (Provisions of BP 68, not affected.by RA 11232) . ~-· .

A. General Principles : · '..98

1. Nationality of corporations 102
a. Place of incorporation test , , ,.· .. 102
. b. Control test. 102
c. Grandfather rule · , : 103
2. Doctrine of separate juridical personality 104
3. Doctrine of piercing the corporate veil : 106
B .. De facto corporations and corporations by estoppal
-
C. Powers of corporations 114
~·
1. How powers are exercised ; 117·
2. Ultra vires doctrine 117
3 .. Trustfund doctrine 120
D. Board of Directors and Trustees 121
. 1. Basic principles 121
a. Doctrine of centralized management.. , 121
b, Business judgment rule ;·,; · 121
2. Duties, liabilities, and responsibility for unlawful acts 124
E. Stockholders and Members '. · 127,
1. Doctrine of equality of shares 127
2. Property rights 129
a. Right to dividends .' 129
b. Right to inspect , .. 130
c. Pre-emptive right ; 131
 ct Right-of first refusal 131
3. Intra-corporate disputes
a. Concept
b. Individual vs. representative vs. o'Jrivative suit : ;133 s·
::.
....
F. Stock vs. non-stock corporations 147
G. Foreiqn Corporations .-148·
1. What constitutes "doing business" , .. 148
2. Persom1lity to sue and suablllty. ; 150
H. Mergers and Consolidation :··· 151
1. Concept ; · 151
2. Effects and limitations : ; 152

VI. SEGURITiES REGI.JLATiONCODE (R.A. No. 8799) . I

A. Reglstrc:t!ion requirement; exemptions ...........................•........... : : 157
B. Prohibition on fraud, manipulation, and insider trading , 161
C. Protection of investors , 163.
1. T.ender offer rule · 163
2. Rules on proxy solicitation : · 163
3. Disclosure rule ~ 164

VII.. BANKING LAWS

I
A. The New Central Bank Act (RA 7653, as amended by RA 11211) : .; 166
1. Handling of banks in distress , 166
a. Conservatorship : _. ., f66_
b. Closure ; . 167
c. Receivership : '. ;169
d. Liquidation '. 169
B. Secrecy of bank fieposit (RA 1405, as amended, and RA 6426, asamended). 173
1. Prohibited acts · 173
2. Exceptions from coverage , :····'. : 174
3. Garnishment of deposits, including foreign deposits 176
C. General Banking Lawof2000 (RA 8791) 176
1. Nature of bank funds and bank deposits : 178
2. Diligence required of banks ~ 179
3. Prohibited transactions by bank directors and officers 179
0. Philippine Deposit Insurance Corporation Act (RA 3591, as amended) ; 180
1. Maximum deposit insurance coverage : 180
2. Meaning of insured deposit , 180
3. Splitting of deposits : < 1.80

VIII. INTELLECTUAL PROPERTY LAW

A. Patents · 182
 1. Patentable vs. non-patentable 182
2. Ownership of a patent ~ 184 ·
3. Grounds for cancellation of a patent.. 186
4. Remedy of the true and actual inventor 186
5. Rights conferred by a patent 186
6. Limitations on patent rights , 187
7. Patent lnfringernent. : ·187
B. Trademarks 195
1. Marks vs. collective marks vs. trade names ·p 196
2. Acquisition of ownership '. 197
a. Concept of actual use., 197
b. Effect of registration .' ; 198
3. Non-registerable marks , 197
4. Well-known marks : : 199
5. Priority right. · 200
6. Rights conferred by registration '. 200
7. Trademark infringement ; ........•.............. , 201
8. Cancellation of registration · 204
9. Unfair competition ...........................................................•......•. ;. 2oa
C .. ,Copyrights , , 205
1. Copyrightable works 205
;.: .II.

2. Non-copyrightable works · ; ·.: 206

3. Rights conferred by copyright 207
4. Ownership of a copyright 207
5. Limitations on copy.right. : 210
6. Doctrine of fair use > 211
7. Copyright infringement ~ , 211

C_·_IX_._A_N_TI_-M_O_N_EY_L_A_U._N .....D_E_R_IN_G_A_C_T_.._(R_.A_._9_.1_6__0,_a_s_a_m_e_n_de_d_b,...Y.....R...........
. A......~1 .......9_4_) __ ._I
A. Covered institutions and their obligations 212
B. · Covered and suspicious transactions ~ 214
C. When is money laundering committed (including predicate crimes) 214
D. Safe harbor provision · ...............•..................................•........... 216
E. Authority to inquire into bank deposits 217
F. Freezing and forfeiture ; 217

x. l=LECTRONICCOMMERCE ACT OF 2000 (R.A. 8792) and A.M. No. 01-7-01-SC or the
Rules on Electr<>nic Eyidence

A. Legal recognition of electronic data messages, documents, and signature 219

B. Presumption relating to electronic signatures 220
C. · Admissibility and evidential weight of electronic data message or electronic ·
document. 220
O. Obligation of confidentiality 221
 XI. DATA PRIVACY ACT (R.A. No. 10173)

A Personal vs. Sensitive personal information 226

.B. Scope 227
:C· Processing of Personal Information 228
D. Rights of Data Subject , , 229

1· XII. F~ANCIAL REMABILITATIONAND INSOLVENCYACT OF 2010 (RA. No. 1014li:J

A. Basic C:oncepts .- ·.. 231

1. Rehabilitation ; '.· 231
2. lnsolvency : : .. ,231
3. Liquidation : · , •. 242
4. Suspem~ion of Payment
....
B. Modes of rehabilitation , 232·
1. Court-supervised rehabilitation , 232 ·
a. Voluntary vs. involuntary 232
b. Commencement order (including stay order) .' 235 ·
c. Rehabilitation receiver and management committee 236
d. Determination of claims ·
e. Rehabilitation plan ; , 238
i. i. Concept of feasibility
ii. ii. Material financial commitments
111. iii. Liquidation analysis
f. Creditor approval and confirmation .238
g. Failure of rehabilitation 239
2. Pre-negotiated rehabllltatlon · · , ................•.. 240
a. How initiated : · : 240
b. Period and effect of approval. 241
3. Out-of-Court or Informal Restructuring Agreement of Rehabilitation Plan 241
a. · Minimum requirements , 241
b. . Standstill period 241
c. Cram down effect , .. 241
C. Liquidation : 243
1, Voluntary liquidation vs. involuntary liquidation vs. conversion 243
2. Procedure 246
a. Liquidation order; effects 246
3. Determlnation of clairns ': , 249
D. Suspension of Payments; Suspension of Payment Order 244
E. Remedies., .. ; ; 250
1. Motion for reconsideration
. 2. Petition for certiorari
 ATENEO CENTRAL
BAR OPERATIONS 2019 COMMERCIAL LAW

I. LETTERS OF CREDIT AND TRUST Kinds of Letters of Credit

RECEIPTS
Commercial Letter of Credit
TOPIC OUTLI.NE UNDER THE SYLLABUS -; An instrument by which a bank, for the account of the
buyer, gives formal evidence to a seller, of its willingness
L LETTERS OF CREDIT AND TRUST RECEIPTS to pe-rnit him, the seller, to draw bills against it, on certain
A. Basic Concepts terms, ar:d stipulates in legal form that all such bills will be
1. Doctrine of Independence
honored.
2. Fraud Exception Principle
3. Doctrine of Strict Compliance
1. According to Methods of Transmission
4. Warehouseman's lien
a) Circular Letter of Credit
.B. Rights and Obligations of Parties
It is addressed to persons in general in which the
1. Entruster/entrustee
2. Applicant/banks/beneficiary opening bank undertakes to honor the
C. Remedies avallable beneficiary's drafts under certain stipulated
conditions. This may either be mailed or by the
Letter of Credit issuing bank to the beneficiary or delivered by the
A letter from a merchant or a bank or bankerin one place, issuing bank to the accredited buyer, to be mailed
addressed to another, in another place or country, by him to the beneficiary.
requesting the other bank to pay money or deliver goods
to a third party named therein, the opening bank under b} Specially Advised Letter of Credit
taking to provide him the money for the goods or to repay It is transmitted to the beneficiary by the opening
him. · bank through the medium of its correspondent in
the vicinity of the beneficiary.
It is a letter requesting one person to make advances to a
third person .on the credit of the writer who assumes 2. According to Duration
responsibility for payment of the debt therefor to the a) Revocable Letter of Credit
addressee The opening bank leaves the duration of the credit
open for subsequent consideration and thus
Nature of Letter of Credit reserves the right to withdraw from the transaction
· a. A financial device developed by merchants as a by stating that it is "good as cancelled" or good
convenient and relatively safe mode of payment to until a stipulated date "unless sooner revoked".
satisfy the seemingly irreconcilable interest of the
, seller, who refuses to part with his goods before he is b) Irrevocable Letter of Credit
paid, and a buyer, who wants to have control of the The issuing bani, does not reserve its right to
-
.t:.·
goods before paying (Transfield Philippines v. Luzon revoke the credit. The consent of the party who
Hydro Corp., G.R. No. 146717, 2004). sought the opening of the letter of credit and the
b, It is a commitment by the bank that the seller will be beneficiary must be obtained before it may be
paid. · revoked. This gives the seller certainty of payment.

Purpose of Letters of Credit · Issuing bank may not, without the consent of the
a. As to the SELLER beneficiary (seller) and the applicant (buyer),
• Insures to a seller payment of a definite amount revoke his undertaking under the letter
upon presentation of documents
Enables the seller to release his inventory or stock in 3. According to Obligation
trade without seeking credit facilities from his own bank a) Unconfirmed Letter of Credit
for the buye . The notifying bank is requested merely to act as
b. As to the BUYER the medium through which the opening bank's
• Gives the buyer the opportunity to levy goods even obligation is transmitted to the beneficiary. Its letter
without money but on his credit standing with the of advice shall guarantee the authenticity of the
opening bank message it is transmitting on behalf of the opening
bank.

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b) Confirmed Letter of Credit a} Simple

The notifying bank gives an absolute assurance A letter of credit where an opening bank instructing
that the opening bank's obligation will be a correspondent to act as the paying bank carries
performed. an account in the currency . to be paid with the
paying bank. The amount of payment made to the
Irrevocable v. Confirmed Letters of Credit beneficiary and the paying bank's commission for
IRREVOCABLE CONFIRMED LETIERS the service performed is debited to his account.
LETTERS OF CRF.DIT OF CREDIT
Refers to the duration of Refers to the kind of b) Reimbursement
the letter of credit obligation assumed by the Occasionally, the opening bank doesn't have an
correspondent bank account with the correspondent it chooses at a
The issuing bank made. paying bank or, having an account, may prefer not
The correspondent bank
no reservation of his right gives an absolute to have it debited. In the latter case, the paying
·,
to revoke. Hence, i.t assurance that it will bank will draw a draft for the amount of· its
cannot do so without the undertake the issuing payment, with commission and interest for the
consent of the bank's obligation as its own -, period elapsing until reimbursement, either on the
beneficiary. according to the terms and opening bank or the correspondent with which. the
conditions of the credit opening bank carries an account.

4. Accorqing to Method.of Payment 6. According to Provision for Renewal

a) Negotiation a) Revolving Credits
The beneficiary is to draw his drafts in a foreign The opening bank who may be willing to finance
currency either in the opening foreign bank or in aggregate shipments which will exceed the.
another opening foreign bank, which drafts so amount of credit is willing to have outstanding at
drawn the beneficiary may sell to the notifying one time for the accredited buyer.
bank or any other bank in his locality. The
beneficiary negotiates his foreign currency drafts A single commercial letter of credit may be given a .
drawn under the credit to the bank in his locality life sufficient to cover the period of time necessary
offering him the best rate. to complete the transaction, with the restriction
that the amount shall not exceed the limit set.
b) Straight
The beneficiary is paid by a bank local to hirr, and There should be a proviso that, upon notice from
designated by the opening bank. The drafts are the opening bank that any draft which the
usually drawn in the currency of the beneficiary. beneficiary has drawn within that limit. has been
paid and retired by the accredited buyer. the like
Sight and Acceptance Letter of Credit sum becomes available to the beneficiary.
Under a sight credit. the beneficiary's drafts are drawn
payable at sight. Once paid, the drafts serve simply as b) Cumulative
receipts for payment and are without value for any other Amounts not used in one .month are available in
purpose. succeeding months.

In an acceptance cre<ii!.. it is stipulated that the drafts be c) Non-Cumulative

drawn at time, for acceptance, upon some well-reputed Amounts unused during the month lapses.
bank in a center of international finance. This is used if the
accredited buyer and the openinq bank want to use the 7. According to Source of Payment
drafts as a means by which to'obtain funds for financing a) Local Currency
the transaction in 21 discount market. The draft is A credit that stipulates that drafts are to be drawn
discounted after acceptance and the beneficiary is placed in the currency of the domicile of the beneficiary.
in funds. The accredited buyer need not furnish funds to
pay the draft until its maturity.

5. According to Method of Reimbursement

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b). Foreign Currency c. The ~pproximate value of the goods to be shipped

A credit which stipulates that drafts are to be and the general nature of the goods
drawn· in a foreign currency, whether that of the d. The issuance of the drafts which the seller must
accredited buyer or not. draw and the name of the bank on which the drafts
are to be drawn
Commercial v. Standby Letters of Credit e. The !erms of sale .
COMMERCiAL LETTERS STANDBY LETTERS OF f .. A statement as to whether the drafts are to be drawn
OF CREDIT CREDIT " f; 100% of the cost of the merchandise or for a
NATURE lesser percentage
A Qa~ment rnechanisrn I A securit~ mechanism g. The §.hipping route;
Payable upon It is payable to seller h. The 5!,Xact shipping and other documents which
. presentation by seller-. upon certification of a must be attached to the drafts of the seller
beneficiary of documents party's non-performance i. The 2utside date of the shipment and the outside
showing that he has of an agreement. date by which the seller is to negotiate his drafts to
complied with sales which the specified documents are attached
aoreement. j. ~lear indication upon the part of the issuing bank
DOCUMENTATlON
that the seller's drafts will be duly honored
Seller-beneficiary must Seller-beneficiary must
show documents that he show that applicant has
has performed ,his NOT performed his Buyer (Applicant)
contract contract. Procures the letter of credit and obliges himself to
CERTIFICATION reimburse lhe issuing bank upon receipt of the document
Selier-beneflclary need Seller-beneficiary must of title.
not make any certification. certify obliger has not
oerformed his contract:__ Issuing Bank
Undertakes to pay the seller upon receipt of the draft and
Traveler's Letter of Credit proper documents of titles and to surrender the documents
', A letter· from a bank addressed to one or more of its to the buyer upon reimbursement. Issuing bank's
correspondents stating that drafts up to a certain sum obligation is solidary with that of the buyer (Insular Bank v.
drawn bythe beneficiary will be honored by the bank. /AC, G.R No. 74834, 1988).

Note: Note: Usually the issuing bank merely substitutes its own
• The purpose of a traveler's letter of credit is to provide promise to pay for that of its customer, who in turn
the traveler with funds en route · promises to pay the bank the amount of the credit and the
• OR just bring a. credit card. fees mutually agreed upon. "Once the issuing bank shall
have paid the beneficiary after the latter's compliance with
Specially Advised Letter of Credit the terms of the letters of credit, the issuing bank is entitled
It is addressed to only one bank. to reimbursement for the amount it paid under the letter of
credit." (Galvez and Guy v. CA anc'Asia United Bank, G.R.
Circular Letter of Credit -, No. 187919, 2012).
It is addressed to a number of correspondents.
Seller (Beneficiary)
· Essential Conditions (Art. 568) Whc· in compliance with the contract of sale ships the
a. To be issued in favor of a definite person goods to the buyer and delivers the documents of title and
b. To be limited to a fixed and specified amount, or to draft to the issuing bank to recover payment.
one or more undetermined amounts, but within a
maximum of limits of which has to be stated exactly The Number of Parties May Include:
1. Advising (Notifying) Bank
Contents of Letters of Credit (SAINTS-SCOE) May be utilized to convey to the seller the existence of
a. §.ignature of the writer the credit, but does not assure that the. issuing bank
b. Name of the individual or concern for whose account· · will pay and may refuse to accept the drafts without
it is issued being liable (Bank of America v. CA, G.R. No. 105395,
1993)
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ATENEO CENTRAL
BAR OPERATIONS 2019 COMMERCIAL LAW

Z. Confirming Bank In a letter of credit, transaction means that a bank, in

Which will lend credence to the letter of credit issued · determining compliance with the terms of a letterof credit,
by a lesser known issuing bank; the confirming bank is is required to examine only the shipping documents ·
directly liable to pay the seller-beneficiary presented by the seller and is precluded from determining
3. Paying Bank · whether or not the main contract is actually accomplished
Which undertakes to encash the drafts drawn by the or not.
exporter/seller
4. Negotiating Bank It assures the seller or the benefidary of prompt payment
Instead of going to the place of the issuing bank to independent of any breach of the main contract and
claim payment, the buyer may approach the precludes the issuing bank from determining whether the j-
negotiating bank to have the draft discounted: Its main contract is actually accomplished or not (Transfield
liability is dependent upon the stage of the negotiation Philippines v. Luzon Hydro Corp., G.R. No. 146717, 2004).
- if before negotiation, no liability (Charles Lee v. CA,
G.R. No. 117913, 2002). Three Distinct and Independent Contracts in a Letter
of Credit
Obligations of the Parties: (See above for Buyer, a. Sale between the seller and the buyer;
Beneficiary, and Issuing Bank) b. Contract of buyer with issuing bank; and
1. DRAWER of the letter of credit c. The letterof credit itself, wherein the bankpromises to ·.
• 'Liable to the person on whom it was issued for. pay pursuant to the terms and conditions of the letters .
the amount paid (Code of Commerce, Art. 569, of credit. This assures seller · of · prompt payment,
par. 1) independent of any breach of the main sales contract.
I .
•· In case of revocation, he must inform the
bearer and the person to whom it is addressed In a state of perpetual separation - they are treated
. (Code of Commerce, Art. 570) independently. Any discrepancy between the amount of
2. BEARER of letter of credit goods stipulated in the sale and that of the LOC will not
• Pay the amount received without delay (Code affect the validity and enforceability of the carriage
of Commerce, Art. 571, par. 1) contract. As the bank is not expected to GO beyond the.
3. ADVISING/NOTIFYING BANK - the bank which documents in the LOC, so is the shipper not expected to
conveys to the seller the existence of the credit look beyond the representations of the seller.
• To notify and/or transmit the documentary of
credit to the seller-beneficiary The carrier is not even charged w/ knowledge of the cargo.
• Assumes no liability That being the case, the remedy of the buyer K would be
4. NEGOTIATING BANK - the bank which discounts the against the seller- and not against the carrier. (Keng Hua
draft presented by the seller. Paper Products Co., Inc. v. Court of Appeals, G.R. No.
• Buys/discounts a draft under the letter of 116863, 1998)
credit
Independent Nature of a Letter of CreditMay Be:
• Liability depends upon the negotiation
a. In toto where the credit is independent from· the
o Before negotiation, it has no liability
justification aspect and is a separate obligation from
with respect to the seller
the underlying agreement like for instance a typical
o After negotiation, there is a contractual
standby; or
relationship prevailing between the
b. Only as to the justification aspect like in cornrr-ercial
negotiating and the seller
letter of credit or repayment standby, which is identical
5. CONFIRMING BANK - the bank which lends
with the obligations under the underlying agreement
credence to the letter of credit issued by a lesser
(Transfield Philippines v. Luzon Hydro Corp., GR No.
known issuing bank
146717, 2004).
• Assumes a direct obligation to the seller and
its liability is a primary (Featl Bank and Trust Co.
2. Fraud Exception Principle
v. CA. G.R. No. 94209, 1991) Fraud is an exception to the independence principle. That
is, the untruthfulness of a certificate accompanying a
A. BASIC PRINCIPLES
demand for payment under a standby credit may qualify as
fraud sufficient to support an injunction against payment
1. Doctrine of Independence .
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 ATENEO CENTRAL
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(Transfield Philippines· v. Luzon Hydro Corp., G.R. No. (Belman Compania v. CB of the Philippines, G.R. No. L-
146717, 2004). 10195, 1958).

In letters of credit transactions, fraud is an exception to the

independent Principle. Fraud can also justify the issuance
· of an injunction against payment.

1h1:: requirements for such injunction to the issue are

the following: (PAI)
a. there is clear Erocf offraud:
b. the fraud constitutes fraudulent Abuse of the
independent purpose of the letter of credit and not only
fraud under the main agreement; and
c. irreparable [njury might follow if injunction is not
granted or the recovery of damages would be seriously
damaged (Transfield Philippines v. Luzon Hydro
Corp., G.R. No. 146717, 2004).

Nature or Legal Relations Arising From Letters of

Credit:
It may be made conditional, but for purposes of protecting
the banking and mercantile community, all conditions must
be complied with, however onerous. It is unaffected by any
breach of contract on the part of the seller or the buyer or
by any controversy which may arise between the buyer
. and seller or by any other transactions between the buyer
and the seller (NAMARCO v. Atlas Trading, G.R. No.
21911, 1967).

3. Doctrine of Strict Compliance

In a letter of credit transaction, it means that the documents
tendered by the seller or beneficiary must strictly conform
to the terms .of the letters of credit, i.e., they must include
all documents required by the letter of credit. Thus, a
correspondent bank which departs from what has been
. stipulated under the letter of credit, as when it accepts a
faulty tender, acts on its own risk and may not thereafter
be able to recover from the buyer or the issuing bank, as
the case may be, the money thus paid to the beneficiary
. (Feati Bank vs. CA, G.R. No. 94209, 1991).

When Letter of Credit Considered Ccmsummated

Contract;
It is the date of payment. if the amount of the foreign
currency to the creditor in his country by the agent or
correspondent bank in the country of the debtor that turns
from executory to executed or consummated contract. It is
not the date of payment by the debtor to the bank in his
• country of the amount of foreign exchange sold that makes
the contract executed or consummated, because the bank
i. i·-
;;.":':...;;.,
may grant the debtor extension of time to pay suer; debt

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4. WAREHOUSEMAN'S. LIEN
Enforcement of Warehouseman's Lien
Warehouseman's L.ien, In General The lien may be enforced against allqoods belonging to:
A warehouseman's lien over the goods deposited with him a. The depositor, or
is his security for the payment of the charges, money b. His principal. (WRL, Sec. 28)3
advanced. and other expenses owed to the
warehouseman. Clearly, the lien exists for the benefit of
the warehouseman. Loss of Warnhouseman's lien
Section 27 of the Warehouse Receipts Law (Act. No. The lien may be lost either by:
2137) 1 provides the claims included in the a. Surrendering the possession thereof; or
warehouseman's lien. b. Refusing to deliver the goods when a lawful demand"
upon him is made. (WRL, Sec. 29)
General rule: a warehouseman shall have a lien on goods
deposited or on the proceeds thereof in his hands, for: Note:
a. All lawful charqes for storage and preservation of the A warehouseman's lien is possessory in nature. Where. the
goods; warehouseman surrenders possession of the goods
b. All lawful claims for money advanced. interest, without requiring the payment of his lien, the lien Is lost
insurance, transportation, labor, weighing, coopering (PNB v. Noah's Ark Sugar Refinery, G.R. No. 119231, .
and other charges and expenses in relation to such 1996)
goods;
c. All reasonable charges and expenses for notice, and Where a valid demand by the lawtul holder of
advertisements of sale, and for sale of the goods the warehouse receipts for the delivery of the goods is
where default had been made in satisfying the refused by the warehouseman, despite the absence ot.a
warehouseman's lien. (WRL, Sec. 27) lawful excuse provided by the statute itself, the
warehouseman's lien Is deemed lost. (PNB v. Hon. Sayo,
• Exception: .t a neqotiable receipt is issued for q oods, Jr., G.R. No. 129918, 1998)
the warehouseman shall have no lien thereon except
for charges for storage of goods subsequent to the , As to what the law deems a valid demand, Sec. 8
date of the receipt. (WRL, Sec. 30) · enumerates what must accompany a demand. (PNB v.
Hon. Sayo, Jr., G.R. No. 129918, 1998)
• Exception to the exception: a warehouseman shall
have a lien insofar as the negotiable receipt expressly The Following Reasons May Be Invoked By A
enumerated other charges for which said lien is Warehouseman To Legally Refuse To Effect Delivery
claimed. In such case, there shall be a lien for the Of The Goods Covered By The Warehouse Receipts:
charges enumerated so far as they are within the terms
of Sec. 27, 2 even if amount of the charges so
enumerated is not stated in the receipt.

1
For the purposes of this Addendum, the referenced Sections deposit to one who look the goods in good faith for value
refer to the Warehous~ Receipts Law (WRL), unless otherwise would have been valir'.
indicated. 4 Sec 8. Obligation of warehousemen to deliver. - A
2 warehouseman,in the absence of some lawful excuse provided
See genernl rule.
3 Sec. 28. Against what property the lien may be enforced. - · by [the Warehouse Receipts Law]. is bound to deliver the goods
Subject to the provisions of section thirty, a warehouseman's lien upon a demand made either by the holder of a receipt for the
may be enforced: goods or by the depositor. if such demand is accompanied with:
a) Against all goods, whenever deposited, belonging to the a) An offer to satisfy warehouseman's lien;
person who is liable as debtor for the ctaims in regard to b) An offer to surrender the receipt, if negotiable,. with such
which the lien is asserted, and indorsements as would be necessary for the negotiation of
b) Aqalns! all goods belonging to others which have been the receipt; and
depositedal any time by the personwho is liable as debtor c) A readiness and willingness to sign, when the goods are
for the claims in regard to which the lien is asserted if such delivered, an acknowledgment that they have been
person had been so entrusted with the possession of delivered, if such signature is requested by the
goods that a pledge of the same by him at the time of the warehouseman.
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a. The Holder Of The Receipt Does Not Satisfy The

Conditions Prescribed In Section 8 Of The Act. (Sec. Warehouseman's Remedies
8)
The following are the remedies available to a
b. The Warehouseman Has Legal Title In Himself On The warehouseman having a valid lien aqalnst the person
goods, such title or right being derived directly or demanding the goods:
indirectly from a transfer made by the depositor at the a. To refuse to deliver the goods until the lien is satisfied
time of or subsequent to the deposit for storage, or (Sec. 31);
from the warehouseman's lien. (Sec. 16)
b. To cause the extrajudicial sale of the goods and apply
c. The warehouseman has legally set up the title or right the proceeds to the value of the lien (Secs. 33 & 34);
of third persons· as lawful defense for non-delivery of and
the goods as follows:
i.· Where the warehouseman has been requested, by c. By other means allcwed by law to a creditor against his
or on behalf of the person lawfu11y entitled to a right debtor, for the collection from the depositor of all the
of property of or possession in the goods, not to charges which the depositor has bound himself to pay.
make such delivery (Sec. 10), in which case, the (Sec. 32); or other remedies allowed by law for the
warehouseman may, either as a defense to an enforcement of lien against personal property (Sec.
action brought against him for non-delivery of the 35) [for instance, by way of counterclaim in an action
goods, or as an . original suit, whichever is to recover the property from the warehouseman]. The
appropriate, require all known claimants to third remedy is sought judicially by filing a civil action
interplead (Sec. 17); for unpaid charges.
ii. Where the warehouseman had information that
the delivery about to I.Je made was to one not Note: Warehouse receipts are also known as quedans.
lawfully entitled to the possession of the
. goods (Sec. 10), in which case, the Where a warehouse receipt or quedan is transferred or
· warehouseman shall be excused from liability for endorsed to a creditor only to secure the payment of a loan
refusing to deliver the goods, either to the or debt, the transferee or endorses does not automatically
depositor or person claiminq under him or to the become the owner of the goods covered by the warehouse
· adverse claimant, until the warehouseman has receipt or quedan but he merely retains the right to keep
. had a reasonable time to ascertain the validity of and with the consent of the owner to sell them so as to
the adverse claims or to bring legal proceedings to satisfy the obligation from the proceeds of the sale, this for
.cornpel all claimants to interplead (Sec. 18); and the simple reason that the transaction involved is not a sale
iii.. Where the goods have already been lawfully sold but only a mortgage or pledge, and that if· the property
to third persons to satisfy a warehouseman's lien, covered by the quedans or warehouse receipts is lost
or have been lawfully sold or disposed of because without the fault or negligence of the mortgagee or pied gee
oftheir perishable or hazardous nature. (Sec. 36). or the transferee or endorses of the warehouse receipt or
quedan, then said goods are to be regarded as lost on
d. The warehouseman having a lien valid against the account of the real owner, mortgagor cir plcdgor. (Martinez
person demanding the goods refuses to deliver the v. PNB, G.R. No. L-4080, 1953)
goods to him until the lien is satisfied. (Sec. 31)
B .. Rights and Obligations of tho Parties
e. The taihrre was not due to any fault on the part of the
· warehouseman, as by showing that, prior to demand Rights of the Parties
for delivery and refusal, the goods were stolen or • The person paying shall have the right to. demand
destroyed by fire, flood, etc., without any negligence . proof of identity of the person in whose favor the
on his part, unless he has contracted so as to be liable letter of credit was issued (Code of Commerce,
in such case, or that the goods have been taken by the Art. 569(3))
mistake of a third person without the knowledge or • In case of non-payment, person to whom the letter
implied assent of the warehouseman, or some other of credit is addressed may institute an action
justifiable ground for non-delivery. (PNB v. Hon. Sayo, involving execution (Code of Commerce, Art.
Jr., G.R. No. 129918, 1998) <, 571 (2)).
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TRUST RECEIPTS LAW b. The total invoice value of the goods and the amount of
the draft to be paid by the entrustee
A. DEFINITION/ CONCEPT OF A TRUST RECEIPT c. An undertaking or a commitment of the entrustee:
TRANSACTION i. To hold in trust for the entruster the goods,
documents or instruments therein described
Trust Receipt ii. To dispose of them in the manner provided for in
A written/printed document signed ancl delivered by the . the trust receipt
entrustee in favor of the entruster, whereby the latter iii. Turn over the proceeds of the sale of goods,
releases the goods, documents or instruments over which documents or instruments to the entruster or as
he holds absolute title or a security interest to the appears on the trust receipt or to return the
possession of the former, upon the entrustee's promise to goods, documents or instruments in the event of
hold said goods in trust of the entruster, and to sell or their non-sale within the period specified therein
otherwise dispose of the goods, etc. w.th the obligation to
1. Loan/Security Feature
turn over the proceeds thereof to :he extent of what is
owing to the entruster, or to return the goods if UNSOLD,
• A trust receipt agreement is merely a collateral
or.Ior other purposes. ·
agreement, the purpose of which is to serve as a
security
Trust Receipt Transaction
• In relation to a letter of credit, the trust receipt is a
any transaction by and between the entruster and the
entrustee, where the entruster, who· owns and holds separate document. Whi.le the trust receipt may .
have been executed as a security to the letter of
absolute title to or security interest over certain specified
credit, still the two documents involve different
goods, documents or instruments, releases the same to
· the possession of the entrustee upon the latter's execution undertakings and obligations.
and delivery to the entruster and the trust receipt (Trust
Obllqations in the Trust Receipt
Receipts Law, P.O. No. 115, [hereinafter TRLJ Sec. 4)
FOR GOODS OR FOR INSTRUMENTS
Note: DOCUMENTS
1. To sell them t, To sell them
• Currency in which trust receipt may be '
. denominated: 2. To manufacture for the 2. To deliver them to a
.o Philippine currency purposes of sale principal
o Any foreign currency acceptable and eligible as 3. To unload/ship or deal 3. To effect the
part of the national reserves of the Philippines. with them in a manner consummation of a
Payment shall be made in its equivalent in preliminary to their sale transaction involving
Philippine currency, computed at the delivery to a depositary or
prevailing exchange rate on the date of the a register
proceeds of sale of goods. documents or 4. To effect their
instruments held in trust by the entrustee are presentation, coltectlon or
turned over or on such date as stipulated renewal
(TRL, Sec. 6)
• ln a trust receipt transaction. it is fundamental "that the Distinguish Between Trust Receipt and Letter of Credit
person who advanced the payment for the . (Bank of Commerce v. Serrano, GR. No 151895, 2005)
merchandise becomes the absolute owner of said TRUST RECEIPT LETTER . OF CREDIT.
merchandise and continues as owner until he or she is The trustee executes a It is an engagement by the
paid in full, or if the goods had already been sold, the trust receipt binding bank or other person
proceeds.should be turned over to him or her." (Land himself to hold the goods, made at the request of a
Bank of fhP, Philippines v. Perez, et. al., G.R. No. documents or instruments customer that the issuer
166884, 2012). in trust for the entruster will honor drafts or other
and to dispose them with demands of payment after
the obligation to turn over the conditions specified in
Contents of a Trust Receipt
the proceeds to the extent ·the credit have been
a. A description of goods, documents or instruments of of the debtor the unsold complied with.
the trust receipt ooods, documents or

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instruments in accordance
with the terms of the trust
receipt. 2. Ownership of the Goods, Documents, and
Instruments Under ths Trust Receipt . . .~
~
Note: When the debtor receives goods subject of the trust
receipt before the trust receipt was entered into, the
transaction is a simple loan (Colinares and Veloso v. CA, Entruster holds absolute title to the goods, documents, and
G.R. No. 90828, 2000). instruments (TRL, Sec. 4)

Purpose of the Law • Accordingly, in order to secure that the banker shall be
a. To encourage and promote the use of trust receipts as repaid at the critical point - that is, when the imported
an additional and convenient aid to commerce and goods finally reach the hands of the intended vendee
trade; - the banker takes the full title to the goods at the very
b. To provide for the regulation of trust receipts beginning; he takes it as soon as me goods are· •
transactions in order to assure the protection of the brought and · settled for by · his payments or
rights and entorcernent of the obligation of the parties acceptances in the foreign country, and he -corttinues
involved therein; and, to hold that title as his indispensable security until the
c. To declare the misuse and/or misappropriation of goods are sold and the vendee is called upon to pay
goods or proceeds realized from the sale of goods, for them (People vs. Yu Chai Ho; G.R. No. L-29278;
documents or instruments released under trust receipt 1928).
as acriminal offense punishable as estafa (TRL,Sec.
2) Entrustee only holds the goods, documents and
instruments in trust or as security in favor of the entruster
Note: (TRL; Sec. 4)
A Trust receipt transaction imposes two obligations on the
en trustee: • This security is not an ordinary pledge. by the importer
( 1 ) to deliver tbe price of the sale OR to the banker, for the importer has never owned the
(2) return the same to the entruster. goods, and moreover he is not able to deliver 'the
The Trust Receipts law, as supported by Article 315 of the possession; but the security is the complete title vested
RPC, provides that failure to comply constitutes ESTAFA. originally in the bankers, and this characteristics of the
transaction has again and again been'recoqnized and
In Gonzales v HSBC, Petitioner Gonzalez, as Chairman protected by the courts. Of course, the title is at bottom
and and CEO of MLRC acknowledged receipt on behalf of a security title, as it has sometimes been called, and
MLRC various golfing equipments and assorted Walt the banker is always under the obligation to reconvey;
Disney items and signed the two Trust Receipt but only after his advances have been fully repaid and .·
Agreements. upon due dates of the Trust Receipts, after the importer has fulfilled the other terms of the
respondent HSBC demanded from MLRC the turnover of contract (People vs. Yu Chai Ho, G.R. No. L-29278,
the proceeds of the sale of the assorted goods 0.R its 1928). .
return. MLRC failed to comply with either option, hence
HSBC filed estafa for violation of the Trust Receipts Law
against Gonzalez.

Evidence shows that Gonzalez executed an affidavit

acknowledging receipt of the trust receipt on behalf of
MLRC. No payment or returns have been made. Further.
the crime is ma/a prohibitum, where mere failure makes
. him LIABLE. Though he siqned the Trust Receipts as a
corporate officer and had no physical possession over
them, he cannot avoid responsibility. The rationale is that
they are vested with authority to devise means to ensure
compliance with. the Trust Receipts Law. (Gonzales v
HSBC, G. R. No. 164904, 2007)
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B. Rights and ObUgations of Parties Any purchaser of goods from an entrustee with riyht to sell,
or of documents or instruments through their customary
form of transfer, who buys the goods, documents, or
t. RIGHTS OF THE ENTRUSTER , instruments for value and in good faith from the en trustee,
acquires said goods, documents or instruments free from
Entruster v. Entrustee the entruster's security interest. (TRL, Sec. 11)
·,
. ENTRUSTER ENTRUSTEE
1. Entitled to the proceeds 1. To receive surplus Note:
from the sale of goods, from the public sale General Rule: The law warrants the validity of petitioner's
documents or instruments security interest in the goods pursuant to. the written terms
of the trust receipt as against all creditors of the trust
2. Entitled to the return of 2. To have possession receipt agreement.
. the goods, etc. In case of of the goods as a
non-sale condition for his liability Exception: When the properties are in the hands of an
under TRL. (Ramos V. innocent purchaser for value and in good faith (Prudential
CA, G.R. No. L-39922- Bank v. NLRC, G.R. No. ·112592, 1995). The entruster
25, 1987). . wins against any of the entrustee's creditors except one is
3. To enforce all other rights an innocent purchaser for value and in gobd faith.
conferred to him under TRL.
4. To cancel the trust, take 2. OBLIGATIONS AND LIABILITIES OF THE
possession of the goods or ENTRUSTEE
instruments or of proceeds
realized therefrom upon the 1. Payment/Delivery of the Proceeds of Sale or
default of the entrustee. Disposition of Goods, Documents, or Instruments
· 5. To sell the goods in a
public or private sale upon The entruster shall be entitled to the proceeds from the
notice to the entrustee in sale of the goods, documents or instruments released to
· c.ase of default. the entrustee to the extent of the amount owing to the
entruster or as appears in the trust receipt. {TRL; Sec. 7)
6.May purchase at tile
intended public sale (TRL, 2. Return Of Goods, Documents, Or Instruments In
Sec. 7)
Case Of Non-Sale {TRL, Sec. 7)
7. Extent of security
interest: The entruster shall be entitled to the return of the goods,
t.· :,t a. As against innocent documents or instruments in case of non-sale
purchaser for value: not
preferred (TRL, Sec. 11) Entruster v. Entrustee
b. As against creditors of ENTRUSTER ENTRUSTE:E
the entrustee: preferred 1. To give possession of 1. To hold the goods or the
(TRL, Sec. 12)
I I the goods to the proceeds of the sale in trust
entrustee for the entruster
1. Validity of the Security Interest as Against the 2. To give at least 5 days 2. To comply with his
Creditors Of The Entrusteellnnocent Purchasers notice to the entrustee of alternative obligation
For Value the intention to SP.II the
goods at the intended
As Against Creditors of the Entrustee public sale
The entruster's security interest in goods, documents, or
3. To ensure against loss
instruments pursuant to the written terms of a trust receipt
the goods for their total
shall be valid as against all creditors cf the entrustee for
value
the duration of the trust receipt aqreernent. (TRL, Sec. 12)

As AgainsUnnocent Purchasers for Value

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4. To keep the goods or Liability of the Entruster in Any Sale or Contract Made
sale proceeds separate by the Entrustee
and identifiable The entruster is not responsible as principal or as vendor
5. To return the goods in under any sale or contract to sell made by the entrustee by
the event of non-sale or virtue of such interest or having given the entrustee the
upon demand of the liberty to sell or otherwise dispose of the goocls, docurnents
entruster or instruments under the terms of the trust receipt
transaction.
6. To observe t~
conditions of tho trust
receipt not contrary to the Note: The repossession of the goods under the trust
provisions of the TRL receipt does not suffice to satisfy the principal loan
obliqation. The entrustee remains liable for the deficiency
Entruster's option to cancel the Trust Receipt: after the proceeds of the sale have been applied to the
• The entruster may cancel the trust and · take payment of expenses and debt (Lanell & Company, et. al
possession of the goods, documents or instruments or v. MBTC, GR. No. 159622, 2004).
of the proceeds realized therefrom at any time upon -,
default or failure of the entrustee to comply with any of Failure of the Entrustee to Turn Over the Proceeds of. . \ ".

the terms and conditions of the trust receipt. the Sale

o The entruster in possession of the goods, It shall constitute the crime of estafa and may also be a
documents or instruments may sell the goods at cause for damages under Art. 33 of the Civil Code
a public or private sale, provided he/she gave (Pruo'ential Bank v. /AC, G.R. No. 74886, 1992).
due notice to the entrustee at least 5 days before
such sale. Novation of the Trust Agreement
o The entruster may, at a public sale, beccme a A Memorandum of Agreement entered into between the
purchaser. bank-entruster and entrustee extinguished the obligation
• The proceeds, in case of any public or private sale, · under the existing trust receipt because the agreement did
shall be applied in the following manner: not only reschedule the debts of the entrustee but it
a. To the payment of the expenses thereof provided principal conditions which· are incompatible with
b. To the payment of the expenses of re-taking, the trust agreemen!. Hence, the liability for breach of. the
keeping and storing the goods, documents or Memorandum of Agreement would be purely civil in nature
instruments and no criminal liability under the TRL can be imposed
c. To the satisfaction of the entruslee's (Phi/;ppines Bank v. 4/fredo T. Ong, G.R. No. 133176,
indebtedness to the entruster. 2002).

Note: Note: The criminal liability arising from the loan agreement
secured by a trust receipt is not extinguished absent the
• The entrustee shall receive any surplus but shall be
liable to the entruster for any deficiency. incompatibility of the obligations under the first and second
agreements (PNB v. Lilian Soriano, G.R. No. 164051,
• Notice of sale shall be deemed sufficiently given if in
2012).
writing, and either personally served on the entrustee
or sent by post-paid ordinary mail to the entrustee's
4. Penal Sanction if Offender is a Corporation
last known business address.
If the violation or offense is committed by a corporation, ·
partnership, association or other juridical entities, the
3. Liability for Loss of Goods, Documents or
penalty shall be imposed upon the directors, officers,
Instruments
employees or other officials or persons therein responsible
• The risk of loss shall be borne by the entrustee . for the offense, without prejudice to the civil liabilities
• Loss of goods, documents or instruments, pending arising from the criminal case (TRL, Sec. 13)
their disposition, shall not extinguish the obligation of
the entrustee to the entruster for the value thereof.
Note: (BERNABE) As for civil liability, directors, officers
whether or not the said loss was due to the fault or
and employees acting as corporate aqents will not be
negligence of the ontrustee
directly liable for the debts incurred. Liabilityshall fall upon
the hands of the corporation UNLESS· they stipulate or
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assume to be personally liable for the debts. (Ildefonso under fraud (Prudential Bank v. IAC, G.R. No. 74886,
Crisologo v. People of the Philippines and China Banking December 8, 1992; See also Sarmiento and Limpin v. CA,
Corporation, G.R. No. 199481, 2012). G.R. No. 122502, 2002).

C.REMEDIES AVAILABLE
---- end of topic---
Criminal
The failure of an entrustee to turn over the proceeds of the
sale of the goods, documents or instruments covered by a
trust receipt to the extent of the amount owing of the
entruster or as appears in the trust receipt or to return said
goods, documents or instruments if they were not sold or
disposed of in accordance with the terms of the trust
.: receipt shaU constitute the crime of estafa (TRL, Sec. 13)

In order to be validly prosecuted for estafa in relation to

Sec. 13, they:
a. Have the obligation to sell and remit the proceeds
thereof to the entruster, or return the goods if not sold;
b. Misappropriated the goods and/or the proceeds of the
sale;
c. Performed such acts with abuse of confidence to the
,, ,,. · prejudice of the entruster; and,
d. Demand was made on the entrustee (Metropolitan
Bank and Trust Company v, Jimmy Go and Benjamin
Go, G.R. No. 155617, 2007).

Note;
Even if the accused did not receive the merchandise for
deposit, he is nevertheless, covered by article 315(1)(b)
because after receiving the price of the sale, he did not
deliver the money to the bank or, if he did not sell the
merchandise, he did not return It to the bank. (People v.
Cuervo, G.R. No. 27607, 1981).

When both parties enter into an agreement knowing fully

well that the return of the goods subject of the trust receipt
is not possible, even without any fault on the part of the
trustee, it is not a trust receipt transaction penalized under
Sec. 13 of PD 115 in relation to Art: 315, par. 1(b) of the
RPC (Hur Tin Yang v. People of the Philippines, G.R. No.
195117, 2013).

Civil
After commencing criminal action for violation of the Trust
Receipts Law. the entruster may enforce civil liability
arising out of the trust receipt in a separate civil
action. Under Article 33 of the Civil Code, a civil action for
damaqes, entirely separate and distinct from the criminal
action, may be brought by the injured party in cases of
defamation. fraud and physical injuries. Estafa falls
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r:: : . ,,.:N~Got,~BLE INSTRUMENTS LAW

TO~I<;, OUTLINE UNDER THE SYLLABUS
, COMMERCIAL LAW

cashed. (Roman Catholic Bishop of Malo/as v;. /AC, 191

SCRA 411)

Postdated checks does not operate as payment unti] after

Ill. NEGOTIABLE INSTRUMENTS LAW the same has· been cashed. (BPI Express Card
A. Requisites of negotiability Corporation vs. CA , 296 SCRA 260)
B. Forgery and material alteration
While a non-negotiable instrument may not be negotiated, .
C. Neg9tiation
D. Rights of the holder it may be assigned or transferred in the absence of an
express prohibition in the face of the instrument. The
1. Holder in due course
promissory note, while marked "non-negotiable'' was not
2. Defenses aqalnst the holder
stamped as "non-transferrable" or "non-assignable."
E. Checks
Assuming that there was such a prohibition, it still cannot
be invoked against an assignee or transferee of the
FORM$ AND INTERPRETATION promissory note in good faith & w/o notice of such
prohibition. The rights of an assignee are not any greater _
Negotiable Instrument
than the rights of the assignor, since the assignee is merely
It is a written contract for the payment of money; by its
substituted in the place of the assignor and that the ·
form, intended as a substitute for money and intended to
assignee acquires his rights subject to the equities - i.e ..
pass from hand to hand, to give the holder in due course
the .defenses - wk: the debtor could have Set up against
the right to hold the same free from defenses available to
the original assignor before notice of the assignment was
prior parties and collect the sum,due.
given to the debtor. (Sesbreno v CA, GR 89252, 1993)
A. Requisites of Negotiability
Sum
The sum payable is a sum certain within the meaning of
An instrument to be negotiable, must conform to the
this Act, although it is to be paid: (ISOC) .
following requirements: (SUDOC)
a. With interest; or ·
a. It must be in writing and §igned by the maker or
b. By stated installments: or
drawer; .
c. By stated installments, with a provision that, upon
b. Must contain an .!J.nconditionalpromise or order to pay
default in payment of any mstallmentor of interest,
a sum certain in money;
the whole shall become due; or
c. Must be payable on Qemand, or at a fixed or
d. With costs of collection or an attorney's fee, in
determinable future time; ·
case payment shall not be made at maturity. (NIL,
d. Must be payable to Qrder or to bearer; and
Sec. 2)
e. Where the instrument is addressed to a drawee, he
must be named or otherwise indicated therein With
Unconditional Order/Promise to Pay
reasonable £ertaiiity. · (Negotiable Instruments Law
("NIL'?, $$C. 1)
Effect of a Conditional Promise or Order
A promise or order shoula not depend on a contingent
Note:
event. If it is conditional, it is non-negotiable.
Tender of payment cannot be presumed based on the
circumstances; it must be proven by credible evidence.
There is no "promise" if there is a mere acknowledcment
There must be a positive and unconditional act of offering
of debt. However, an acknowledgment may become .a
the legal currency as payment for the debt, demanding its
promise by the addition of words by which a promise of
acceptance. Just because one is caoable of paying doesn't
payment is naturally implied, such as "payable,'.' "payable
mean that he, in fact, actually paid.
on a given day", "payable on demand," and "paid when
called for (Jimenez v. Bucoy, G.R. No. L-10221, 1958)
Even assuming the check was indeed offered, checks -
whether ordinary or manager's checks - are not iegal
When Promise Is Unconditional
tender. They are only substitutes for money and -. mere
An unqualified order or promise to pay is unconditional
delivery thereof does not operate as payment until they are
within the meaning of the NIL:, though coupled with -

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a. An indication of a particular fund out of which . purchaser or assignee thereof merely steps into the shoes
reimbursement is to be made, or a particular of Industrial and is open to all defenses available against
· account to be debited with the amount: or the latter. The note being non-negotiable. it only follows
b. A statement of the transaction which gives rise to that IFC Leasing was not a holaer in due course.
the instrument. Further, IFC Leasing knew well enough that the right of
Industrial was not unconditional - the same being subject
But an order or promise to pay out of a particular fund is to warranty. It was not a holder in good faith and knew the
not unconditional. (NIL, Sec. 3) infirmity of lndustrial's title thereto.

Note: The treasury warrant is not a negotiable instrument DD: If the instrument is negotiable, the indorsee or
if in its face, the words "payable from the appropriation for transferee can actually acquire a better right than the
· food administration" appear. It is an order for payment out lnoorser. Provided he is a holder in due course, he is
of a particular fund; thus the payment is not unconditional, immune from whatever defenses there ere as between the
which is one of the essential elements of a negotiable original parties - such as breach of warranty in this case .
. instrument (Abubakar vs. Auditor General 81 Phil. 359) (Consolidated Plywood vs. IFC Leasing, Gr 72593, 1987)

Demand/Fixed Determinable Future Time At the onset, it fa obvious that the check issued by Nell
·. An instrument is payable at a determinable future time, was equivocal and very ambiguous. The payee was
within the meaning of this Act, which is expressed to be not indicated therein to any reasonable certainty. And
payable- as a rule, the ambiguity is construed against the party
a. At a fixed period after date or sight; or who caused it - in this case, Nell. It couldn't be
b. On or before a fixed or determinable future time ascertained whether the payee was Equitable or Casvi/le.
specified therein; or The Bank teller construed it as payable to the account of
c. On or at a fixed period after the occurrence of a Casville Enterprises and thus allowed the same to be
specified event, which is certain to happen, though deposited. (Equitable Banking vs. /AC, 161 SCRA 518)
· the time of happening be uncertain.
Instruments Payable to Bearer
An instrument payable upon a continqency is not The instrument is payable to bearer:
negotiable, and the happening of the Event does not cure a. When it is expressed to be so payable: or
the defect (NIL, Sec.A) b. When it is payable to a person named therein or
bearer; or
Order/ Bearer, Payable To: Instruments Payable to c. When it is payable to the. order of a fictitious or
Order non-existing person, and such tact was known to
The instrument is payable to order where it is drawn the person making it so payable; or
payable to the order of a specified person or to him or his d. When the name of the payee does not purport to
order. It may be drawn payable to the order of: be the name of any person: or
a. A payee who is not maker, drawer. or drawee; or e. When the only or last indorsement is an
b. The drawer or maker; or indorsement in blank. (NIL, Sec. 9
c. · The drawee; or
d. Two or more payees jointly; or
e. One or some of several payees; or Note: A check drawn payable to the order of "cash" is a
f. The holder .ot an office for the time being. (NIL, check payable to bearer; the Bank may pay it to the person
Sec. 8) presenting it for payment even wto the drawer's
indorsement. The word "cash" does not purport to be the
Note: The promissory note contained the words "promise name of any person - thus the instrument is payable to
to pay to the Industrial Products Marketing the sum of. .. " It bearer. Although there are some times wheri the Banks
did not contain "words of negotiability." It was not payable would require indorserrient, this altogether is not a
to order (or to bearer) and was thus non-negotiable. requirement. The Bank would not be negligent in not
The consent. of the payer that the note be payable to holding the bearer to be identified. (Ang Tek Lian vs. CA
order is indispensable. The words "or order" or "to the 87 Phil. 383)
order .of" must be present. In this case, the note was
payable to Industrial only. Thus, any subsequent
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Payable to Order v. Payable to Bearer money to a specified person or entity for a period of
Payable to Order Payable to Bearer time. (Traders Royal Bank v. CA, G.R. No. 93397, 1997)
Payee must be named or Payee need not be
indicated with reasonable indicated; it is enough that When the documents provide that the amounts deposited .·
certainty (NIL, Sec. 8) it is expressed to be shall be repayable to the depositor, such instrument is .
payable to bearer (NIL, negotiable because it is payable to the "bearer" (Caltex
Sec. 9fa1l Philippines v. CA, G.R. No. 97753, 1992)
Negotiated by Negotiated by mere
indorsement coupled by delivery (NIL, Se,-:. 30) Kinds of Negotiable Instruments
deliverv (NIL, Sec. 30)
Instrument originally Instrument originally
Promissory Note · . ··. . .
payable to order can be payable to bearer cannot
An unconditional promise in writing made by one person to
converted into a bearer be converted into an order
instrument through blank instrument. A bearer another, signed by the maker, engaging to pay on demand,
indorsement (NIL. Sec. instrument always remains or at a fixed or determinable future time, a. sum certain in
9[e)) as such and can be money to order or to bearer. Where the note is drawn to.
negotiated by mere the maker's own order, it is not complete until indorsed by
delivery, even if specially him. (NIL, Sec. 184) ••
indorsed. (NIL Sec 40)
Bill of Exchange
Certainty An unconditional order in writing addressed by one person
Where the instrument is payable to order the payee must to another, signed by the person giving it, requiring the.
be named or otherwise indicated therein with reasonable person to whom it is addressed to pay on demand or at a
certainty. (NIL, Sec. 1[e]) fixed or determinable future time a sum certain in money
to order or to bearer. (NIL, Sec. 126)
How Negotiability Is Determined
a. By the prov,sions of the Negotiable Instrument· Law, Check
particularly Section 1 thereof; It is a bill of exchange drawn on a bank and payable. on
b. By considering the whole instrument; , demand. (Nil., Sec. 185)
c. By what appears on the face of the instrument and not
elsewhere. (Caltex v. CA, G.R. No. 97753, 1992) Characteristics of Negotiable Instruments
a. Negotiability
In determining whether the instrument is negotiable, only • Allows the transfer from one person to another
the instrumer,t itself and no other, must be examined and so as to constitute the transferee as a holder
compared with the requirements stated in Sec. 1. in due course that is free from personal
defenses.
If it appears on the instrument that it lacks one of the b. Accumulation of secondary contracts
requirements, it is not negotiable and the provisions of the • Instrument is negotiated from person to
NIL do not govern the instrument. The requirementlacking person resulting to secondary liability, making
cannot be supplied by using a separate instrument in which morn and more persons liable to the holder
that requirement appears.
.
Negotiable v Non-Negotiable Instrument
Note: The language of negotiability which characterizes a Non-Negotiable
Negotiable.
negotiable paper as a credit instrument is its freedom to
Contains all requisites of Does not have all
circulate as a substitute for money. Hence, freedom of
Section 1 requisites from Section 1
negotiability is the touchstone relating to the protection of
Governed by NIL NIL does not apply except
holders in due course, and the freedom of negotiability is
by analogy.
the foundation for the protection which the law throws
Transferred by Transferred only by
around a holder in due course.
negotiation or assignment assignment
·----'-
Transferee can be a Transferee can never be a
This freedom in negotiability is totally absent in a
holder in due course holder in due course
certificate of indebtedness as it merely to pay a sum of

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Transferee who is a Transferee is subject to all COMPLETION AND DELIVERY

holder in due course is not defenses to prior parties
subject to all defenses 1. Insertion of Date

Promissory Note v. Bill of Exchange . Presumption as to Date

Promissory Note Bill of Exchange If the instrument bears a date, it is presumed that the said
Unconditional promise Unconditional order date is the date when itwas made or drawn. (NIL, Sec. 11)
Involves 2 parties (maker, Involves 3 parties (drawer,
payee) payee, drawee, Effect of Ante-Dating and Post-Dating
Maker primarily liable Drawer only secondarily It does not render invalid or non-negotiable by that fact
liable alone, provided it is not done for an illegal or fraudulent
Only 1 presentment - for Generally two purpose. The person to whom the instrument so dated is
payment presentments - for delivered the title as of the date of delivery. (NIL Sec. 12)
acceptance and for
payment Instances When a Date May Be Inserted In an
Instrument
Check v. Bill of E:xchan1:1e Where an instrument expressed to be payable at a fixed
period after date is issued undated, or where the
Check Bill of Exchange
acceptance of an instrument payable at a fixed period after
Always drawn upon a May or may not be drawn
sight is undated, any holder may insert therein the true
bank or banker against a bank date of issue or acceptance, and the instrument shall be
Always payable on May be payable on payable accordingly. The insertion of a wrong date does
dernand : demand or at a fixed or I
not avoid the instrument in the hands of a subsequent
deterrrnnable future time holder in due course; but as to him, the date so inserted is
Not necessary tha: it be Necessary that it be to be regarded as the true date. (NIL, Sec. 13)
presented for acceptance presented for acceptance
Drawn on a Deposit Not drawn on c1 deposit 2. Completion of Blanks
The death of a drawer of The death of the drawer of
a check, with knowledge the ordinary bill of Where an Instrument Is Wanting In Any Material
by the banks, revokes the exchange does not revoke Particular
authority of the banker to the authority of the banker a. The holder has prima facie authority to fill up the blanks
pay to pay therein.
Must be presented for May be presented for b. It must be filled up strictly in accordance with the
payment within a payment within a
reasonable time after its
issue (6 months)
I reasonable time after its
last negotiation.
authority given and within a reasonable time.
c. If negotiated to a holder in due course, it is valid and
effectual for all purposes as though it was filled up
strictly in accordance with the authority given and
Promissory Note v. Check within reasonable time. (NIL, Sec. 14)
Promissory Note Check
· 2 parties: the maker and 3 parties: the drawer, the Where Only a Signature on a Blank Paper Was
the payee drawee bank and the Delivered
payee If a sign<;1ture on blank paper is delivered by the person
May be drawn. against any Always drawn against a
·- making it in order that it may be converted into a negotiable
person, not necessarily a bank instrument, the holder has prima facie authority to fill it up
bank as such for any amount. (NIL, Sec. 14)
May be payable on Always payable on
demand or at a fixed or demand 3. Incomplete and Undelivered Instruments
determinable future time
A promise to pay An order to pay When an Instrument Is Incomplete and Undelivered
Where an incomplete instrument h.as not been delivered, it
will not, if completed and negotiated without authority, be
·, a valid contract in the hands of any holder, as against any
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person whose signature was placed thereon before And where the instrument is no longer in the possession of
delivery. (NIL, S0c. 15) a party whose signature appears thereon. a valid and
intentional delivery by him is presumed until the contrary is
Note: proved. (NIL, Sec. 16)
• An incomplete and undelivered instrument is a real -, . J

defense. Thus, it can be interposed against a holder Rules on Delivery of Negotiable Instruments
in due course. • Delivery is essential to the validity of any negotiable
• Delivery is not conclusively presumed where the instrument
instrument is incomplete. The defense of the maker is • As between immediate parties or those in like cases,
to prove non-delivery of the incomplete instrument. delivery must be with the intention of passing title
• An instrument signed but not completed by the drawer
4. Complete but Undelivered Instruments or maker and retained by him is invalid as to him for
want of delivery even in the hands of a holder in due
When an Instrument Is Cpmpl13te but Undelivered course
Every contract on a negotiable instrument is incomplete • But there is prima facie presumption of delivery of an
and revocable until delivery of the instrument for the instrument signed but not completed by the drawer or
purpose of giving effoct thereto. maker and retained by him if it is in the hands of a
holder in due course. This may be rebutted by proof
As between immediate parties, and as regards a remote of non-delivery. ·
party other than a holder in due course, the delivery, in • An instrument entrusted to another who wrongfully
order to be effectual, must be made either by or under the completes it and negotiates it to a holder in due course .
authority of the party making, drawing, accepting, or . delivery to the agent or custodian is sufficient delivery .
indorsinq, as the case may be; and in such case the to bind the maker or drawer.
delivery may be shown to have been conditional, or for a • If an instrument is completed and is found in. the
special purpose only, and not for the purpose of possession of another, there is prima facie evidence of
transferring the property in the instrument. delivery and if it be a holder in due course. there is
conclusive presumption of delivery.
But where the instrumer.t is in the hands of a holder in due • Delivery may be conditional or for a special purpose
course, a valid delivery thereof by all parties prior to him so but such do not affect the rights of a holder in due
as to make them liable to him is conclusively presumed. course.

Delivery of Instruments
Section '14 Section 15 Section 16
- Delivery

Delivered
I Undelivered

Completeness
r Undelivered

(1) Wanting in any material

particular; Mechanically incomplete Mechanically incomplete
(2) Blank paper with signature
Authority of Person in Possession
(1) Prima faciA authority to
complete it by filling up the blanks; · 1 May negotiate ;f del;vere; to hirn byor
No authority to complete and/or under the authority of the party
(2) Signature operates as a prima
negotiate • making, indorsing, drawing; or
facie authority to fill it up for any
accepting
amount
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When Enforceable
Delivery is made by or under authority
Filled up strictly in accordance with
of the party making, indorsing,
authority given and within a Not Enforceable
drawing, or accepting, as the case
reasonable time
may be
Kind of Defense

Personal Real Personal

Rights of Holder
-
Can enforce instrument. Here, the
(1) If HDC, he can enforce the
instrument is in the hands of a HOC, a
instrument as completed as against
valid delivery thereof by all parties
parties prior or subsequent to the
prior to him so as to make them liable
completion;
to him is conclusively presumed.
None in the hands of any holder. Where the instrument is no longer in
(2) If not a HOC, he can enforce the
the possession of a party whose
instrument as completed only
signature appears thereon, a valid and
against parties subsequent to the
intentional delivery to him is presumed
completion but not against those
until the contrary is proved.
prior thereto ..

i ,'~

SIGNATURE provided that the party intends to bound by the same. (NIL,
Sec. 18(21)
General Rule: Only persons whose signatures appear
on an instrument are liable thereon. A parson whose 2. Liability of Infants and Corporations for Their
signature does not appear on the instrument is not liable. " lndorsement or Assignment
The indorsement or assignment of the instrument by a
Exception: When an agent is liable on the instrument corporation or by an infant passes the property therein,
Where the instrument contains or a person adds to his notwithstanding that from want of capacity the corporation
signature words indicating that he signs for or on behalf of or infant may incur 110 liability thereon. (NIL, Sec. 22)
a principal. or in a representative capacity, he is not liable
on the instrument if he was duly authorized; but the mere Generally, contracts entered into by a minor are voidable.
addition of words describing him as an agent, or as filling (Civil Code, Art. 1327) A minor shall not be bound by his
a representative character, without disclosing his principal, indorsement for lack of legal capacity, but he may be
does not exempt him from personal liability. (NIL, Sec. 20) allowed to transfer rights.

Signature by Procuratlon As regards corporations, incapacity to indorse shall apply

A signature by procuration operates as a notice that the in cases where the corporation, through its agents or
agent has a limited authority to sign. Hence: officers, has committed ultra vires acts.
• The principal is bound only if the agent acted within the
limits of the authority given; 3. Effect of a Forged Signature or One Made Without
• The person who takes the instrument is bound to Authority
inquire into the extent and nature of the authority given. When a signature is forged, or made without the authority
(NIL, Sec. 21) of the person whose signature it purports to be, it is wholly
inoperative, and no right to retain the instrument, or to give
1, Trade Name a discharge therefor, or to enforce payment thereof against
A person who signs in a trade or assumed name shall be any party thereto, can be acquired through or under such
liable in the same manner as if he signed his name, signature, unless the party against whom it is sought to

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enforce such· right· is precluded from setting up the forgery thereto. Since under said provision, a forged signature
or want of authority. (NIL, Sec. 23) is "wholly inoperative," no one can gain title. to the
instrument through such forged indorsement. Such
B. Forgery And Material Alteration indorsement prevents any subsequent party from
acquiring any right as against any party whose name
Governing Provisions appears prior to the forgery. (Gempesaw v. CA, G.~ ...
Sec. 23applies only to forged signatures or signatures No. 92244, 1993)
made without authority. • Where a depositor ( drawer) · is using its own
personalized checks, its failure to provide adequate
Alterations, such as to amounts 1'.)r the like, fall under Sec. security measures to prevent forgeries of. checks
124. constitutes gross negliger.ce and bars it from setting
up the defense of forgery (MWSS v. CA, G.R. No. L-
General Rule: When a signature is forged or made without 62943, 1986)
the authority of the person, only the forged signature (not • However. the mere fact that a check was removed and
the instrument itself and the other genuine signatures) is stolen in a checkbook without the knowledge and
wholly inoperative consent of the owner is not negligence {PNB v.
Quimpo, G.R. No. L-53194, 1988)
Only the signature forged or made without authority is • If there was no negligence on the part ofthe drawer,
inoperative. The instrument or other signatures which are the drawee bank bears the risk of loss in· case of a··
genuine are not affected. (Republic; v. Ebrada, G.R. No. L- forged check (Samsung Construction Co. v. Far East
40796, 1975) Bank & Trust Co., G.R. No. 129015, 2004)
• If there is a collecting bank, the collecting bank bears ·
Effects of Forgery the loss, because it has the duty to ascertain the
1. No right to retain the instrument genuineness of all prior indorsements (BOO Savings
2. No right to give a discharge thereof and Mortgage Bank v. Equitable Banking Corp., G.R.
3. No right to enforce payment thereof against any party No. 749~·7, 1988)
thereto can be acqu.red through or under such signature
Last Clear Chance and Contributory Negligence in
Exceptipn: The party against whom it is sought to be Forgery
enforced is precluded from setting up forgery or want of In instances where both parties are at fault, the Doctrine of
authority as a defense (NIL, Sec. 23) Last Clear Chance must be applied in order to assign
a. Those who warrant or admit the genuineness of the liability. Drawee cannot evade responsibility for the loss by
signature: attributing responsibility for the loss by attributing
b. Those who are estopped thru negligence. negligence to the drawer because the former had no. last
clear chance to avoid the loss. Drawee's liability is
Persons who are precluded by warranting are mitigated by the drawer's negligence (Bank of America
a. lndorsers: NT&SA v. Philippine Racing Club, G.R. No. 150228, 2009)
b. Persons negotiating by delivery;
c. Acceptors. 24-Hour Clearing Rule
The drawee bank receiving the check for clearing from the
Forms of forgery ' Central Bank Clearing House mustreturn the check to the
a. Fraud in Factum; collecting bank withi» the 24-hour period if the check is
b. Duress amounting to Fraud; defective for any reason. Otherwise, the drawee bank.
c. Fraudulent Impersonation. forever loses the right to claim against the presenting I
collecting bank if the .check is not returned at the next
Doctrines: Liability in Forgery clearing day or within 24 hours. (Metrobank v. the First
• The instrument can be enforced by holders to whose National City Bank and CA, G.R. No. L-55079, 1982)
title the forged signature is not necessary.
• A drawee bank is conclusively presumed to know the
signature of its drawer.
• If an indorser's signature is forged, the loss will be
borne by the forger and the parties subsequent
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Rut.es on Forgery: Promissory N~ lndorsers subsequent to lndorsers may be made

Order Instrument Bearer Instrument forgery (such as collecting liable to t.hose persons
Maker's Signature Forged bank or last endorser) are who obtain title through
liable. their indOrsements ...
Maker is not liable because 3ame. "
Payee's Signature Forged
h.e never became a party to
Drawer, drawee and payee Drawer liable (his
the instrument,
not liable. , indorsernent not
lndorsers subsequent to lndorsers may be made
necessary to pass title).
forgery are liable because liable to those persons
Cut-off rule applies.
of their warranties. who obtain title through
Drawee is liable (no
their indorsernents.
lndorsers subsequent to privity between drawer
. Payee's Signature Forged
forgery (such as collecting and payee because
Maker and payee not Maker is liable.
bank) are liable without indorsernent of payee is
liable.
·- lndorsers subsequent to lndorsers may be made
prejudice to their r;ght to not necessary).
proceed against the forger.
forgery are liable because liable to those persons
Payee is not liable.
of their warranties. who obtain title through
their indorsements.
Collecting bank is liable
lndorser's Signature Forged
because of warranty.
Maker, payee and indorser Maker is liable. However, it may recover
whose signature was Indorsement is not from the person who
forged are not liable. necessary to pass title forged the indorsement
andthe,11akerengagesto on the check and
pay any bearer of the deposited or en cashed
instrument. the same.
lndorsers subsequent to Only the indorser whose lndorser's Signature Forged
forgery are liable because slqnature was forged can
Drawer, payee and Drawer is liable even if
. of their warranties. raise the defense of
indroser whose signatures special indorsement was
forgery against a HOC.
were forged are not liable. forged because
"'
lndorsernent is not
Rules on Forgery: Bills of Exchange
Cut-off rule N/A necessary to title.
Order Instrument Bearer Instrument Drawee liable if it paid. Drawee is liable. . . .
Maker's Signature Forged lndorsers subsequent to lndorser whose signature
Drawer is. not · liable Same. forgery (such as collec'inq was forged is liable
because he was never a bank) are liable. because indorsement is
party to the instrument. not necessary.
Drawee-acceptor rs liable, Drawee-acceptor rs liable
without reco. urse to drawer, if it paid. It cannot recover MATERIAL ALTERATION
if it paid because he from the collecting bank
admitted the genuiness of because it is bound to 1. Concept
the drawer's signature. know the drawer's There is a material alteration if it alters the effect of the
signature since the latter instrument. It means an unauthorized change in an
Drawee also . cannot is its depositor. instrument that purports to modify in any respect the
recover from the collecting obligation of a party or an unauthorized addition of words
bank because there is no The drawee may recover or numbers or other change to an incomplete instrument
privity of contract between from the drawer when the relating to the obligation of a party.
the collecting bank and the latter's negligence is the
drawer. The collecting bank proximate cause of the In other words, a material alteration is one which changes
does not give any warranty loss or contributed the items which are required to be stated under Sec. 1 of
regarding the signature of thereto. th~ NIL. (PNBv. CA, G.R. No. 107507, 1996)
the drawer.

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General . Rule: When materially altered, without the alteration, assuming that the drawer was itself not guilty of
consent of all parties liable, the instrument is avoided. negligence. (~epublicBankvs. CA 196 SCRA 100)

Except as against: 2. Effect of Material Alteration

1. The party who has made the alteration An instrument shall be AVOIDED except as against a party
2. The party who authorized or assented to the alteration. who has himself made, authorized, or assented to the
alteration and subsequent indorsers. (NIL, Sec. 124) ·
~xceptions: _.,, i:.

a. In the hands of a HOC, it may be enforced 3. What Constitutes Material Alteration: (OSTNPA -
according to its original tenor. Daylight Savings Time Naman Po Ah)
b. With respect to a drawee's liability for a negotiable Any alteration which changes:
instrument that has been altered prior to its a. The Qate;
acceptance, the original tenor is liable. (Areza v. b. The §um payable, either for principal or interest;
Express Savings Bank, G.R. No. 72764, 201 ·~) c. The Iime or place of payment;
d. The _Number or the relations of the parties;
First View: The drawee should be liable for the altered ,, e. The medium or currency in which fayment is to be
amount. Section 62 of the Negotiable Instruments Law made;
(NIL) should be strictly construed and the drawee should f. Or which adds a place of payment where. no place
be liable for the amount indicated at the time of his of payment is specified, or 8,ny other change or
acceptance for he accepts no other instrument than the addition which alters the effect of the instrument in
one presented to him-the altered form- and he alone any respect, rs a material alteration. (NIL, Sec.
engages to pay it. This is supported by the practical fact 125; Bank of America NT & : SA v. Philippine
that the drawee has authenticated the instrument in a Racing Club, G.R. No. 150228, 2009)
certain form and the commercial policy that favors the
protection of a HOC who changes his position on the faith Innocent Alteration
of that authentication. Changes on items other than those requirec under Sec. 1
of the NIL, and spoliation, which refers to alterations done
Second View: The drawee despite the tenor of his by a stranger, will not avoid the instrument but the holder
acceptance is liable only to the extent of the bili prior to may enforce it only according to its original tenor (PNB v.
alteration. This is in consonance with Section 124 of the CA, G.R. No. 107507, 1996)
NIL. Thus, when the drawee pays a materially altered
check, it violates the terms ofthe check, as well as its duty Note: An alteration on the serial number of the check , an
to charge its client's account only for bona fide item which is not an esserrlal requisite for negotiability, did
disbursements he had made. If the drawee did not pay not change the relations between the parties. (The
according to the original tenor of the instrument, as International Corporate Bank vs Court of Appeals and
directed by the drawer, then it has no right to claim PNB, G.R. No. 129910, 2006)
reimbursement from the drawer, much less, the right to
deduct the· erroneous payment it made from the drawer's With Respect To the Obligation of a Drawee Bank to
account which it was expected to treat with utmost fidelity. Return a Materially Altered Check
The drawee, however, still has recourse to recover its loss, Generally, a check may only be returned within the 24·hour
such as passing liability back to other responsible parties clearing rule.
(i.e. collectinq bank).
As the rule now stands, the 24-hour rule is still in force, that
Note: Generally, the collecting bank bears the loss is, any check which should be refused by the drawee bank
when it gt,1arantees a forged indorsement; however, in accordance with long standinq and accepted banking
the drawee bank has lost itsrtght of reimbursement practices shall be returned through the PCHC/local
from the collecting bank by virtue of the 24-hour house clear.nq office, as the case may be, not later than the next
clearing rule if It fa lies. to return the check w/in the said regular clearing (24-hour). The. modification, however, is
period. Therefore, the collecting bank, is now absolved that items which have been the subject of material
from liability. The remedy now of the drawee bank would alteration or bearing forged endorsement m,n be returned
have to go after the person responsible for theIorqery or even beyond 24 hours so long that the same is returned
within the prescriptive period fixed by law. The consensus
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among lawyers is that the prescriptive period is ten ( 10) Where value has at any time been given for the instrument,
years because a check or the endorsement thereon is a the holder is deemed a holder for value in respect to all
written contract. Moreover, the item need not be returned parties who became such prior to that time. (NIL, Sec. 26)
through the clearing house but by direct presentation to the
presenting bank. (Areza v. Express Savings Bank, G.R. d) When A Lien Constitutes A Holder For Value
No. 72764, 2014) WherE:the holder has a lien on the instrument arising either
from contract or by implication Of law, he is deemed a
When a BOE may be treated as PN holder for value to the extent of his lien. (NIL, Sec. 27)
a. The drawer and the drawee are one and the same
b. The drawee is a fictitious person Absence of Consideration v, Failure of Consideration
I
c. The drawee has no capacity to contract. ABSENCE OF FAILURE OF
CONSIDERATION· CONSIDl:RATION
'
CONSIDERATION No consideration was Consideration was
intended to pass . intended but that it failed to
. Every negotiable instrument is deemed prima facie tc have pass.
been issued for a valuable consideration; and every person There is a total lack of There was sorr,ething
whose signature appears thereon to have become a party consideration for the agreed upon as
thereto for value. (NIL, Sec. 24) contract, as consequence consideration between the
the alleged contract must two parties, but the agreed
fail. upon consideration did not
Presumption of Consideration
materialize.
Since the consideration is presumed, it need not be alleged
and proved, but since there is only a prime facie
Effects of Want of Consideration
presumption it can be rebutted by evidence to the contrary.
Absence or failure of consideration is matter of defense as
(Pineda v.. De Le Rama, G.R. No. L-31831, 1983)
against any person not a holder in due course; and partial
failure of consideration is a defense pro tento, whether the
The evidence must be convincing and not a mere denial of
failure is an ascertained and liquidated amount or
the receipt of the consideration. (Bayani v. People, G.R.
otherwise. (NIL, Sec. 28)
No. 154847, 2004) .

Effects of Failure or Absence of Consideration:

Valuable Consideration
a. The defense of want of consideration is ineffective
Value is any consideration sufficient to support a simple
against a holder in due course.
contract. An antecedent or pre-existing debt constitutes
b. A drawee who accepts the bill cannot allege want
value; and is deemed such whether the instrument is
of consideration against the drawer.
payable on demand or at a future time. (NIL, Sec. 25)

Note:
It is prestation to support any contract in favor of the party
• Every negotiable instrument is presumed to have been
· to an instrument, such as the maker or indorser, and it may
acquired for value.
consist of giving, doing or not doing. (Civil Code, Art. 1156)
• He who alleges that there was no consideration has
Pre-Existing Debt the burden to prove it with convincing evidence. (Yang
v. CA, GR No. 138074, 2003)
An antecedenUpre-existing debt is a valuable
consideration. In other words, the holder can give up his • Since consideration is presumed, tile maker is liable to
pre-existing debt, or his right to sue thereon for the µay under a negotiable promissory note. (Samson v.
negotiable instrument. CA, GR No. 139983, 2008)
• When the presumption has not been overcome, the
Love and Affection drawer of the must be ordered to pay its value. (Villaluz
"Love and affection" is not valuable consideration as v. Court of Appeals, G.R. No. 100571, 1992)
contemplated in Section 25.

Holder forValue

c) What Constitutes A Holder For Value

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AccoMODATiON PARTY as an accommodation party. (Bautista v. Auto Plus

Traders, lnc., G.R. No.166405, ?.008)
An accommodation party is one who signs the instrument • To be entitled to recover from an Accommodation
as maker, drawer, acceptor, or indorser without receiving Party, the Holder of a negotiable instrument must be a
value for it and for the purpose of lending his name to some holder in due course except for the notice of want of
other person. (NIL, Sec. 29) consideration. (Prudencio v. Court of Appeals, G.R.
No. 34539, 1986)
Liability of an Accommodation Party • A party who signed a promissory note as
Such a person is liable on the instrument to a holder for accommodation maker in favor of the payees, cannot
value, notwithstahding such holder at the time of taking the raise the defense that he did not receive any value but
instrument (NIL, Sec. 29) is entitled to reimbursement frorn the party
accommodated. (Canada v. CA. GR No. 81322, 1990)
Even if the accommodated party receives an extension of • Where a party indorsed several checks · · as.
the period for payment without the consent of the accommodation endorser, she is liable to the holder.for
accommodation party, the latter is still liable for the whole the payment of the checks. (People v. Maniego, GR.
obligation, and such extension does not release him No 30910, 1987)
because as far as a holder for value is concerned, he is a
solidary co-debtor (Ag/ibot v. Santia, G.R. No. 185945, Accommodation Party v. Regular Party
2012) ACCOMODATION
PARTY REGULAR PARTY
The corporation is not liable for its acts as an Signs an instrument Signs the instrument for
accommodation party, because ,the issue or indorsement without receiving value value
of negotiable paper by 13 corporation without consideration thereof
and for the accommodation of another is ultra vires .. One Must always show by Cannot disclaim or limit his
who has taken the instrument with knowledge of the parol evidence that he ls personal liability as
accommodation nature thereof r.annot recover against a only such appearing on the
corporation where it is only an accommodation party instrument by parol
(Crisologo-Jose v. CA, G.R. No. 80.1599, 1989) evidence
Cannot avail of the May avail of said defense
defense of absence or against a holder not.in due
Right to Reimbursement
failure of consideration course
The Accommodated Party cannot recover from the against a holder not in
Accommodation Party. (PNB v. Maza and Macanas, G.R. due course
No. L-242224, 1925) After payinq the holder, After paying tile holder,
may seek reimbursement may not sue any
Want of consideration cannot be interposed by the against the subsequent party for
Accommodation Party. accommodated art reimbursement
An Accommodation Maker may seek reimbursement from (HECTOR DE LEON, THE PHILIPPINE NE=GOTIABLE
a co-maker ever in the absence of any provision in the NIL; INSTRUMENTS LAW, 150 (2013))
the deficiency ls supplied by the New Civil Code (Art. 1216)
(Sadaya v. Sevilla, GR. No. L-17845, 1967) C. Negotiation

He may do this even without first proceeding against the An instrument is negotiated when it is transferred from one
debtor provided: person to another in such manner as to constitute the
a. He paid by virtue of judicial demand, and transferee the holder thereof. If payable to bearer, it is
b. Principal debtor is insolvent. negotiated by delivery; if payable to order, it is negotiated
by the indorsement of the holder completed by delivery.
Note: (NIL, Sec. 30)
• The Accommodation Party is permitted to show by
parol evidence which party he accommodated. In Note: For a valid negotiation, it requires both delivery and
absence of concrete evidence showing when. one indorsement. In Caltex v CA, Even though the
issued the subject check and in what capacity. it certificates of deposits were hearer instruments, still,
cannot be assumed that he intended to lend his name -, they were not delivered in payment for the fuel
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purchases. They were delivered merely as a security latter may acquire a better title than that of the transferor.
or guctrantee therefor and not to constitute Caltex as a
holder thereof. Negotiation By lndorsement
were in reality delivered to it as a security for De la Cruz' If the instrument is payable to order, two steps are needed
purchases of its fuel products. Any doubt as to whether the to effect negotiation: ·
CTDs were delivered as payment for the fuel products or a. lndorsement by the payee of the present holder
as a security has been dissipated and resolved in favor of b. The delivery to the. next holder.
the latter by petitioner's own authorized and responsible
rnpresentative himself. (Caltex v CA, GR No. 97753, 1992) lndorsement

Negotiation v. Assignment How lndorsement Is Made

NEGOTIATION ASSIGNMENT The indorsement must be an ihdorsement of the entire
Pertains only to More comprehensive; instrument. An indorsement which purports to transfer to
negotiable instruments. pertains to contracts in the indorsee a part only of the amount payable, or which
I
general. purports to transfer the instrument to two or more
Transferee takes it free Instrument is subject to -, indorsees severally, does not Operate as a negotiation of
from personal defenses defenses obtaining among the instrument. But where the instrument has been paid in
available among parties. the original parties. part, jt may be indorsed as to the residue. (NIL, Sec. 32)
Consideration is It is necessary to allege
presumed and need not and prove consideration to Kinds of lndorsement (NIL, Sec. 33)
be alleged and proved. maintain an action on a
common law instrument. Special
The general indorser is The assignor in good faith It specifies the person to whom, or to whose order, the
secondarily liable for any does not warrant the instrument is to be payable. (NIL, Sec. 34)
cause for which the party solvency of the debtor
primarily liable does not or unless it has been Blank
cannot pay; he warrants express Iv stipulated or It specifies no indorsee and can be negotiated by mere
the solvency of the person unless the insolvency was delivery. (NIL, Sec. 34) I\ blank indorsement can be
primarily liable. prior to the :assignment converted to a special indorsement by writing over the
and of common signature of the indorser in blank in any contract which is
knowledge, consistent with the character of the indorsement (NIL, Sec.
A qualified indorser and a 35).
person negotiating by
mere delivery have limited Conditional
secondary liability. The indorser imposes some other condition to his liability,
The indorser is not liable or the indorsee's right to collect the proceeds of the
on his indorsement unless instrument. However', the party liable to pay can disregard
there be presentment for the condition and can pay or indorse the instrument even
payment at maturity and though the condition has not been fulfilted. (NIL, Sec. 39)
prompt notice of dishonor
in case of dishonor. Restrictive
. An indorsement that:
MQdes of Negotiation a. Prohibits either the further negotiation of an
instrument; or
Negotiation !3y Delivery b. Restricts further negotiation to a particular person
If the instrument is payable. to bearer, then the instrument or for a particular purpose; or ·
is negotiated by mere delivery. Any person in possession c. Modifies the rights of the holders cir the liabilities
of an instrument payable to bearer is always the bearer' of the indorser. (NIL, Sec. 36)
thereof, even if he has no legal right to it. Consequently, if
the instrument is negotiated to a holder in due course, the However, the absence of words. of negotiability does not
make anindorsement restrictive.

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· ·i-.·:>>t.AJ·-:,,.---·;,."·:···')--4.: . · . . __... .....-.
. -. ... -.. -----------------------------·-----
EffeCfOf Restrictive lridorsemant If there are two or more payees or indorsees who are not
It confers upon the indorsee three rights: partners, all must indorse unless the one indorsing is given
a. To receive payment of the instrument; authority to indorse for the others. (NIL, Sec. 41)
b. To bring any action thereon that the indorser could
bring; Irregular
c. To transfer his rights as such indorsee, where the When a person not otherwise a party to the instrument
form of the lndorsement authorizes him to do so. places his signature in blank before delivery, he is liable as
an indorser. subject to the following rules:
Furthermore, all subsequent indorsees cannot have rights a. If the instrument is payable to the order of a third
greater than the restrictive indorsee. (NIL, Sec. 37) person, he is liable to the payee and to all ,.
subsequent parties. '
Qualified b. If the instrument is payable to the order. of the
Constitutes indorser as mere assignore of title maker or drawer, or is payable to bearer, he is
liable to all parties subsequent to the maker or
Made by adding the words "without recourse" "sans drawer.
recourse" indorser not holder" "at the indorser's own risk" c. If he signs for the accommodation of the payee; he
and other terms c.f similar import. (NIL, Sec. 38) is liable to all parties subsequent to the payee.
(NIL, Sec. 64)
Joint

Summary of lndorsements and Effects

TYPE OF INOORSEMENT EXAMPLE OF NIL PROVISIONS ON INDORSE:R'S
· INDORSMENT LIABILITY
Blank
-
"Juan Dela Cruz" :Secondary Liability: Liability of General indorser
(NIL, Sec. 66)
Special "Pay to 'Pedro Santos Secondary Liability: Liability of General indorser
- Juan Dela Cruz" {NIL, Sec 66)
Qualified "without recourse No secondary liability: but with liability for breach
- Juan Dela Cruz" of warranty under Sec. 65.
Qualified "Pay to Pedro Santos, No secondary liability: but with liability for breach
(Special for further negotiation) without recourse of warranty under Sec. 65
- Juan Dela Cruz"
·.
Condlticnal "Pay to Pedro Saritos, on Secondary liability only if condition is met. If
(Special for further negotiation) the condition that he condition is met, liabilities under Sec 66 apply.
completes to repair my
house gate on or before
October 2008.
- Juan Dela Cruz"
Restrictive ; "Pay to Pedro Santos only Secondary Liability but to Pedro Santos only
(prevents further negotiation) - Juan Dela Cruz"
Restrictive "f-or deposit The indorser is the principal of the indorsee and
(endorsee is an agent) - Juan Dela Cruz" is not liable to subsequent persons who may.
acquire it. If the agent-restrictive indorsee
further indorses it, the subsequent indorsee's
right is limited to that of an agent
'
Restrictive ' "Pay to Pedro Santos in The indorser is the principal bf the indorsee and
(in trust) trust for John Cruz is generally not liable to subsequent persons
-Juan Dela Cruz" who may acquire it. If the trustee-restrictive
indorse€ further negotiates it, the subsequent
indorsee's right is limited to that of a trustee.

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o: Rights Of The Holder d. YJtra Vires acts ot.a corporation where its charter or by
statue, it is prohibited from issuing commercialpaper
The holder of a negotiable instrument may sue thereon in e. ,Alteration
his own name; and payment to h.rn in due course f. Quress amounting to forgery
discharges the instrument. (NIL, Sec. 51) g. Minority
h. Marriage in case of a wife
1. Rights of a Holder In Due Course i. Want of Authority of agent
A holder in due course holds the instrument free from any j. Insanity, where the insane person has a guardian
defect of title of prior parties, and free from defenses appointed by the court
available to prior parties· among themselves, and may k. Want of delivery ofincomplete instrument
enforce payment of the instrument for the full amount I. !llegality of contract made by statute
thereof against all parties liable thereon. (NIL., Sec. 57)
Requisites for a Holder in Due Course ("HDC")
2. Defenses A holder in due course is a holder who has taken the
instrument under the following conditions: (COGI)
Personal or Equitable Defenses a. That it is ~omplete and regular upon its face;
b. That he · became the holder of it before it was
Those which grow out of the agreement or conduct of a Qverdue, and without notice that it had been
particular person in regard to the instrument which renders previously dishonored, if such was the fact;
it inequitable torhim through legal title to enforce it. It can c. That he took it in Qood faith and for value;
be set up against holders not HOC. d. That at the time it was negotiated to him he had no
a. Absence or failure of consideration notice of any !nfirmity in the instrument or defect in
b. Want of delivery of complete instrument the title of the person negotiating it. (NIL;.Sec. 52)
c .. Insertion of wrong date where payable at a fixed period
after date.and issued undated; or at a fixed period after When Subject To Original Defenses
sight and acceptance is undated In the hands of any holder other than a holder in due
d. Filling up the blanks contrary to authority given or not course, a negotiable instrument is subject to the same
within reasonable time · defenses as if it were non-negotiable.
e. Fraud in inducement
J Acquisition of the instrument by force, duress or fear But a holder who derives his title through a holder in due
g. Acquisition of the instrument by unlawtul means· course, and who is not himself a party to any fraud or
h. Acquisition of the instrument for an illegal illegality affecting the instrument, has all the rights of such
consideration former holder in respect of all parties prior to the latter.
· i. · Negotiation in breach of faith (NIL, Sec. 58)
j. Negotiation under circumstances amounting to fraud
k. Mistake · Rights of a Holder Not a HDC (SRSR)
I. Intoxication a. May §.Ue in his own name. .
m. Ultra Vires acts of corporations b. May receive payment and if it is in due course, the
n. Want of Authority of the agent where he has Apparent instrument is discharged ..
Authority c. Holds the instrument subject to tile .§.ame defenses as
o. Illegality of Contract where form or consideration is if it were hon-negotiable.
illegal d. If he derives his title through a HOC and is not a party
p. Insanity where there is no notice of Insanity to any fraud or illegality thereto, has all the rights of
such HOC.
Legal or Real Defenses
Those which attach to the instrument itself and can be set Who Is a Holder In Due Course (HDC)
up against the whole world, including a HOC. (F2EU ADM2 Every holder is deemed prims facie to be a holder in due
WIWI) course; but when it is shown that the title of any person
a. forge.ry who has negotiated the instrument was defective, the
b. fraud in tectum or in esse contractus burden is on the holder to prove that he or some person
c. gxecution of instrument between public enemies under whom he claims acquired tne title as holder in due
-, course.
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• Acquisition of the transferee or indorsee must be in

B1,1t the last-mentioned rule does not apply in favor. of a good faith.
party who became bound on the instrument prior to the • Good faith means the lack of knowledge or notice of
acquisition of such defective title. (NIL, Sec. 59) defect or infirmity.

A payee may be a [HOC]. Hence, the presumption that he A holder is not a HDC where an instrument payable on
is a prima facie [HOC] applies. Said presumption may be demand is negotiated at an unreasonable length of. time
rebutted. (Cely )1ang v. CA, G.R. No. 138074, 2003) after its issue. (NIL, Sec. 53)

Presumption of HOC One who became a holder without any, some, or all of the
• Every holder is presumed to be a HOC. (NIL, Sec. 59) requisites under Sec. 52 is not a holder in due course. He
• The person who questions such has the burden of holds the instrument subject the same defenses as if it
proving the contrary. If one of the requisites are not were non-negotiable (Chan Wan v. Tan, G.R. No. L-15380,
present, the holder is not a HDC. 1960) . .
• An instrument is considered complete and regular on
its face if: It is presumed that every party to an instrument acquires
a. The omission is immaterial; OR the same for a consideration or for value. It devolved upon .·~-~:J

b. The alteration on the instrument was not the party who claims that there is no consideration to ·
apparent on its face present co.ivinclnq evidence to overthrow the presumption
• An instrument is overdue after the date of maturity. and prove that the checks were in fact issued without
• On the date of maturity, the instrument is not overdue valuable consideration. (Cayanan v. North Star
and the holder is a HDC. International Travel, G.R. No. 172954, 2011)

Summary: Rules and Requirements for Status of HOC

REQUIREMENT BASIC RULES
Must be a holder (1) A payee or indorsee who is in possession of an instrument payable to order; or
(2) The person in possession of an instrument payable to bearer . ·
.Must lake the instrument Notice exists if an instrurne.nt is so incomplete, bears such visible evidence of forqery or ;$ .:

complete and regular alteration, or is so irregular that a reasonable person would be put on notice from
upon its face examination of from tacts surrounding the transaction
Must take for value There is value when the consideration given is sufficient lo support a simple contract (NIL, .
Sec. 25)
I

A holder is not obliged to show that there was valuable consideration. since the same is
presumed. (Yang v. CA. G.R. No. 138074, 2003)
Must take in good faith Good faith is presence of honesty in act in the conduct or transaction concerned or if he
has knowledge of circumstances that will show that the taking amounts to bad faith
Must take notice that 1. Instruments payable on specified dates are overdue the moment due date for payment
a. Instrument is (NIL, Sec. 53)
over due
b. Instrument has 2. Demand instruments are overdue after a reasonable time has lapsed from issue
been dishonored
c. Knowledge of "Reasonable time" is determined by the nature of the instrument, the usage of trade, or
infirmity or business with respect to such instrument, and the facts of the particular case (NIL, Sec. ·•

defect of title of 193)

prior parties
3. Instruments with acceleration clause, the instrument is overdue if any cause for
acceleration of a time instrument has taken place.

Actual knowledge or knowledge of any irregularity in the instrument and must have no
notice that a prior party has obtained the instrument. or any signature thereto. by fraud,
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duress, or force and fear, or other unlawful means, or for on illegal consideration, or when
he negotiates it in breach of faith, or under circumstances amounting to fraud

Holder in Due Course is a holder who has taken the LIABILITIES OF PARTIES
instrument under the ff conditions:
a. Thatit is co, nplete and regular upon its face; 1. Maker
b. That he became the holder of it before it was The maker of a negotiable instrument, by making it,
overdue, and without notice that it had been engages that he will pay it according to its tenor, and
previously dishonored, if such was the fact; admits the existence of the payee and his then capacity to
c. That he took it in good faith and for value; indorse. (NIL, Sec. 60)
d. That at the time it was negotiated to him he had no
· notice of any infirmity in the instrument or defect in Note:
the title of the person negotiating it • A maker's liability is primary and unconditional.
• One who has signed as such is presumed to have
Defective Title acted with care and to have signed with full knowledge
Title is defective when: of its contents, unless fraud is proved.
a .. Instrument or signature was obtained by fraud,· • The payee's interest is only to see to it that the note is
duress, force or fear or other unlawful means OR paid according toits terms.
for an illegal consideration; or • When two or more makers sign jointly, each is
b. · Instrument is negotiated in breach of faith, or individually liable for the full amount even if one did not
fraudulent circumstances receive the value given.
-. ;:·
• The maker is precluded from setting up the defense
Title is not defective when at the time it was negotiated to that a) the payee is fictional, b) that the payee was
him, he had no notice of: insane, a minor or a corporation acting ultra vires.
a. Any infirmity in the instrument; or
b. Any defect in title of the person negotiating Note: Fictitious Payee Rule
., As a rule, when the payee is fictitious or not intended to be
A check with 2 parallel lines in the upper left hand corner the true recipient of the proceeds, the negotiable
means that it could only be deposited and may not be instrument is considered as a bearer instrument.
·,
converted to cash. Consequently, such circumstance
should put the payee on inquiry and upon him devolves the It rs not necessary that the person referred to in the
duty to ascertain the holders' title to the check or the nature instrument is really non-existent or fictitious to make the
of his possession. Failing in this respect, the payee is instrument payable to bearer. The person to whose order
declared guilty of gross negligence amounting to legal the instrument is made payable may in fact be existing but
absence of ~;ood faith and as such the consensus of he is still fictitious or non-existent under Sec. 9(c) of the
authority is to the effect that the holder of the check is not NIL if the person making it so payable does not intend to
a• holder in good faith. (State Investment I-louse v. JAG, pay the specified persons. (PNB v. Rodriguez, G.R. No.
GR. No. 72764, 19D9) 170325, 2008)
When a collecting bank allowed the depositor to withdraw . In a fictitious-payee situation, the drawee bank is absolved
a check which has not been cleared, it is not a HOC and from liability and the drawer bears the loss. One cannot
-. ·• cannot recover from the drawer in case the check is expect a fictitious payee to negotiate the check by placing
dishonored. (Banco Atlantico v. Auditor General, G.R. No. his indorsement thereon. And since the drawer knew this
33549, 19]8) limitation, he must have intended for tile instrument to be
negotiated by mere delivery.
Note:
• Every bolder is presumed to be a HDC. However, the drawee bank shall also become liable when
~. J. • The payee is presumed to be a holder in due course it acts dishonestly and when it is a party to the fraud.
and the drawer. cannot invoke want of consideration
between the drawer and the payee as a defense. (Id.)

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2. Drawer Sec. 124. If an instrurr.ent that has been materially altered

A drawer is secondarily liable. ay drawing the instrument, and is in the hands of a holder in due course, the holder
the drawer: can enforce payment thereof according to its original tenor.
a. Admits the existence of the payee,
b. Admits the capacity of the payee to indorse, ANSWER: The original tenor. (see Areza v. Express
c. Engi"!ges that on due presentment, the instrument Savings Bani:, G.R. No. 72764, 2014)
will be accepted or paid or both according to its
tenor. (NIL, Sec. 61) Note: On one hand, $ec. 63 of the N?L provides that a
drawee that accepts an instrument engages that he will
If the instrument is dishonor,ed, and the necessary pay it according to the tender of his acceptance.
proceedings on dishonor duly taken: On the other hand, Sec. 124 of the NIL provides that a
a. The drawer will pay the amount thereof to the material alteration avoids an instrument except as aqainst
holder; AND an assenting party and subsequent indorsers, but a holder
b. Will pay any subsequent indorser who may be in due course may enforce payment according to its
compelled to pay it. (NIL, Sec. 61) original tenor.

A drawer may insert an express stipulation to negative or The Court, in Areza, upheld the .·· view
limit his liability. acceptor/drawee; despite the tenor of his acceptance, is
liable only to the extent of the bill prior to alteration. (Id.)
3. Acceptor
4. lndorser
By accepting the instrument, an acceptor:
a. Engages that he will pay according to the tenor of When Are Persons Deemed lndorsers
his. acceptance Any person who places his signature upon a negotiable
b. Admits the existence of the drawer, the instrument who does not appear to be a
genuinen6ss of his signature and his capacity and maker/drawer/acceptor is deemed to be an indorser
authority to draw the instrument UNLESS he indicates that he is bound in some other
c. Admits the existence of the payee and his capacity capacity; (NIL, Sec. 63)
indorse
Liability of lndorser of a Bearer Instrument
Note: The liability of the acceptor is based on the tenor of Where a person places his indorsement on an instrument
his acceptance. negotiable by delivery, he incurs all the liability of an
indorser. (NIL, Sec. 67)
QUESTION: When an acceptor has accepted an altered
instrument, which shall govern? Section 62 or Section e) Order In Which lndorsers Are Liable
124? Amongst fellow indorsers they are liable, prirna iecie, in the
order in which they indorse. However, evidence can be
Sec. 62(a). The acceptor shall be liable based 0>;1 the shown that they have another agreement amongst
alteration. themselves. Joint payees or joint lndorsees who indorse
are deemed to indorse jointly and severally. (NIL, Sec. 68)

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Liabilities of Maker, Drawer, ar.d Acceptor

.....,._......,.... _ __,,_.__,.,,_.------,-~~~:::.:::...:::..:::.:::.:.::..!...:~..:..:....:.;,.:..; ....:_rss·eeicc..""i6~2[':: ~Ar«:c:c«ce°jltor [Drawee], Upon
Sec. 60: Maker, upon making the Sec. 61: Drawer, upon drawing the accepting
Promissory Note Bill of E:x<;_hange Bjll of Exchange
.
(a) He will pay the bill according to the
tenor of his acceptance;
(a) He admits the existence of the
payee and his capacity to indorse:
(b) He admits the existence of the
drawer;
(b) He engages that, on due
(a) He will pay the promissory note
presentment, the biil will be accepted or
according to its tenor; (c) He admits the s.qnature of the
paid, or both, according to its tenor;
drawer is genuine;
(b) He admits the existence of the
(c) That if it is dishonored by non-
payee; (d) He admits the capacity of the
acceptance or 'non-payment, he will pay
drawer;
to the holder of the bill or to any
(c) He admits that the payee has the
capacity 'to indorse subsequent holder who was compelled (e) He admits the drawer has the
to pay it, . authority to draw the instrument;

Provided: necessary proceedings on (f) He admits the existence of the

dishonor were taken payee and his then capacity to
indorse
L._~~~~-~~~~~~-~-~.-~.~~~~~~~~~~--~-1..~~~--~~---

Liabilities of lndorsers
Sec. 65: Negotiation by Delivery,
Sec, 64: Irregular Jndorser Sec. 66: General lndorsers
Qualified lndorsements
Where. a person, not otherwise a party
Every person negotiating an instrument Every indorser who indorses without
· to an instrument, places thereon his
by delivery or by a qualified qualification, · warrants to all
signature in blank before delivery, he is
indorsement warrants: subsequent holders in due course:
liable as indorser, in accordance with
the following rules:
(a) That the instrument is genuine and (a) The matters and thinqs
in all respects what it purports to be; mentioned in Sec. 65(a-c); and
; (a) If the instrument is payable to the
order of a third person, he .is liable to 1
(b) That he has a good title to it; • (b) That the instrument is, at
the payee· and to all subsequent
the time of his indorsement,
parties.
(c) That all prior parties had capacity to valid and subsisting
contract;
(b) If the instrument is payable to the
order .pf the maker or drawer, or is
· . .• (d) That he has no knowledge of any NOTE: If the Negotiable Instrument is
,...·,
. ) payable to bearer, he is liable to all
fact which would impair the validity of dishonored, a qualified indorser is not
parties subsequent to the maker or
drawer. the instrument or render it valueless. liable if he did not violate his
warranties
(c) If he signs for the accommodation
NOTE an agent, if he did not disclose
his principal and the fact that he is an Cf.: a general indorser is liable due to
of the payee, he is liable to all parties
agent, is liable under Sec. 65 Sec. 66(b)
. subsequent to the payee.

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LAW

5. Warranties • The warranty is to the capacity of prior parties at the .

time the instrument was negotiated. Subsequent ·
Warranties Of An Irregular lndorser incapacity does not breach the warranty.
If the indorser is not otherwise a party to the instrument, • Lack of Knowledge of the lndorser as to anyfacttbat
and he places his signature in blank before delivery, he is would impair the validity or the value of the instrument
liable as indorser, in accordance with the following rules: must be subsisting all throughout.
a. If the instrument is payable to the order of a third • A person Negotiating by Delivery warrants the same
person, he is liable to the payee and to all as those of qualified indorser and extends to
subsequent parties. immediate transferees only
b. If the instrument is payable to the order of the
maker or drawer, or is payable to bearer, he is Warranties Of A General lndorser
liable to all parties subsequent to the maker or Every indorser who indorses without qualification warrants,
drawer. to all subsequent holders in due course:
c. If he signs for the accommodation of the payee, he a. The matters and things mentioned ln subdivisions
is liable to all parties subsequent to the payee. (a), (b), and (c) of the next preceding section; and.
(NIL, Sec. 64) b. That the instrument is at the time of his
indorsement valid and subsisting.
Warranties When Instrument Is Negotiated By Delivery
Every person negotiating an instrument by delivery or by a In addition, he enqaqes that on due presentment: it shall
qualified indorsement warrants: · be accepted or paid, or both, as the case may be,
a. That the instrument is genuine and in all respects according to its tenor, and that if it be dishonored, and the
what it purports to be; necessary proceedings on dishonor be duly taken. he will
b. That he has a good title to it; pay the amount thereof to the holder. or to any subsequent
c. That all prior parties had capacity to contract; indorser who may be compelled to pay it (NIL, Sec. 66) ·
d. That he has no knowledge of any fact which would
impair the validity of the instrument or render it Collecting Bank has No Right of Recourse Against·
valueless. Payee-Depositor
Wher. the payee-depositor deposits. the check to the
But when the negotintion is by delivery only, the warranty collecting bank, the latter becomes the agent of the former ·• .,
extends in favor of no holder other than the immediate for the collection of the amount of the cneck.The collecting
transferee. bank cannot invoke the warranty of the payee-depositor
who indorsed the check because said indorsement is only
The provisions of subdivision (c) of this section do not for the collection, which is 3 restrictive endorsement under
apply to persons negotiating public or corporation Sec. 3R of the NIL, unless when negligence is attributed to
securities, other than bills and notes. (NIL, Sec. 65) the payee-depositor. (Far East Bank & Trust Co. v. Gold
Pa/lace Jewelry, G.R. No. 168274, 2008)
Note:
• A qualified indorser is one who indorses without Note:
recourse. • The indorser under Sec. 66 warrants the solvency of a·
• Recourse - Resort to a person secondarily liable after prior party .
default of person primarily liable. • The indorser warrants that the instrument is valid and
• A qualified indorser cannot raise the defense of: subsisting regardless of whether he is iqnorant of that
a. Forgery fact or not.
b. Defect of his title or that it is void • Warrantie~ extend in favor of:
c. The incapacity of the maker, drawer or a. HOC
previous indorsers ' b. Persons who derive theirtitle from HOC
• A qualified indorsement makes the indorser a mere c. Immediate transferees even if not HDC
assignor of title of instrument, and relieves him of the • The indorser does not warrant the genuineness of the .
general obligation to pay if the instrument is drawer's signature.
dishonored. but he is still ;iable for the warranties • General indorser IS only secondarily liable .
arising from the instrument only up to the warranties of
a general indorser.
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PRESENTMENT FOR PAYMENT. • Acts needed in order to charge persons secondarily

liable:
Requisites for Proper Presentment a. Presentment for payment/acceptance
Presentment for payment, to be sufficient, must be made b. Dishonor by non-paymenUnon-acceptance;
c. Notice of dishonor to secondary parties.
a. By the holder, orby some person authorized to receive .• Acts needed to charge persons secondarily liable in
payment on his behalf; other cases:
b. At a reasonable hour on a business day; a. Protestfor non-payment by the drawee;
c. At a proper place as herein defined; b. Protest for non-payment by the acceptor for
d. To the person primarily liable on the instrument, or if honor.
he is absent or inaccessible, to any person found at
the place where the presentment is made. (NIL, Sec. 2. To Whom Presentment Must Be Made
72)
To A Bank
. If The Instrument Is Payable On Demand · Presentment must be made during banking hours, unless
a. Presentment must be made within reasonable the person to make payment has no funds there to meet it
time after issue (if a note). at any time during the day, in which case presentment at
b. Presentment must be made within reasonable any hour before the bank is closed on that day is sufficient.
time after last negotiation (if a bill).
The maker of the not shall not be discharged in any way
1. Necessity of Presentment for Payment due to presentment after the date of maturity. He shall
have the duty to pay even if the holder does not demand
Presentment for Payment at that time. (NIL, Sec. 75) ·
Presentment for payment is not necessary in order to
charge the person primarily liable on Iha instrument; but if · To A Personal Representative·
the instrument is, by its terms, payable at a special place, If the principal debtor dies, and no place of payment is
and he is able and willing to pay it there at maturity, such specified, presentment for payment must be made to his
ability and willingness are equivalent to a tender of personal representative, if he can be found. (NIL, Sec. 76)
· payment upon his part.
To Partners
But, except as herein otherwise provided, presentment for Each partner is an ageht of the partnership and his co-
payment is necessary in order to charge the drawer and partners. Presumption must be had as regards his
indorsers. (NIL, Sec. 70) authority to act on behalf of the others. Presentment may
be made to any one of them or to the agent of one of them.
Presentment for payment is the production of a BOE to
the drawee for his acceptance, or to a drawee or acceptor However, a dishonor by one partner does not amount to
for payment. .Also presentment of a PN to the party liable the dishonor by all. (NIL, Sec. 77)
for payment of the same.
• lt consists of: To Joint Debtors
a.. A personal demand for payment at a proper -, If there are several persons, not being partners, primarily
place; and liable on the instrument, presentment must be made to
b. The bill or note must be ready to be exhibited their: all. (NIL, Sec. 78)
if required and surrendered upon payment.
• Parties primarily liable - persons whom by the terms 3. Dispensation with Presentment for Payment
of the instrument are absolutely required to pay the • Presentment is not required to charge the drawer
same. E.g. maker and acceptors. They can be sued where: (NIL, Sec. 79)
directly. a. 1-!e has no right to expect that the drawee or
• If payable at the special place, and the person liable is acceptor will pay the instrument, or
willing to pay there at maturity, such willingness and b. He has no right to reouire that the drawee or
ability is equivalent to tender of payment. acceptor will pay the instrument.
• Presentment is necessary to. charge persons • Presentment is not required to charge the indorser
secondarily liable; otherwise, they are discharged. where: (NIL, Sec. 80)
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a. The instrument was made or accepted for his When parties to be notified are partners, notice to any one
accommodation, and of them is sufficient, even if there was a dissolution. (NIL,
b. He has no reason to expect that the instrument Sec. 99)
will be paid if presented.
• When excused under Sec. 82 Notice To Persons Joiney Liable
a. If after the exercise of due diligence, However, if joint parties. each party must be given notice,
presentment cannot be made unless one of them has been given authority to receive
b. Presentment is waived such notice. (NIL. Sec. 100)
c. The drawee is a fictitious person Notice To Insolvent Parties
d. Wher1 the instrument has been dishonored by If parties are adjudged bankrupt or insolvent, notice may
non-acceptance under Sec. 83 be given to the party or his trustee or his assignee. (NIL,
Sec. 101)
4. Dishonor by Non-Acceptance or Non-Payment
2. Where Notice Can Be Given
How Dishqnored !3y NqrN\cceptc1nce: Notice must be given, in this order: ·
a) The instrument was duly presented but payment is a. Either to the post-office nearest to his place of
refused or cannot be obtained residence or to the post-office where he is ............_;

b) Presentment is excused and the instrument is overdue accustomed to receive his letters;
and unpaid (NIL, Sec. 83) b. If he lives in one place and has his place of
business in another, notice rnay be sent to either
Effect of Dishonor By Non-Payment place;
An immediate right of recourse, to all parties secondarily c. If he is sojourning in another place, notice may be
liable accrues to the holder. (NIL, Sec. 84) sent to the place where he is so sojourning. (NIL,
Sec. 108)
NOTICE OF DISHONOR
3; Parties Who May Give Notice of Dishonor.
1. Parties to be Notified The notice may be given by or on behalf of the holder, or
by or on behalf of any party to the instrument who rniqht be
Notice of Dishonor - It brings, either verbally or in writing, compelled to pay it to the holder, and who . upon taking it.
to the knowledge of the drawer or indorser that the up, would have a right to reimbursementfrom the party.to
instrument was dishonored by non-acceptance or non- whom the notice is given. (NIL, Sec. 90}
payment by the drawee/maker.
When An A9ent Can Give Notice For Dishonor:
Who .M.!.w· Be Given Notice If the instrument has been dishonored in the handsof an
The drawer and each indorser. The party not notified is agent, he can give notice either to his principal or to parties
discharged from any liability. (NIL, Sec. 89) secondarily liable thereon, even without notifying his.
principal.
Who May Be Given Notice
To the party himself or to an agent in that behalf. (NIL, 4. Form of Notice
Sec. 97) Notice of dishonor is a liability, so the agent must The notice may be in writing or merely oral and rnay be
have been authorized to do so. given in any terms which sufficiently identify the instrument
and indicate that it has been dishonored by non-
Notice When Party Is Dead acceptance or non-payment. It may in all cases be given
Notice must be given to a personal representative, if there by delivering it personally or through the mails. (NIL, Sec.
is one, and if with reasonable diligence he can be found. If 96)
he cannot be found, notice may be sent to the last
residence or last place of business of the deceased. (NIL, When Notice Is Sufficient
Sec. 98) A written notice need not be signed and an insufficient
written notice may be supplemented and validated by
Notice To Partners verbal communication. A misdescription of the instrument
does not vitiate the notice unless the party to whom the
notice is given is in fact misled thereby. (NIL., Sec. 95)
',
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a. Drawee is a fictitious person or a person not

5. Effect of Notice of Dishonor having capacity to contract, AND the indorserwas
General rule: Any drawer or indorser to whom such notice aware of the fact at the time he indorsed the
is not given is discharged. instrument;
b. lndorser is the person to whom the instrument is
Exceptions: presented for payment;
· a. Waiver (Sec. 109)' c. Instrument was made or accepted for his
b. Notice is dispensed with (Sec. 112) accommodation. (NIL, Sec. 115)
c. Not necessary to Drawer (Sec. 114)
d. Not necessary to indorser (Sec. 115) 7. Effect or Failure To Give Notice
a. Omission to give notice of dishonor by non-
Waiver acceptance does not prejudice a HOC. (NIL, Sec.
Notice of dishonor may be waived, either before the time 117)
of giving notice has arrived or after the omission to give b. Protest only necessary for a foreign bill of
due notice. and the waiver may be express or implied. exchange. Protest for Other negotiable
(NIL, Sec .. 109) '- instruments is optional. (NIL, Sec. 118)

Note: Note:·,
• Protest may be waived. It is also deemed a waiver of . • A drawee bank is liable for damages · to a drawer
presentment and notice of dishonor. (NIL., Sec. 111) whose checks were dishonored for lack of funds
• Where notice is waived, presentment is not waived. because it did not give hirn notice that the check he
• Where presentment is waived, notice is also waived. deposited in his account was dishonored. (Associated
• Where protest is waived, notice and presentment is Bank v. fan, G.R. No. 156940, 2004)
waived. • Where two checks which were dishonored because
the drawer withdrew the. funds from the bank, the
Parties Affected by the Waiver holder can hold the drawer liable even if no notice of
Where th.e waiver is embodied in the instrument itself, it is dishonor was given to the drawer, since the drawer
binding upon all parties; but, where it is written above the had no right to expect that the drawee bank would
signature of an indorser, it binds him only. (NIL, Sec. 110) honor the checks.

6. Dispensation Of Notice DISCHARGE OF A NEGOTIABLE INSTRUMENT

Notice of dishonor is dispensed with when, after the
exercise of reasonable diligence, it cannot be given to or 1. Causes of Discharge of Instrument
does not.reach the parties sought to be charged. (NIL, Sec. A negotiable instrument is discharged:
112) . . a. By payment in due course by or on behalf of the
principal debtor;
When Notice Need Not Be Given To the Drawer b. By payment . in due course by the party
Notice of dishonor is not required to be given to the drawer accommodated, where the instrument is made or
in either of the following cases: · accepted for accommodation;
a. Drawer and drawee are the same person; c. By the intentional cancellation thereof by the
b. Drawee· is a fictitious person or a person not holder;
having capacity to contract; d. By any other act which will discharge a simple
c. Drawer is the person to whom the instrument is contract for the payment of money;
presented for payment; e. When the principal debtor becomes the holder of
d. Drawer has no ;·ight to expect or require that the the instrument at or after maturity in his own right.
drawee or acceptor will honor the instrument; (NIL, Sec. 119) :;
e. Drawer has countermanded payment. (NIL, Sec.
114) . . . Note:
• Discharge of the instrument discharges · all the
When Notice Need Not Be Given To the lndorser parties thereto.
Notice of dishonor is not required to be given to an indorser • Payment must be in due course, and by the principal
in either of the following cases: debtor or on his behalf.
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" If payment is not made by the principal debtor, b. Made in favor of a person primarily liable
payment only cancels the liability of the payor and c. Made at or after maturity of the instrument
those obligated after him, but it does not discharge the d. In writing or the instrument is delivered up to the
instrument. person primarily liable.
• Payment by an accommodation party does not
discharge the instrument. Note:
" If renounced in favor of a party secondarily liable, only
2. Discharge of Parties Secondarily Liable he is exonerated from liability and all · parties
A person secondarily liable on the instrument is subsequent to him.
discharged: • Discharge by novation is allowed.
a. By any act which discharges the instrument; • Mere expression of intent to discharge the instrument
b. By the intentions] cancellation of his signature by is not enough.
the holder;
c. By the discharge ota prior party;
d. By a valid tender of payment made by a prior party; ACCEPT ANGE
e. By a release of the principal debtor, unless the
holder's right of recourse against the party Acceptance
secondarily liable is expresslyreserved; The signification by the drawee of his assentto theorder
f. By any agreement binding upon the holder to of the drawer. It is an act by which a person on whom the
extend the time of payment, or to postpone the BOE is drawn assents to the request ofthe drawer to pay
holder's right to enforce the instrument, unless it.
made with the assent of the party secondarily
liable, or unless the right of recourse against such 1. Requisites of an Actual Acceptance
party is expressly reserved. (NIL, Sec. 120) a. ln writing
b. Signed by the drawee
3. Rights of a Party Secondarily Liable Who Alr,1ady c. Must not express that the drawee will perform his
Performed His Obligation to Pay: · promise by any other means than payment of
a. The instrument is not discharged -, money
b. .The party is remitted to his former rights as to all prior d. Communicated or delivered to the holder
parties
c. The party may strike out his own and all subsequent 2. Manner of Acceptance
indorsements a. Actual
d. The party may negotiate the instrument agairi b. Constructive
c. General
l:xceptions: d. Qualified
a. An instrument cannot be renegotiated where it is
payable to order of a 3rd person AND has been 3. Time for Acceptance
paid by the drawer
b. Instrument cannot be renegotiated where it was 24 Hour Ruh~
made or accepted for accommodation AND it has The drawee has 24 hours after presentment for
been paid by the party accommodated. (Sec. 121) acceptance within which to act upon the bill, the
acceptance shall be dated as of the day o~ presentation or
4. Renunciation by Holder the date when he first saw the bill.

Renunciation, Defined 4. Rules Governing Acceptance

It is the act of surrendering the right or claim with or
without recompense .. Renunciation by a holder shall a) Rights Of A Holder
apply only to renunciation by a unilateral act of the holder, a. Require that acceptance be written on the bill and
and can be released without compensation. if refused. treat it as if dishonoured (NIL, Sec. 133)
Refuse to accept a qualified acceptance and may
When Renunciation by a Holder Discharges an treat it as dishonored (NIL, Sec. 142)
Instrument
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Constructive Acceptance maturity of the instrument; or
Where a drawee to whom a bill is delivered for acceptance b. Where the bill expressly stipulates that it shall
destroys the same, or refuses within twenty-four hours be presented for acceptance: .or
after such delivery, or within such orher period as the c. Where the bill is drawn payable elsewhere
holder may allow, to return the bill accepted or non- than at the residence or place of business of
accepted to the holder, he will be deemed to have the drawee.
accepted the same. (NIL, Sec. 137)
In no other case is presentment for acceptance necessary
5; Presentment for Acceptance in order to render any. party to the bill liable. (NIL, Sec. 143)

a.: If necessary to fix the maturity of the bill 1. Time of Presentment

b. If it is expressly stipulated that it shall be presented for
acceptance . Days Presentment May Be Made
c. If the bill is drawn payable elsewhere than the A bill may be presented for acceptance on any day on
residence or place of business of tr.e drawee. which negotiable instruments may be presented for
payment under the provisions of Sections 72 and 85 of this
Summary on Presentment for Acceptance of BOE: Act. When Saturday is not otherwise a holiday,
a. To make the drawee primarily liable and for the accrual presentment for acceptance may be made before twelve
of secondary liability. (NIL, Sec. 144) o'clock noon on that day. (NIL, Sec. 146)
b. · Necessary to fix maturity date, where bill expressly
'stipulates presentment, bill payable other than place of Presentment in Case Time Is Insufficient
drawee. (NIL, Sec. 143) Where the holder of a bill drawn payable elsewhere than
c. When presentment is excused: at the place of business o;
the residence of the drawee has
i. Drawee is dead, hides, isfictitious, incapacitated no time, with the exercise of reasonable diligence, to
.. person, present the bill for acceptance before presentinq it for
ii. After due diligence presentment cannot be payment on the day that it falls due, the delay caused by
made, presenting the bill for acceptance before presenting it for
iii. Presentment is refused on another ground payment is excused and does not discharge the drawers
although presentment is irregular (NIL, Sec. and indorsers. (NIL, Sec. 147)
148)
2. Place of Presentment
6. Protest, Defined. Presentment for acceptance must be made:
A formal declaration, drawn and signed by a notary, that • Where the bill is payable after sight, or in any
he has presented the instrument for acceptance for other case, where presentment for acceptance is
payment and that acceptance or payment is refused. necessary in order to fix the maturity of the
instrument; or
7. When Protest Is Necessary • Where the bill expressly stipulates that it shall be
a. If a foreign bill has been clishonored by non- presented for acceptance; or
acceptance • Where the bill is drawn payable elsewhere than
b. lta foreign bill has been dishonored by non-payment at the residence or place of business of the
(NIL, Sec: 152) drawee.

PRESENTMENT FOR ACCEPTANCE In no other case is presentment for acceptance necessary

in order to render any party to the bill liable. (NIL, Sec. 143)
Presentment
The production/exhibltion of a bill of exchange to the 3. Manner of Presentment
drawee for his acceptance or payment. Presentment for acceptance must be made by or on behalf
of the holder at a reasonable hour, on a business day and
Presentment for acceptance must be made: before the bill is overdue, to the drawee or some person
a. Where the bill is payable after sight, or in any authorized to accept or refuse acceptance on his behalf;·
other case, where presentment for and
acceptance is necessary in order to fix the -, a. Where a bill is addressed to two or more drawees
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· who are not partners, presentment must be made Note:

to them all unless one has authority to accept or • A PN payable to the maker's order is not complete until
refuse acceptance for all, in which case it is indorsed by him.
presentment may be made to him only; ,. • However, absence of any such indorsement does not
b. Where the drawee is dead, presentment may be bar recovery on the debt for which the instrument was
made to his personal representative; given by the maker. ·
c. Where the drawee has been adjudged a bankrupt
or an insolvent or has made an assignment for the E.Checks
benefit of creditors, presentment may be made to
him or to his trustee or assignee. Check
(NIL, Sec. 145) · It is a bill of exchange drawn on a bank and payable on
demand. (NIL, Sec. 185)
4. When Presentment May Be Excused
1. Kinds of Checks
General rule: Except as herein otherwise provided, the
holder of a bill which is required [under Sec. 143] to be Manager's Check
presented for acceptance must either present it for One drawn by the bank's· manager upon the bank itself;
acceptance or negotiate it within a reasonable time. If he and it is slrnilar to a cashier's check both as. to effect and
fails to do so, the drawer and all indorsers are discharged. use. (Int'/ Corporate Bank v. Gueco, G.R. No. 141968,
(NIL, Sec. 144) 2001)

Exception: Presentment for acceptance is excused and a Note:

bill may be treatecf as dishonored by non-acceptance in • · A manager's check is regarded to be as good as the
either of the following cases: money it represents. .
a. Where the drawee is dead, or has absconded, or • When a bank fails to exercise the diligence required, it
is a fictitious person or a person not having must be held liable for such loss. However, it may
capacity to contract by bill. pursue an action against the person responsible or
b. Where, after the exercise of reasonable diligence, who may have been unjustly benefited. (BPI Family ,
presentment cannot be made. Savings Bank v. Manikan, G.R. No. 148789, 2003) ~.
c. Where, although presentment has been irregular,
acceptance has been refused on some other • General rule: a manager's check is noflegal tender.
ground.
Exception: Payment may be accepted as valid if no
5. Dishonor by Non-Acceptanre prompt objection is made. (Pabugias v. Sehijwenl,
G.R. No. 156846, 2004)
A bill is dishonored by non-acceptance:
a. When it is duly presented for acceptance and such Crossed Check
an acceptance as is prescribed by this Act is refused Though the NIL is silent as to crossed checks, courts can
or c;annot be obtained; or take judicial cognizance of the practice that. a check
b. When presentmer.t for acceptance is excused and crossed with two parallel lines in the upper left hand corner
the bill is not accepted. (NIL, Sec. 149) means that it can only be deposited and not converted to·
cash. The effects of a crossed check thus relate to the
PROMISSORY NOTES mode of payment - meaning that the drawer intends it to
be only for deposit by the rightful person, the named
Promissory Note payee.
An unconditional promise in writing made by one person to
another, signed by the maker, engaging to pay on demand, A check is crossed specially when the name of a particular
or at a fixed or determinable future time, a sum certain in banker or company is written between parallel lines drawn
money to order or to bearer. Where the note is drawn to transversally on the face of the check.
the maker's own order, it is not complete until indorsed by
him. (NIL, Sec. 1 D4)

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A· check is crossed generally when the words "and b. It operates as an assignment of the funds of the
company" or nothing is written between the parallel lines. drawer in the hands of the drawee bank; ,
(Gov. Metrobank, G.R. No. 168842, 2010) c. If obtained by the holder, it discharges the persons
secondarily liable.
Jurisprudence provides the following effects of crossing a
check: 2. Presentment for Payment
a. The check may not be encashed but only A check must be presented for payment within a
deposited in the bank reasonable time after its issue or the drawer will be
b. The check may· be neqot.ated only once - to one discharged from liability thereon to the extent of the loss
who has an account with a bank caused by the delay. (NIL, Sec. 186)
c. The act of crossing the check serves as warning
to the holder that the check has been issued for a Innumerable decisions have already been rendered in the
definite purpose so that he must inquire if he has . state courts of the United States to the effect that although
received the check pursuant to that purpose, the drawer of a check is dlscharqed only to the extent of
otherwise, he is not a holder in due course (Bataan loss caused by unreasonable delay in presentment, an
Cigar v. CA, G.R. No. 93048, 1994) . indorser is wholly discharged thereby irrespective of any
question of loss or injury. (Philippine National Bank v.
Note: Seeto, G.R. No. L-4388, 1952)
• A holder of crossed-checks is obliged to inquire as to
. the purpose for which the checks were issued. (Bataan When a Check Operates as an Assignment of Fund
Cigar v. CA, G.R. No. 93048, 1994) A check of itself does hot operate as an assignment of any
• · The law does not require the payee to be interested in part of the funds to the credit of the drawer with the bank,
the obligation in consideration for which the check was and the bank is not liable to the holder unlessand until it
issued. The cause or reason of issuance is accepts or certifies the check. (NIL, Sec. 189)
inconsequential (in connection with BP 22) in
determining criminal liability. (Ngo v. People, G.R. No. ---- end of topic----
155815, 2004)
• When · a payee of a crossed check issued with the -,
notation "for payee's account only" the proceeds of the
said check belong only to the payee. Failure of the
collecting bank to follow said notation will make it liable
in case it allows it to be withdrawn by an unauthorized
individual (Associated Bank v. CA, G.R. No. 89802,
1992)

Memorandum Check
Check on which the word "memorandum" is written,
signi(ying that the drawer engages to pay the bona fide
holder absolutely and not upon a condition to pay upon
presentment or non-payment.

Certified Check
A check on which the drawee bank has Written an
aqreement whereby it undertakes to pay the check at any
future time when presented for payment, such as by
stamping on the check the word "certified" and underneath
it is written the signature of the cashier.

Effects of Certification:
a. Equivalent to acceptance and is the operative act
that makes the drawee bank liable; ·

Page 39 of 250

···, ...!-·'
ATENEO CENTRAL
BAR OPERATIONS 2019 COMMERCIAL LAW

I . !JttNSURANCE CODE A. Basic CONCEPTS·

n;?elRQYTLl!!i~ µNoER THE svt.LAsus Governing Laws

1. P.O. No. 612, as amended by R.A. No. 10607
Ill. INSURANCE CODE (hereinafter Insurance Code);
A. ,Basic concepts 2. Special Laws, such as R.A. No. 1161 (Social Security
1. What may be insured Act)
2. Insurable interest 3. Civil Code, for matters not expressly provided for in #1
3. Double insurance and Over insurance and #2
4. Reinsurance
5. No fault, suicide, and incontestability Contract of Insurance
clauses 1. An agreement;
B. Perfection of the insurance contract 2. Whereby one undertakes for a consideration; .
C. Rights and obligations of parties 3. To indemnify another against lossdamaqe.ot liability
1. Insurer
4. Arising from an unknown or contingent event.'
2. Insured
(Insurance Code, Sec. 2[a]).
3. Beneficiary
D. Resclsston of insurance contracts
1. What may be insured?
1. Concealment
Any contingent or unknown event, whether past or future,
2. Misrepresentation or omissions
3. Breach of warranties which may damnify a person having an insurable interest,
E. Loss or create a liability against him, may be insured against;
subject to the provisions of this chapter,

The consent of the spouse is not necessary for the validity

of an insurance policy taken out by a married person on his · ·
or her life or
that of his or her children -.

All rights, title and interest in the policy of insurance taken

out by an original owner on the life or health of the person
insured shall automatically vest in the latter upon the death
of the original owner. unless otherwise provided for in the
policy. (Insurance Code, Sec. 3)

Note:
A contingent event is one that is not certain to take place,

An unknown past event is one which had already

happened, but one is unaware if it happened or not. ·

An unknown past event may be a designated event only in

cases where it has happened already but the parties do not
know about it, e.g., prior loss of a ship at sea (applicable
only to marine insurance). (De Leon, The Insurance Code
of the Philippines Annotated [2014])

Contract of Suretyship
A contract of suretyship is also considered an insurance
contract, if made by a surety who is doing insurance
business. (P.O. No. 612, as emended by R.A. No. 10607 .·.
{hereinafter Insurance Code), Sec. 2[a]).

Page 40 of 250
ATENEO CENTRAL
BAROPERATIONS 2019 COMMERCIAL LAW

$uretyship is an agreement whereby a party called the SUBJECT MATTER

"surety" guarantees the performance by another party
called the "principal obligor" of an obligation or undertaking Risks or Perils That May be insured
in favor of a third party called the "obliqee." It includes -,a. Any contingent or unknown event, whether past or
official recognizances, stipulations, bonds or undertakings future, which may damnify ( cause damage to) a person
issued by. any company by virtue of and under the having an insurable interest; or
provisions of Act No. 536, as amended by Act No. 2206. b. Any contingent or unknown event, whether past or
(Insurance Code, Sec. 177) future, which may create a liability against the person
insured (Insurance Code, Sec. 3)

Doinq or Transacting an Insurance Business Past Events - Marine Insurance

1. Making or proposing to make, as insurer any insurance A past event which may be insured against is peculiar to
contract; Making, or proposing to make, as surety, any Marine Insurance. A person insured by a contract of
contract of suretyship as a vocation and not as merely marine insurance is presumed to have knowledge, at the
incidental to any other legitimate business or activity of time of insuring, of a prior loss, if. the information might
the surety; possibly have reached him in the usual mode of
2. Doing any kind of business including a reinsurance transmission and at the usual rate of communication.
business, specifically recognized as constituting the (Insurance Code, Sec. 111)
. doing of an insurance business within the meaning of
this Code; Contingent Liability
3. Doing or proposing to do any business in substance Example: Reinsurance
equivalent to .any of the foregoing in a manner designed
to evade the provisions of this Code. (Insurance Code, Note: Sec. 3 does not authorize an insurance for or against
Sec. 2[b]) the drawing of any lottery, or for or against any chance or
ticket in a lottery drawing a prize. (Insurance Code, Sec. 4)
Consideration Required in Insurance
General Rule: An insurance business consists in Elements of a Lottery
undertaking. for a consideration, to indemnify another a. Consideration;
against loss. damage or liability arising from an unknown b. Prizes; and
or contingent event. c. Chance

Exception: Those not formally designated as insurance There is no lottery where a company, to promote the sale
businesses but are deemed "doing or transacting an of certain products, resorts to a scheme which envisions
insurance business" the giving away for free cjf certain prizes for the purchase
of said products, for the participants are not required to pay
The fact that no profit is derived from the making of more than the usual price of the products. Here, prizes can
insurance contracts, clgreements or transactions or that no be obtained without any additional consideration (Phil.
separate or direct consideration is received therefor, shall Refining Co v. Palomar, G.R. No; L-29062, 1987)
not be deemed conclusive to show that the making thereof
does not constitute the doing or transacting of an insurance
business. (Insurance Code, Sec. 2[b])

Protection and Indemnity Club - Doing Insurance

Business
A protection . and indemnity club is an association
composed of shipowne.rs generally formed for the specific
purpose of providing insurance cover against third-party
liabilities of its members. It is a mutual insurance
association. (Steamship Mutual v. Sulp!cio Lines, G. R. No.
196072, 2017)

Page 41 of 250
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BAR OPERATIONS 2019 COMMERCIAL LAW

express '.powers or for the pursuit of its purposes as. • In shortening of term .; right of appraisal
provided in the Charter: Examples are powers related recognized in Sec 81 ( 1) - amendment of Articles
to the same line of business, (e.g. stevedoring services to shorten or extend corporate term
to unload coal to its pier tor corporations supplying
electric power) b. Power to Increase or Decrease Capital Stock or
c. Incidental/inherent powers -Those that are deemed Incur, Create, Increase Bonded Indebtedness (Sec. ·
to be within the capacity of corporate entities. These 38)
"necessarily flow" from the business and attach at the
moment of creation without regard to express powers Power to inc:rease or decrease capital stock - provided
or primary purpose. the 25-25 rule is complied with, as approved by the SEC

General Express Powers under the Corporation Code There shall be no increase or decrease of capital stock
(Sec;. 36) unless:
a. §ue and be sued in its corporate name; -, • Approved by majority of the board
b. §uccession; • Approved by at least 2/3 of OCS in arneetinq
c. Adopt and use a corporate seal; • With notice of the proposal and meeting given to
d. Amend 8rticles of Incorporation stockholders
e. Adopt, amend or repeal !;ht-laws; • With prior approval of the SEC
f. Fer stock corporations - Issue stocks to subscribers • Accompanied by a sworn statement of . the
and to sell treasury stocks; for non-stock corporations treasurer showing that the 25-25 rule has been
- admit members; complied with
g. furchase, receive, take, or grant, hold, convey, sell,
lease, pledqo, mortgage and otherwise deal with real No decrease of capital stock shall be approved by the.SEC-
and personal property, pursuant to its lawful business; if it will prejudice the rights of corporate creditors ·
h. Enter into Merger or consolidation;
i. Reasonable Q.onations for public welfare, hospital, From and after the approval by the SEC and the issuance
charitable, cultural, scientific, ci-vil or similar purposes of its certificate of filing, capital stock shall stand increased
(Prohibited: for partisan political activity); or decreased as the certificate may declare
j. Establish pension, retirement and other plans for the
benefit of directors, trustees, officers and employees; Incur, create, or increase bonded indebtedness -There
and should be no incurring, creating or increasing any bonded
k. Qther powers essential or necessary to carry out its indebtedness unless :
purposes. • Approved by majority of the board
• Approved by at least 2/3 of OCS/mernbers in a
2. Specific Powers: Theory of Specific Capacity
meeting
• With notice of the proposal and meeting given to
a. Power to Extend or Shorten corporate term
stockholders·
There should be a written notice of stockholders/members
• With prior approval of the SEC
meeting stating:
• Proposed action and time and place of meeting
c. Power to Deny Pre-Emptive Rights
• Addressed to each stockholder/ member As a general rule, stockholders have the pre-emptive right
• Deposited to the addressee in post office, with to subscribe to all issues or disposition of shares of any
postage prepaid or served personally class in proportion to their shareholdings unless: .
Vote needed: • Denied by the Articles of Incorporation or
• Board majority (in board meeting) amendment thereto;
• Ratified by 2/3 of OCS or members in a meeting - • Shares are issued in compliance With laws
mere written assent is not enough (Sec. 37) requiring minimum stock ownership by the public
• Shares issued in good faith in exchanqe for
Appraisal rights available to dissenting stockholders property for corporate purposes approved by 2/3
• In case of extension of term - right of appraisal of the OCS
exists • Shares in paymentof previously contracted debts
approved by 2/3 of OCS (Sec. 39)

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----~......----~----------~~--------~~-------~~------------------------------ ~----
This needs approval of:
the express powers and reasonably necessary ....... to their
exercise. If so, the corporation has the power to do it;
1. Board of Directors of both managing and managed otherwise. not. (University of Mindanao, Inc. v. Bangko
corporation Sentral ng Pilipines, G.R. 194964-65, .2016)
2. Majority of outstanding shares or members of
both managed and managing. corporation Doctrine of Ratification
3. But 2/3 vote of outstanding stock/members of The corporation may ratify the unauthorized acts of its
managed corporation necessary in the ff: · corporate officer. The substance · of the doctrine is
Where stockholders of both confirmation after conduct, amounting to a substitute.for a
managing and managed , prior authority. Ratification can be. made either expressly
corporation (the common or impliedly like silence or acquiescence and acceptance
stockholders) own or control more of benefits (Yasuma v .. Heirs of Cecilio De Villa G.R. No.
than 1/3 or the outstanding stock 150350, 2006). But illegal acts cannot be ratified.
of managing corporation
Where majority of directors in Doctrine of Individuality of Subscription
both corporations are the same On the creation of a corporation, the individuality of the
corporators or members is merged in the corporate body
i. Ultra Vires Acts and the corporation becomes in law a legal entity or
artificial person entirely distinct from its members and its
i. Applicability of Ultra Vires Doctrine officers, and the property or rights acquired, or the liabilities
An act not within the express or implied, and incidental incurred by it are regarded as its. property, rights, and
powers of the corporation. liabilities as such distinct legal entity (Jose C. Campos, Jr.,
et al., Survey of Mercantile Law, 30 Phil. L. J. :?55; 264
Types of Ultra Vires Cases [1954]).
a. First type: Acts done beyond the powers of the
corporation as provided for in the law or its articles of Equality of Shares · • .
incorporation (Sec. 45) Under the doctrine of equality of shares - all stocks issued
b. Second type: Acts or contracts entered into in behalf by the corporation are presumed equal with the same
of the corporation by persons without corporate privileges and liabilities, provided that the Articles of
~ .r
authority, even tho1Jgh the contract is within the powers Incorporation is silent on such diff&rences (CIR vs. CA
of the corporation (Manila Metal Container Corp. v. (G.R. No. 108576. 1999) citing Sec. 5 par 1, last sentence
PNB, G.R. No. 166862, 2006) and of Act 1459 (Old Corporation Law) now Sec. 6 of the
c. Third type: Acts or contracts, which are per se illegal Corporation Code requires that the distinguishing features .
as being contrary to law. be stated also ln the Certificate of Stock)

ii. Consequences of Ultra Vires Acts . Those Who May Exercise the Powers of the
• Executed contract - Courts will not set aside or Corporation
interfere with such contracts; General Rule: The Board of Directors ALONE exercises
• Executory contracts - No enforcement even at the the powers of the corporation.
suit of either party (void and -mentorceable):
• Partly executed and partly executory - Principle Exceptions: Other persons or groups within the
against unjust enrichment shall apply. corporation may do so similarly:
a. If (1) there is a management contract and (2) powers
Ultra vires test: It is a question, therefore, in each case, are delegated by majority of the board to an executive·
of the logical relation otthe act to the corporate purpose committee:
expressed in the charter If that act is one which is lawful b. Corporate officers (e.g. the President) via authority
in itself, and not otherwise prohibited, is done for the from (1) law. (2) corporate by-laws; .and (3)
purpose of serving corporate ends, and is reasonably authorization from the board, either expressly or
tributary to the promotion of those ends, in a substantial, impliedly by habit, custom or acquiescence in the
and not in a remote and fanciful, sense, it may fairly be general course of business;
considered within charter powers. The test to be applied is c. A corporate agent in transactions with third persons
whether the act in question is in direct and immediate to the extent of the authority to do so has been
furtherance of the corporation's business, fairly incident to conferred upon him;
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corporations is reasonably necessary to

d, Power to Sell, Dispose, Lease, Encumber All or accomplish primary purpose
Substantially All of Corporate Assets (Sec. 40) • Written notice of proposed investment and time
and place of meeting sent to stockholders
Needs vote of: • Dissenting stockholders have appraisal rights
• Board majority in meeting
• 2/3 of OCS or members Investment by a sugar central in the equity of a jute-bag
manufacturing company used in packing sugar, falls within
Written notice of stockholder/member meeting proposing the implied powers of the sugar central as part of its
· said action needed for "sale of all or substantially all of the primary purpose (De La Rama v.. Ma-ao Sugar Central,
corporate property and asset" - one where the corporation G.R. No. L·17504, 1969)
is rendered incapable of accomplishing its corporate
purpose. g. Power to Declare Dividends
Only Board action is needed (except stock dividends
Dissenting stockholders have appraisal right. where stockholder action is needed)
• Cash dividends due on delinquent stock should
After authorization or approval by the first be applied to unpaid balance plus cost and
stockholders/members, the Board may however, abandon expenses
proposed action without prior authorization/approval of • Stock dividends shall be withheld from delinquent
stockholders/members, subject to rights of 3'd parties stockholders until the unpaid subscription is fully
paid
However, st:ockholc!ers'/members' authorization not • Stock dividends need 2/3 vote of the OCS
needed if • Dividends are payable out ofunrestricted retained
• Disposition of property and assets is necessary in earnings .·
the usual and regular course of business • Stock corporations cannot retain surplus profits
• Or if the proceeds of sale or . disposition is more than 100% of paid-in capital stock unless:
appropriated for the conduct of the remaining Needed for corporate expansion projects
business (Sec. 40) approved by the board
Or prohibited by loan agreement which
· e. Power to Acquire Own Shares prohibits declaration of dividends without
Allowed for a legitimate corporate purpose including but financial institution's consent
not limited to the following: Or needed under special circumstances (Sec.
• To eliminat€ fractional shares arising out of stock 43)
dividends; • Unless otherwise provided in the articles of
• To collect or compromise an indebtedness to the incorporation, distribution of dividends is done on
corporation, arising out of unpaid subscription, in a a pro rata basis.
delinquency sale, and to purchase delinquent
shares sold during said sale; · h. Power to Enter Into Management Contract
• To pay dissenting or withdrawing stockholders Where one corporation undertakes to manage all or
entitled to payment for their shares under the substantially all of the business of another corporation,
·. provisions of the Corporation Code. whether the contract is called "service contracts" or
"operating agreement" (Sec. 44)
Provided the corporation has unrestricted retained
earnings tocover stocks purchased or acquired (Sec. 41) General Rule: Contract may not exceed 5yrs per term

f. Power to Invest Corporate .Funds in another Exception: Contracts relating to exploration,

Corporation or For Non-Primary Purpose (Sec. 42) development, exploitation or utilization of natural
resources, where pertinent laws or regulations will govern
Needs vote of:
• Board majority in meeting A management contract is not an agency contract, and
• 2/3 of OCS or members - Stockholders/members' therefore is not revocable at will (Nielson v, Lepanto, G.R.
approval not needed if investment in stock of other No. L-21601, 1968)

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Corporate Officer vs · Other Positions Comptroller/Administrator, Chiefs of Services and such

CORPORATE OFFICERS OTHER POSITIONS other officers as it may deem necessary and prescribe their
Agents of the corporation Agents of the corporation po"".~rs and duties," then such specifically desiqnated
More important employees positions should be considered "corporate officers"
exercising greater authority May also exercise position. The determination of the rights and the
or power in the authority but scope of concomitant liability arising from any ouster from such
management of the authority and duties are positions, would be intra-corporate controversy subject to
business limited by virtue of the the jurisdiction of the SEC (now RTC) (Tal>ang v. NLRC,
Specific duties are imposed delegation G.R. No. 121143, 1997).
by express provision of law
A corporate officer's dismissal is always a corporate act, or
Created by virtue of
Created by the Corporation an intra-corporate controversy, and the nature is not
"enabling powers" given
Code or the Sy-Laws altered by the reason 'X wisdom with which the Board of
to officers in the By-Laws
Directors may have in taking such action.
Elected and removed by the . The · electing/removing
directors or · · the , body need not follow the The President, Treasurer arid Secretary are considered
stockholders . requirements in the corporate officers because all corporations are required by
Corporation Code
law to have such positions. . "'····· ·
RTC-Special Commercial
NLRC has jurisdiction
Court has jurisdiction over
over termination disputes The creation of a position under the corporation's charter
termination disputes
or by-laws, and that the election is by the directors or
stockholders must concur in order for an individual to be
An "office" is createcl by the charter of the corporation and
considered a corporate officer, as against an ordinary
the officer is elected by the directors or stockholders (2
employee or officer. It is only when officer claiming to have
. Fletcher Cyc. Corp. Ch. II, Sec. 266).
been illegally dismissed is classified as corporate officer
that the issue is deemed an intra-corporate dispute which
On the other hand, an "employee" usually occupies no falls within the jurisdiction of the trial courts. (Wesleyan
office and generally is employed not by action of the University v. Maglaya, Sr., G.R. No. 212774, 2016)
directors or stockholders but by the managing officer of the
corporation who Riso determines the compensation to be Liability of the Officer
paid to such employee (Tabang v. NLRC, G.R. No. General rule: Corporate officers are not personally Hable
121143, 1997). for their official acts unless it is shown that they have
exceeded their authority. ARB Constructions Co., Inc; V.
The president, vice-president, secretary and treasurer are Court of Appeals, G.R, No. 126554, 2000)
commonly regarded as the principal or executive officers
of a corporation, and modern corporation statutes usually Exception: Personal liability of a corporate director,
designate them as the officers of the corporation. However, trustee or officer along (although not necessarily) with the
other offices are sometimes created by the charter or by- corporation may validly attach, as a rule, only when:
laws of a corporation, or the board of. directors may be a. He assents to a patently unlawful act of the corporation
empowered under the by-laws of a corporation to create b. Guilty of bad faith or gross negligence in directing its
additional offices as may be necessary (Tabang v. NLRC, affairs
G.R. No. 121143, 1997). c. for conflict of interest resulting in damages to the
corporation, its stockholders or other persons
When the by-laws of the condominium corporation d. He consents to the issuance of watered stocks or who,
specifically includes the position · of having knowledge thereof, does not forthwith file with
"Superintendent/Administrator" in is roster of corporate the corporate secretary his written objection thereto
officers, then such position is clearly a corporate officer ,. e. He aqrees to hold himself personally and solidarily
position and issues of reinstatement would be within the liable with the corporation; or
jurisdiction of the SEC [now with the RTC] and not the f. He is made, by a specific provision of law, to personally
NLRC (Ongkingr:o v. NLRC, G.R. No. 119877, 1997). answer for his corporate action (Atrium Management
Corporation vs. Court of Appeals, G.R. No. 1p9491,
When the by-laws provide that one of the powers of the
2001).
Board of Trustees is "[t]o appoint a Medical Director.

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d, Those with apparent authority (doctrine of has been ratified. If it acquiesces, with knowledge of the
apparent authority), facts, or fails to disaffirm, ratification will be implied or else
it will be estopped to deny ratification (Premiere
Theories on Source of Board Power Development Bank vs. CA, G.R. No. 159352, 2004).
a. Directly-Vested I Original Power Efren was Bonanza's General Property Manager while
Pursuant to Section 23, the source of power of the Board Miguel was the President. Bonanza leased the lot to Efren
of Directors is primarily and directly-vested by law; it is not but eventually notified the latter about the rescission of
a delegated power from the stockholders or members of lease. Using the Doctrine of Apparent Authority, Bonanza
the corporation was estopped from denying the existence and
b. Oelegated Powers from Stockholders enforceability of Lease Contract after it effectively ratified
. The Board of Directors is a creation of the stockholders the lease by accepting proceeds throughout several years .
and controls and directs the affairs of the corporation by Also, while it is true that the doctrine cannot be invoked by
delegation of the stockholders. By drawing lo themselves one who is not a third party, an officer of a corporation
the powers of the corporation, they occupy positions of can actually be a third person in contract with the
trusteeship in relation to the stockholders. corporation. (Quesada, et al. v. Bonanza Restaurants, lnc.,
G.R No. 207500, 2016)
Doctrine of Apparent Authority
If a corporation knowingly permits one of its officers, or any Who Is an Officer of a Corporation?
other agent, to act within the scope of an apparent
authority, it holds him out to the public possessing the Corporations act only through their officers and duly
power to so do those acts; and thus, the corporation will, authorized agents. All acts within the powers of a
as, against anyone who has in good faith dealt with it corporation may be performed by agents of its selection;
through such agent, be estopped from denying the agent's except so far as limitations or restrictions imposed by
. authority. (Francisco v, GS/S, GR No. L-18287, 1963) special charter, by-laws, or statutory provisions (BA
Savings Bank v. Sia1 G.R No. 131214, 2000),
Apparent authority may be ascertained through:
a. The general manner in which the corporation holds out An "office" is created by the charter of the corporation and
an officer or agent as having the power to act or, in the officer is elected by the directors or stockholders, Note
other words, the apparent authority to act in general, that a corporate officer's removal from his office is a
with which it clothes him; or . corporate act Such rernoval occasions an intra-corporate
b. The acquiescence in his acts of a particular nature, -, controversy and its nature is not altered by the reason or
with actual or constructive knowledge thereof, whether wisdom, or lack thereof, with which the BOD might have in
within or beyond the scope of his ordinary powers. takiri>J such action.

If a. private corporation intentionally or negligently clothes When petitioner, as Executive VP, allegedly diverted
its officers or agents with apparent power to perform acts company funds for his personal use resulting In heavy
for it, the corporation will be estopped to deny that the financial losses in the company, this matter would amount
apparent authority is real as to innocent third persons to fraud. Suell fraud would be detrimemal to the interest
dealing in good faith with such officers or agents. not only of the corporation but also of its members. This
type of fraud encompasses controversies in a relationship
Note: within the corporation covered by the SEC [now with the
It requires presentation of evidence of similar acts regular courts]. Perforce, the matter would come within the
executed either in its favor or in favor of other parties. It is area of corporate affairs and management, and such a
not the quantity of similar acts which establishes apparent corporate controversy would call for the adjudicative
authority, but the vesting of a corporate oficer with the expertise of the SEC, not the Labor Arbiter or the NLRC
power to bind the corporation (People's Aircargo and (De Rossi v. NLRC, GR No. 108710, 1999)
wsretiousirx; .Co., Inc. v. CA., GR. No. 117847, 1998), ·

Wheri the officers or agents of a corporation exceed their

powers in entering into contracts or doing other acts, the
corporation, when it has knowledge thereof, must promptly
disaffirm the contract or act and allow the other party or
. third persons to act in the belief that it was authorized or
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-----------~-· ......---------------~------------~-----~-~------------~---------......--~
debts. Thus, the Trust Fund Doctrine extends to all assets
(not just subscribed capital stock) when a corporation Qualifications of Directors (Sec. 23 & 27)
becomes insolvent. (Halley v. Printwel/, G.R. /Vo. 157549, a. Must own at least one (1) share of the capital stock of
2011) the corporation in his own rame or must be a mernber
in the case of non-stock corporations
i. /\ny director who ceases to be the owner ofat
A. BOARD OF DIRECTORSAND TRUSTEES least one (1) share of the capital stock of the
corporation of which he is a director shall
1. Doctrine of Centralized Management thereby cease to be a director.
b. A majority of the directors/trustees must be residents
Powers of the Board of Directors of the Philippines
Unless otherwise provided in the Corporation Code, the c. He must not have been convicted by final judgment of
corporate powers of all corporations formed under this an offense punishable by imprisonment for a period
Code shall be exercised, all business conducted and all exceeding six (6) years or a violation of. the
property of such corporations controlled arid held by the Corporation Code, committed within five (5) years
board of directors or trustees to be elected from among the before the date of his election
holders of stocks, or where there is no stock, from among d. H~ must be of legal age
the members of the corporation (Sec. 23). e. He must possess other qualifications as may be
prescribed in the by-laws of the corporation.
2. Business Judgment Ruie
Questions of policy or management are left solely to the Disqualifications of Directors, Trustees, or Officers
honest decision of officers· and directors of a corporation -, (Sec. 27)
and the courts are without authority to substitute their a. Convicting by final judgment of an offense punishable
judgment for the judgment of the board of directors; the by imprisonment for a period exceeding 6 years; or
board is the business manager of the corporation and so b. Violation of the Corporation Code, committed within 5
long as it acts in good faith its orders are not reviewable by years prior tc the date of his election or appointment
the courts or the SEC. The directors are also not liable to
the stockholders in performing such acts (Philippine Stock . Note: It is the commission (not conviction) that must take
Exchange, Inc. v. CA, GR No. 130644, 1997). place within 5 years prior to election or appointment.

Coverage of the Rule: Two Branches Grounds not exclusive

a. Resolutions and transactions entered into by the The enumeration of grounds is not exclusive.
. Board of Pi rectors within the powers of the corporation
cannot be reversed by the courts not even on thP. By-law provisions that prohibit directors who have interests .
behest of the stockholders of the corporation; and in competitor corporations are reasonable in order to
b. Directors and officers acting within such business protect the interests of the company (Gokongwei v. SEC,
judgment cannot be held personally liable for the GR. No. L-45911, 1979)
consequences of such acts.
Hold-Over Principle
Instances When a Director is Liable: Directors/Trustees may continue to hold office despite the
a. Willfully and knowingly voting for and assenting to lapse of one year until their successors are elected and·
patently unlawful acts of the corporation; qualified.
b. Gross negligence or bad faith in directing the affairs of
the corporation; Remaining members of the beard of directors cannot elect
c. Acquiring any personal or pecuniary interest in conflict another director to tW in a vacancy caused by the
of duty. resignation of a nold-over oirector. The hold-over period is
not part of the term of office of a member of the board. of
3. Tenure, Qualifications and Disqualifications of directors. (V&lle Verde Country Club v. Africa, G.R. No.
Directors 151969, 2009)

Term of Office (Sec. 23) Thus, when during the holdover period, a director resigns
Each duly elected director/trustee shall hold office for one from .the board, the vacancy can only be filled-up by the
(1) year until their successors are elected and qualified. stockholders, since there is no term left to fill-up pursuant
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In Labor Cases: In the absence of malice, bad faith, or or by expiration of term, if the remaining BOD
specific provisions of law, a stockhulder or an officer of a constitutes a quorum; otherwise, said vacancies must
corporation cannot be made personally liable for corporate be filled by the stockholders in a regular or special
liabilities (McLeod v. NLRC, G.R. No, 146667, 2007) meeting called for that purpose.
b. Extension or shortening of the corporate term
3. Exercise of Corporate Powers -, c. Increase or decrease of capital stock or the creation of
bonded indebtedness
a. By the Shareholders d. Sale or other disposition of all or substantially all
assets
2/3 vote of stockholders or members arc needed in the e. Acquisition of its own shares
following instances: f. Investment of corporate funds in any corporation or
a. Removal of directors or trustees business or for any purpose other than its primary
b. In cases of vacancies, stockholders/members are purpose
entitled to·fill up such vacancies g. Declaration of cash, property, and stock dividends
c. Extension or shortening of corporate term h. Entering into management contracts
d, Increase or decrease of capital stock or the creation of i. Amendment of the articles of incorporation
. bonded indebtedness j. Amendment o the by-laws
e, Sale or other dispositions of all or substantially all k. Approval of the plan of merger or consolidation
corporate assets I. Dissolution of the corporation ·
f. Investing corporate funds in another corporation or
business or for any other purpose other than its c. By Executive Committee
primary purpose The By-laws may create an executive committee,
g. Power to enter into management contracts in the composed of not less than 3 members of the board, to be
following instances: (a) where stockholders appointed by the Board.
representing the same interest of both the managing
and the managed corporations own more than one- General rule: The Executive Committee may act, by
third (1/3) of the total outstanding capital stock entitled majority vote, on specific matters within the competence of
to vote of thf: managing .corporation: or (b) where a the board as delegated to it
majority of the members of the Board of Directors of
the managing corporation also constitute a majority of Exception:
the members of the Board of Directors of the manaqed 1. Acts where stockholders' approval is also needed
corporation 2. Filling vacancies within the Board of Directors
h. · Declaration of stock dividend 3. Amending, repec:ling or adopting by-laws
i, Amendment of the articles of incorporation 4. Amending or repealing resolutions of the Board
j. . Approval of the plan of merger or consolidation where the resolution by express terms is not so
k. Dissolution of the corporation amendable or repealab'e by the Executive
Committee
However, only majority vote is needed in: 5. Distribution of cash dividends

c. Approval of the by-laws of the corporation 4. Trust Fund Doctrine

d. Amendment of the by-laws General Rule: The subscribed capital stock of the
· e. Power to enter into management contracts, except in corporation is a trust fund for the payment of debts of the
instances mentioned in letter (g) of the preceding corporation which the creditors have the right to look up to
section satisfy their credits. Corporations may not dissipate this,
and the creditors may sue the stockholders directly for their
b. By the Board of Directors unpaid subscriptions.
The Board of Directors is the main agency by which all
corporate powers. and authority are exercised Special Rule in lnsolyency: The trust fund doctrine is not
limited to reaching the stockholders' unpaid subscriptions.
General rule: Majority vote of the Board is .needed in the The scope of the doctrine when the corporation is
following instances: insolvent encompasses not only the capital stock, but
a. Filling of vacancies in the board, except when vacancy also other property and assets generally regarded in
was due to removal by the stockholders or members equity as a trust fund for the payment of corporate
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there are trustees to be elected but may not cast Non-Filipino citizens may become members of the board
more. than one vote for one candidate. of directors of a bank to the extent of the foreign
• Viva voce (live voice) or must be by ballot if participation in the equity of said bank. (General Banking
requested Law, Sec. 15)
• Delinquent shares and treasury shares cannot \ ... /
vote Filling Vacancies. in Board • Permissive
• Candidates with highest number of votes will be The filling of vacancies in the board by the remaining
declared elected directors or trustees constituting a quorum as provided for
by Section 29 is merely permissive, not mandatory, and the
When Elected (Sec. 29) vacancies may still be filled-up by the stockholders of
• Any vacancy occurring in the board of directors or members in a regular or special meeting called for the.
trustees other than by removal by the stockholders purpose. However, when the by-laws of the corporation
or members or by expiration of term, may be filled contain a specific mode of filling- up existing vacancies in
by the vote of at least a majority of the remaining the board, the same is mandatory (Tan v. Sycip; G.R. No.
directors or trustees, if still constituting a quorum: 153468, 2006).
otherwise, said vacancies must be filled by the
stockholders in a regular or special meeting called Report On 1::lection of Directors, Trustees and Officers
for that purpose Within 30 days after election of the directors, trustees and.
• Any directorship or trusteeship to be filled by officers of the corporation, the secretary or any other officer
reason of an increase in the number of directors or of the corporation shall submit to the. SEC, the names
trustees shall be filled only by an election at a nationalities and residences of the directors, trustees and
regular or at a special meeting of stockholders or Officers elected. Should a director, trustee or officer die,
members duly called for the purpose. or in the resign or in any manner cease to hold office, his heirs in ·.·
same meeting authorizing the increase of directors case of his death, secretary or any other officer of the
or trustees if so stated in ti 1e notice of the meeting. corporation, or the director, trustee or officer himself, shall
immediately report such fact to the SEC.
Election Rules on Stock and Non-Stock
!
Corporations
STOCK CORPORATION NON-STOCK
Only the directors and officers cf the corporation whose
CORPORATION
names appears in the report submitted to the SE:C are-
Owners of a majority · of A majority of the
deemed legally constituted to bind the corporation _ in
outstanding capital stock, members. either in person
bringing a suit in behalf of the corporation (Premium
either in person or by or by representative
Marble Resources v. CA, G.R. No. 96551, 1996).
representative authorized authorized to act by
to act by written proxy, written proxy, must be
5. Removal (Sec. 28)
must be present at the present at the election of
election of the directors the trustees
Requisites of Removal from the Board
Cumulative voting is Cumulative voting is not a. It must take place either at a regular meeting or special
mandatory; a matter of available, unless allowed meeting of the stockholders or members callee for the
right granted by law to by the articles or by-laws. purpose;
each stockholder with b. There must be previous notice to the stockholders or
voting rights. The Board may be elected members of the intention to remove;
by region. c. The removal must be by a vote of the stockholders
Directors are elected at representing 2/3 of the outstandinq capital stock or 2/3
large. of the members, as the case may be;
I -
d. The director may be removed with or without cause
Alien Membership in Board of Directors unless he was elected by the minority, in which case,
P.O. No. 715: "election of aliens as members of the board it is required that there is cause for removal.
of directors of governing body of corporations or
associations engaging in partially nationalized activity shall 6. Filling of Vacancies (Sec. 29)
be allowed in proportion to their allowable participation or
share in the capital of such entities." By stockholders or members - if vacancy results
because of:
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to the provisions of Section 29 which mandates that a

vacancy occurring in the board of directors caused by the Note: Stock corporations follow the cumulative voting
expiration of a member's term shall be filled by the method. In non-stock corporations. unless otherwise
corporation's stockholders. (Valle Verde Country Club v. provided in the articles ofincorporation or in the by-laws,
Africa, G.R. No. 151969, 2009) the default rule in the election of trustees is straight
voting. (Sec. 24)
A director continuing to. serve . after one year from his
election (on a holdover capacity), cannot be considered as b. Required Attendance at Meeting for Election
extending his term. This hold-over period is not part of his (Quorum)
te.rm, which, as declared, had already expired. (Valle • Stock Corporation - majority of outstanding
Verde CountryClub v. Africa, G.R. No. 151969, 2009) capital stock
• Non-stock Corporation - majority of members
4. Elections entitled to vote '

Election of Directors or Trustees (Sec. 24) Any meeting of the stocxholders or members called for an
election may adjourn from day to day or from time to time
Manner of Election · but not sine die or indefinitely if, for any reason, no election
• in any form; or is held, or if there are not present or represented by proxy,
By ballot when requested by any voting at the meeting, the owners of a majority of the outstanding
· stockholder or member · capital stock, or if there be no capital stock, a majority of
• In stock corporations, voting may be in person or the member· entitled to vote. Voting may be made
by proxy personally or by proxy.

Time to Determine Voting Right Who Elects Directors or Trustees

• At the time fixed ir, by- laws • By the stockholders/members as provided in the
• · If by- laws are silent, at time of election by-laws (traditionally during annual SHIM
meetings
a. Methods of Voting in the Election of Directors • By the board, if still constituting quorum for
(Cumulative Voting/Straight Voting) vacancies in the interim (i.e. between annual
:neetings) due to causes other than removal or
Outstanding capital. stock - means the total shares of expiry of term (Sec. 29)
stock issued under binding subscription agreements to . • If the vacancies are due to. removal or expiry of
subscribers or stockholders, whether or not fully or partially . term, the directors/trustees must be elected by the
paid, except treasury shares(Sec. 137) . stockholders/members at a meeting for this
purpose (special meeting)
a. Straight voting - Every stockholder may vote the
number of outstanding capital stock in his own name How Elected
for as many persons as there are directors to be • By owners of majority of outstanding capital stock
elected; or in non-stock corporations, members may or by members in annual stockholders'/men'lbers'
cast as many votes as there are trustees to be elected meeting ,
· but may not cast morethan one vote for one candidate. . • Stockholders/members may be present in person
(In straight votinq, the votes are spread out evenly or by written proxy
among all the elective positions) • For stock corporations: Number of votes = (no. of
b. Cumulative voting for one candidate - a shares) x (no. of directors to be elected)
stockholder may cumulate his shares and give one '• By cumulative voting all votes may be cast for a
candidate as many votes as the number of directors to candidate or distributed among the candidates -
be elected multiplied by the number of his shares shall
But no cumulative voting in non-stock
equal; ·
corporations
c. Cumulative voting by distribution - a stockholder
• Unless otherwise provided in the articles of
. may also cumulate his shares by multiplying the
incorporation or in the by-laws, members of non-
number of his shares by the number of directors to be
stock corporations may cast as many votes as
elected and distribute the same among as many
candidates as he shall see fit
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p
_e,_n_a-l""s-a"'"n""c""ti""on""·s...-to-s
. ....
al...d--....
se-c-ti-o-ns-.-i-t -c-o-ul_d_h_a_v_e_e_x_p_r_e-ss-ly---4-.
--H-e-is-m;J'e--, b-y-a-sp_e_c
...if-ic_p_r_o_v-is...io_n_o_f...la-w·.,-t-o_p_e-rs_o_n
· ...a....
lly
stated such intent in the same manner it did for Section 7 4 answer for his corporate action (Tramat Mercantile,
of the same Code that the viotation thereof is likewise Inc. v. CA, G.R. No. 111008, 1994).
considered an offense under Section 144. (lent v. Tu/let,
Inc., G.R. No. 189158, 2016) 9. Responsibility For Crimes
(See Subsection on Personal Liabilities of Board of
Solidary liabiliti(is for damages Directors and Trustees)
(See below discussion on Personal Liabilities)
Special Fact Doctrine
Liability for Watered Stocks Under the Special Facts Doctrine, although a director does
not stand in fiduciary relation to the stockholder, he is
Watered Stock (Sec. 65) under legal obligation to make fair and full disclosure of
Stock issued for a consideration less than its par or issued pertinent official information where special circumstances.
value or for a consideration in any form other than cash, exist, giving rise to the obligation to disclose. (Soledad M.
valued in excess of its fair value. Cagampang, The Fiduciary Duties of Corporate Directors
Under Philippine Law, 46 Phil. L. J., 513, 562(19711)
Includes stock:
a. Issued without consideration (bonus share) 10. Inside Information
b. Issued as fully paid when the corporation received less
than its par or issued value {discount share) Unlawful Acts of Insider (RA 8799, Sec. 27)
c. Issued for a consideration other than actual cash (e.g. It shall be unlawful for an insider to sell or to buy a security
property or services) the fair valuation of which is less of an issuer, while in the possession of material information
than its par or stated value with respect to the issuer or the security that is not
d. Issued as stock dividends when the corporation has generally available to the public unless;
insufficient retained earnings or surplus 1. The insider proves that the info was not gained from
such relationship
Effect of Issuance of Watered Steck 2. That the other party selling to or buying from the insider
Directors or officers consenting to such issuance are is identified the insider proves
solidarily liable with the stockholder concerned, to the a. That he disclosed the information
corporation or its creditors for the difference between the b. That he had reason to believe that the other ·
fair value received (by the corporation at the time of the party otherwise ,is also in possession of the
issuance) and the par or issued value of the stock issued. information

Personal Liabilities Presumption of a Purchase or Sale of a Security of an

Issuer of Insider
Personal liability of a corporate director, trustee or officer Applies when an insider or an insider's spouse, or relatives .
along with the corporation may so validly attach, as a rule, by affinity or consanguinity within the second· degree;
only when: · legitimate or common-law, while in possession of material
1 . He assents: nonpublic information if transacted after such information
a, To a patently unlawful act of the corporation. came into existence but prior to dissemination of such
or information to the public and the lapse of a reasonable time
I;>. For bad faith, or gross negligence in directing for market to absorb such information.
its affairs, or
c. For conflict of interest, resulting in damages to This presumption is rebutted upon a showing by the
the corporation, its stockholders or other purchaser or seller that he was aware of the material
persons: nonpublic information at the time bf the purchase or sale.
2. He consents to the issuance of watered stocks or who,
having knowledge thereof, does not forthwith file with Material Non-Public Information
the corporate secretary his written objection thereto: a. It has not been generally disclosed to the public and
3. He agrees to hold himself personally and solidarily would likely affect the market price of the security after
liable with the corporation; or being disseminated to the public and the lapse of a
reasonable time for tile market to absorb .tne
information; or
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a. Removal
b. Expiration of term b. Duty of Loyalty (Basis: Secs. 31 & 34)
c. · The ground is other than removal or expiration of term Directors or trustees· shall not acquire any personal or
where the . rernain.nq directors do not constitute a pecuniary interest in conflict with their duty as such
quorum directors or trustees.
d. Increase in the number of directors.
Disloyalty· Sec· 31(2) vs. Sec. 34
Note: Vacancies must be filled by the stockholders in a SEC. 31(2) SEC. 34
regular or special meeting called for that purpose. Applicable to directors, Applicable to directors
trustees, and officers only
By board if remaining directors constitute a quorum - · Allows ratification of a
Except for vacancies occuring due to removal, expiration · No ratification allowed transaction by the
of term, or increase in the number of directors director
Covers stock and non-stock Covers stock
7. Compensation (Sec. 30) corporations corporations only

General Rule: The directors shall not receive any

c. Duty of Diligence (Basis: Sec. 31)
'compensation, as such
, Directors and/or trustees shall not willfully and knowingly
vote for or assent to patently unlawful acts of · the
Exception: They may receive reasonable per diems [i.e.
corporation or act in bad faith or with gross negligence in
at meetings]
directing the affairs of the corporation

Oualifiers to .General Rule and Exception Doctrine of Corporate Opportunity

Any such compensation other than per diems may be
· If there is presented to. a corporate officer or director a
qranted to directors by the vote of the stockholders business opportunity, which the corporation has ah interest
representing at least a majority of the outstanding capital
or a reasonable expectancy, the self-interest of the officer
stock at a regular or special stockholders' rneetinq. ·
or director will be brought into conflict with that of his
corporation. The law does not permit him · to seize the
The - By-Laws may specifically provide for fixing · of
opportunity even if he will use his own funds in the venture.
compensation.
If he seizes the opportunity thereby obtaining profits to the
expense of the corporation, he must account all the profits
However: In no case shall the total yearly compensation
by refunding the same to the corporation.
of directors, as such directors, exceed 10% percent of the
net income before income tax of the corporation during the
Requisites of Doctrine of Corporate Opportunity
preceding year.
a. The Corporation is financially able to undertake the
business opportunity.
· Note: The implication of the phrase "as such directors" is
b. From the nature of the business opportunity, it is in line
that members of the Board may receive compensation, in
with the corporation's business and is of practical
addition to reasonable per diems, when they render
advantage to the corporation.
services ·to the corporation in a capacity other than as
c. The corporation has an interest or a reasonable
directors or trustees [in this case, if serving as corporate
expectancy. by embracing the opportunity.
officers) (vvesiem Technology v. Salas. G.R. No. 113032,
1997)_
Consequence of violation _
a. Directors must account for all the profits by refunding
Rules on Fiduciaries' Duties and Liabilities
the same to the corporation
b. Directors may be removed from the board.
Three-Fold Duties of Directors (Strategic Alliance
Development Corporatiun v. Radstock, G.R. No. 178158,
Exception: The act of the director/trustee has been ratified
2009)
by a vote of the stockhctders owning or representing at
least two-thirds (2/3) of the outstanding capital stock.
a. Duty of Obedience (Basis: Sec. 25)
To direct the affairs of the corporation only in accordance
Violations of Secs. 31 and 34 are not penal offenses in
with the purposes for which it was organized
relation Sec. 144: Had the Legislature intended to attach
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Corriparisotl Between Stockholder's And Director's Meeting

STOCKHOLDER'S MEETING DIRECTOR'S/ TRUSTEES' MEETING
Types of Regular and Special Regular and Special
Meetings '
Place of Held in the city or municipality where the Anywhere in or outside of the Philippines, unless the
Meetings principal office is located by- laws provide otherwise

When held REGULAR - held annually on a date fixed by the REGULAR - held monthly
by- laws, or if not so fixed, on any date in April of
every year as determined by the Board of '
Directors or Trustees
SPECIAL - held at any time deemed necessary SPECIAL - held at any time upon the call of the .
or as provided in the by- laws President
Notice of REGULAR - notice must be sent at least 2 Notice must be sent at least 1 day prior to the
Meeting weeks scheduled meeting. Notice may be waived expressly
SPECIAL - notice must be sent at least 1 week. or impliedly, by any Director or Trustee ·. :· .
Notice may be waived, expressly or impliedly, by
any stockholder or member
...,;... . ...
Who Person designated in the by- laws. When there is The President shall preside
presides no person authorized to call a meeting, SEC may
issue an order to petitioner, who is also a
stockholder or member, to call a meeting to
choose a presiding officer
Quorum Majority of the outstanding capital stock, or of the Majority of the number of directors and trustees as
members. fixed in the articles of incorporation
EXCEPT: in cases where greater vote for an act
or business is required by law.

Note: For stock corporations, quorum is based

on outstandinq voting stocks. For non-stock
corporations, only those who are actual. living
members with voting rights shall be counted.(Tan
v. Sycip, G.R. No. 153468, 2006

F. STOCKHOLDERS AND MEMBERS Articles of Incorporation is silent on such differences. (CIR

v. CA, G.R. No. 108576, 1999)
1. Rights of Stockholders and Members
The following are important rights of stockholders, which 2. Participation In Management
continue to exist even when I the shares have been a. Proxy - Section 58 of the Corporation Code provides
sequestered: that stockholders and members may vote in person or
a. Right to attend rneetinqs and to vote by proxy in all meetings of stockholders or members.
b. Right to receive dividends·
c. Right to receive distributions upon liquidation of the b. Voting Trust Agreements - A stockholder confers
corporation upon a trustee the right to vote and other rights
d. Right to inspect the books of the corporation pertaininq to the shares for a period not exceeding 5
e. Pre-emptive rights (Cojuangco, Jr. vs. Roxas, G.R. No. years at any one time.
91925, 1991)
However, if the voting trust was a requirement for a loan
agreement, period may exceed 5 years .but shall
a. Doctrine of Equality of Shares automatically expire upon full payment of the loan.
All stocks issued by the corporation are presumed equal
with the same privileges and liabilities, provided that the
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b. Would be considered by a reasonable person

important under the circumstances in determining his Powers That Cannot Be Delegated to the Executive
course of action whether to buy, sell or hold a security. Committee
a. Approval of action requiring concurrence of
11. Contracts stockholders;
b. Filling of vacancies in the board;
a. 9y Self-Dealinq Directors with the Corporation - A c. Adoption, amendment or repeal of by-laws;
contract.of the corporation with its director/s or trustee/s or d. Amendment or repeal of board resolution which
officer/s is voidable at the option of such corporation unless by its terms cannot be amended or repealed;
the following are present: e. Distribution of cash dividends.
a. The presence ot such director/trustee in the Board
meeting in which the contract was approved was not 13. Meetings
necessary to constitute a quorum. The corporation's by-laws can provide otherwise to all the
b. The vote ofsuch director or trustee was not necessary rules hereunder, so long as minimum requirements are
for the contract's approval. satisfied.
c. The contract is fair and reasonable
d. In case of: a. Regular or Special
• An officer, the contract with hirn has been 1. Regular-held monthly, unless the by- laws provide
previously authorized by the Board. otherwise
• A director or trustee, where any of the first two 2. Special- held anytime upon the call of the
conditions pre absent, there must be a ratification President or as provided in the by- laws
by 2/3 of the outstanding capital stock provided
J there is full disclosure of the adverse interest of the i. Notice of the meeting - At least 1 d§JY. prior to the
director or trustee. (Sec. 32) scheduled meeting. A director may waive the requirement,
expressly or impliedly .
. b. Contracts · Between Corporations with Interlocking
Directors - These. are valid so long as there is no fraud ii. Place of meetings - Anywhere in or outside the
and the contract is fair and reasonable. However, if the Philippines.
director's interest is nominal in one of the contracting
'corporations (not exceeding 20% of the outstanding capital b. Who Presides - The president shall preside at all
stock), then the contract must comply with the requisites meetings of the directors or trustees, unless the by-laws
provided supra: Sec. 32, otherwise voidable. provide otherwise.

12. Executive Committee I Delegated Authority c. Quorum of Board -A majority of the number of directors
a. The Board may delegate such powers to either an or trustees as fixed in the articles of incorporation.
executive committee or officials or contracted Directors cannot be represented or vote by proxy.
rnanaqers.
b. The delegation, except for the executive committee, d. Rule on Abstention
must be for specific purposes. In case of abstention during a board meeting on a vote
• Accordingly, the general rules of agency as to the taken on any issue, the general rule is that an abstention
binding effects of their acts would apply. is counted in favor of the issue that won the majority vote;
s. ._.lf
·• For such officers to be deemed fully clothed by the since by their act of abstention, the abstaining directors are
corporation to exercise a power of the Board, the deem to abide by the rule of the majority. (Lopez v. Ericta.
latter must specially authorize them to do so (ABS- G.R. No. L-32991, 1972)
CBN Broadcasting Corporation v. CA, GR No.
128690, 1999).

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f. A transferee of stock if his stock transfer is not 3. Proprietary Rights

registered in the stock and transfer book of the
corporation. a. Right To Dividends
g. A stockholder who mortgages or pledges his shares The right to dividends vests at the time of its declaration
retains the right to vote unless he gives authority for by the Board of Directors.
creditor to vote. ·
Although stock certificates grant the stockholder the right
c. Cases When Stockholder's Action is Required to receive quarterly dividends of 1 %, cumulative and
participating, tho stockholders do not become entitled to
i. Concurrence of majority of the outstanding the payment thereof without necessity of a prior declaration
capital stock (by majority vote) of dividends. (Republic Planters Bank v. Hon. Agana, Sr.;
a. To enter into management contract if any G.R. No. 51765, 1997)
of the two instances stated above are
absent; Stock Corporations are prohibited from retaininq surplus
b. To adopt, amend or repeal the by-laws. profits in excess of 100% of their paid-in, capital stock,
ii. Concurrence of 2/3 of o~tstanding capital stock except:
.r ~.:
(by 2/3 vote) (see similar enumeration in the 1. When justified by definite corporate expansion projects
specific express powers of the corporation) or programs approved by the board of directors
a. Extend or shorten corporate term; 2. Corporation is prohibited under a loan aqreernent from
b. Increase/Decrease Corporate Stock; declaring dividends without the creditor's consent.
c. Incur, Create Bonded Indebtedness; 3. Under special circumstances such as when there is a
d. Deny pre-emptive right; need for special reserve for probable contingencies
e. Sell, dispose. lease, encumber all or substantially
all of corporate assets; Form of Dividends
f. Investing another corporation, business other than 1. Cash Dividends (revocable before announcement) ..
the primary purpose; 2. Property Dividends (revocable before announcement).
g. Declare stock dividends 3. Stock Dividends, which requires, aside from the
h. Enter into management contract if (1) a declaration by the Board, the approval of 2/3 of
the
stockholder or stockholders representing the outstanding capital stock (revocable before issuance).
same interest of both the managing and the
managed corporations own or control more than Note: No dividends can be declared out of capital, except
1/3 of the total outstanding capital entitled to vote liquidating dividends distributed at dissolution.
of the managing corporation; or (2) a majority of b. Right Of Appraisal
the members of the board of directors of the The right to withdraw from the corporation and .demand
managing corporation also constitute a majority of payment of the fair value of his shares after dissenting from
the members of the board of the managed certain corporate acts involving fundamental chanqes in
corporation; corporate structure.
i. Amend the Articles of Incorporation
iii. By Cumulative Voting Instances Wherein Appraisal Right May Be Exercised
a. See earlier discussion on election of a. Extension or shortening of corporate term;
directors b. In case any amendment to the articles or incorporation
iv. Without board resolution has the effect of changing or restricting the rights of
a. 2/3 of outstanding capital stock - delegate any stockholders or class of shares, or of authorizing
to the board the power to amend th» by- preferences in any respect superior to those of
laws; outstanding shares of any class:
b. Majority of the outstanding capital stock - -, c. Investing of corporate funds in another business or
revoke the power of the board to amend purpose;
the by-laws which was previously d. Sell or dispose all or substantially all . assets of
delegated. corporation;
c. Removal of directors by a vote of the e. Merger or consolidation.
stockholders representing at least 2/3 of
the outstanding capital stock Exercise of Appraisal Right (Sec. 82)

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Pooling or voting agreements ~ two or more right to revoke the trust ~nd recover damages from such
stockholders agree that their shares shall be voted as a ~~00. .
unit. Usually conce: ned with the election of directors to
gain control of the management. Voting Trust v. Proxy .,,. ..... -.. ro. ·~, •

VOTING TROST PROXY

Requisites for Valid Proxy Trustee votes as owner Proxy holder votes as
1. The proxy shall be in writing; agent
2. Signed by the stockholder or member; and Agreement . must be Proxy need not be
3. Filed before the scheduled meeting with the corporate notarized notarized
secretary (Sec. 58) Trustee acquires legal . Proxy has no legal title to
title to the shares of the the shares of the principal
Duration of Proxy . . .
transferring stockholder;
General Rule: It shall be valid only for the meeting for only beneficial title
which it is intended. . ·
remains with the
stockholder
Exception: Unless otherwise provided in the proxy
Trustee may vote in Proxy must vote in person
person or by proxy unless
Note: No proxy shall be valid and effective for a period
the agreement provides
. longer than five (5) years at any one time.
otherwise
Trustee is riot limited to Proxy can only act at a
The by-laws of the corporation may prescribe a particular
act at any particular speeified stockholder's
form for proxy and fix the deadline for its submission. ·
meetino meetina (if not contlnulnq)
Trustee can vote and Proxy can only·vote in the
Generally, proxies, even those witi1 irrevocable terrns.:
exercise all the rights of absence of the owners of
have always been considered as revocable, unless
the stockholder even the stock
coupled with an interest, and their revocation may be by
when tile latter is present
formal notice, orally, or by conduct as by the appearance
Agreement must not Proxy cannot exceed 5
of the stockholder or member giving the proxy, or the
exceed 5 years at any years at any one time
issuance ofa subsequent proxy, or the sale of shares.
orie time, except when
the same is made a
Proxy Disputes-Jurisdiction
condition of a loan
The regular courts now have the power to hear and decide
Vot_ing right is divorced Right to vote is inherent or
cases involving all matters and conduct of the elections of
from the ownership of inseparable from the right
.: directors, including validation of proxies. Tile power of SEC
stocks to ownership of the stock
to regulate proxies remains only in instances when
Agreement is irrevocable Revocable anytime, except
stockholders vote on matters other than the election of
directors (SEC v. CA, G.R. No.187702/189014, 2014). if coupled with interest

Requisites for Valid Voting Trust Limitations on Right to Vote

a. In writing and notarized a. Where the Articles of Incorporation provides for
b. Specifying the terms and conditions classification of shares pursuant to Sec. 6, non-voting
·~ _.;.,
c. A certified copy must be filed with the corporation and shares are not entitled to vote except as other provided
with the SEC. (Sec. 59) · in the said section.
b. Preferred or redeemable shares may be deprived of
Duration the right to vote unless otherwise provided.
General Rule: Not exceeding 5 years c. Fractional shares of stock cannot be voted unless they
constitute at least one full share.
Exception: If the voting trust was a requirement for a loan d. Treasury shares have no voting rights as long as they
aqreernent, period may exceed 5 years but shall remain in treasury. ·
autornaticallv expire upon full payment of the loan. e. Holders of. stock declared delinquent by the board for
unpaid subscription.
No voting trust must be used for the purposes of fraud.
Stockholders who are defrauded by their trustees have a
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• A written demand on the corporation within 30 days

after the vote was taken (failure to do so means All transfers of shares not entered in the stock and transfer
waiver); book of the corporation are invalid as to attaching or
• Ten (10) days from demand, the dissenting execution creditors of the· assignors, as well as to the
stockholder must submit his certificates. of stocks for corporation and to subsequent purchasers in good faith
notation that such certificates represent dissenting -, and to all persons interested, except the parties to such
shares. transfers: "All transfers not so entered on the books of the
.. The price to be paid is the fair value of the shares on corporation are absolutely void; not because they are
the date the vote was taken; without notice or fraudulent in law or fact, but because they
• The fair value shall be agreed upon by the corporation are :nade so void by statute ( Uson vs. Diosomito, G. R. No.
and the dissenting stockholders within 60 days from 42135, 1935).
the date the vote was taken. In case there is no
agreement, the fair value shall be determined by a The entries are considered prima facie evidence only and
majority· of the 3 distinguished persons one of whom may be subject to proof to the contrary (Bitong v. CA, G.R.
shall be named by the stockholder another by the No. 123553, 1998).
corporation and the third by the two who were chosen;
• · The right of appraisal is extinguished when: The stock and transfer book of the corporation cannot be
a. He withdraws the demand with the used as the sole basis for determining the quorum as it
corporations consent; does not reflect the totality of shares which have been
b. Theprcposedaction is abandoned; subscribed, and more so when the articles of incorporation
c. The SEC disapproves the action. show a significantly larger amount of shares issued and
• If the dissenting stockholder is not paid within 30 days outstanding as compared to that listed in the stock and
from the award, he shall automatically be restored to transfer book (Lanuza v. Court of Appeals, G.R. No.
all his rights as stockholder. 131394, 2005).
c, Right To Inspect
Grounds for Not Allowing lnspec:tion by a Stockholder
What Records Can Be Inspected? a. If the person demanding to examine the records has
1. Book of minutes of stockholders meetings; improperly used any information secured for prior
· 2. Sook of minutes of board meetings; examination,
.3. Record or Book of all business transactions; b. He is not acting in good faith,
4 . Stock and transfer book. c. It is not being exercised for a legitimate purpose
· 5. Financial statements (Sec. 75} . (Gokongwei v. Sl:C, G.R. No. 45911, 1979).

Stock and transfer book Doctrinal Rulings on Right to Inspect

Record of: 1. The demand for inspection should cover only
1. All stocks in th~ names of the stockholders reasonable hours on business days;
alphabetically arranged; Tho stockholder, rnembe., director or trustees demanding
2. The installment paid and. unpaid on all stock for which the right is one who has not improperly used any
subscription has been made, and the date of payment information secured through any previous examination of
of any installment; the records;
3. A statement of every alienation, sale or transfer of The demand must be accompanied with statement of the
", .- purpose of the inspection, which must show good faith or
stock made; and
4. Such other entri.es as the by-laws may prescribe. legitimate purpose, Illegitimate purposes include to obtain
corporate secrets (formula), nuisance suit, or to embarrass
Notes: Stock and Transfer Book the company. (Africa v. PCGG, G.R. No. 83831, 1992)
Section 7 4, while specific in the kinds of records that must
be maintained, is not limiting, thus, the inspection right is lf the corporation or its officers contest such purpose or
applicable to the stock and transfer book (Yujuico v. contend that there is evil motive behind the inspection, the
Quiambao, G.R. No. 180416, 2014) burden of proof is with the corporation or such officer to
show the same. ·
The corporate· secretary is the officer who is duly
authorized to make entries on the stock and transfer book The RTC, and not the Sandiganbayan, has jurisdiction
(Gokongweiv. SEC, GR.No. 45911, 1979). · over a stockholder's suit to enforce its right to inspect
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under the Corporation Code where the case does not The shareholders' right tc subscribe to .all issues or
involve a sequestration-related incident, but an intra- dispositions of shares of any class in proportion to his
corporate controversy (Abad v. PHILCOMSA T, G.R. No. present stockholdinqs, the purpose being to enable the
200620, 2015) shareholder to retain his proportionate control in the
corporation and to retain his equity in the surplus. ;,. .·.,
A stockholder's right to inspect corporate records subsists
during the period of liquidation (three year period for Instances When Pre-Emptive Right Is Not Available.
dissolution per Sec. 145). (Chua v. SEC, G.R. No. 216146, a. Shares to be issued to comply with laws requiring
2016) stock offering or minimum stock ownership by the
Remedies If Right to Inspect is Denied public;
b. Shares issued in good faith with approval .of the
Mandamus stockholders representing 2/3 of the outstanding
Refusal to allow stockholders (or members of a non-stock capital stock in exchange for property needed for.
corporation) to examine books of the company is not a corporate purposes;
ground for appointing a receiver (or creating a mgt. c. Shares issued in good faith with approval of the
committee) since there are other adequate remedies, such stockholders representing 2/3 of the outstanding
as mandamus. (Ao-as v. CA, G.R. No. 128464, 2006) capital stock issued in payment of previously
contracted debts;
Damages d. In case the right is denied in the Articles of
Incorporation;
Criminal Sanction (Sec. 144) e. Waiver of the right by the stockholder;
Requisites for Section 144 to Apply (Ang-Abaya v. Ang, -, f. If the shares of a corporation are offered and not
G.R. no. 178511, 2008) subscribed and purchased by the stockholders. and
the shams are being offered again, .there is no pre-
• A director, trustee, stockholder or member has made emptive right with respect to the latter offer of shares
a prior demand in writing for a copy of excerpts from (Benito v. S~C, GR. No. L-56655, 1983)
the corporations records or minutes; ·
• Any officer or agent of the concerned corporation shall e. Right to Vote
refuse to allow the said director, trustee, stockholder (See Subsection F.2. on Participation in Management)
or member of the corporation to examine and copy
said excerpts; f. Right of First Refusal
• If refusal is made per a resolution or order of the board The right of first refusal provides that a stockholder who
of directors or trustees, the liability under this section may wish to sell or assign his shares must first offer the
for such action shall be imposed upon the directors or shares to the corporation or to the existinq.stockhotders of
trustees who voted for refusal; and, the corporation, under terms and conditions which are
• Where the officer or agent of the corporation sets up reasonable; and that only when the corporation or the other
the defense that the person demanding to examine · stockholders do not or fail to exercise their option, is the
and copy excerpts from the corporation's records and offering stockholder at liberty to dispose of his shares to
minutes has improperly used any information secured third parties.
through any prior examination of the records or
minutes of such corporation or of any other Pre-Emptive Right v. Right of First Refusal
corporation, or Weis not acting in good faith or for a RIGHT OF FIRST
PRE-EMPTIVE RIGHT
legitimate purpose in making his demand, the contrary REFUSAL
must be shown or proved. Generally may be Arises . only by virtue of
• The person demanding to examine has improperly exercised, subject to contractual stipulations or
used any information secured through any prior limitations in Corporation statutory stipulations (Sec.
examination of the records or minutes of such Code 98)
corporation or for any other corporation: and Covers unissued shares Covers shares already
• The one requesting to inspect was not taking in good offered for subscriptions issued
1---

faith or for a legitimate purpose in making his demand May be exercised by mere Can only be exercised by
trustee or conservator the owner and not mere
d. Pre-Emptive Right (Republic V. trustee or conservator,

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Sandiganbayan, G.R. No. since it is an act of 1. Full payment for. the corresponding number of
107789, 2003) ownership (l?epublic v. shares, the par value of which is covered by such
Sandiganbayan, G.R. No. payment; or
107789, 2003) 2. Payment pro 'rata to each and all the entire
RightclaimE1d against the number of shares subscribed for
Right exercisable against
Corporation, where the
the seller-stockholder
stockholder must pay Once an alternative is chosen, it must be applied uniformly
to all stockholders similarly situated, and therefore, it
Note: cannot be changed without the consent of all stockholders
A corporation has no power to prevent or restrain transfers who might be affected.
ofits shares, unless such power is expressly conferred in
the Articles of Incorporation or the law. (Fleischer v. Botica • Proportionate participation in the distribution of
Nolasco Co., G.R. No. L-23241, 1925) assets in liquidation
Stockholders and stock corporation , Except
A provision intne by tsws granting the right of first refusal by decrease of capital stock, and as otherwise
(and therefore, restrains trade) is void and does not bind allowed by the Corporation Code, no corporation
third .parties (Fleischer v. Botica Nolasco Co., G.R. No. L- shall distribute any of its assets or property to its
23241, 1925) stockholders except upon lawful dissolution and
after payment of all its liabilities (Sec. 122)
A corporation cannot by either its board, its by-laws, or the
acts of its officers create restrictions in stock transfers, Members and foundations - Upon dissolution of
.because 'restrictions in the transfer of stock must have a non-stock corporation, all liabilities and
their source in legislative enactment.' obligations must first be paid, and assets received
and held subject to limitations permitting their use
By-laws are intended merely for the protection of the for specified eleemosynary purposes shall be
corporation and prescribe relation, not restriction; they are properly transferred or returned, then the net
always subject to the charter of the corporation. (Rural assets remaining, if any, shall be distributed to the
Bank of Salinas v CA, G.R. No. 96674, 1992) members, or any class or .classes of members, to
the extent that the articles of incorporation or by-
g .. Other Rights !aws provide for a plan of distribution. Otherwise,
• Right to issuance of stock certificate for fully paid a plan of distribution may be adopted in the
shares - Under Section 64 of the Corporation Code, process of dissolution by:
no certificate of stock shall be issued to a subscriber a. Majority vote of the Board of Trustees
until the· full amount of his subscription together with b. Adopted by at least 2/3 of the members
interest and expenses (in case of delinquent shares), having voting rights (Secs. 94--95)
if any is due, has. been paid. A subscriber must first
totally pay his subscription before a certificate of stock • Right to transfer of stocks in corporate books;
covering shares subscribed and paid for could be
issued to him. But an unpaid subscription (not declared Requirements for valid transfer of stocks
delinquent) can be voted upon in corporate meetings . 1. There must be delivery of the stock certificate;
. Such delinquent shares are also entitled to dividends, 2. The certificate must be endorsed by the owner, or his
subject to the rules set forth in Section 43 of the attorney-in-fact, or other persons legally authorized to
Corporation Code on dellnquent shares: make the transfer; and .
3. To be valid against third parties, the transfer must be
Nevertheless, Section 64 does not prohibit the corporation 1acorded in the books of the corporation
from "dividing" the subscription of a subscriber by
considering portion thereof as fully paid and issuing a A transfer of shares not recorded in the stock and transfer
correspondinq certificate over the paid- up shares. Thus, book is non- existent as far as the corporation is
in the absence of provisions in the by- laws to the contrary, concerned, and consequently, a petition for mandamus
''· a corporation may apply payments made by. subscribers filed by a transferee, compelling it to issue the
on account oftheir subscriptions either as. · corresponding certificates in the name of the transferee
would be without basis. It is only when the transfer has
been recorded in the stock and transfer book that a
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corporation may rightfully regard the transferee as one· of (Yu v. Yukayquan, G.R. No. 177549, 2009; Ang v. Sps.
its stockholders. From this time, the consequent Ang, G.R. No. 20'1675, 2013)
obligations on the part of the corporation to recognize such
right as it is mandated by law to recognize arises (Ponce c. No appraisal rights are available for the act or acts
v. A/sons Cement, G.R. No. 139802, 2002). complained of; and
d. The suit is not a nuisance or harassment suit (Interim
Note: In Andaya v. Rural Bank of Cabadbaran, Inc., G.R. Rutes of Procedure for Intra-Corporate Controversies,
No. 188769, 2016, the Court ruled that the registration of a A.M. No. 01-2-04-SC, 2001).
transfer of shares of stock is a ministerial duty on the part
of the corporation. Aggrieved parties may then resort to the 5. Obligations of a StocY.holder
remedy of mandamus to compel corporations that a. Liability to the corporation for unpaid subscription;
wrongfully or unjustifiably refuse to record the transfer or b. Liability to the creditors of the corporation for unpaid
to issue new certificates of stock. This remedy is subscription;
available even upon the instance of a bona fide c. Liability to the corporation for interest on unpaid
transferee who is able to establish a clear legal right to subscription if so required by the by-laws;
the registration of the transfer. d. Liability for watered stock; .
e. Liability for dividends unlaWfully paid;
4. Remedial Rights
6. Meetings
Suits by Stockholders/Members
a. lndivlduat Suit - those brought by the shareholder in a. Regular or Special:
his own name against the corporation when a wrong is 1. Regular - held annually on a date fixed ih the by· laws;
directly inflicted against him. or if not so fixed, on any date in April of every year as
b. Representative Suit - those brought by the determined by the Board of Directors or Trustees.
stockholder in behalf of himself and all other Provided, written notice of regular meeting must be
stockholders similarly situated when a wrong is sent at least 2 weeks, unless a different period. is
committed against a group of stockholders. required by the by- laws
c. Derivative Suit - those ~rought by one or more
stockholders/members in the name and on behalf of 2. Special .. held at any time deemed necessary or as
the corporation to redress wrongs committed against provided in the by- laws. Provided that at least 1 week
it, or protect/vindicate corporate rights whenever the written notice shall be sent to all stockholders or
officials of the corporation refuse to sue, or the ones to· members, unless otherwise provided in the by- laws,
be sued, or has control of the corporation. (Ching v. Note that notice of any meeting may be waived,
Subic Bay, G.R. No. 174353, 2014) · expressly or impliedly by any stockholder or member.
A lawyer engaged as counsel for a corporation
cannot represent members of the Board in a i. When and Where - The meetings of stockholders or
derivative suit against them. To do so would be members must be held in the city or municipality where the
tantamount to conflicting interest between the principal office of the corporation is located, preferably in
Board and the corporation (Hornil/a v. Salunat, the principal office itself. Any provision in the by· laws
A.G. 5804, 2003). changing such place shall be illegal

Requisites of Derlvatlve Suit ii. Notice

a. He (Plaintiff) was a stockholder or member at the time
the acts or transactions subject of the action was filed; Section 50 cf the Corporation Code expressly allows a
b. He exerted all reasonable efforts, and alleges the shorter period of notice of stockholders'
same with particularity in the complaint, to exhaust all meetings that those provided under its default two (2) week ·
remedies available under the articles of incorporation, period, provided the same is provided for in the By-Laws,
by-laws, laws or rules governing the corporation or (Ricafort v. Oicdican, 787 SCRA 163, 2016); such period
partnership to obtain the relief he desires; set in the by-laws is valid even when the period is reckoned
from the mailing of the notice rather than when it is actually
The exhaustion of intra-corporate remedies cannot be received by the stockholder of record; (Guy v. Guy, 790
dispensed even if the company is a family corporation SCRA 288, 2016)

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· • b. Who Calls The Meetings on a similar demand, the yeas and nays must
1. Whenever for any cause, there is no person be taken on any motion or proposition, and a
designated by the by-laws to call a meeting, the SEC record thereof carefully made.
upon petition of a stockholder/ member, and on the the protest of any director, trustee, stockholder
showing of good cause therefore, may issue an order or member on any action or proposed action
to petitioner to call a meeting by giving proper notice, must be recorded in full on his demand. (Sec.
With the petitioner presiding thereat until at least a 74)
majority of stockholders/ members present have
chosen a presiding officer. The signing of the minutes by all the members of the board
2. Same remedy may be used if the authorized person is not required-there is no provision in the Corporation
fails or refuses to call a meeting Code that requires that the minutes of the meeting should
be signed by all the members of the board. The signature
c. Quorum in rr.eetings of the corporate secretary gives the minutes of the meeting
probative value and credibility (People v. Dumlao, G.R. No.
General rule: Majority of the outstanding capital stock, or 16891R, 2009).
of the members, shall constitute a quorum
The entries contained in the minutes are prima facie
Outstanding Capital Stock - the total shares of stock -, evidence of what actually took place during the meeting,
issued under binding subscription agreements to pursuant to Section 44, Rule 130 of the Revised Rule on
subscribers or stockholders, whether or not fully or partially Evidence (People v. Dumlao, G.R. No, 168918, 2009).
paid, except treasury shares
Resolution vs. Minutes Of The Meeting (People v.
Exception: lr,1 cases where greater vote for an act or Dumlao ' GR No 168918 2009)
business is required by law as when the required vote is
'
RESOLUTION MINUTES OF THE
· 2/3 of the outstanding capital stock, or membership as the MEETING
case may be , A formal action by a A brief statement not only
corporate board of of what transpired at a
Note: For stock corporations, the "quorum" referred to in directors or other meeting, usually of
Section 52 of the Corporation Code is based on the corporate body stockholders/members or
number of outstanding votiny stocks. For non- stock authorizing a particular directors/trustees, but also
corporations; only those who are actual, living members act, transaction, or at cl meeting of an
with· voting rights shall be counted in determining the appointment executive committee
existence of a quorum during member's rneetinqs. Dead
members shall not be counted (Tan v. Sycip, GR. No.
153468, 2006), F .. CAPITAL STRUCTURE
:. r,;
•• ,>

d. Minutes of meetings 1. Subscription Agreement!>

• Records of all business transactions and minutes Any contract for the acquisition of unissued stock shall be
of all meetings shall be kept and carefully deemed a subscription, notwithstanding the fact that the
preserved at a corporation's principal office parties refer to it as a purchase or some other contract.
• It shall set forth in detail: (Sec. 60)
time and place of holding the meeting, Kinds of Subscription Contracts
how authorized, a. Pre-incorporation subscription - entered into before
the notice given, the incorporation and irrevocable for a period of six (6)
whether the meeting was regular or special; if months from the date of subscription unless:
special its object must be stated, i. All other subscribers consent to the revocation, or
those present and absent, and every act done ii. The corporation failed to materialize after 6
or: ordered done at the meeting. months or within the stipulated period.
upon the demand of any director, trustee,
stockholder or member, the time when any It cannot be revoked after filing the Articles of Incorporation
director, trustee, stockholder or member with the SEC. (Sec. 61)
entered or left the meeting must be noted in
the minutes;
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b. Post-incorporation subscription - entered into after 3. Shares of Stock

incorporation, such as for the unsubscribed portion of
the authorized capital stoch and for the purchase of a. Nature of Stock
increased capital stocks after an amendment of the This is the interest or right, which an owner has in the
article of incorporation. management of the corporation: and its surplus profits,
and, on dissolution, in all of its assets remaining _after the
2. Consideration for Stocks (SP.c. 62) payment of its debt. The stockholder may own the share
Stocks shall not be issued for a consideration less than the even if he is not holding a certificate of stock.
par or issued price thereof.
Shares of Stock v. Certificate of Stock
Consideration for issuance of stock may be by any or a SHARES OF CERTIFICATE OF STOCK
combination of any two or more of the following: STOCK
a. Cash actually paid Unit of interest in a Evidence of the holder's
b. Property (tangible or intangible) actually received and corporation ownership of the stock.and of his
necessary or convenient for the corporation's use right as a shareholder and up to
c. If other than cash, valuation must first be determined the extend specified therein .
by incorporators (if not yet incorporated) or Board
subject to SEC approval
Incorporeal or It is concrete and tangible
d. Labor performed or service actually rendered to the
intangible property
corporation
e. Oebts incurred previously by the corpcration {for May be issued by May be issued only if the
subscriptions after incorporation) the corporation even subscription is fully paid
f. Amounts from unrestricted dividends {for declaration if the subscription is
of stock dividends) not fully paid
g. Outstanding shares exchanged in reclassification or
conversion Note: A stockholder who does not pay his subscription is .
h. No issuance of shares on promissory notes or future not entit'ed to the issue of a stock certificate. The
services subscription price of the stocks subscribed by him should
i. Same rules on consideration for stocks whenever first be paid.
~.· .
applicable are to be used for bonds issued by the
corporation b. Consideration for Shares of Stock
j. The issued price of no par value shares is the ariiount (See earlier cliscussion)
fixed:
i. In the Articles c. Watered Stock (Diluted Stock)
ii. By the Board if authorized in the Articles or By-
laws, or i. Definition
iii. By majority vote of the outstanding stock Stock issued for a consideration less than its par or issued -
value or for a consideration in any form other than cash, ·
Where the consideration is other than actual cash, or valued in excess of its fair value. (Sec. 65)
consists of intangible property such as patents of
copyrights, the valuation thereof shall initially be ii. Liability Of Directors For Watered Stock
determined by the incorporators or the board of directors, Directors or officers consenting to issuance of watered ·
subject to approval by the SEC. (Sec. 62) stock are solidarily liable with the stockholder concerned,
to the corporation or its creditors for the difference between
Note: A special stipulation contained in a subscription to the fair market value received (by the corporation at the
corporate stock which, if valid, would lessen the capital cf time of issuance) and the par or issued value of the stock.
the company and relieve the subscriber from liability to be
sued upon the subscription, is illegal (National Exchange If knowing the same, the Directors or Officers did riot object.
v, Dexter, G.R. No. L-27872, 1928). and express their written objection, filed with the corporate
secretary, they ~hall be liable for the issuance of watered
stocks. (Sec. 65)

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iii.TrustFund Doctrine On Watered Stocks • Voting share with complete voting rights
The Trust Fund Doctrine is the basis for the prohibition on • Non • voting shares are usually preferred or
issuing watered stock. redeemable shares and have limited voting rights,

A Corporation has no power to release an original Non· Voting Shares Have Voting Rights In The
subscriber of its capital stock from the obliqation of paying Following Matters:
for his shares, without a valuable consideration for such a. Amendment of Articles
release: and as against creditors, a reduction of the capital b. Adoptior./ Amendment of By- Laws
stock can take place only in the manner and under the c. Sale, lease, exchange, mortgage, pledge or dispose of
conditions prescribed by the statute or the charter or the all or substantially all of corporate property
articles of incorporation (Philippine Trust Corp. v. Rivera, d. Incur, create, increase bonded indebtedness
G,R. No.L-19761, 1923) .: e. Increase, decrease capital stock
f. Merger/ consolidation witn another corporation
See subsection _F.4. for discussion on Trust Fund Doctrine. g. Investment of funds in another corporation
h. Dissolution of corporation
d. Situs of the Shares of Stocks
The situs of shares of stock is the domicile of the Other Classes of Shares: (Secs. 7, 8, 9)
corporation (Tayag v. Benguet Consolidated lnc., G.R. No. a. Founder's shares - Given rights and privileges
L-23145,.1968), . not enjoyed by owners of other stocks; exclusive
right to vote/be voted in the election of directors
e. · Classes of Shares of Stock (Sec. 6) shall not exceed 5 years
a. . Common and Preferred shares b. Redeemable shares - Expressly provided in
Common shares are also called ordinary shares articles; may be purchased/taken up upon
and they share in profits pro- rata expiration of period of said shares purchased
Preferred shares may be preferred (a) as to whether or not there are unrestricted retained
dividends, or (b) as to distribution of assets during earnings; may be deprived of voting rights.
liquidation, or (c) as to any other manner stated in c. Treasury stocks - stocks previously issued and
the Articles, not violative of the Corp Code. If fully paid for and reacquired by the corporation
. authorized by Articles, Board may fix terms. It is through lawful means (purchase, donation, etc.);
ALWAYS with a stated par value. not entitled to vote and no dividends could be
declared thereon as corporations cannot declare
b. Par Value and No-Par Value dividends to itself.
• Par value shares - with a pre-stated amount or
denomination Escrow shares - those held by a third person to be
• Non· par value - no pre-stated value released only upon the performance of a condition or the
happening of a certain event contained in the agreement.
Non-par value shares are deemed fully paid and non-
. assessable . so holders of such are not liable to the Preferred cumulative participating share bf stock -
corporation or its creditors. Share entitling its holder to preference in the payment of
dividends ahead of common stockholders and to be paid
The consideration received is treated as capital and cannot the dividends due for prior years and to participate further
be declared as dividends. with common stockholders in dividend declarations.

Because they are vested with public interest, the Promotion stocks for services rendered prior to
following types of corporations may only issue par incorporation escrow stock - Stock deposited with a 3rd
. (__ } value shares: · person to be delivered to stockholder/assignor after
a. Banks complying with certain conditions.
b. Trust Companies
c. Insurance Companies Over-Issued Stock - Stock issued in excess ofauthorized
d. Public Utilities capital stock; null and void.
e. Building and Loan Associations.

c. Voting and Non- Voting Shares

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4. Payment of Balance of Subscription petitioner by the respondent corporation (Apocada v. ·

NLRC, G.R. No. 80039, 1989).
May be through any of the following means:
a. As specified in the subscription contract. c. Sale of Delinquent Shares
b. The Board, through a resolution, may call for all or part
of the unpaid subscriptions. Delinquency on subscriptions
c. Failure to pay on a specified date, the entire balance Stocks not paid within 30 days from the date fixed iri the
which is due and payable. contract of subscription or from. the date stated in the. call
d. Failure to pay within thirty (30) days from the date the made by the Board of Directors.
subscription becomes delinquent and is subject to -,
sale. i. Effect of Delinquency
• They shall be subject to delinquency sale.
The prescriptive period in case of subscription of shares • The stock shall not be voted or be entitled to vote
begins to run only from the time the board of directors or to representation at any stockholder's meeting.
declares that the balance is due and payable (Garcia v. • The holder shall not be entitled to any of the rights
Suarez, O.R. No. 45493, 1939) of a stockholder except the right to dividends
• The corporation has the right to apply cash
Unpaid Subscriptions (Sec. 66) dividends due to the unpaid balance plus cost and
a. There will be interest imposed on unpaid subscriptions expenses and to withhold stock dividends until the
b. Payable to the corporation from date of subscription unpaid subscription is fully paid.
c. If required by and interest fixed in the By-laws
d. If interest is required but not fixed - legal rate Procedure of Delinquency Sale
e. Therefore, no interest on unpaid subscription is a. The Board, by a resolution, declares a Call, which is to
required: pay the unpaid subscription or part thereof on a
a. If not required by by-laws specified date:
b. If not required by subscription contract
Note: Notice of said resolution is sent to all shareholders
Methods of Collection of Unpaid Subscription with unpaid subscriptions.
a. Call tor payment
b. Declaration of delinquency and sale at public auction There is no need for a call if the 'subscription contract
of delinquent shares; specifies dates when subscription balance is due.
c. Ordinary civil action;
d. Collection from cash dividends ar-d other amounts due b. If no payment is made within thirty (30) days from the
to stockholders if allowed by by-laws/agreed to by him. date specified, the board shall order the sale of
delinquent shares.
a. Call by Board of Directors c. Notice of sale and copy of resolution ordering the sale
The Board of Directors may, by a formal.resolution, issue, of delinquent shares is given to every delinquent
at any time, subject to the subscription contract, a call for stockholcer personally or by registered mail.
all or part of the unpaid subscription with or without d. Publication once a week for two (2) consecutive weeks
interest. in a newspaper of general circulation in the province or
city of the corporation's princ.pal office.
Requisites for a valid call e. Sale at Public Auction is done wherein the winning.
a) Must be made in the manner prescribed by law; bidder is the one who offers full payment of balance
b) ML1st be made by the Board of Directors; and plus accrued interest, advertising costs, sale expenses·
c) Must operate uniformly upon all shareholders for smallest number of shares or fraction of a share. If
there are no bidders, the Corporation may bid and the
Note: No need of a call if the subscription contract shares become treasury shares, provided the same
specifies dates when the subscription balance is payable. has unrestricted retained earnings. ·

b. Notice Requirement Note: There shall be no sale at public auction if:

The unpaid subscriptions are not due and payable until a a. The delinquent stockholder pays on or before the
call is made by the corporation for payment. It does not sale: (a) balance due, (b) accrued interest, ortc)
even appear that a notice of such . has been sent to advertising costs and expenses of sale ..
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b. The Board orders otherwise, on any of the Note: Under Sec. 43.1 of the Securities and Regulation
following grounds: (a) Defect in the Notice of Sale; Code, a corporation whose shares of stock are registered
or (b) Defect in sale itself. pursuant to the Corpcration Code or listed in a stock
exchange may:
After the sale, the Stocks purchased are trar,sferred to the a. If so resolved by its Board of Directors and agreed by
winning bidder in the corporate books. a shareholder, issue shares to, or record the transfer
of some or all of its shares into the name of said
When Sale May Be Questioned shareholders, investors or, securities intermediary in
a. The action is filed on the ground of irregularity or defect the form of uncertificated securities;
in the notice of sale, or in the sale of the delinquent b. The use of uncertificated securities shall be without
stock; prejudice to the rights of the securities intermediary
b. The party seeking to maintain such action first pays or subsequently to require the corporation to issue a
tenders to the party holding the stock the sum for which certificate in respect of any shares recorded in its
the same was sold with interest from the date of the name; and
sale at the legal .rate; and c. If so provided in its articles of incorporation and by-
c. The complaint was filed within 6 months frum the date laws, issue all of the shares of a particular class in the
of the sale (Sec. 69) form of uncertificated securities and subject to a
condition that investors may not require the
Cases When Corporation Can Reacquire Stock corporation to issue a certificate in respect of any
shares recorded in their name.
Note: Corporation mus! have unrestricted retained
earnings c. Negotiability
a. Eliminate fractional shares; Shares of stocks are transferable by endorsement plus
b. Collection of compromise indebtedness to the delivery.
corporation arising from unpaid subscriptions;
c. · Purchase delinquent shares; Endorsement plus delivery is good as between parties but
d . Exercise appraisal right. it needs to be recorded in the corporate books to be
effective against third parties.
5. Certificate of Stock
A certificate of stock is a quasi-negotiable instrument. It
a. Nature of the Certificate . ' may be transferred by endorsement, coupled with delivery
It is the paper representation or tangible evidence of the but the holder thereof takes it without prejudice to such
stock itself and of the various representations therein. It right,, or defenses as the registered owner or creditor may
expresses the contract between the corporation and the have under the law, except insofar as such rights or
stockholder. It is not essential to the ownership and/or defenses are subject to the limitations imposed by the
existence ofthe share of stock. It is prima facie evidence principles governing estoppel. (De los Santos v. McGrath,
that the holder is a shareholder in a corporation (Makati G.R. No. L-4818, 1955)
Sports Club v. Cheng, G.R. No. 178523, 2010)
L Requirements for Valid Transfer of Stock:
It is a written acknowledgment by the corporation of the · 1. If represented by a certificate, the following must be
stockholder's interest in the corporation. It is the personal strictly complied with:
property and may be mortgaged or pledged. Transfer a. Delivery of the certificate;
binds the· corporation when it is recorded in the corporate b. lndorsement by the owner or his agent;
books. c. To be effective against third parties, the transfer
must be recorded in the books of the corporation.
Note: It is the shares that can be mortgaged or pledged, 2. If NOT represented by the certificate (such as when
not the certificate of stock the certificate has not yet been issued or where for
some reason is not in the possession of the
b. Uncertificatad Shares/Securities stockholder):
Defined as security evidenced by electronic or similar a. By means of deed of assignment or public
records. (Secµrities and .Regulation Code, Sec. 3.14) document; and
b. Such is duly recorded in the books of the
corporation
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d. Issuance . . b. Certificates and Serial Numbers of ·lost

Certificates; and
i. Full Payment c. Other Information and Evidence.
There shall be no issuance of stock certificates unless b. Publication of notice of loss by the Corporation for at
there is full payment of: least three (3) consecutive weeks in a newspaper of
1. Subscription; general circulation in the principal place of business of
2. Interest; and the corporation.
3. Expenses (in case of delinquent shares). c. If a contest is presented to the corporation or if . an
action is pending in court, issuance of new certificates
ii. Payment pro rata is suspended until final court decision.
In the absence of special agreement to the contrary, the d. No action is allowed against the corporation for issuing
subscriber's right consists only in an equity entitling him to new shares except for fraud, bad faith, or negligence.
a certificate for the total number of shares subscribed for
by him upon payment of the remaining portion of the 6. Stock And Transfer Book
subscription price (Fua Cun-vs. Summers, G.R. No. 19441,
1923). a. Contents
Record of:
Requisites for Issuance of Certificate of Stock 1. All stocks in the names of the · stockholders
1. The certificate must be signed by the president or vice- alphabetically arranged;
president, countersigned by the secretary or assistant . 2. The installment paid and unpaid on all stock for which
secretary; subscription has been made, and the: date of payment
2. The certificate must be sealed with the seal of the of any installment;
corporation; 3. A statement of every alienation, sale or transfer of
3. The certificate must be delivered; stock made; and
4. The par value, as to par value shares or full 4. Such other entries as the by-laws may prescribe.
subscription as to no par value shares must first be
fully paid; and Only absolute transfers of shares of stock are required to ..
5. The original certificate must be surrendered where the be recorded in the corporation's stock and transfer book in
person requesting the issuance of a certificate is a order to have force and effect as against third persons.
transferee from the stockholder (Bitong v. CA. G.R. Attachments of shares are not "transfer" and need not be ·
No. 123553, 1998) recorded in the corporation's stock and transfer book.
(Ferro Chemicals v. Garcia, et sl., G.R. 168134, 2016)
Shares Of Stock v, Certificate Of Stock
SHARES OF STOCK CERTIFICATE OF STOCK b. Who May Make Valid Entries .
Evidence of the holder's Entries made on the stock and transfer book by any person
Unit of interest in a ownership of the stock and other than the Corporate Secretary, such as those made
corporation of his right as a by the President and Chairman cannot be given .arry valid
shareholder effect (Torres Jr. v. CA. G.R. No. 120138, 1997).
lncorpqreal or intangible Concrete and tangible
Registration of a transfer of shares of stock is a ministerial
property property
duty on the part of the corporation. Aggrieved parties rr.ay
May be issued by the
then resort to the remedy of mandamus to compel
corporation even if the May be issued only if the
corporations that wrongfully or unjustifiably refuse .to
subscription is not fully subscription is fully pai9
record the transfer or to issue new certificates of stock.
paid
This remedy is available even upon the instance of a bona
fide transferee who is able to establish a Clear legal right to
e. lost or Destroyed Certificate
the registration of the transfer. (Andaya v. Rural Bank of
Procedure for the issuance of new certificates to replace
Cabadbaran, lnc., G.::?. No. 188769, 2016)
those lost, stolen, or destroyed:
a. Affidavit of loss in triplicate copies to be made by the
registered owner or legal representative filed with the
corporation, and stating the following:
a. Circumstances of the Loss;

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7. Disposition And Encumbrances Of Shares restrict the right of a stockholder to transfer his shares, but
merely authorizes the adoption of regulations as to the
a. Sale of Shares formalities and procedure to be fo:lowed in effecting
transfer (Thomson v. GA. G.R. No. 1166.31, 1998).
Sale of Partially Paid Shares
Section 63 provides that no share of stock against which :., c. Requisites of a Valid Transfer
the corporation holds any unpaid claims shall be If represented by a certificate, the following must be strictly
transferable in the books of the corporation. complied with:
a. Delivery of the certificate;
Sate of a Portion of Shares Not Fully Paid b. lndorsement by the owner or his agent;
A stockholder who has not paid the full amount of his c. To be valid against third parties, the transfer must be
subscription cannot transfer part of his subscription in view recorded in the books of the corporation (Rural Bank
of the indivisible nature of a subscription contract. (SEC . of Lipa v. CA, G.R. No. 124535, 2001).
Opinion)
If NOT represented by a certificate, the following must be
Sale of All Shares Not Fully Paid complied with:
The entire subscription, although not yet fully paid, may be . a. By means of a deed of a Deed of Assignment;
transferred to. a single transferee, who as a result of the b. The same must be recorded in the books of the
transfer must assume the unpaid balance. (SEC Opinion) corporation.
Consent of the corporation must first be secured since the
transfer of subscription rights and obligations The failure by a seller to deliver, within a reasonable time,
contemplates a novation of contract. (Civil Code, Art. 1923) the stock certificates representing shares of stock subject
of a sale transaction may be a basis to rescind such sale
The SEC correctly categorized the assignment of the (Fil-Estate Gold and Development v. Vertex, G.R. No.
subscription asireements as a forr.1 of novation by 202079, 2013).
substitution of a new debtor and which required the
consent of or notice to the creditor. In this case, the change In case of chattel mortgage, a double registration is
. of debtor took place when R.C. Lee assigned the Oceanic necessary with the Register of Deeds where:
shares under the subscription agreements to SSI so that a. The debtor resides
· the latter became obliged to settle the 75% unpaid balance b. The corporation has its principal place of business.
· on the subscription. The SEC was correct in saying that
··. lnterport was. duly notified of the assignment when SSi Registration on the stock and transfer book would be of no
tendered its payment for the 75% unpaid balance, and that effect
it could not anymore retuse to recognize the transfer of the
transfer of the subscription agreements to SSI was to In case of attachments and levies, shares may be attached
. extinguish the obligation of R.C. Lee to Oceanic, now by leaving with the corporate officer a copy of the writ and
Interport. lnterport was no longer obliged to accept any notice. No recording in 1the stock and transfer book is
payment from R.C. Lee because the latter had ceased to needed. The moment the notice has been duly delivered,
be privy to the subscription agreements, but was now it becomes binding.
legally bound to accept SSi's tender of payment as the new
debtor. (lnterport Resources Corporation v. Security d. Involuntary Dealings With Shares
Specialist, lnc., G.R. No. 154069, 2016) As an incident of ownership, a stockholder may pledge,
mortgage or encumber his shares of stocks. Restrictions
Sale of Fully Paid Shares by the corporation are only valid when:
Section 63 provides that shares of stock issued with a a. They appear in the Articles of Incorporation, by-laws,
corresponding certificate of stock are personal property . and the certificates. ·
and may be transferred by delivery of the certificate or b. They are not more onerous than granting existing
certificates indorsed by the owner or his attorney-in-fact or stockholders an option to purchase within a
other person legally authorized to make the transfer. reasonable period and within reasonable terms.

b. Allowable Restrictions on Sale of Shares B. DISSOLUTION AND LIQUIDATION

The authority granted to a corporation to regulate the
transfer of its stock does not empower the corporation to Dissolution
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Extinguishnlent of the franchise of a corporation and the three (3) consecutive weeks in three (3) public places
termination of its corporate existence. is sufficient;
• Objections must be filed no less than 20 days nor more
However, the corporation shall nevertheless be continued than 60 days after the entry of the Order;
as a body corporate for three (3) years after the time when • After the expiration of the time to file objections. a
it would have been so dissolved, for the purpose of hearing shall be conducted upon prior five. (5) day
prosecuting and defending suits by or against it and notice to hear the objections;
enabling it to settle and close its affairs, to dispose of and • Judgment shall be rendered dissolving the corporation
convey its property and to distribute its assets, but not for and directing the disposition of assets; the judgment
the purpose of continuing the business for which it was . may include appointment of a receiver. ·
established. (Sec. 122)
111. By Shortening Corporate Term- This is done by
1. Modes of Dissolution: amending the Articles of Incorporation.

a. Voluntary b. Involuntary
A corporation may be dissolved by the SEC upon filing of
i. Where No Creditors Are Affected a veritied complaint and after proper notice and hearing on
• A meeting must be held on the call of directors or grounds provided by existing laws. rules. or regulations.
trustees; . (Sec. 121)
• Notice of the meeting should be given to the
stockholders by personal delivery or ,·egistered mail at i. Expiration of Corporate term: A corporation has a term .
least 30 days prior to the meeting; <. of not more than 50 years from date of incorporation.
• The notice of meeting should. also be published for · subject to extension for a period not exceeding 50 years ·
three (3) consecutiveweeks in a newspaper published per extension unless:
in the place; Sooner dissolved
• The resolution to dissolve must be approved by the Extended. (Sec. 11)
majority of the directors/trustees and approved by the
stockholders representing at least 2/3 of the ii. Failure to Organize And Commence Business Within
outstanding capital stock or 2/3 of members; 2 Years From Incorporation
• A copy of the resolution shall be · certified by the If the corporation does not formally organize and
majority of the directors or trustees and countersigned commence the transaction . of its business or the
by the secretary; construction of its works within 2 years from the date of its
• The signed and countersigned copy will be filed with incorporation. its corporate power ceases and the
the SEC and the latter will issue the certificate of corporation shallbe deemed dissolved. (Sec. 22).
dissolution ..
iii. Legislative Dissolution
ii. Where Creditors Are Affected
• Approval of the stockholders representing at least 2/3 iv. Dissolution by the SEC on Grounds under Existing
of the outsta-idinq capital stock or 2/3 of members in a Laws
A corporation may be dissolved by the SEC based on the
meeting called for that purpose;
following grounds:
• Filing a Petition with the SEC signed by majority of
directors or trustees or other officers having the
management of its affairs verified by President or • Failure to organize and commence business within 2
years from incorporation (Corporation Code, Sec. 22)
Secretary or Director. Claims and demands must be
stated in the petition; • Continuously inoperative for 5 years (Corporation
• If Petition is sufficient in form and substance, the SEC Code, Sec. 22; (PD 902-A, Sec. 6(i)(4)))
shall issue an Order fixing a hearing date for • Fraud in procuring Certificate of RegistrationJPO 902· .
objections; A, Sec. 6(i)(1))
• A copy of the Order shall be published at least once a • Serious misrepresentation as to what the government.
week for 3 consecutive weeks in a newspaper of can do or is doing to the prejudice of or damage to the
general circulation or if there is no newspaper in the general public. Fraud in procurinq Certificate . of·
municipality or city of the prmcipal office. posting for Registration (PD 902-A, Sec. o(i)(2))

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• Refusal to comply with any lawful order of the SEC Corporate dissolution due to ~anagement of majority
restraininq commission of acts which would amount to · stockholder is too drastic a remedy, especially when the
a grave violation of its franchise (PD 902-A, Sec. situation can be remedied such as giving minority
6(/)(3)) stockholders a veto power to any decision (Chase v.
• Failure to file by-laws within 30 days from issue of Buencemino, G.R. No. 20395, 1985).
certificate of incorporation (PD 902-A, Soc. 6(i)(5))
• Failure to fi.le required reports (PD 902-A, Sec. 6(i)(6) Effects of Dissolution
• Breach of provision of law for its creation or renewal . (a) Vesting of legal title to the corporate property in the
(Sec. 2(a), Rule 66, Rules of Court) stockholders, who become co-owners thereof
.• Continuance of business not feasible as found by (b) The corporation ceases to be a body corporate to
Management Committee or Rehabilitation Receiver continue tile business for which it was established .
. (PO 902-A, Sec. 6(d))
• Act or omission which amounts to a surrender of The termination of the lif~ of a juridical entity does not by
corporate rights, privileges, or franchises (Sec. 2(c), itself cause the extinction or diminution of the rights and
Rule 66, Rules of Court) liability of such entity; since it is allowed to continue as a
juridical entity for three (3) years tor the purpose of
• Misuse of a right, privilege, or franchise in
prosecuting and defending suits by or against it and
contravention of law, such as the commission of ultra
vires or illegal acts (Sec. 2(c), Rule 66, Rules of Court) enabling it to settle and close its affairs, to dispose of and
convey its property, and to distribute its assets (Repubiic
Non- Use of Charter (Sec. 22) v. Tancinco, G.R. No. 139256, 2002).

"Organization" under SEC Rules A board resolution to dissolve the corporation does not
operate to so dissolve the juridical entity. For dissolution to
• Adoption of the by-laws and the filing and approval of
be effective "the requirements mandated by the
the same with and by the SEC if the same w'3re not
Corporation Code should have been strictly complied with"
adopted and filed simultaneously with the articles of
incorporation; (Vesagas. v. Court of Appeals, G.R. No. 142924, 2001)
• Election of the Board of Directors or Trustees and of
A corporation cannot extend its life by amendment of its
• the officers;
articles of incorporation effected during the three-year
• Establishment of the principal office; and
statutory period for liquidation when its original term of
• Providing for the subscription and payment of the
existence had already expired. as the same would
capital stock and the taking of such steps as are
constitute new business (Alhambra Cigar & Cigarette
necessary to endow the legal entity with capacity to
Manufacturing Company, Inc. v. SEC, G.R. No. 23606,
transact the legitimate business for which it was
1968).
created
When the period of corporate life expires, the corporation
"Commenced Business" under SEC Rules
ceases to be a body corporate for the purpose of
When the corporation has performed preparatory acts
continuing the business for which it was orqanized (PNB v.
geared towards the fulfillment of the purposes for which it
Court of First Instance of Rizal, Pasig, Br. XX/, G.R. No.
was established such as but not limited to the following:
63201, 1992).
• Entering into contracts or negotiations for lease or sale
of properties to be used as business or factory site;
: A party's stockholding in a corporation, whether existing or
• Making plans for and the construction of the factory;
a~ . ' dissolved, is a property right which he may vindicate
against another party who has deprived him thereof.
• Taking steps to expedite the construction of the
company's working equipment
Stockholders may convey their respective shareholdings
toward the creation of a new corporation to continue the
. The failure to file the by-laws does not automatically business of the old or they may reincorporate by filing new
operate to dissolve.a corporation but is only a ground for articles of incorporation and by-laws.
such dissolution (Chung Ka Bio v. /AC, GR. No.· 74653
198~. .,

Demands of Minority for Dissolution

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2. Methods of Liquidation until rendition of the final judgment, even if such judgment
Liquidation is rendered beyond the three-year period allowed by
Process by which all the assets of the corporation are Section 122. However, an already defunct corporation
converted into liquid assets in order to facilitate the cannot initiate a suit after the lapse of the three-year
payment of obligations to creditors, and the remaining period. (A/abang Dev't v. Alabang Hills Village Ass'n, G.R ..
balance if any is to be distributed to the stockholders. No. 196950, 2014)

There is no time limit within which the trustees must Note: When a corporation threatened by bankruptcy is
complete a liquidation placed in their hands (Vigi/la taken over by a receiver, all the creditors shall stand on
et.al. v. Philippine College of Criminology, G.R. No. equal footing. Not one of them should be given preference
200094, 2013). by paying one or some of them ahead. of the others.

Modes of Liquidation The Civil Code provisions on concurrence and preference .:

of credits are applicable to the liquidation proceedings.
a. Through Board of Directors or Trustees - normal
method of procedure A corporation in the process of liquidation has no legal
authority to engage in any new business, even if the same
Even if no trustee is appointed or designated during the is in accordance with the primary purpose stated in its
three-year period of the liquidation of the corporation, the articles of incorporation.
Court has held that the Board of Directors may be
permitted to complete the corporate liquidation by When a Corporation Must Wind Up (Sec. 122)
continuing as trustees by legal implication (Vigilfa et al. v If it is dissolved by:
Philippine College of Criminology, G.R. No. 200094, 2013) a. By gxpiry of term or
b. Is 2nnulled by forfeiture, or Otherwise, Or
b. Through Trustee - at any time during the three years c. Is !errninated In any other manner
of liquidation, a corporation is authorized and
empowered to convey all of its property to trustees for Effects of Winding Up of Affairs: (SEC. 122)
the benefit of stockholders.' members. creditors. and a. Continues as a corporate body for 3- years to,
other persons in imerest. The three (3)-year limitation prosecute and defend suits against it, close its
will not apply provided the designation of the trustee is affairs. dispose and convey its property and
made within said period. distribute assets
b. Cannot · continue business for which it was
c. Through Receiver - created by means of judicial or established
quasi-judicial appointment of the receiver. The c. Can convey property to trustees for the benefit of
receiver is actually an officer of the court and must the stockholders/members, creditors and other
therefore be accountable to the court. persons in interest
i. Legal interest vests in business
Note: If there is no Board of Directors or Trustees, those ii. Beneficial interest remains with
having pecuniary interest in the assets, including not only stockholders/ members, creditors
the shareholders but likewise the creditors of the d. Assets distributable to unknown creditors,
corporation, acting for and in its behalf, may liquidate stockholders/ members. persons in interest or
(Alabang Dev'i v. Alabang Hills Village Ass'n, G.R. No. those who cannot be found shall be escheated to.
196950, 2014) the city or municipality where the assets are
located.
d. Liquldaticn after Three Years e. Distribution of assets only upon lawful dissolution
and payment of all debts and liabilities,
If full liquidation can only be effected after the 3-year period
and there is no trustee, the directors may be permitted to Exceptions:
complete the liquidation by continuing as trustees by legal a. Decrease of capital stock
implication (Reburieno v. CA, GR. No. 102965, 1999). b. As otherwise allowed in the Corporation Code

The trustee may continue to prosecute a case commenced

by the corporation within three years frorn its dissolution
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C. OTHER CORPORATIONS
Validity Of Restrictions On Transfers Of Shares
Close Corporations Restrictions on the right to transfer shares must appear in:
A close corporation, within the meannq of the Corporation 1. The articles of incorporation;
Code, is one whose articles of incorporation provide that: 2. The by-laws; and
1.. All the corporation's issued stock of all classes, 3. In the certificate of stock
exclusive of treasury shares, shall be held of record by
not · more than a· specified number of persons, not . Otherwise, the same shall not be binding on any purchaser
exceeding twenty (20) thereof in good faith.
2. All the issued stock of all classes shall be subject to
one or more specified restrictions on transfer permitted Said restrictions shall not be more onerous than granting
by this Title the existinq stockholders or the corporation the option to
3. The corporation shall not list in any stock exchange or purchase the shares of the transferring stockholder with
make any public offering of any of its stock of any such reasonable terms, conditions or period stated therein.
class.
If upon the expiration of said period, the existing
Notwithstanding the foregoing, a corporation shall not be stockholders or the corporation fails to exercise the option
deemed a close corporation When at least two-thirds (2/3) , to purchase, the transferring stockholder may sell his
of its voting stock or voting rights is owned or controlled by shares to any third person.
another corporation which is not a close corporation within
the meaning of the Corporation Code. (Sec. 96) Need for factual determination of close corporation to
apply Sec. 98
Suppletory Effect Before courts can allow the operation of Section 98 to a
The provisions of other Titles of the Corporation Code shall case, there must first be a factual determination that the
apply supple.torily except insofar as Title of Close corporation is indeed a close corporation. There needs to
Corporation otherwise provides. be a presentation of evider.ce on tha relevant restrictions
in the articles of incorporatfon and by-laws of the
Characteristics corporation. (Rural Bank of Andaya v. Cebedberen, G.R.
1 ~ The articles of incorporation of a close corporation may No. 188769, 2016)
provide that the business of the corporation shall be
. managed by the stockholders of the corporation rather Pre-Emptive Rights Of Stockholders In Close
than by a board of directors: Corporations
a. When they manage, stockholders are liable as General Rule: It shall extend to all stock to be issued,
directors; including reissuance · of treasury shares, whether · for
b. There is no need to call a meeting to elect money, property or personal services, or in payment of
directors; corporate debts
c. To the extent that the stockholders are actively
eng.39ed in the management, said stockholders Exception. Unless the articles of incorporation provide
shall be liable for corporate torts unless the otherwise.
corporation has obtained reasonably adequate
lic!bility insurance. Power To Buy-Back Shares Of Close Corporations v,
Appraisal Right In Stock Corporations
Companies That Cannot Be Close Corporations CLOSE CORP CLOSE CORP STOCK CORP
(MIPES-BOO) Sec. 104 Sec. 105
a. Mining companies; Exercised by Exercised by the Exercised by the
b. . Insurance companies; the corporation stockholder stockholder
c. Public utilities; There are
d . Educational institutions;
Exercisable certain
e. Stock exchanges; for instances where
only in a Exercisable
f. Banks;
deadlock any reason appraisal rights
g. Oil companies; can be
situation
h. Other corporations declared to be vested with public exercised
interest.
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Can. be directed g. Fraternal,

either against Available only Available only h. Literary,
the corporation against , the against the i. Scientific,
or any other corporation corporation j. Social,
stockholder k. Civic Service,
Limited only in a I. Similar purposes, like trade, industry, aqriculture and
situation when like chambers, or
Available even Unrestricted
the corporation m. Any combination of thereof (Sec. 88)
without retained
has. sufficient
unrestricted earnings are
assets in its In the Articles of Incorporation, a non-stock corporation
retained required for
books to cover its may not include · a purpose which would change or
earninqs and buyback to
debts and contradict its nature as such. (Sec. 14{2_1)
not subject to happen,
lial>i/ities,
any formula generally
exclusive of c. Treatment Of Profits
capital stock ~o~-stock non-profit corporations may actually earn profits
incidentally from its operations, provided that . the
CQmpelling Dissolution In Close Corporations v, Stock profits are devoted to their purpose.
Corporations
CLOSE. CORP CLOSE CORP STOC•< CORP The mere fact that a non-stock corporation may earn profit ~··"
Sec. '/04 Sec. 105 a
does not make it profit-making corporation, where such
profit is used to carry out the purposes set forth in the
SEC is given
Articles of Incorporation and is not distributed· to its
express power A stockholder
Majority of the incorporators, members, · trustees, or officers. .(SEC
to dissolve a must make a
Board fJIUS 2/3 Opinion, 13 November 1990, XXIV SEC CnsettertyBulietir:
close written petition to
stockholder vote 63)
corporation the SEC to
is required for
when there is a compel
dissolution Note:
deadlock dissolution
Despite its nomenclature, the essence of a non-stock non-
situation
profit corporation is not the non-existence of shares of
stock to cover its capital (it is legally possible for a
· 1. Non-Stock Corporations
corporation having capital stock to still be considered a
non-stock corporation), but that:
a. Definition
a. Its primary purpose should be any of those under Sec.
A non-stock corporation is one where no part of its income
88 of the Corporation Code, and
is distributable as dividends to its members trustees or -,
b. There is a prohibition in the articles of incorporation
officers, subject to the provislons of the Corp~ration C;de
and by-laws that no part of the income or any form of
on dissolution
dividend is distributable to the members, trustees. and .
officers of the corporation (CIR v. Club Filipino Inc, de .. ·
Any profit which a non-stock corporation may obtain as an
Cebu, G.R. No. L-12719, 1962)
incident to its operations shall, whenever necessary or
• Even though the corporation may
proper, be used for the furtherance of the purpose or
incidentally earn profits from its
purposes for which the corporation was organized, subject
operations. (CIR v. University of viseves,
to the provisions of this Title. (Sec. 87)
GR. No. L-13554, 1961)
b. Purposes
A non-stock corporation may be formed or organized for
d. Distribution of Assets upon Dissolution
the following purposes:
In case dissolution of a non-stock corporation in
a. Charitable, ·
accordance with the. provisions of this Code, its assets.
b. · Religious,
shall be applied ard distributed as follows:
c. Educational,
• All liabilities and obligations of the corporation shall be
d. Professional,
paid, satisfied and discharged, or adequate provision
e. Cultural,
shall be made therefore; .
f. Recreation.

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• Assets held by the corporation upon a condition the remaining assets may be distributec to the members,
requiring return, transfer or conveyance, and which as provided for in the articles of incorporation of by-laws.
condition occurs by reason of the dissolution, shall be
returned, transferred or conveyed in accordance with In the absence of distribution rules, the remaining assets
such requirements; may be distributed to such persons, · societies,
• Assets received and held by the corporation subject to organizations, or corporations, whether or not organized
limitations permitting their use only for charitable, for profit, as may be specified in a plan of distribution as
religious, benevolent, educational or similar purposes, adopted by the Board of Trustees and ratified by the
but not held upon a condition requiring return, transfer members. ·
or conveyance by reason of the dissolution, shall be
transferred or conveyed to one or more corporations, In a regular non-stock corporation it is possible for its net
. societies or. organizations engaged in activities in the assets and accumulated "earnings" from its operations, to
Philippines substantially similar · to those of the inure to the benefit of private individuals (e.g., its own
dissolving corporation according to · a plan of members) or entities, but only as a consequence of
distribution adopted pursuant lo this Chapter; dissolution.
• Assets· other than those mentioned in the preceding
paragraphs, if any, shall be dislributed in accordance Suppletory Effect
with the provisions of the articles of incorporation or The provisions governing stock corporation, when
the by-laws; to the extent that the articles of pertinent, shall be applicable to non-stock corporations,
· incorporation or the by-laws, determine the distributiv~ except as may be covered by specific provisions of this
rights of members, or any class or classes of Title.
members, or provide for distribution; and
• · In any other case, assets may be distributed to such Conversion between Stock and Non-Stock
persons, societies, organizations or corporations, Corporation
. whether or not organized for profit, as may be specified A non-stock corporation cannot be converted into a stock
in a plan of distribution adopted pursuant to this corporation through mere amendment of its Articles of
Chapter. (Sec. 94) · Incorporation as this would be in violation of Section 87
which prohibits distribution of income as dividends to
A non-stock corporation in the process of dissolution may members. (SEC Opinion, 20 March 1995) However, a non-
adopt a plan providing for the distribution of assets, not stock corporation can be converted into a stock corporation
inconsistent with the Code, in the following manner: only if the members dissolve it first and then organize a
• The board of trustees shall, by majority vote, adopt a stock corporation. The result is a new corporation. (SEC
resolution recornmending a plan of distribution and Opinion, 13 May 1992)
directing the submission thereof to a vote at a regular
.. ; or special meeting of members having voting rights . On the other hand, a stock corporation may be converted
• Written notice setting forth the proposed plan of into a non-stock corporation bymere amendment provided
distribution or a summary thereof and the date, time all the requirements are complied with. Its rights and
and place of such. meatinq shall be given to each liabilities will remain.
member entitled to vote, within the time and in the
manner provided in this Code for the giving of notice of Theory on Non-Stock Corporations
meetings to members. A non-stock corporation may only be formed or organized
• The plan of distribution shall be adopted upon approval for charitable, religious, educational, professional, cultural,
of at least 2/3 of the members having voting rights fraternal, literary, scientific, social, civic or other similar
present or represented by proxy at such meeting. (Sec. purposes. It may not engage in undertakings such as the
95) investment business where. profit is the maih or underlying
purpose. Although the non-stock corporation may obtain
Note: profits as an incident to its operation such profits are not to
Although a non-stock corporation cannot distribute be distributed among its members but must be used for the
incidental profits or dividends to its members, trustees and furtherance of its purposes (People v. Menil, GR. No.
officers during its corporate term, in the event of 115054-66, 1999).
dissolution. after the payment of all liabilities and return of
assets received subject to limitations permitting their use, The incurring of profit or losses does not determine
whether an activity is for profit or non-profit, and the courts
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will consider whether dividends have been declared or its Term of Board Members
members or that is property, effects or profit was ever used 3 years, but AOI or . by-
for personal or individual gain, and not for the purpose of laws may provide
carrying out the objectives of the enterprise (Manila otherwise
Sanitarium and Hospital v. Gebuco, G.R. No. 13873, 1 year
1963). 5 years. - educational
.
In a mutual life insurance corporation, organized as a non-
Constant terms
institutions

stock nonprofit corporation, the so-called "dividend" that is Staggered terms

received by members-policyholders is not a portion of ' How Board Members Are Elected
profits set aside for distribution to the stockholders in Elected by the Directly elected . by the
proportion to their subscription to the capital stock of a stockholders (pet Corp. members, unless AO/
corporation. One, a mutual company has no capital stock Code) provides otherwise
to which subscription is, necessary; there are no Manner of Voting
stockholders to speak of, but only members. And, two, the Straight voting, unless
amount they receive does not partake of the nature of a Straight or cumulative
AOI or by-laws provide
profit or income. The quasi-appearance of profit will not voting
otherwise
change its character; it remains an overpayment, a benefit Can membership be transferred?
to which the member-policyholder is equitably entitled Generally no, EXC: if AOI .
(Republic it. Sunlife Assurance Company of Canada, GR Generally yes or by-laws provide
No. 158085, 2005).
otherwise
Can a stochokder/ member disengage from the
Delinquency in Membership Dues of Non-Stock corporation?
Corporations
Can sail to other Articles or by-laws
A non-stock corporation rnay seize and dispose of the
stockholders OR exercise specifically provide for the
membership share of a fully-paid member on account of
of appraisal rights method of termination .
his unpaid monthly dues. when such corporation rs
authorized to do. so under the by-laws, even when no
Corporation Sole
provision. on the matter appears in the articles of
Special form of corporation, usually associated with the
incorporation, and in spite of the fact that Sec. 67 of
clergy arid consists of one person only and his successors,
Corporation Code on delinquency sale pertains to payment
who are incorporated by law to give some legal capacities
of shares subscription. (Valley Golf v. De Caram, G.R. No.
and advantages.
155805, 2000)
A corporation sole does not have any nationality but for,
Comparative Table: Stock v, Non-Stock Corporations
purposes of applying our nationalization laws, nationality is
STOCK CORP NON~STOCK CORP determined by the nationality of the members (Roman
Can they earn profit? Catholic Apostolic Church v. LRC, GR. No. 8451, 1957).
Yes Yes
Distribution of Dividends
I . . .. . The doctrine in Republic v. Villanueva (G.R. No. 55418·19,
Yes No 1982) and Republic v. totesie ni Cristo (G.R. No. 180067,- ·.
Name of "Constituents" 1984), that a corporation sole is disqualified to
Stockholders Members acquire/hold alienable lands of the public domain,
Limitation to Purpose because of the constitutional prohibition qualifying only
r individuals to acquire land and the provision under the
May not inciude a purpose
No, there can be Public. Land Act which applied only to Filipino citizens or
which would change or
secondary purposes natural persons, has been expressly overturned in
contradict its nature in AOI
Kind of Board Director of Lands v. IAC (GR. No. 66575 1986).
Board of Directors Board of Trustees
Number of Board Members A registered corporation sole can acquire land if its
Min. 5; but may be more. members constitute at least 60% Filipinos. (SEC Opinion,
5 < x -c 15 than 15 8 August 1994)
exc: special corporations
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G. Foreign Corporations
A corporation formed, organized or existing under any law BUT: Where a single act or transaction is not merely
other than those of tne Philippines, and whose laws allow incidental or casual but indicates the foreign corporation's
Filipino citizens and corporations to do business in its own · intention to do other business in the Philippines, said single
country or state. (Sec. 123) act or transaction constitutes doing business (Far East Int'/.
v. Nankai Kogyo, G.R. No. 13525, ·/962).
A foreign corporation is· one which owes its existence to the
laws of another state, and generally, has no legal existence Need to Allege: The fact that a foreign corporation is not
within the state in which it is foreign (Avon Insurance PLC . doing business in the Philippines must be alleged, if a
v. Court of Appeals, .G.R. No. 97642, 1997). foreign corporation desires to sue in Philippines courts
under the "isolated transactions rule" (Atlantic Mutual Inc.
A fundamental rule of international jurisdiction is that no Co. v, Cebu Stevedoring Co., G.R. No. 18961, 1966); if not
state can by its laws, and no court which is only a creature alleged, it can be dismissed for
lack of capacity to sue by
of the state, can by its judgments and decrees, directly bind the plaintiff (Commissioner of Customs v. K.M.K. Gani,
or affectproperty or persons beyond the limits of that state G.R. No. 73722, 1990).
(Time, Inc. v. Reyes, GR No. 28882, 1971).
b. Twin Characterization Test (Mentholatum Co. Inc v.
a. Bases of Authority over Foreign Corporations Mangaliman G.R. No. 47701, 1941)

i. Consent - It is the voluntary surrender of jurisdiction over Substa nee Test: Consider the' body or su bstant:e of the
its person in a pending suit before the host state (Sa/onga, business or the enterprise for which it was ORGANIZED or
Private International Law, 1979 ed., r,.344). whether it has substantially retired from it and turned it over
to another.
ii. "Doing Business" with regard to Foreign
Corporations - Continuity of commercial dealings incident Continuity Test: That doing business implies a continuity
to prosecution of purpose and object of the organization. of commercial dealings and arrangements and
Isolated, occasional or casual transactions do not amount contemplates, to that extent, the performance of acts or
to engaging in business. But.wherethe isolated act is not works or the exercise of some of the functions normally
incidental/casual but indicates the foreign corporation's incidental to, and in progressive prosecution of, the
intention to do other business, said single act constitutes -, purpose and object of its organization.
engaging in business in the Philippines.
Taken together, DOING BUSINESS in the Philippines
Test to Determine "Doing Business" mus: cover transactions and series of transactions in
pursult of the main business goals of the corporation and
a. Isolated · Transactions Test: where a foreign done with the intent. to continue the same in the
corporation needs to obtain a license and fails to do Philippines.
so, whether it should be denied legal standin£ to obtain
remedies . from local courts and administrative c. Contract Test: if the salient points of a contract do not
agencies or not; depends therefore on the issue find themselves in the Philippines, Philippine
whether it will engage in business in the Philippines. authorities have no business subjecting the parties to
l
t>.Jot every activity undertaken in the Philippines local registration and licensing requirements (Pacific
!-"
•; .. -
.·.-
amounts to doing business as to require a foreiqn Vegetable Oil Corp. v Singzon, G.R. No. 7917, 1955)
corporation to obtain such license.
"Doing Business" Under The Foreign Investment Act
Single or isolated acts, contracts, or transactions of foreign and IRR
corporations are not regarded as a doing or carrying on of
. business. Typical examples of these are the making of a "Doing Business'' in the Philippines - Includes:
· single contract, sale, sale with the taking of a note and a. . Soliciting orders, service contracts, opening offices,
mortgage in the state to secure payment thereof, whether called "liaison" offices or branches;
purchase, or note, or the mere commission of a tort. In b. Appointing representatives or distributors domiciled in
these instances, there is no purpose to do any other the Philippines;
business within the country (MR. Holdings, Ltd. V. Bajar,
G.R. No> 138'/04, 2002).
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Note: Includes "appointing representatives or distributors the same, training domestic workers to operate it, and
in the Philippines" but not when the representative or similar incidental services. ·
distributor "transacts business in its name and for its own
account." (Alfred f-lahn v. CA, G.R. No.113074, 1997) No foreign corporation transacting business in the .
Philippines without a license, or its successors or assigns,
c. Participating in the management, supervision, or shall be permitted to maintain or intervene in any action,
control of any domestic business, firm, entity, or suit or proceeding in any court or administrative agency of
corporation in the Philippines; and the Philippines; but such corporation may be sued or
d. Any other act or acts that imply a continuity of proceeded against before Philippine courts or
commercial dealings or arrangements, and administrative tribunals on any valid cause of action
.. "J''-i'

contemplate to that extent the performance of acts or recognized under Philippine laws (Lorenzo Shipping Corp.
works, or the exercise of some of the functions v. Chubb & Sons, Inc., et al., G.R. No. 147724, 2004).
normally incident to, and in progressive prosecution of.
commercial gain or of the purpose and object of the b. Necessity ofa License to Do Business:
business organization • To place them under the jurisdiction of the courts
• To place them in the same footing as domestic·
Note: "Doing business" was upheld against Pioneer corporations
International for soliciting orders and service contracts in • Protection for the public in dealing with said
the performance of acts that imply continuity of commercial corporations.
dealings. Pioneer lnternational's alleged acts in actively
negotiating to employ Todaro to run its pre-mixed concrete l, Requisites for Issuance of License (Sec. 125;
operations In the Philippines, which acts are hypothetically Omnibus Investments Code, Art. 48)
admitted in Pioneer lnternational's motion to dismiss, are 1. Articles of Incorporation and By-Laws
not mere acts of a passive investor in a domestic 2. An application form under oath setting forth.
corporation. Such are managerial and operational acts in i. Date and term of incorporation
directing and establishing commercial operations in the · ii.. Address of the corporation
Philippines. (Pioneer International, LTD v. Guadiz, G.R. iii. Name, address, residence of resident agent
No. 156848, 2007) . iv. Place of operation
v. Specific purposes
··· Does Not Include: vi. Names and addresses of directors
a. M~re investment as a shareholder by a foreign entity vii. Statement of Authorized capital stock
in domestic corporations duly registered to do viii. Statement of Outstanding capital stock
business. and/or the exercise of right~ as such ix. Statement of Paid-in amount
investor; x, Additicnal information determined by SEC
b. Having a nominee director or officer to represent its 3. Statement that the corporation is solvent
interests in such corporation; 4. Duly executed certificate under oath attesting that its
c. Appointing a representative or distributor domiciled in country permit Filipinos to do business in that country
the Philippines which transacts business in its own 5. · 60% Filipino control requirement
name and for its own account; 6. Business operation not inconsistent with Investment
d. The publication of a general advertisement through Priorities Plan
any print or broadcast media; 7. Business 'not in conflict with 1987 Constitution
e. Maintaining a stock of goods in the Philippines solely 8. Business riot adequately exploited by Phil nationals;
for the purpose of having the same processed by 9. Entry of applicant not promote monopolies
another entity in the Philippines;
f. Consignment by a foreign entity of equipment with a ii. Resident Agent
local company to be used in the processing of products -, Who may be a Resident Agent
for export; a. Individual residing in the Philippines of good moral
g. Collecting information in the Philippines; and character and of sound financial standing
h. Performing services auxiliary to an existing isolated b. Domestic corporation lawfully transactinq
contract of sale which are not on a continuing basis, business in the Philippines (Sec. 127)
such as Installing in the Philippine machinery it has
manufactured or exported to the Philippines, servicing

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Service ·Of Process upon a Foreign Corporation d. A license subsequently granted enables the
Through A Resident Agent foreign corporation to sue on contracts executed
Before a foreign corporation can be issued a license to before the grant of the license (Eriks Ltd. v. Court
transact business in the Philippines. such corporation must of Appeals, G.R. No. 118843, 1997);
first file with the SEC e. Recovery of misdelivered property;
1 . A· written power of attorney designating some person ·, f. Where the defendant is estopped.
who must be a resident of the Philippines, on whom
any summons and other legal processes may be Section 160 in relation to Section 3 of R.A. No. 8293
served inall actions or other legal proceedings against provides that any foreign corporation not engaged in
such corporation; & business in the Philippines and a national of a country
2. Consent that service upon such resident agent shall be which is a party to any convention, treaty or agreement
admitted and held as valid as if served upon the duly relating to intellectual property rights or the repression of
authorized officers of the foreign corporation at its unfair competition, to which the Philippires is also a party
home· office. or extends reciprocal rights, may sue in trademark or
a. Whenever such service of summons or other service mark enforcement action (Sehwani Inc v. ln-n-Out
process is made upon SEC, it must, within .10 Burger, G.R. No. 171053, 2007). ·
days thereafter, transmit by mail a copy of .
such summons or other 1..,gal process to the Rules Regarding A Foreign Corporation's Right to
corporation at its home or principal office. . Bring Suit in the Philippines .
When SEC sends such copy, it shall constitute (Agilent Technologies v. Integrated Silicon, G.R. No.
a necessary part of and shall complete such 154618 2004)
'
service FOREIGM CORP CAN FC SUI:: IN PH?
b . In case of a change of address of the resident STATUS
agent, it shall be his or its duty to immediately Doing business in
. notify SEC in writing. (Sec. 128) Cannot sue before
Philippines without a
Philippine courts
license
c. Personality to Sue Can sue before Philippine
Section 36 enumerates tho express powers of a courts on an isolated
corporation, which includes the corporation's ability to sue Not doing business in the transaction or on a cause
and be sued. Philippines of action entirely
independent of any
The power of the corporation to sue and be sued in any business transaction
court is lodqed with the board of directors that exercises its Doing business in the
corporate powers. (Bitong v. CA, G.R. No. 12.1553, 1998) Philippines without a
{."./-: license, but Philippine
d. Suability of Foreign Corporations
citizen or entity has Can sue before Philippine
Every foreign corporation contracted with sa'1d courts due to estoppel
• Doing business in the Philippines with a license may corporation or derived
sue and can he sued in the Philippines · benefits from the Foreign
'·-"' • Doing business in .the Philippines without a license Corporation
cannot sue, but may be sued in the Philippines . Doing business in the
• . Not doing business in. the Philippines, on Isolated Can sue before Philippine
Philippines and has the
transactions may sue and can be sued (if jurisdiction courts on any transaction
required license
~- ; can be acquired)

e. Instances When Unlicensed Foreign Corporations

May Be Allowec To Sue:
a. Isolated transactions;
b. Action to protect good name, goodwiil, and
reputation of a foreign corporation;
c, The subject contracts provide that Philippine
Courts will be venue to controversies;

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Table: · Capability to Sue and Suability of Foreign

Corporations W/N Doing Business The power to merge or consolidate is net within the
NOT DOING inherent powers of the corporation. Therefore, it must be
DOING SUSINl:SS IN
BUSINESS IN expressly granted by law.
PHILIPPINES
PHILIPPINES Merger or consolidation does not become effective
Licensed Unlicensed Isolated Transactions by mere agreement of the constituent
Yes, can sue; corporations. The approval of the SEC is required
(PNB v. Andrada Electric & Engr. Co., Inc., G.R.
NO, cannot No. 142936, 2002).
EXC: if transactions
YES, can sue;
exhibits intent to do
sue Mere Acqulsitlon/Transfer (3 Levels)
business, Foreign
E::XC: estoppel
Corporation needs a. Assets-Only Level. Purchase of raw assets of the
license to sue enterprise. Transferee is NOT liable for the debts and
YES, can be sued liabilities of the transferor corporation as there is no
YES, can privity of contract between transferee and creditors.
be sued Qualifier: as long as summons were except when there is fraud, assumption of liability, or
properly served (to acquire [unscictlon) takeover of the assets of a dissolved corporation.
·'----
(Edward J. Nell Co. v Pacific Farms Inc., G.R. No. L"
20850, 1965) .
f. Ground~ for Revocation of License .
Section 134 provides that the SEC may cancel the
b. Business Enterprise Leyel. Purchase of substantially
all the assets of the corporation extending to its "going
certificate or license of a foreign corporation on any of the
concern" (ability to do business and make rnoney.:
following grounds: -,
goodwill, clientele, stock-in-trade, etc). There. is case
a. Failure to file its annual report or pay any fees as
law, based on equity, that holds transferee liable for
required by Code;
the debts and liabilities of the transferor. A "free and
b. Failure to appoint and maintain a resident agent;
harmless clause" 'loldirig the transferee free from the
c. Failure to inform SEC of the change of resident
liabilities of the transferor is binding only between them
Agent or the latter's change of address;
and cannot prejudice creditors who are not parties ·
d. Failure to submit a copy of amended articles of
thereto. (Y-1 Lesisure Philippines, Inc. et al. v James
incorporation or by- laws; or articles of rnerqer or
Yu, G.R. No. 207161, 2015)
consolidation; .
c. Equity level. Purchaser takes control of the business
e. A misrepresentation of any material matters in
by purchasing the shareholdings. Purchasing
reports;
· corporation is still protected by the limited liability
f. Failure to pay any and all taxes, imposts,
feature but the same can be pierced.
assessments or penalties; ·
g. Engag€d in a business not authorized by SEC;
2. Plan of Merger or Consolidation (Sec. 76)
h. Acting as a dummy of a foreign corporation not
a. Names of corporations
licensed to do business in the Philippines; or
b. Terms of the merger or consolidation and the mode.of
i. Any other ground as would render it unfit to
carrying the same into effect
transact business in the Philippines.
c. Statement ot Changes of Articles of Incorporation
d. Other provisions
e. Approval by affirmative vote of stockholders or
H. MERGER AND CONSOLIDATlqN
members representing 2/3 of outstanding capital stock
1. Definition and Concept
3. Articles of Merger or Consolidation (Sec. 78)
a. Signed by the president or vice president and certified
Merger
by the secretary setting forth:
A union whereby one or more existing corporations are
i. Plan of merger or consolidation
absorbed by another corporation that survives and
ii. Number of outstanding shares or members
continues the combined business.
iii. Number of shares or members voting for er.
Consolidation
against merger or consolidation
The union of two or more existing corporations. A new
corporation is created, and consolidatinq corporations are
extinguished.
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· 4. Procedure of Consolidation or Merger . 9. If the SEC is satisfied that the merger or consolidation
1. The board of directors or trustees of each corporation, of the corporations concerned is legal, it shall issue a
party to the merger or consolidation, shall approve a certificate of merger or of consolidation, at which time
plan of merger or consolidation setting forth the the merger or consolidation shall be effective.
·following'. 1 o. If the SEC is not satisfied, it shall set a hearing to give
a. Names of the corporations involved; the corporations concerned the opportunity to be
b. Terms and mode of the merger or consolidation; heard. Written notice of the date, time and place of
c. Statement of the changes, if any, in the articles of hearinq shall be given to each constituent corporation
incorporation of the surviving corporation in case at least two (2) weeks before said hearing.
of rnerqer; and, with respect to the consolidated
corporation in case of consolidation; and A merger doss not become effective upon the mere
d. Other necessary or . desirable provisions with agreement of the constituent corporations, but open
respect to the proposed merger or consolidation, approval of the articles di merger by the SEC issuing the
2. The plan of merger or consolidation shall be approved certificate of merger as required by Section 79 of the
by majority vote of each of the boards of the Corporation Code (Bank of Commerce v. Heirs of Rodolfo
corporations involved at separate meetings; de/a Cruz).
3. The same shall be submitted for approval by the
stockholders or members of each such corporation at 5. Effectivity and Limits of Merger or Consolidation
separate corporate meetinqs duly called for the · • Submission to SEC for approval
purpose. Notice of such meeting should be given to all • Merger or consolidation of banks or banking
stockholders or members at least 2 weeks before the institutions, building and loan associations, trust
meeting, either personally or by registered mail companies, insurance companies, public utilities,
4. .At least 2/3 of the outstanding capital stock, if a stock educational institutions and other special
. corporation, or 2/3 of the members of the non- stock corporations governed by special laws need
corporation should concur to sucn plan. favorable recommendation by · appropriate
5. Dissenting stockholders rr.ay exercise their right of governmental agency
appraisal. However, if the board abandons such plan, • If upon investigation by SEC that merger or
such right is extinguished consolidation is contrary to or inconsistent with the
6.. Any amendment to the plan must be approved by the Corporation Code, it will set a hearing
same votes of the board members or trustees and
stockholders or members required for the original plan. 6. Effects of Merger or Consolidation
7. Once the required number of stockholders or members • The constituent corporations shall become a
approved of the plan, Articles of Merger or Articles of single corporation.
Consolidation shall be executed. by each of the • The separate existence of the constituents shall
constituent corporations, signed by the president or cease except that of the surviving corporation (in
vice-president and certified by the secretary or merger) or the consolidated corporation (in
assistant secretary of each corporation, setting forth: consolidation).
a. The plan of the merger or the plan of • The surviving or the consolidated corporation shall
consolidation;
possess all the rights, privilepes, immunities,
b. As to stock corporations, the number of shares properties and powers and shall be subject to all
outstanding, or in the case of non-stock duties and liabilities of a corporation.
corporations, the number of members; and
. • The surviving or the consolidated corporation shall
c, As to each· corporation, the number of shares
possess all the rights, privileges, irnmunlties and
or members voting for and against such plan,
franchises of each of the constituent corporations;
respectively.
and all property, · real or personal, and all
8. Four copies of the Articles of Merger or Articles of
receivables due on whatever account, including
. Consolidation shall be submitted to the SEC for
subscriptions to shares and other choses in action,
· approval. However, in the case of special corporations,
and all and every other interest of, or belonging to,
like banks, insurance companies, building and loan
associations, etc., the favorable recommendation of
or due to each constituent corporation, shall be
taken and deemed to be transferred to and vested
the appropriate government agency shall first be
in such surviving or consolidated corporation
'obtained.
without further act or deed; and

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• The surviving or consolidated corporation shall be

responsible and liable. for all the liabilities and
obligations of each of the constituent corporations
in the same manner as if such surviving or
consolidated corporation had itself incurred such
liabilities or obligations; and any claim, action or
proceeding pending by or against any of such
constituent corporations may be prosecuted by or
against the surviving or consolidated corporation,
as the case may be, Neither the rights of creditors
nor any lien upon the property of any of such
constituent corporations shall be impaired by such
merger or consolidation.

-.-.-- end of topic ---

t-

. ·,,_.

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VI. SECURITIES REGULATIONCODE (R.A. No. proprietary or nonproprietary membership certificates

8799) in corporations;
b. Debt Instruments (issuer required to repay principal
TOPIC OUTLINE UNDER THE SYLLABUS amount loaned by fixed maturity date, at stated rate of
interest) - bonds, debentures, notes, evidences of
A. Re!;Jistration requirement; exemptions indebtedness, asset-backed securities;
B. Prohibftions on fraud, manipulation, and insider c. lnvestment Instruments - investment contracts,
trading fractional undivided interests in oil, gas or other
C. Protection of investors mineral rights;
1. Tender offer rule
2. Rules on proxy solicitation Note: An investment contract refers to a contract,
3. Disclosure rule
transaction, or scheme whereby a person invests his
money in a common enterprise and is led to expect
profits primarily from the efforts of others. It is
STATE POLICY, PURPOSE
presumed to exist whenever a person seeks to use the
money or property of others on the promise of profits.
The State policies underlying the .Securities Regulation
(Virata v. Wee, G.R. No. 220926, 2017)
Code (SRC) are the following:
a. Establish a socially conscious free market that
regulates itself; Howey Test
b. Encourage the widest participation of ownership in User/ to determine whether the security being offered takes
enterprises; the form of an investment contract. The following must
c. . Enhance the democratization of wealth concur for an investment contract to exist:
d. Promote the development of the capital market; a. A contract, transaction or scheme;
e. Protect investors; b. An investment of money;
f. Ensure full and fair disclosure about securities; and c. Investment is made in a common enterprise;
g .. Minimize, if not totally eliminate, insider trading and d. Expectation of profits;
other fraudulent or manipulative devices (SRC, · e. Profits arising primarily from the efforts of others.
Sec. 2) (Virata v. Wee, G.R. No. 220926, 2017)

The principal purpose of SRC and its regulations (also Turner Test
known as the Blue Sky Laws) is to protect the public from Used to determine whether a contract is an investment
worthless ventures, that have no basis at all. and the sale contract within the definition of securities. ·
of securities therein to investors, who are then left holding
certificates representing nothing more than a claim to a Under this test, an investment contract may be a
square of a blue sky. transaction, contract, or scheme whereby a person:
a. Makes an investment of money,
DEFINITION OF SECURITIES b. In a common enterprise,
c. With the expectation of profits,
Securities d. To be derived primarily from the efforts of
Shares, participation or interests in a corporation or in a others
commercial enterprise or profit-making venture evidenced
by a certificate, contract, instrument, whether written or The Turner Test was adopted in the Philippines,
electronic in character. Tile definition includes investment specifically in the case of Power Homes wherein it was
contracts. (SRC, Sec. 3. 1) determined that transactions under a pyramiding scheme
partakes the nature of investment contracts and thus falls
Types of Securities under the definition of "securities" under the SRC (Power
a. Equity Instruments (represent ownership rights in a Homes v. SEC, G.R. No. 164182, 2008).
corporation, i.e., management, surplus profits, assets
upon dissolution)) - shares of stock; certificates of d. Derivative - option and warrants;
interest or participation in a profit sharing agreement;
certificates of deposit for a future subscription;

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e. Trust Instruments - Certificates of assignments,

certificates of participation, trust certificates, voting SEC Powers on Securities Transactions
trust certificates or similar irrstruments: and The SEC has the following powers with respect to the sale
or offer for sale of securities:
f. Catch-all - Other instruments as SEC may determine a. Grant "conditional approval" of registration statements
in the future. (SRC. Sec. 8. 2);
b. Specify terms and conditions underwhich any written
Note: "Public offering" for purposes of registration, means communication, including any summary prospectus,
a random or indiscriminate offering of securities in general shall not be deemed to constitute an offer for sale
to anyone who will buy, whether solicited or unsolicited. (SRC. Sec. 8.3);
c. Keep and open to public inspection at reasonable
Issuer hours on business days, the Reg;ster of Securities
An originator, maker, obligor, or creator of the security. (which shall contain the records of the registration of
(SRC, Sec. 3.2) securities and SEC orders with respect to .sucn
securities) and all documents or information· with·
Broker respect to registered securities (SRC. Sec. 8.4);
A person engaged in the business of buying and selling d. Audit financial statements,' assets and other
securities for the account of others. (SRC, Sec. 3.3) information of applicants for registration of securities,
when necessary to insure full disclosure or to protect
Dealer interests of investors and the public ($RC. Sec. 8.fi};
A person, who buys and sells securities for his own e. Dispense with any requirement or require additional
eccount in the ordinary course of business. (SRC, Sec. information or documents, including written
3.4) information from an expert, · depending on the
necessity thereof or their applicability to the class of
Prospectus securities sought to be registered (SRC. Sec. 12. 2).
The document, made by or on behalf of an issuer,
underwriter or dealer, to sell or offer securities for sale to KINDS OF SECURITIES
the public through a registration statement filed with the ·
SEC. (SRC. Sec. 3.11) . . 1. Exempt Securities (Sec. 9)

Registration a. Government Issued

General rule: Securities are prohibited to be sold or Issued or guaranteed by the government of the
offered for sale or distribution within the Philippines (SRC. " Philippines or by any political subdivision, agency, or
Sec. 8.1): by any person controlled or supervised by, and acting
a. Without registration statement duly filed with and as an instrumentality of the Government; (SRC. Sec.
approved by SEC; and 9.a)
b. Prior to such sale, information on the securities, in
such form and with such substance as SEC may Note: The reason why the Government should not be
prescribe, must be made available to each required to· furnish a bond is that . the State is
prospective purchaser. undoubtedly always solvent (Araneta v. Gatmaitan,
G.R. Nos. L-8895, L-9191, 1957).
Exception: The following may be sold without need of
registration: b. lssuanced by Foreign Governments ·
a. Exempt securities (SRC, Sec. 9) Issued or guaranteed by the government of any
b. Exempt transactions ($RC, Sec. 10) country with which the Philippines maintains
diplomatic relations, or by any state, province or
Note: In approving the registration of the securities, the political subdivision thereof on the basis of reciprocity,
SEC is not only concerned with the requirement that full although the SEC may require compliance with the
disclosure of information is given to the public but the SEC form and content of disclosures; {SRC. Sec. 9.b)
is also concerned with the merit of the securities
themselves and the issuer (PSEv. CA, G.R. No. 125469,
1997).
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c. Certificates issued by receiver or trustee in liquidate a bona fide debt, a security pledged in good
bankruptcy duly approved by the proper adjudicatory faith as security for such debt; (SRC. Sec. 10.b)
body; (SRC. Sec. 9.c)
c. Isolated transaction
d. Ihose involving the sale or transfer of which, by law, is An isolated transaction in which any security is sold,
under the supervision and regulation of the: (SRC. offered for sale, subscription or delivery by the owner
Sec. 9.d) thereof, or for his account, not beir.g made in the
i. Office of the Insurance Commission; course of repeated. and successive transactions of a
ii. Housing and Land Use Regulatory Board; and like character, and such owner or representative not
iii. Bureau of Internal Revenue being the underwriter of such security (SRC. Sec. 10.c)

Reason: They are already supervised by another Note: This transaction refers to secondary sale of the
government body. owner of the securities to another investor; and the
owner contemplated herein is not the issuer but an
e. Issued by a bank except its own shares of stock investor; therefore the transaction does not fall under
the definition of public offerings.
Where · a bank is a publicly-listed corporation in the
Philippine Stock Exchange (PSE), the mere fact that it d. Stock dividends
is under the supervision of the Bangko Sentral ng Distribution by a corporation · of securities to its
Pilipinas (BSP) does not exempt it from complying with stockholders or other security holders as stock
the continuing disclosure requirements embodied in dividend or other distribution out of surplus (SRC. Sec.
the assailed Rules (IRR of the Revised Securities Act 10.d)
- predecessor of the SRC). While a bank is primarily
subject to the control of the BSP, as a corporation e. Sale of shares to stockholders not underwritten
trading its securities in the stock market, it is also under Sale of capital stock of a corporation to its own
the supervision of the SEC. These regulations are stockholders exclusively - stock which has already.
meant to assure full, fair and accurate disclosure ot been issued (SRC. Sec. 10.e)
information for the protection of investors in the stock
market. Imposing such regulations is a function within f. Issuance of bonds to a single purchaser: Issuance
· the jurisdiction of the SEC (Union Bank v. SEC, G.R. of bonds or notes secured by mortgage upon real
No. 138949, 2001). estate or tangible personal property ($RC. Sec. 10.f)

2. Exempt Transactions (SRC, Sec. 10) g. Transaction pursuant to the right of conversion
r . .. Issuance and delivery of any security in exchange for
' a. Judicial sale of securities any other security of the same issuer pursuant to a
Any judicial sale, or sale by an executor, administrator, right of conversion, provided that the: (SRC. Sec. 1 O.g)
guardian or receiver or trustee in insolvency. or i. Surrendered has been registered under the
bankruptcy (SRC. Sec. 10.il} SRC or was, exempt, when sold
ii. Security issued and delivered in exchange
Note: As distinguished from exempt securities would, at the time of conversion, fall into the
specially issued by the receiver or trustee in a class entitled to registration
bankruptcy proceeding mentioned above, the shares
covered under exempt transactions are ordinary h. Broker's transactions
sheres; however the owner of the shares is bankrupt Broker's transactions, executed upon customer's
and so the shares are sold. orders, on any registered Exchange or trading market
(SRC. Sec. 10.h)
b. Sale of foreclosed securities
, By or on account of a pledge holder or mortgagee or . i. Pre-incorporation subscrlptton or subscription to
any other similar lien holder, selling or offering for sale a capital increase: Subscriptions to shares of capital
or delivery in the ordinary course of business, not for stock (1) prior to incorporation or (2) pursuant to an
the purpose of avoiding the provisions of SRC, to increase in authorized capital stock -- both to comply

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with · the requirements of the law for minimum investors such as by the reason of the small amount
subscription (SRC. Sec. 10.i) involved or the limited character of the public offering.
(SRC, Sec. 10.2)
j. Exchange of securities with existing security
holders Issuance from authorized but previously unissued capital
Exchange of securities by the issuer exclusively with stock may be granted exemption (Nestle Philippines v. CA,
its existing security holders exclusively, where no G.R. No. 86738, 1991)
commission or other remuneration is paid or given
directly or indirectly for soliciting such exchange (SRC. A. Registration Requirement: Exemption·s
Sec. 10.j) '
1. Procedure for Registration of Securities (SRC,
Note: The difference between (h) and G) is that the Sec. 12)
exchange in (h) is for any other security ofthe issuer
while in (j), the exchange is between the issuer ar,d its a. Filing
existing security holders wherein the securities The issuer must file in the main office ot the SEC:
exchanged are not from the same issuer. a. Sworn registration statement with respect to such
securities, and
k. Private placements b. Registration · statement must indude . any
Sale of securities by an issuer to fewer than 20 prospectus required (SRC. Sec. 12.1)
persons during any twelve-month period (SRC. Sec.
10.k) Note: A registration statement may be withdrawn by the
issuer only with SEC's consent.
I. Sale to qualified buyers
Sale ot securities to any of the following qualified b. Signature
buyers: (SRC. Sec. 10./) The registration statement shall be signed by the issuer's
i. Bank executive officer, tts principal operating officer, its principal
ii. Registered investment house financial officer, its comptroller, its principal accounting
iii. Insurance company officer, its corporate secretary or persons performing
iv. Pension fund or retirement plan maintained by similar functions accompanied by a duly verified resolution
the government or managed by a bank or of the board of directors of the issuer corporation and
other persons authorized by the BSP to accompanied by:
engage in trust functions a. A duly verified resolution of the board of directors;
v. Investment company and
vi. Such other person at the Commission may b. The written consent of the expert, who certified
determine as qualified any part of the registration statement (SRC. Sec.
12.1)
Notes:
• Reasons for exemption: small amount involved; limited c. Filing Fee .
character of public offering; l-ut the security itself may Not more than one-tenth (1/10) of one per centum (1%) of
or may not be exempt. the maximum aggregate price of the securities (SRC. Sec.'
• For the exemptions under (k) and (I), you have to file a 12.S[a])
notice for exemption as mandated under the Rules.
After which, you have to pay to the SEC a fee d. Publication
equivalent to one-tenth (1/10) of one percent (1 %) of Notice of the filing of the registration statement shall be
the maximum aggregate price or issued value of the immediately published by the issuer, at its own expense, in·
securities. (/RR to the SRC, Rule 10.1) two (2) newspapers of general circulation in the
• The other exemptions do not require filing a notice for Philippines, once a week for two (2) consecutive weeks,
exemption. (/RR to the SRC, Rule 10.1) reciting that:
a. A registration statement for the sale of such security
The SEC may exempt other transactions, if it finds that the has been filed, .
requirements of registration under the SRC is not b. The registration statement, and its attachments, are
necessary in the public interest or for the protection of the open to inspection; and
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c. Copies shall be furnished to interested parties at such by the Commission or other compotent or
reasonable charge as the SEC may prescribe. (SRC. administrative body for violations of securities,
Sec. 12.5[b]) commodities, and other related laws.

e. Order Note: The term "competent judicial or

Within forty-five (45) days after the date of filing, the SEC administrative body'' shall include a foreign court of
shall declare the registration statement effective or · competent jurisdiction as provided for under the Rules
rejected (SRC. ·sec. 12.6) of Court.

f. Entry of Order d. Where the issuer refused to comply with the order
The SE;C will enter an order declaring the registration of SEC for tile production of all books and papers,
statement to be effective. (SRC. Sec. 12.6) administration of oath, or examination of its
officers, or any other person connected to its
. g. Oath by an Issuer . business affairs.
Upon effectivity of the registration statement, the issuer
shall state under oath in every prospectus that all 3. Consequences of an Incomplete or False
registration requirements have been met and that all Inaccurate Statement in a Material Respect in the
information are true and correct as represented by the Registration Statement (SRC, Sec. 14)
issuer- or the one making the statement. (SRC. Sec. 12. 7)
If the registration statement is· on its face incomplete or
2. Grounds for Rejection and Revocation of · inaccurate in any material respect
Registration Statement (SRC, Sec. 13) • The Commission shall issue an order. directing the
a. When the issuer: amendment of a registration statement; upon
i. Has been judicially declared insolvent; compliance with such order, the amended registration
ii. I-las violated any of the provision of the statement shall become effective;
SRC, the rules promulgate pursuant • But if such registration statement has already become
thereto, or any order of the Commission of effective, the issuer needs to publish a notice of the
which the issuer has notice in connection proposed amendments in 2 newspapers of general
with the offering fo,· which a registration circulation in the Philippines statinq that the offering in
statement has been filed its current form has been cancelled.
iii. Has been or is engaged or is about to '
engage in fraudulent transactions; If the changes shall result to a derogation of rights of
iv. Has made any false or misleading exisunq security holders or purchasers of subject securities
representation of material facts in any who have paid a portion of the selling price
prospectus concerning the issuer or its • The issuer shall include in the above-mentioned
securities; publication an offer to rescind all transactions that have
v, Has failed to comply with any been completed for sale to date, without making any
requirements that the Commission may deduction and wait for thirty (30) days for purchasers
impose as a condition for registration of . to respond to the rescission offer before initiation of the
the security for which the registration amended offering.
.,.. $ statement has been filed; • Purchasers may, within thirty (30) days from the date
b. The registration statement is on its face
of such notification, renounce their purchase of
incomplete or inaccurate in any material respect or
includes any untrue statements of a material fact securities.
required to be stated therein or necessary to make o The issuer, or any person acting on behalf of
the statement therein not misleading: or the issuer in connection with the distribution of
c, The issuer, any officer, director or controlling said securities, shall, v.lthin ten (10) days from
person performing similar functions, or any receipt of notification of such election, return
underwriter has been convicted, by a competent the contributions paid by such purchasers
judicial or administrative body, upon plea of guilty, without making any deduction.
or otherwise, of an offense involving moral
turpitude and /or fraud or is enjoined or restrained
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• Purchasers who decide notto renounce their purchase b. Post on the Commission's website along with a
of securities shall be subject to the terms of the statement that the-
amended ottering. i. Offering in its current form has been cancelled;
and
Grounds for Suspension of the Reqistration of a Security ii. Issuer subject to such order, or any person,
(SRC, Sec. 15) acting on behalf of such issuer in the distribution
of the subject securities and has in his
If at any time, the information contained in the registration possession . any payment for the purchase of
statement filed is or has become misleading, incorrect, securities, has the duty to return· any and all
inadequate or incomplete in any material respect payments made by purchasers of the subject
• The sale or offering for sale of the security securities within 10 days of such publication,
registered thereunder may work or tend to work a and simultaneously furnish the issuer a copy of
fraud this notice. ·
• Pending further investigation of the security
registered to ascertain 1.',hether the registration of Upon receipt of a notice, the issuer and aU persons acting
such security should be revoked on any ground on its behalf in the distribution of the subject securities shall
specified in the SRC; or immediately terminate the ottering and return any and all
• Refusal to furnish information required by the payments received from purchasers within 10 days after
Commission the notice is first published.

4. Procedure for Suspension of the Sale 01' Securities If the public offering is already terminated and the
($RC, Sec. 15) Ccmmission, after due notice and hearing, revokes the
SEC may order lhe suspension of the offer and sale of effectivity of the reqistratlon statement under Section 13,
securities pending any investigation, stating the grounds or suspends registration under Section 15, the
for taking such action. Commission shall publish a notice of the order of
revocation or suspension in a newspaper of general
Such order, although binding upon persons notified circulation in the Philippines and/or post in the
thereof, shall be deemed confidential, and shall not be Commission's website.
published.
Note: If the public offering has already terminated, there is
Notice of such order shall be given to the issuer and every no more return of payments. ·
dealer and broker known as participating in such offering.
5. Material Information
Generally, it is any fact or emission, which is material to the
Upon issuance of suspension order, no further offer or sale
of such security shall be made unti! lifted or set aside by investor in making his decision whetherhe should invest' in
the SEC; otherwise, such sale is void. the security or not.

However, the Rules provide for an enumeration of matters.

Upon issuance cf an order of suspension, the SEC shall
considered as material information. With reqard to those
conduct a hearing.
specifically included in the enumeration, the issuer cannot
If it determines that the sale of any security should be argue otherwise to say that those are immaterial:
a. Any event or transaction which creates or
revoked, it shall issue an order prohibiting the sale of such
increases a risk on the investments or on the
security.
securities covered by the registration;
b. Increase/decrease in the volume of the securities
If during a public offering, the Commission, after due notice \
belnq offered at an issue price higlier/lower than
and hearing, revokes the' effectivity of a registration
the range set and disclosed in the. registration
statement under Section 13, or suspends registration
statement and which results to a derogation of the
under Section 1 fi.
riqhts of existing security holders, as may be
determined by the Commission;
Such order shall be published in:
c. Major change in the primary business of. the
a. A newspaper of general circulation in the Philippines
registrant;
and/or
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d. Reorganization of the company; ( d) The distribution by a corporation actively engaged in

e. Change in the work program or use of proceeds; the business authorized by its articles of incorporation, of
f. Loss, deterioration or substitution of the property securities to its stockholders or other security holders as a
underlying the securities; stock dividend or other distribution out of surplus.
g. Significant or ten percent (1C%) or more change in
the financial condition or results of operation of the ( e) The sale of capital stock of a corporation to its own
registrant unless a report to that effect is filed with 'stockholders exclusively, where no commission or other
the Commission and furnished the prospective remuneration is paid or given directly or indirectly in
purchaser; conr.action with the sale of such capital stock,
h. Classification, de-classification or re-classification
of securities, which results to derogatior. of rights (f) The issuance of bonds or notes secured by mortgage
of existing security holders, as may be determined upon real estate or tangible personal property, when the
by the Commission. entire mortgage together with all the bonds or notes
secured thereby are sold to. a single purchaser at a single
6. Pre-Need Plan sale.
A contract which provides for the performance of future
services of the payment of future monetary considerations (g) The issue and delivery of any security in exchange for
at the time of actual need, for which olan holders pay in any other security of the. same issuer pursuant to a right of
. cash or installment at stated prices, with or without interest conversion entitling the holder of the security surrendered
or insurance coverage and includes life, pension, in exchange to make such conversion: Provided, That the
education, interment, and other 'plans which the SEC may security so surrendered has been
from time to time approve ( SRC, Sec. 3. 9) registered underthis Code or was, when sold, exempt from
the provision of this Code, and that the security issued and
Note: The regulation of sales and offers for sale to the delivered in exchange, if sold at the conversion price,
· public of pre-need plans are now transferred from the SEC would at the time of such conversion fall within the class of
· to the insurance Commission (Pre-Need Gode, Sec. 7, securities entitled to registration under this Code. Upon
repealing SRC, Sec. 16) · such conversion the par value of the security surrendered
in such exchange shall be deemed the price·at which the
7. Exemptions (SRC, Sec. 10) securities issued and delivered in such exchange are sold.
The requirement of registration shall not apply to the sale
of any security in any of the following transactions: (h) Broker's transaction, executed upon customer's orders,
(a) .· At any judicial sale, or sale by an executor; on any registered Exchange or other trading market.
administrator, guarcjian or receiver or trustee in insolvency
or bankruptcy. · (i) Subscriptions for shares of the capitals stocks of a
corporation prior to the incorporation thereof or in
(b) By or for the account of a pledge holder, or mortgagee pursuance of an increase in its authorized capital stocks
. or any of a pledge lien holder selling of offering for sale or under the Corporation Code, when no expense is incurred,
delivery in the ordinary course of business and not for the or no commission, compensation or remuneration is paid
purpose of avoiding the provision of this Code, to liquidate or given in connection with the sale or disposition of such
a bonaflde · debt, a security pledged in good faith as securities, and only when the purpose for soliciting; giving
security for such debt. or taking of such subscription is to comply with the
requirements of such law as to the percentage of the
(c) An isolated transaction in which any security is sold, capital stock of a corporation which should be subscribed
offered for sale, subscription or delivery by the owner before it can be registered and duly incorporated, or its
therefore, or by his representative for the owner's account, authorized, capital increase.
such sale or offer for sale or offer for sale, subscription or
delivery not being made in the course of repeated and U) The exchange of securities by the issuer with the
successive transaction of a like character by such owner, existing security holders exclusively, where no commission
or on his account by such representatlve and such owner or other remuneration is paid or given directly or indirectly
or representative not being the ur,derwriter of such for soliciting such exchange.
security.

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(k) The· sale of securities by an issuer to fewer than twenty and which he knew or had reasonable ground
(20) persons in the Philippines during any twelve-month to believe is false or misleading
period. e. Effect series of transactions for the purpose of
pegging, fixing or stabilizing the price of
(I) The sale of securities to any number of the following security trade in an: Exchange; unless
qualified buyers: otherwise allowed by the SRC or the SEC
(i) Bank; rules.
(ii) Registered investment house; (iii) Insurance
company; Examples of Manipulative Practices:
(iv) Pension fund or retirement plan maintained by a. Paintihg the Tape - engaging in a series of
the Government of the Philippines or any political transactions in securities that are reported publidy to
subdivision thereof or manage by a bank or other give the impression of activity or price. movement in a
persons authorized by the Bangko Sentral to security
engage in trust functions; b. Marking the Close - buying and selling securities at
(v) Investment company or; the close of the market in an effort to alter the closing
(vi) Such other person as the Commission may price of the security
rule by determine as qualified buyers. on the basis c. Improper Matched Orders """ engaging in transaction
of such factors as financial sophistication, net where both the buy and sell orders are entered at the
worth, knowtedqe, and experience in financiz-' and same time with the same price and quantity by different
business matters, or amount of assets under but colluding parties, who have knowledge that such
management. orders would create an appearance of active trading of
the shares
(m) Other transactions, if the Commission finds that the d. Hype and Dump - engaging in buying activity at
requirements of registration under this Code is not increasingly higher prices and then selling securities in
necessary in the public interest or for the protection of the the market at the higher prices after announcing a
investors glossy picture of a particular security as good
investment and thus lure investors to trade.
B. Prohibitions On Fraud. Manipulation And Insider e. Wash Sales - engaging in stock trading where there
Trading is no genuine change in actual beneficial ownership of
a security but makes it appear that th~ stocks are
1. Manipulation Of Security Prices actively traded.
It shall be unlawful for any person, for himself or · f. Squeezing the Float - taking advantage of a shortage
through a dealer or broker, directly and indirectly to - of securities in the market by controlling the demand
a. Create c.1 false or misleading appearance of side and exploiting market congestion during. such
active trading in any listed security traded in shortaqes in a way as to create artificial prices
an Exchange g. Disseminating · false or misleading market
b. Effect .along, or with others, a series of information through media, including the internet
transactions in securities that:
i. Raises their price to induce purchase; Manipulative and Deceptive Devices (SRC, Sec. 24)
ii. Depresses their price to induce their a. Short Sales - any sale of a security which the seiler
sale; and does not own or any sale which is consummated by
iii. Creates active trading to induce the delivery of a security borrowed by, or for the
purchase or sale through account of the seller ·
manipulative devices
c. Circulation or dissemination of information to When short sale permissible:
the effect that the price of any such security 1. Al a price higher than the last sale or
will or is likely to rise or fall because of market 2. At the price of the sale if and only if that price is
operations; above the next preceding different sale price on
d. Make, regarding any security registered on an such day
exchange, any statement which is false or
misleading with respect to any material fact, b. Mandatory Close-Out - a contract involving a short
sale, which has not resulted in a delivery by the Broker
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When Tender Offer Rule is Mandatory:
b. Would be considered by a reasonable person 1. Any person 01 group of person intends to acquire
important under the circumstances in determining 35% or more of equity shares in a public company,
his course of action whether to buy, sell or hold a in one or more transactions within a period of 12
security (SRC. Sec. 27.2.) months
2. Acquisition of even less than 35% but would result
C. Protection Of Investors in ownership of mors than 51 % of . the total
outstanding .equity securities of a public company
3. The coverage of the mandatory tender offer rule
1. Tender Offer Rule (SRC, Sec. 19) covers not only direct acquisition but also indirect
A publicly announced intention by a person, acting alone acquisition or 'any type of acquisition. The
or in concert with other persons, to acquire equity
leGislative intent behind the tender offer rule
securities of a public company. makes clear that the type of activity intended to be.
regulated is the acquisitlon of control of. the listed
Purpose company through the purchase of shares. Control
Protection of the interests particularly of the minority
may [be] effected · throuqh a direct and indirect
stockholders of a target company acquisition of stock, and when this takes place,
irrespective of the means, a tender offer must
Cases occur (Cernco Holdings, lr.c. v. National. Life
A "tender offer" is a publicly announced intention by a Insurance Co., G.R. No. 171815, 2007, as cit(')d in
person acting alone or in concert with other persons to Csmeii« v. SSS, CR No. 165272, 2007.).
acquire equity securities of a public company, i.e., one
listed on an exchange, among others. Exemptions from Requirement (Purchases):
• The term is also defined as "an offer by the acquiring a. From unissued capital stock, provided that the
person to stockholders of 'a public company for the . acquisition will not result in a ti0% or more
latter to tender their shares therein on the terms ownership
specified in the offer." (Morales, The Philippine b. Increase in authorized capital stock
Securities Regulation Code,' 2005 ea., p. 153, as cited c. Foreclosure proceedinqs
in Osmet'ia v. SSS, G.R. No. 165272, 2007.). d. Privatization by the government
• Tender offer is in place to protect the interests of e. Rehabilitation under court supervision
minority stockholders of a target company against any f. Through an open market. at the prevailing market
scheme that dilutes the share value of their price
investments. It affords such minority shareholders the g. Merger or consolidation
opportunity to withdraw or exit from the company under
reasonable terms, a chance to sell their shares at the 2. Rules on Proxy Solicitation (SRC, Sec. 20)
same price as those · of the majority stockholders
( Cemco Holdings, Inc. v. National l,.ife Insurance Co., This only refers to solicited proxies.
G.R. No. 171815, 2007, as cited in Osmetts v. SSS,
G.R. No, 16q272, 2007). Basic Requirements:
• It is done by filing with the SEC a declaration to that a. In writing; signed by the stockholder or duly
effect, furnishing the issuer with a statement with the authorized representative; and
facts required by the SEC, and the publication of all b. Fileci before the scheduled meeting with the
requests or lnvitations for tender. corporate secretary
c. Valid only for the meeting for Which it is intended
Creeping Acquisition
When a person seeks to acquire 35% or more of equity Cannot be valid for a period longer than five years at one
shares in a public company, in one or more transactions, time (Maximum effectivity period: 5 years)
within a period of 12 months.
Broker or dealer who holds or acquires the proxy for at
Note: Under the SRC itself, the creeping acquisition least 10% of the outstanding shares of the issuer shall
threshold is 30%. submit a report identifying the beneficial owner within 10
days after such acquisition to the
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Dealer within the settlement period (period for making

full payment for the securities). must be closed by the a) Who is an Insider (TRIGOD)
Broker Dealer, by purchasing (for cash or guaranteed a. [ssuer:
delivery) securities of like kind and quantity on the next b. Qirector or Qffir:er of issuer:
business day after settlement date, unless such c. Person whose .Belationship or former relationship
purchase cannot be effected within said period for with issuer gives him access to material
justifiable reasons. information not generally available to the public;
d. Qovernment employee or director or officer of an
c. Option Trading - no member of an Exchange shall, exchange, clearinq agency and/or self-regulatory
directly or indirectly, endorse or guarantee the organization who has access to material
performance of any put, call, straddle, option or information; or
. privilege in relation to any security registered on a e. A person who learns such information by
securities exchange communication from any of the foregoing insiders.
i. Options · NOTE: In securities parlance, this is called
Contracts that give the buyer the right, but not '}ippee." This tippee must know that the tipper is
the obligation, to buy or sell an. underlying an insider" (SRC. Sec. 3.8)
security at a predetermined prise, called the
exercise or strike price, on or before a b) Defenses Against Insider Trading
predetermined date, called the expiry date, a. Proof that information was not gained from such
which can only be extended in accordance relationship or
with the Exchange rules. b. If the other party buying or selling is identified, ·
ii. Call Options insider proves that: .
Rights to buy an underlying security i. The disclosed the information to the other
iii. Put Options party; or
Rights to sell an underlying security ii. Had reason to .beheve that the other party
iv. Straddle · already knew of the information
A combination of put and call
c) Presumption of Insider Trading
2. Fraudulent Trar,sactions (SRC, Sec. 26) Purchase or sale by: ·
· It is unlawful, with respect to the purchase or sale of a. Insider
securities: (EOE) b. Insider's spouse or relatives by affinity or
a. To gmploy any device, scheme, or artifice to defraud consanguinity within the second (2"d) degree,
b. Qbtain money or property by means of any untrue legitimate or common-law, under the following
statement of a material fact or any omission to state a conditions:
material fact, that is necessary in order to make the i. Transacted after the information came into
statements made, in the light of the circumstances existence but
· under which they were made, not misleading ii. Prior to dissemination of the information to
c. €ngage in any act, transaction practice, or course of the public and a lapse of a reasonable
business which would operate as a fraud or deceit time for the market to absorb such
upon a person - actual intent to deceive not necessary information
( SRC, Sec. 26).
< d) Rebuttal of Presumption
Fraud or deceit is required, not mere negligence, on the Proof that seller or buyer was not aware o1 the material
part of offender (SEC v. CA, G.R. No. 10465 and 106431- non-public information at the time of the purchase or sale.
32, 1995.)
e) Matarial Nonpublic Information
3. Insider Trading Information is "material nonpublic" if:
It is unlawful for an. insider to sell or buy a security of the a. It has not been generally disclosed to the public
issuer, while· in possession of material information with and would likely affect the market price of the
respect to the issuer that is not generally available to the security after being disseminated to the public and
public - does not require taking advantage of information, the lapse of a reasonable time for the market to
mere possession is enough (SRC, Sec. 27) absorb the information; or
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-i , He had resigned from or had taken such includes an untrue statement of material fact
steps to resign from, or ceased or refused or omits to state a material fact necessary in
to act in which ,he was described in the order to make the statements not misleading;
registration statement; and or
- ii. Has given written notice to the SEC and d. Any person who makes or causes to be made false or
the Issuer; misleading statements with respect to any material fact
b. Non-Expert - he had reasonable ground to in any report or document filed - liability is to person
believe and did believe that the statement therein who relied on such statements in purchasing or selling
was true, and that there was no omission to state a security at a price which was affected by that
a material fact required to be stated therein, or statement
necessary to make the statements therein not
misleading; Defenses: good faith, no '<nowledge that statement was
c. Expert Himself - on that part of registration false or misleading
statement purporting to be made upon his
authority as an expert: Note:
i. He had reasonable ground to believe and • No action shall be maintained to enforce any liability
did believe that the statements therein created under the SRC unless brought within two (2) · ...... ~-

were true, and that there was no omission years afler the discovery of the facts constituting the ..:.... . .....,
to state a material fact required to be cause of action and within five (5) years after such
stated therein, or necessary to make the cause of action accrued. (SRC, Sec. 62)
statements therein not misleadinq; or • All suits to recover damages shall be brought before
ii. Such part of the registration statement did the Regional Trial Court, which shall have exclusive
not fairly represent his statement as an jurisdiction to hear and decide such suits. (SRC, Sec.
expert; 63) . .
d. Public Official or Document - on that part of • The Court is hereby authorized to award damages in
registration statement purporting to be a statement an amount not exceeding triple the amount of the
made by a public official, or purporting to be from transaction plus actual damages. Exemplary damages
a public official document; mav also be awarded in cases of bad faith, fraud,
i. He had no reasonable ground to believe malevolence or wantonness in the violation of the SRC ·~· ... ;

and did not believe that the statement or its rules and regulations (Id)
therein were untrue; • The Court is also authorized to award attorney's fees
ii. There was an omission to state a material not exceeding thirty per centum (30%) of the award.
fact required to be slated therein or (Id)
necessary to make the statements therein "
not misleading, or that such part of the -- - end of topic--· --- ·
registration statement did not fairly
represent the statement made by the
public official; or
iii. Was not a fair copy of, or extract from
public offlcialdocurnent

2. In Connection with Prospectus, Communications

and Reports (SRC, Sec. 57)

c, Any person who:

i. Offers to sell or sells a security without
complying with the registration requirements;
or
ii. Offers to sell or sells a security by the use of
any means or instruments of transportation or
communication, by means of a prospectus or
other written or oral communication, which
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• Issuer of the security; i. Contains an untrue statement of a material

• · The Exchange _where tile security is traded; and fact; or
• SEC ii. Omits to state a material fact required to be
stated · therein Cir necessary to make such
3. Disclosure Rule (SRC, Sec. 17) statements not misleading,
This rule only applies to issuer corporations that satisfy the a. At the time of such acquisition he did
any of the following conditions: not know of such untrue statement or
omission; and
a. Has sold a class of its · securities pursuant to a
registration; b. Who suffers damage;
b. Has a class of securities listed for trading on an
Exchange; or c. May sue and recover damages from the following
c. With assets of at least P50 Million (or such other persons:
amount as SEC shall prescribe), and having 200 i. The issuer and every person who sighed the
or more holders each holding at least 100 shares registration statement;
of a class of its equity securities ("Puplic ii. Every person who was a director of, or any
company") other person performing sirnilar functions, or a
partner in, the issuer at the time of the filing of
Reportorial Requirements: the registration statement or any part,
a. Annual Report - for fiscal year in which registration supplement or amendment thereof with
statement became effective and every fiscal year respect to whioh his liability is asserted;
thereafter, within 135 days after the end of the fiscal iii.· Director of, or a person performing similar
. year functions, or a partner in, the issuer and whose
b. Quarterly Report - within 45 days after the end of written consent thereto is filed with the
each of the first three quarters of the fiscal year registration statement;
c. Current Report - whenever necessary to make a full, iv. Auditor or auditing firm named as having
fair and accurate disclosure to the public of every certified any financial statements used in
material fact or event that occurs, which would connection with the registration statement or
reasonable be expected to affect investors' decisions prospectus.
in relation to those securities v. Every person who, with his written consent,
d. Monthly Report (for issuers of registered commercial has been named as having prepared or
papers) - regarding commercial paper total issuances certified any part of the reqistration statement.
outstanding at the end of each month, within 10 or as having prepared or certified any report or
business days following the end of the month valuation which is used in connection with the
registration statement, with respect to the
Note: Reports filed by 5% beneficial owners - any statement, report, or valuation, which purports
person who directly or indirectly acquires the beneficial to have been prepared or certified by him.
ownership of more than five percent (5%) er such lesser vi. Every selling shareholder who contributed to
per centum as the Commission may prescribe, of any class and certified as to the accuracy of a portion of
ofequity securities of an Issuer, covered by the Disclosure the registration statement. with respect to that
Rule, shall file a report within five (5) business days after portion of the registration statement which
such acquisition submit to the Issuer, the Exchange where purports to have been Contributed by him.
•,· .. "\>'" · the security is traded, and to the Commission a sworn vii. Every underwriter with respect to such
statement prescribed by ihe SEC (SRC, Sec. 18) security.

CIVIL LIABILITY Defenses

No person, other than the issuer, shall be liable if he
1. In Connection With False Registration Statement proves:
a. Director Or Officer-; that before the effectivity part of
How Committed ($RC, Sec. 56) - any person acquiring a registration statement with respect to which his liability
security . is asserted:
a. The registration statement of which or any part thereof
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previous management and board of directors of the General Rule:

bank or quasi-bank The conservator shall receive remuneration in an amount
not to exceed 2/3 of the salary of the president of the
A bank conservator appointed by the BSP has no power to institution. (i.e. the bank under conservatorshio) in 1 year.
unilaterally rescind contracts entered into by the previous payabie i11 12 equal monthly payments
management, such as a CBA, on the mere assertion that
such contracts are highly disadvantageous to the t;iank. Exception:
(Producers B;mk v. NLRC, G.R. No. 118069, 1998). The A conservator connected with the BSP, in which case said.
power to revoke or rescind contracts pertains to the courts. conservator shall not be entitled to receive any
remuneration or emolument (NCBA. Sec. 29)
Qualifications of a Conservator
The conservator should be competent and knowledgeable Note: If at any time within one-year period, the
in bank operations and management. (NCBA, Sec. 29) conservatorship is terminated on the ground that the
institution can operate on its own, the conservatorshalt
The Monetary Board has exclusive power to designate the receive the balance of the remuneration which he would
conservator (Koruga v. Arcenas, G.R. Nos. 168332, 2009) have received up to the end of the year; but if the
· conservatorship is terminated on other grounds, the
Responslbilitles of Conservator: conservator shall not be entitled to such. remaining
a. Reorganize the management balance.
b. Collect all monies anddebts due said institution
c. Exercise all powers necessary to restore its viability . Duration of Conservatorship
d. Where necessary, overrule or revoke the actions of the Shall not exceed 1 year (/\'CBA, Sec. 29) ·
previous management and board of directors of the
bank or quasi-bank Expenses
e. Report and be responsible to the Monetary Board The expenses attendant to the conservatorship shall be
borne by the bank or quasi-bank concerned. (NCBA, Sec.
Powers of a Conservator 29)
a. To take charge of the assets, liabilities, and the
management thereof; Termination of Conservatorship
b. To reorganize the management; a. When . the Monetary Board is satisfied . that the
c. To exercise all powers necessary to restore its viability, institution can continue. to operate on its own and the
with the power to overrule or revoke the actions of the conservatorship is no longer necessary; .
previous management and board of directors of the b. Should the Monetary Board' determine that · the
bank or quasi-bank; and continuance in business of the institution would involve
d. Collect all monies and debts due to the said bank probable loss to its depositors or creditors, in which
case, proceedings for receivership and liquidation
The power to revoke cannot extend to post-facto shall be pursued. .
repudiation of perfected transactions otherwise they would
infringe against the non-impairment clause of the The remedy of an aggrieved controlling shareholder from
constitution. Thus, the law merely gives the conservator the Monetary Bank order placing the rural bank under
power to revoke contracts that are deemed to be defective conservatorship is a petition for certiorari pursuant to
- void, voidable, unenforceable, or rescissible. (Producers NCBA, Sec. 30. The petition for certiorari must be filed with ·
Bank v. NLR<;;, GR. No. 118069, 1998) the CA, not the. SC, in accordance with Rule 65, since the
Monetary Board is a quasi-judicial agency (vives, et al. v.
The conservator's power is not unilateral and he cannot Monetary Board, G.R. No. 191424, 2013)
simply repudiate a contract or obligation validly entered
into by the bank. His autority would be only to bring court b. Closure
actions to assail such contracts. (First Philippine Whenever a bank is ordered closed by the Monetary
International Bank v. CA, G.R. No. 115849, 1996) Board, the PDIC shall be designated as receiver and it
shall proceed with the takeover and liquidation of the
Remuneration of a Conservator closed bank in accordance with R.A. No. 3591. (R.A.. No.:

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

VII. BANKING LAWS _J
...._----·~---------------
TOPIC OUTLINE UNDER THE SYLLABUS
1. Handling of Banks in Distress

When Banks are in Distress

A The New Central Bank Act (RA 7653, as amended
Liquidity
byRA11211)
1. Handling of banks in distress Having cash or the ability of an asset to be readily
a. Conservatorship · converted into cash. An entity is liquid when it is able to
b. Closure timely pay its liabilities when they fall due.
c. Receivership
d. Liquidation . llliquldity
B. Secrecy of bank deposits (RA 1405, as amended, The bank is not liquid, and It cannot readily meet its current
and RA 6426, as amended) liabilities.
1. Prohibited acts
2. Exceptions from coverage
Note: llliquidity is addressed by conservatorship,
3. Garnishment of deposits, including foreign
deposits
C. General Banking Law of 2000 (RA 8791) Insolvency
· .1. Nature of bank funds and bank deposits When the actual market value of assets are insufficient to
2. Diliqence requi.red of banks . pay its liabilities, not considering capital stock and. surplus
· 3. · Prohibited transactions by bank directors and which are not liabilities for such purpose. An entity is
officers · . insolvent when it is unable to meet current and long-term
'... :.,· D. Philippine Deposit Insurance Corporation Act (RA obligations.
3591, as amended)
1. . Maximum deposit insurance coverage Insolvency is handled by .ecelvership and closure.
2. · Meaning of insured deposit
3. · SpliUing of deposits
Methods
Conservatorship, Receivership, and Liquidation

a. Conservatorship (NCBA, Sec. 29)

Involves the appointment of a conservator to preserve the
assets of the bank when the latter is illiquid, and take
measures.
,.. -
. ', ~ Instances When Ccnservatorshlp Is Available:
Whenever, on the basis of a report submitted by the
appropriate supervising or examining department, the
Monetary Board finds that a bank or quasi-bank is:
a. In a state of continuing inability; or
b. Unwillingness to maintain a condition of liquidity
deemed adequate to protect tile interest of depositors
and creditors (NCBA, Sec. 29):

The Monetary Board May:

a. Appoint a conservator to take charge, for a period not
exceeding 1 year, of the assets, liabilities, and the
management thereof; ·
b. Reorganize the management;
c. Collect all monies and debts due said bank; and
d. Exercise all powers necessary to restore its viability,
with power to overrule. or revoke the actions of the

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3591, Sec. 12[a]. as

amended by R.A. No. 10846 c. Continue in business Without involving probable losses
[hereinafter New PDIC Charterj) to its depositors and creditors (NCBA, Sec. 30[c]); or

Receivership d. Has willfully violated a cease-and-desist order under

The stage within which the PDIC manages the affairs of NCBA, Sec. 37 (Administrative Sanctions) that has
the closed bank and preserves its assets for the benefit of become final and involves acts. or transactions which
creditors (R.A. No. 9302, Sec. 10[a}[b}) amount to fraud or a dissipation of assets (NCBA, Sec.
30[d])
Receivership is equivalent to an injunction to restrain the
bank in any way. Thus, the appointment of a receiver Grounds under the General Banking Law (hereinafter
operates to suspeno the authority of the bank and of its GBL):
directors and· officers over its property and effects. a. If the bank or quasi-bank notifies the BSP or publicly
(Villanueva v. CA, G.R. No. 114870, 1995.) announces a bank holiday (GBL, Sec. 53); or
b. If the bank or quasi-bank in any manner suspends the
Grounds for Resolution under the New PDIC Charter payment of its deposit liabilities continuously for more
(New PDIC Charter, Sec. 11): The pDIC, in coordination than 30 days (GBL, Sec. 53); or
with· the BSP, may commence the resolution of a bank c. If. a bank persists in conducting its business in an
upon- unsafe or unsound manner GBL, Sec. 56) and the
receiver determines that the bank cannot be
a. Failure of prompt corrective action as declared by the rehabilitated or permitted to resume business.
Monetary Board; or (now PD/C Charter, Sec. 11[a]{1])
b. Request by a bank to be placed under resolution. (New Mandatory Requirements for Bank Closure
· •. .I•
POIC Charter, Sec. 11 [a]{2]) 1. Examination by the appropriate BSP department as to
the condition of the bank; ., ..
2. Examination showing that the condition of the bank is
The PDIC shall inform the bank of it::; eligibility for entry into one of insolvency, or that its continuance in business
resolution. Within a period of 180 days from a bank's entry would involve probable loss to its depositors or
into resolution, the PDIC, through the affirmative vote of at creditors;
· least' 5 members of the board, shall determine whether the 3. Director shall inform the Monetary Bank in wtiting of
bank may be resolved through the purchase of all its -, such fact;
assets and ssumption of all its liabilities,· or merger or 4. If the Monetary Board shall find the statement of the
consolidation with. or its acquisition, by a qualified investor. department to be true, it shall appoint a receiver of the
. (NewPDIC Charter, Sec. 11{e]) i!.ssets and liabilities of the bank (Danco Filipino v.
( ~-
Monetary Bank, G.R. No. 70054, 1991); and
Grounds for Receivership 5. . Within 60 days, the Monetary Board shall determine
Upon a determination by the PDIC that the bank may not and confirm if the bank is insolvent, and if the public
be resolved, the Monetary Board may act in accordance interest requires, shall order the liquidation of the bank
with Section 30 of the NCBA.
Close Now-Hear Later Doctrine
Grounds under the New Central Bank Act (NCBA) The law does not require prior notice and hearing before
Whenever the Monetary Board finds that a bank or quasi- the bank may be directed to stop operations and placed
bank - under receivership. The purpose is to prevent unwarranted
cl. Is unable to pay its liabilities as they become due in the dissipation of the bank's power to protect the depositors,
ordinary course of business (cash flow test) (NCBA, creditors. stockholders and the general public. (Central
Sec. 30[a]); · · · Bank of the Philippines v. CA, G.R. No. 72200, 1993)
Exception: Inability to pay caused by extraordinary
demands induced by financial panic in the banking Notice of Closure and Takeover Activities (New PDIC
community (bank run) (NCBA, Sec. 30[a/); Charter, Sec. 14)
a. Upon the designation of the PDIC as receiver of a
b. Has insufficient realizable assets to meet its liabilities closed bank, it shall serve a notice of closure to the
(balance sheet lest) (NCBA, S9c. 30[b]); highest-ranking officer of the bank present in the bank
premise, or in the absence of such officer, post the
. Page 169 of 250
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. notice of ciosure in the bank premises or on its main b. Purchase of Assets and/or Assumption of
entrance. The closure of the bank shall be deemed Liabilities (New PDIC Charter, Sec. 15)
effective upon the service of the notice of closure. The receiver shall have the authority to facilitate and
Thereafter, the receiver shall takeover the bank and implement the purchase of the assets of the closed
exercise the powers of the receiver as provided in this bank and the assumption of its liabilities by another .
Act. insured bank, without need for approval of .: the
b. The receiver shall have authority to use reasonable liquidation court. The exercise of this authoirty shall be ·~ .,
force, including the authority to force open the in accordance with the Rules on Concurrence and
premises of the bank, and exercise such acts Preference of Credits under the Civil Code or other
necessary to take actual physical possession and laws, subject to such terms and conditions as the PDIC
custody of the bank and alt its assets, records, may prescribe. The disposition of the branch licenses .·
documents, and take charge of its affairs upon the and other bank licenses of the closed bank shall be
service of the notice of closure. subject to the approval of the BSP.
c. Directors, officers, employees, or agents of a bank
hold money and other assets of the bank in trust or Note: Such action of the receiver to determine whether a
under administration or·management by them for the bank may be subject of a purchase of assets arid
bank in their fiduciary capacity. Upon service of the assumption of liabilities transactions shall be final and
notice of closure to the bank, all directors, officers, executory, and may not be set aside by any court.
employees or agents of the closed bank shall have the
duty to immediately account for, surrender and turn Authorities of a Receiver and Effects of Placement of
over tho the receiver, and provide information relative a Bani< under Liquidation (New PDIC Charter, Sec. 13)
to, the assets, records, and affairs of the closed bank
in their possession, custody, administration or Authorities of a Receiver
management. a. authorized to adopt arid implement, without need of
d. When the circumstances so warrant, the local consent of the stockholders, BOD, creditors and
government unit and law enforcement agencies depositors of the closed bank, any or a combination of
concerned shall, upon request, immediately provide the following modes of liquidation:
assistance to the receiver during the service of notice i. Conventional liquidation; and .
of closure and actual takeover operations to ensue the ii. Purchase of assets and.for assumption of
orderly conduct thereof liabilities

c. Receivership b. In addition to the powers of a receiver provided under

Under the new PDIC Charter, banks closed by the · existing laws, the PDfC, as receiver of a closed bank
Monetary Board shall no longer be rehabilitated. The is empowered to:
PDIC, as receiver, shall immediately proceed with the i. Represent and act for and on behalf of the
takeover and liquidation. (New PDIG Charter, Sec. 12[a]) closed bank;
ii. Gather and take chatge of all the assets,
d. liquidation records and affairs of the closed bank. and
The recovery and conversation of assets into cash for administer the same for. the benefit of its
distribution to all creditors in accordance with the rules on creditors;
concurrence and preference of credits. iii. Convert the assets of the closed bank to cash
or other forms of liquid assets. as far as
Types of Liquidation practicable; .
a. Voluntary liquidation (GBL, Sec. 68); iv. Bring suits to enforce liabilities of the directors.
b. Involuntary Liquidation (GBL, Sec. 30-33) officers, employees, agents of the closed bank
ano other entitites related or connected to the
Modes of Liquidation closed hank or to collect, recover. and
a. Conventional Liquidation (New PD/C Charter, Sec. preserve all assets, including assets over
16) which the bank has equitable intestest;
The assets gathered by the receiver shall be evaluated v. . Appoint or hire persons or entities. of
and verified as to their existence, ownership, condition, recognized competence in banking, finance,
and other factors to detarmine their realizable value. asset management or remedial management,
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as its deputies, assistants or agents, to immediately· preceeding paragraph, shall be

perform such powers, and. functions of the subject to approval by the liquidation court;
PDIC as receiver of the closed bank, or assist
in the performance thereof; xiv. Distribute the available assets of the closed
vi. Appoint or hire persons or entities of bank, in cash or in kind, to its creditors in
recognized competence in forensic and fraud accordance with the Rules on Concurrence
investigations; and Preference of Credits under the Civil Code
vii. Pay accrued utilities, rentals and salaries of or other laws;
personnel of the closed bank; 'v», Dispose records of the closed bank that are no
viii. Collect loans and other claims of the closed longer needed in the liquidation in accordance
bank and for this purpose, modify, with tho guidelines set by the PDIC BOD,
compromise or restructure the terms and notwithstanding the laws on archival period
conditions of such loans or claims as may be and disposal of records; and
· . deemed advantageous to the interests of the xvi. Exercise such other powers as are inherent
creditors of the closed bank; and necessary for the effective discharge of
ix. Hire or retain private counsel as may be the duties of the Corporation as receiver.
necessary;
x. Borrow or obtain a loan, 0r mortgage, pledge c. After the payment of all liabilities. and claims against
or encumber any asset of the closed bank, the closed bank, the receiver shall pay surplus, if any
when necessary to preserve or prevent dividends at the legal rate of interest from date of
dissipitation of the assets, or to redeem takeover to date of . distribution to creditors and
foreclosed assets of the closed bank, or to claimants of the closed bank in accordance with the
minimize losses to its depositors and Rules on Concurrence and Preference of Credits
creditors; under the Civil Code or other laws before distribution
xi. · If tile stipulated interest rate on deposits is to the shareholders of the closed bank
unusually high compared wi:h prevailing
applicable interest rates, the receiver may Effect of Placement of a Bank under Liquidation
exercise such powers which may include a The officers, employees, deputies, assistants and agents
· reduction of the interest rate to a reasonable of the receiver shall have no liability and shall not be
. rate: subject to any action, claim or demand in connection with
any act done or omitted to be done by them in good faith
Note: Any modifications or reductions shali in connection with the exercise of their powers and
apply only to earned or unpaid interest functions under the PD1C charter and other applicable
laws, or other actions duly approved by the court. (New
xii. Uttlize avaiiable funds of the bank, including PDIC Charter, Sec. 13[d})
funds generated by the receiver from the
conversion -of assets to pay for reasonable The placement of a bank' under liquidation shall have the
costs and expenses incurred for the following effects:
preservation of the assets, and liquidation of,
the closed bank, without need for approval of a. On the CORPORATE FRANCHISE or existence (New
the liquidation court; PDIC Charter, Sec. 15[e)[1])
Upon placement by the Monetary Board of a bank under
Note: For banks with insufficient funds, the liquidation, it shall continue as a body corporate until the
PDIC is authorized to advance the foregoing termination of the winding up period
costs and expenses, and collect payments, as
and when funds become available. Note: Winding up period is 6 months from the date of
publication of notice of the approval by the court of the final
xiii. Charge reasonable fees for the liquidation of asset distribution plan of the. closed bank. (New PD!C
'-:: .. the bank from the assets of the bank Charter, Sec. 16[c])

Provided, that payment of these fees, Such continuation as a body corporate shall only be for the
including any unpaid advances Linder the purpose of liquidating, settling and closing its assets
Page 171 of 250
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The employer-employ€e relationship be-;;;;;en the closed

Receiver shi:111 represent the closed bank in all cases by or bank and its employees shall be deemed terminated upon
against the closed bank and prosecute and defend suits by service of the notice of closure of the bank
or against it
Payment of separation pay or benefits provided for by law
Note: In no case shall the bank be reopened and permitted shall be made from available assets of the bank in
to resume baking business after being placed under accordance with the Rules on Concurrence and ·
liquidation: Preference of Credits under the Civil Code or other laws .

b, On the POWERS AND FUNCTIONS of its directors, e. On CONTRACTUAL OBLIGATIONS (New PDIC
officers and stockholders (DOS) (New PDIC Charter, Charter, Sec. 15[e][5])
Sec. 15[e][2]) Receiver may cancel, terminate, rescind or repudiate any
The powers, voting rights, functions and duties, as well as contract of the closed bank that is not necessary for the
the allowances, renumeration and perquisites of the DOS orderly liquidation of the bank, or is grossly
of such bank are TERMINATED upon its closure disadvantageous to the closed bank, or for any ground
provided by law
DOS shall be BARRED from interfering in any way with the
assets, records, and affairs of the bank f. On INTEREST PAYMENTS (New PDIC Charter, Sec.
,, 15[e][6])
Note: The receiver shall exercise all authorities as may be The liability of a bank to pay interest on deposits and. all
required to facilitate the liquidation of the closed bank for other obligations as of closure shall cease upon its closure
the benefit of all its creditors. · ' without prejudice to NCBA, Sec. 85

c. On the ASSETS (NewPDIC Charter, Sec. 15[e][3]) Provided: The receiver. shall have the authority, without
Upon service of closure, all the assets of the closed bank need for approval of the liquidation court, to assign, as
shall be deemed in custodia /egis in the hands of the payment to secured creditors, the bank assets serving as
receiver, and as such, these assets may not be subject to collaterals to their respective loans up to the extent of the ·
· attachment, garnishment, execution, levy or any other outstanding obligations including interests as of date of
,. court processes closure {valuation based on the prevailing market value of
the collaterals)
A judge, officer of the court or any person who shall issue,
order, process or cause the issuance or implementation of · Note: The BSP shall collect interest and other appropriate
the garnishment order, levy, attachment or execution, shall charges on all loans and advances it extends, the closure,
be liable receivership or liquidation of the debtor-institution
notwithstanding. (NCBA, Sec. 85)
Provided: collaterals securing the loans and advances
granted by the BSP shall not be included in the assets of g. On Liability for penalties and surcharges for later"
the closed bank for distribution to other creditors payment and nonpayment of TAXES (New PDIC
Charter, Sec. 15[c][7]) ·
Provided. further: the proceeds in excess of the amount From the time of closure, the closed bank shall not be liable
secured shall be returned by the BSP to the receiver for the payment of penalties and surcharges arising from
the late payment or non-payment of real property tax,
Note: Any preli!ninary attachment or garnishment on any capital gains tax, transfer tax and similar charges
of the assets of the closed bank existing at the time of
closure shall not give any preference to the attaching or h. On BANK CHARGES AND FEES on services (New
garnishing party. Upon motion of the receiver, the PDIC Charter, Sec. 15[e][B])
preliminary attachment or garnishment shall be lifted Receiver may impose charges and fees for services .
and/or discharged. rendered after bank closure such as the execution of
pertinent deeds and certifications
d. On LABOR RELATIONS (New PD/C Charter, Sec.
15[e][4]) i. On ACTIONS PENDING for or against the closed
bank (New PDIC Cherter, Sec. 15[e}[9])
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General Rulei: Actions pending for or against the closed Board of Directors of the order directing receivership,
bank in any court or quasi-judicial body shall, upon motion conservatorship, or liquidation.
of the receiver, be. suspended for a period not exceeding
180 days and referred to manc!atory mediation Involuntary Dissolution and Liquidation
CORPORATION CODE NCBA (MONETARY
Exception: Actions pending before the Supreme Court (SEC) BOARD, PDIC)
Filing of Complaint: Filing of Complaint:
j. On FINAL PECISIONS against the closed bank (New Requires filing of a verified Monetary Board may
PDIC Charter, Sec. 15[e][10)) complaint and proper summarily and without
· Execution and enforcement of a final decisicn of a court notice and hearing; need for prior hearing
other than the liquidation court against the assets of a forbid the bank from doing
• closed bank shall be STAYED business
i
Prior to dissolution: Prior to dissolution:
Prevailing party shall file tho final decision as a claim with Requires a BIR Tax PDIC shall immediately
the liquidation court and settled in accordance with the Clearance; gather and take charge of
Rules on Concurrence and Preference of Credits under the SEC shall issue final order all its assets and liabilities
Civil Code or other laws of dissolution after
submission of the tax
k. Docket and other COURT FEES (New PDJC Charter, clearance
Sec. 15[eJ[11]) Authority of the Authority of the
Payment of docket and other court fees relating to all cases Corporation in the Corporation in the
or actions filed by the receiver with any judicial or quasi- Dissolution: Dissolution:
judicial bodies shall be deferred until the action is Corporation is allowed to Bank is not given the
terrninated with finality undertake its own Option to undertake its
liquidation or at any time own liquication
· Any . such fees shall constitute as a first lien on any during 3 years after its
judgment. in favor of the closed bank or in case of dissolution
· unfavorable judgment, such fees shall be paid in liquidation (In re: Petition tor Assistance in the Liquidation of the Rural
costs and expenses during the distribution of the assets. Bank of Bokod Benguet. Inc., PDIC v. BIR, G.R. No.
158261, 2006)
All assets.vecords, and documents in the possession of
the closed bank at the time of its closure are presumed General Rule: If there is judicial liquidation of an insolvent
held by the bank in the concept of an owner. (New PDIC bank, all claims against the bank should be filed in the
Cherter, Sec. 15[e][12]) · liquidation proceeding (In re: Petition for Assistance in the
Liquidation of the Rural Bank of Bokod Benguet, lnc., PDIC
The exercise of authority, functions, and duties by the . v. BIR, G.R. No. 158261, 2006)
receiver shall be presumed to have been performed in the
regular course of business. (New PDIC Charter, Sec. Exceptions:
15[eJ[13]) a. When re-filing and re-litigating the case before the
liquidation court would be an exercise in futility in view
Assets and documents of the closed bank shall retain their · of the number of years the case has been on trial and
private nature even if administered by the receiver. (New additional expenses to the party who is living in poverty
PDJC Charter, Sec. 15[e]{14]) {Valenzuela v. CA, GR. No. L-56168, 1988)
b. When more inconveniences would be caused to the
Note: Matters relating to the exercise by the receiver of the !'.,arties, entailing waste of more money and precious
functions shall be subject to visitorial audit only by the time (Carandang v. CA, G.R. No. L-44932, 1988); and
COA. c. When the issue is the validity of contracts upon which
a claim is based
Challenging the Decision of the Receiver
Only stockholders representing a majority of the capital Note: Even if the case fells within the aforernentloned
stock of the bank have the personality to file a petition for exceptions, the claimant should still file the adjudicated
certiorari to be filed within 10 days from receipt by the claim with the liquidator or liquidation court for processing
Page 173 of 250
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of , claims to det8rmi;e the proper concurrence and Rules on Foreign Currency Deposits
preference of credit among the different creditors of the General Rule: Deposits in foreign currency deposits (RA
bank (Cudiamat v. Batangas Savings Bank, G.R. No. No. 6426, 1972) and deposits in offshore banking units (PD·
182403, 2010) No. 1246, Sec. 8) are also confidential in nature.

Exception: Disclosure is allowed under said law upon the

B. Law On Secrecy Of Bank Deposits {R.A. No. 1405, written permission of the depositor. .
As Amend~g)
Foreign currency deposits are exempt from 'attachment,
Purpose garnishment, or any other order or process of any court,
a. To give encouragement to the people to deposit legislative body, government agency or any administrative
their money in banking institutions; and body whatsoever. (RA 6426, Sec. 8) ·
b. To discourage private hoarding so that the same
may be properly utilized by banks in authorized Rules Applicable. for Investment in trust or Deposit
loans to assist in the economic development of the Substitute
country. (RA 1405 as amended, Sec. 1) For investments in trust accounts or in deposit substitutes,
if these are in the form of investments in government bonds.
1. Prohibited Acts or deposits, the protection under RA 1405 and RA 6426.
All deposits of whatever nature with the banks in the extends thereto accordingly. · ·
Philippines, including investments in government bonds
are considered absolutely confidential and may not be If these are in other forms cf investments, the disclosure of
examined, inquired or looked into by any person except as information related thereto is prohibited as provided by
allowed by law. (RA 1405 as emended, Sec. 2) GBL, Sec. 55.

b. Deposits Covered Note: No director, officer, employee, or agent of any bank.

a. All deposits of whatever nature with banks or shall, without order of a court of competent jurisdiction,
banking institutions in the Philippines disclose to any unauthorized person any information
b. Investments in bonds i~sued by the Government relative to the funds or properties in the custody of the bank
of the Philippines, its political subdivisions and its belonging to private individuals, corporations, or any other
instrumentalities. (RA 1405 as amended. Sec. 2) entity. ( GBL, Sec. 55[1]{bl)

Ali Bank accounts of whatever nature are absolutely Deposits may not be examined, inquired or looked into by
confidential under the Sank Secrecy Law, including trust any person, government official, bureau.or office
accounts. (Ejercito v. Sandiganbayan, GR. No. 157294-
95, 2006) Rule on Disclosure of Information . Concerning
Deposites
Construction of Confidentiality It is also unlawful for any official or employee of a bank to
By force of statute, all bank deposits are absolutely disclose to any person any information concerning
confidential, and that nature is unaltered even by the deposits
legislated exceptions. There is disfavor towards construing
these exceptions in such a manner that would authorize Requisites for Disclosure of Peso Deposits in Court
unlimited discretion on the part of the government or of any Cases
party saeking to enforce those exceptions and inquire into a. There must be a court order;
hank deposits. If there are doubts in upholding the b. The order must be issued by a competent court
absolutely confidential nature of bank deposits against specifically directing the bank concerned to disclose
affirming the authority to inquire into such accounts, then the required infurmation
such doubts must be resolved in favor of confidentiality. c. The bank should check and satisfy itself that . the·
(Republic v. Eugenio, G.R. No. 174629, 2008) deposits or investment in government bonds being
inquired into are either the subject of a case ot bribery
or dereliction of duty of public officials, or of a . case
where the deposit or investment itself is the subject
matter of the litigation.
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2. Effect of Non-Existence of Requisites d. The Courts were authorized to examine bank deposits
If these requirements are not met, there would be basis for of spouse and unmarried children of government
the bank to request the court to excuse compliance with officials found to have unexplained wealth under the
the court order. Anti-Graft and Corrupt Practices Act

Exceptions (Disclos.ure Allowed) - Grounds To Allow e. Human Security Act (RA 9372), Sec. 27: The
Examination Of A Bank Account (Sec. 2): provisions of Republic Act No. 1405 as amended, to
a. Where the depositor consents IN WRITING; the contrary notwithstanding, the justices of the Court
b. IMPEACHMENT CASES; of Appeals deslqnated as a special court to handle
Note: it is necessary that there be an order issued anti-terrorism cases after satisfying themselves of the
by the impeachment court or by its authorized existence of probable cause in a hearing called for that
officer to allow examination. purpose may authorize in writing any police or law
c. BY COURT ORDER in cases of: enforcement officer and the members of his/her team
i. Bribery duly authorized in writing by the anti-terrorism council
ii. Dereliction of duty of public officials to:
d. Money invested or deposited is subject of litigation • Examine, or cause the examination of, the
deposits, placements, trust accounts, assets and
Additional Exceptions to the Secrecy of the Bank records in a bank or financial institution; and
Deposit Act (Aside From Those Stated In The Law) • . Gather or cause the gathering of any relevant
information about such deposits, placements, trust
a. The Commissioner of Internal Revenue can inquire accounts, assets, and records from a bank or
into the bank accounts of the following taxpayers: financial institution. The bank or financial
. • A decedent to determine his gross estate; or institution concerned, shall not refuse to allow
• Any taxpayer who has filed an application for such examination or to provide the desired
compromise of his tax liability, which application information, when so, ordered by and served with
. on the ground of financial incapacity (NIRC, Sec. the written order of the Court of Appeals.
6{f])
o A taxpayer, information on whose account is f. Under AMLA, Sec. 11:
requested by a foreign tax authority Upon order of a competentcourtin cases of violation of the
. AMLA where there is probable cause of money laundering,
Note: A waiver of rights under the Law on Secrecy of except that no court order is required in cases of:
Hank. Deposits (RA 1405) must not only be voluntary, • Kidnapping for ransom
but must have been made knowingly, intelligently, and • Drug trafficking
with sufficient awareness of the relevant • Hijacking, destructive arson and murder, including
circumstances and likely consequences. There must those perpetrated by terrorists against non-
be persuasive evidence to show an actual intention to combatants and similar targets
relinquish the right. Mere silence on the part of the
holder of the right should not be construed as a . BSP inquiry into or examination of deposits or investments
surrender thereof. (Dona Adela Export International. with any bank, when the inquiry or examination is made in
Inc. vs. TIDCORP and BPI, G.R. No. 201931, 2015) the course of the BSP's periodic or special examination

b. In cases of unclaimed balances: Disclosure to the g. Under Sections 1(d) and 4 of the Plunder Law
Treasurer of the Philippines for dormant deposits for at
least 1 O years (Act 3936, Sec. 2) h. Under Section 8 of the new PDIC Charter
Whenever upon· examination by the Corporation into the
c. Inquiry into or examination of any deposit or condition of any insured bank, it shal! be disclosed that an
. investment with any banking institution when the insured bank or its directors or agents have committed, are
I
examination is made by the BSP in the course of a committing or about to commit unsafe or unsound
periodic or special examination in accordance with practices in conducting the business of the bank, or have ·
the rules of examination of the BSP (RA 9160, Sec. violated, are violating or about to violate any provisions of
11) any law or regulation to which the insured bank is subject.
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the BOD shall submit the report of the examination to the Any information obtained from an examination of his
Monetary Board to secure corrective action. deposits shall be held strictly confidential and may be used
i. In-Camera Inspection by the examiners only in connection with their supervisory
Requisites: and examination responsibility or by the BSP in an
a. Pending case before a court of competent appropriate legal action it has initiated involving the deposit
jurisdiction account. (NCBA, Sec. 26)
b. Account must be clearly identified
c. The inspection is limited to the subject matter of Note: Even in cases not involving prosecution under the
the pending case Anti-Graft and Corrupt Practices Act, an inquiry. into the
d. The bank personnel and the account holder must whereabouts of the amount converted necessarily extends
be notified to be present during the inspection, and to whatever is concealed (being in the name ofpersons
such inspection may cover only the account other than the one responsible for the illegal acquisition)
identified in the pending case. inasmuch as the case is aimed at recovering the amount
converted. (Mellon Bank v. Magsino, GR. No. 71479,
Note: An investigation by the Office of the Ombudsman is 1990)
not a pending litigation to allow examination of a bank
account. (Marquez v. Desierto, G.R. No. 135882, 200·1) Account Names
a. Peso Accounts
Grounds for Disclosure of Foreign Currency Deposits When banks allow the opening of deposit accounts under
a. Upon written permission of the depositor. pseudonyms, it is assumed that: (1) They have exercised
b. When there is probable cause of Money Launderinq as· due diligence to ascertain. the identity of their clients: and
provided under the AMLA Sec. 11. (2) They are aware of the legal provisions and
c. When there is probable cause of Terrorism under the requirements on the use of pseudonyms.
Human Security Act. (Aquino, Banking Laws [20101)
Question: With the issuance of Circular 251, does that
mean there is no longer confidentiality/secrecy of
Disclosures Applicable to Both Peso and Foreign deposit accounts?
Currency Deposits
Answer: NO. Circular 251 merely disallowed the
• Under the Rules of Court opening of fictitious and anonymous accounts and has
a. Garnishment (Huie 39, Sec. 9[c}) not in any way modified nor lessened the safeguards
b. Preliminary attachment (Rule 57, Sec. 10) and protection to depositors under RA 1405. This
means that, notwithstanding Circular 251, deposit
• Waiver in case of DOSRI loans - Any director, officer -, accounts cannot be examined or looked into except
or stockholder who, together with his related interest, under the limited circumstances provided for in RA
contracts a loan or any form of financial 1405.
accommoda tion from:
a. His bank: or b. Accounts Using Alias or AccountNumbers
b. From a bank On July 7, 2000 and in seeking the adoption of anti-money
i. Which is a subsidiary of a bank holding laundering measures, BSP issued a regulation, Circular
company of which both his bank and the No. 251, providing that, unless othesrwise prescribed
lending bank are subsidiaries; or under existing laws, anonymous accounts or accounts
ii. In which a controlling proportion of the shares under fictitious names are prohibited.
is owned by the same interest that owns a
controlling proportion of the shares of his The exception referred to under Circular No. 251 was RA
bank, in excess of five percent (5%) of the 6426 (The Foreign Currer.cy Deposit Act), which explicitly
capital and surplus of the bank, or in the allows the keeping of numbered accounts for the recording
maximum amount permitted by law, whichever and servicing of deposits.
is lower, shall be required by the lending bank
to waive the secrecy of his deposits of Note: Prior to said date, there was no prohibition.
• whatever nature in all banks in the Philippines. However, in the Manual of Regulations issued by BSP and
even before Circular 251, banks were required to: (a) adopt
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systems to establish the identity of their depositors; and (b)

set a minimum of three (3) specimen signatures from each Note: Under RA. No. 10641; foreign banks rnay now be
of their depositors subject to regular updatinq, fully foreign owned; through any of the following modes of
entry:
Even for numbered accounts as authorized under RA (1) Acquiring, purchasing, or owning up to 100% of
· 6426, BSP has required banks, under Circular 251, to take the voting stock of an existing bank;
necessary measures to establish and record the true (2) Investing in up to 100% of tile voting stock of a new
· identity of their clients, which identification may be based banking subsidiary incorporated under the laws of
on official or other reliable documents and records. the Philippines; or
(3) Establishing branches with full banking authority;
3. Garnishment of Deposits, Including Foreign Deposits a. However, the foreiyn bank must be
established, reputable, and financially
The prohibition against examination of or inquiry into a sound
bank deposit under Republic Act 1405 does not preclude b. Further, it must be widely-owned and !
its being garnished to insure satisfaction of a judgment. publicly listed in the country of origin
Indeed there is no real inquiry in such a case, and if the
existence of the deposit is disclosed the disclosure is Universal Banks
· purely incidental to the execution proc€ss. (China Bank v. A universal bank shall have the authority to exercise, in
Orlega, GR. !_-34964, 1973) addition to the powers authorized for a commercial bank in
Section 29, the powers of ah investment house as provided
Deposits maintained by banks with the Bangko Sentral as in existing laws and the power to invest in non-allied
part of their reserve requirements shall be exempt from enterprises as provided in this Act. (GBL, Sec. 23)
. , . ...i.
attachment, garnishments, or any other order or process
of . any court, government agency or any other Commercial Banks
administrative body issued to satisfy the claim of a party A commercial bank shall' have, in addition to the general
other than the Government, or its political subdivisions or powers incident to corporations:
instrumentalities. (Sec. 103) a. All such powers as may be necessary to tarry on the
business of comrnercial banking such as accepting
Penalties for Violation: drafts and issuing letters of credit;
. Any violation of this law will subject offender upon b. Discounting and negotiating promissory notes, drafts,
conviction. to an imprisonment of not more than five years bills of exchange, and other evidences of debt;
or a fine of not more than twenty thousand pesos or both, c. Accepting or creating demand deposits; receiving
in the discretion of the court. (RA 1405, Sec 5.) other types of deposits and deposit substitutes;
d. Buying and selling foreign exchange and gold or silver
C. General Bankina Law Of 2000 (R.A. 8791) bullion;
[Hereinafter Gbl} e. Acquiring marketable bonds and other debt securities;
and
Definition And Classification Of Banks f.. Extending credit, subject to such rules as the Monetary
Board may promulgate.
Banks
Entities engaged in the lending of funds obtained in the These rules may include the determination of bonds
form of deposits. (GBL, Sec. 3. 1) and other debt securities eligible for investment, the
maturities and aggregate arnount of such investment.
Elements
1. Engaged in lending of funds Thrift Banks
2. Obtained in the form of deposits They include savings and mortgage banks, private
3. · From the public, which shall mean 20 or more persons . development banks. and stock savings and loans
associations organized under existing laws. (R.A. No. 7906
How Banks are Structured - Thrift Banks Aqt)
General Rule: Banks are stock corporations. However,
cooperative banks may also be formed under the
Cooperative Code.

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Rural aanks To determine whether the financial assets are deposit

Banks which are designed to make needed credit available substitutes, the ''20 or more individual or corporate lenders"
and readily accessible in the rural areas on reasonable rule mus: apply. (Id.)
terms. (R.A. No. 7353)
Trust Entities
Cooperative Banks Any bank, investment house or a stock corporation duly
One organized, the majority shares of which is owned and authorized by the Monetary Board to engage in trust,
controlled by cooperatives, primarily to provide financial investment management and fiduciary business
and credit services to cooperatives. (R.A. No. 6938) methodology. (Definitions of MORB, Sec. X410.1)
.,.
Islamic Banks TRUST
BANK QUASI-BANK
Created by Congress to promote and accelerate socio- ENTITY
economic development of the Autonomous Region by Entities Entities engaged in Entities engaged
performing banklnq, financing and investment operations engaged in the borrowing of in trust,
and to establish and participate in agricultural, commercial the lending funds through the investment
and industrial ventures based on the Islamic concept of of funds issuance or management ·
banking. (RA 6848, Sec. 3) obtained in acceptance of and fiduciary
the form of deposit substitutes business
Distinction Of Banks From Quasi-Banks And Trust deposits. for the purpose of methodology.
purchasing
Entities
receivables or other
oblioanons.
Quasi-Banks
Referto entities engaged in the borrowing of funds through Bank Powers. and Liabilities
the issuance, endorsement or assignment with recourse or
acceptance of deposit substitutes as defined in [NCBA, 1. Corporate Powers
Sec. 95) for purposes of relending or purchasing of As banks are required to organize as stock corporations.
receivables and other obligations. (GBL, Sec. 4, Par. 3) they shall have lhe powers enumerated under Sec. 36 of
the Corporation Code:
Deposit Substitutes • To sue and be sued in its corporate name:
'~

An alternative form of obtaining funds from the public, other

• Of succession by its corporate name for the period
than deposits, through the issuance, endorsement, or
of time stated in the articles of incorporation_ and
acceptance of debt instruments for the borrower's own the certificate of incorporation;
account, for the purpose of relending or purchasing of
• To adopt and use a corporate seal.
receivables and other obligations.
• To amend its articles of incorporation in
accordance with the provisions of this Code;
Note: The definition of deposit substitutes in the banking
• To adopt by-laws, not contrary to law, morals, or
laws was brought about by an observation that banks and
public policy, and to amend or repeal the same in
non-bank financial Jntermediaries have increasingly
accordance with this Code;
resorted to issuing a variety of debt instruments. other than
• In case of stock corporations. to· issue or sell
bank deposits, to obtain funds from the public. (BOO v.
stocks to subscribers and to sell stocks to
RCBC, G.R. No. 198756, 2016)
subscribers and to sell treasury stocks in
accordance with the provisions of this Code; and
Under the NIRC, deposit substitutes include not only the
to admit members to the corporation ilit be a non-
issuances and sales of banks and quasi-banks for
stock corporation;
relending or purchasing receivables and other similar
• To purchase, receive. take or grant; hold, convey,.
obligations, but also debt instruments issued by
sell. lease, pledge, mortgage and otherwise deal·
commercial, industrial, and other non-financial companies
with such real and personal property, includinq
to finance their own needs or the needs of their agents or
securities and bonds of other corporations, as the
dealers. (Id)
transaction of the lawful business of the
corporation may reasonably and necessarily

Page 178 of 250

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ATENEO CENTRAL
BAR OPERATIONS 2019 COMMERCIAL LAW

Criteria to allow processing of· sensitive personal • Personal lnformatior, Processors

information is stricter. Refers to any natural or juridical person or any other body
to whom a personal information controller may outsource
When what is involved in a personal data breach is or instruct the processing of personal data pertaining to a
sensitive personal information, mandatory breach data subject.
notification is general~required. ·
If a personal information processor uses the personal
Penalties for violation of the Data Privacy Act will be information any other purpose not provided by the
higher if sensitive personal Information Is involved. controller, then · the personal information processor
becomes the personal intorrnatlon controller.
B.Scope

Scope • Covers only information about .individuals (natural

In general, applies to the processing of all types of persons) and not juridical persons (Information
personal infcrmation and to any natural and juridical about a comoany is outside the scope)
person involved in personal information processing, • The Personal Information Ccntroliers (PIC) or
including: Personal Information Processor (PIP) may be
juridical persons.
...
• Personal information controllers and processors • Example: A customer ordering from a fast food
who: chain will call a hotline. number being operated by
o Use equipment that are located in the a call center, to be able to order from the fast food
Philippines, regardless if found or chain. 7 The customer is the data subject, the
established in Philippines fast food chain the PIG, and the cal/ center the PIP.
o Maintain an office, branch or agency in the The fast food chain (PIC) outsourced to the call
Philippines · center (PIP) processing of personal information of
customer. · ·
Provided; publishers, editors or duly accredited reporters
of any newspaper, magazine or periodical of general
circulation are given protection from being compelled to Extraterritorial application: The law generally has
reveal the source of any news report or information extraterritorial application to the extent that a
appearing in said publication which was related in particular company has links to the Philippines, with
confidence to such publisher, editor, or reporter (Sec. 5 RA due consideration to international law and comity.
10173 in relation to RA 53) (Ex, Processing done in Philippines, Company doing
business in Philippines)

Processing refers to any operation performed upon the Does Not Apply to:
personal data including, but not limited to: collection, A) Information about any individual who is or was an
recording, organization, storage, updating or modification, officer or employee of a government institution
retrieval, consultation, use, consolidation, blocking, that relates to the position or functions of the
erasure or destruction. individual including:
1) Fact that the individual or is or was an officer
All Types of Personal Information: or employee of the qovarnrnent institution;
• Personal Information, Sensitive· Personal 2) The title, business address and office
Information, Privileged Information telephone number of the individual;
3) The classification, salary range and
Natural and juridical person involved in personal responsibilities of the position held by the .
information processing: individual;
4) Name of the individual on a document
• Personal Information Controllers prepared by the individual in the course of
Refers to a natural or juridical person, or any other body employment with the government
who controls the processing of personal data, or instructs B) Information about an individual who is or was
another to process personal data on its behalf. performing service under contract for a
government institution that relates to the services
Does not refer to the employee in charge of computer performed, including:
systems, encoders, or the head of IT department. 1 ) Terms of the contract
2) Name of the individual given in the course of
the performance of services
Page 228 of 250
ATENEO CENTRAL
BAR OPERATIONS 2019 COMMERCIAL LAW

C) Information relating to any discretionary benefit of '

a financial nature, such as: Legitimate Purpose - Processing of information shall be
1) Granting of a license or permit given by the compatible with a declared and specified purpose which
government to an individual, including the must not be contrary to law, morals, or public policy.
name of individual and exact nature of the
benefit Proportionality .; Processing shall be adequate, relevant,
OJ Personal information processed for journalistic, suitable, necessary, and not excessive in relation to a
artistic, literary or research purposes declared and specified purpose. Personal information shall
E) Information necessary in order to carry out the be processed only if the purpose of the processing could
functions of public authority not be reasonably be fulfilled by other means.
1) Processing of personal data for the
performance by the independent Personal Information must, be:
2) Central monetary authority a.) Collected for specified and legitimate purposes
3) Law enforcement and requlatory agencies, of determined and declared before, or as soon as
their constitutlonatty and statutorily mandated reasonably practicable after collection, and later
functions processed in a way compatible with such declared
·. F) Information necessary for banks arid other financial purposes only;
institutions under the jurisaictlon of the central b.) Processed fairly and lawfully;
monetary authority or Banko Sentral ng Pilipinas, c.) Accurate, relevant and, where necessary for
to comply the Anti-MoniJy Laundering Act and purposes for which it is to b€ used, be kept up to
other applicable laws date;
G) Personal iniormstion originally collected from o Inaccurate or incomplete data must be
resitients of foreign iurisaictions in accordance with rectified, supplemented, destroyed or their
the laws of those foreign jurisdictions, including any further processing restricted
applicable data privacy laws, which is being processed d.) Adequate and not excessive in reiation to the
· in the. Philippines purposes for which they are collected and
processed;
• Those outside the scope refer to information only. e.) Retained only for as long as necessary for the
The National Privacy Commission has opined that fulfillment .of the purposes for which the data was
entities or agencies processing personal obtained or for the establishment, exercise or
information remain to be covered by the DPA, and defense of legal claims, or for legitimate business
are subject to requirements of implementing purposes, or as provided by law:
security measures even if the particular f.) Kept in a form which permits identification of data
information being processed is outside the scope. ' subjects for no longer than is necessary for the
- Example: Banks remain covered by the DPA and purposes for which data were collected and
must .secure the personal information they hold, processed
even if part of the information they have are a. Provided, personal information collected
outside the scope of the DPA {Ex. Reporting for other purposes may lie processed for
suspicious transcations under AMLA) historical, statistical or scientific purposes,
and in cases laid down in law may be
C. Processing OF PERSONAL INFORMATION stored for longer periods
b. Adequate safeguarrls are guaranteed by
General Data Privacy Principles said laws authorizing their processing

General Rule: Processing of personal information shall be Personal· information controller must ensure
allowed, implementation of personal information processing
Subject to the following: principles set out herein
· 1.) Compliance with requirements of this act and other
laws allowing disclosure of information to the Criteria for Lawful Processing
public Processing of personal information (not sensitive or
2.) Adherence to the principles of transparency, privileged) shall be permitted only ,f:
legitimate purpose and proporlional(ty. a. Not otherwise prohibited by law; and
b. When at least one of the following conditions exist:
Transparency- Data subject must be aware of the nature, i. Data subject has given consent;
purpose and extent of the processing of his o: her personal ii. Processing is necessary and is related to the
data. Any information relating to the processing of personal fulfillment of a contract with data subject;
data should be easy to access and understand.
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iii. Necessary for compliance with a legal Subcontract of Personal Information

obligation to which personal information A personal information controller may subcontract the
controller is subject; processing of personal information.
iv. Necessary to protect vitally important interests
of data subject; The personal information controller must ensure that
. v. Necessary in order to respond to national proper safeguards are in place to ensure the confidentiality
emergency, comply with public order and of the personal information processed, prevent its ..
safety, or to fulfill functions of public authority unauthorized use, and comply with processing ·
vi. Necessary for purposes of legitimate interests requirements.
pursued by th~ personal information controller
or by a third party to whom data is disclosed Extension of Privileged Communication
i. EXCEPT where such interests are Personal information controllers may invoke the principle
overridden by fundamental rights and of privileged communication over privileged information
freedoms of the data subject that they lawfully control or process. Subject to existinq
laws and regulations, any evidence gathered on
Criteria for Processing of Sensltlve Personal Information privileged information is inadmissible.
and Privileged Information

Sensitive Personal Information and Pr;vileged D. Rights Of The Data Subject

Information
Generally, processing of sensitive personal information Rights of data subjects, in general, include:
and privileged information shall be prohibited 1. Right to be informed on matters pertaining to the
processing of personal data, including intended
EXCEP"t in the following cases: changes to the processing; .
a. Data subject has qiven consent, specific to the 2. Right to object to the processing of personal data;
purpose prior to the processing, or in the case of 3. Right to access upon demand;
privileged information, all parties to the exchange have 4. Right to correct errors and inaccuracies in the personal·
given consent prior to processing; data being processed; . . .
b. Processing is provided for by existing laws and 5. Right to erasure or blocking of personal data when no
regulations; . longer necessary for the purpose of collection, and ..
i. Such regulations guarantee the protection of when rights of data subjects are already being violated.;:
· sensitive personal and privileged information 6. Right to data portability, or the right to request for
ii. Consent of the data subjects are not required by copies of his or personal data which are being
law or ~egulation processed by electronic means in commonly used
c. Processing is necessary to protect the life and health formats;
of the data subject or another person, and the data 7. Right to damages when the data subject is injured by
subject is not legally or physically able to express his an unlawful or unauthorized processing, or by other
or her consent prior to the processing; acts violating his or her rights; and . .
d. Processing is · necessary to achieve lawful and · 8. Right to file a complaint with the National Privacy
noncommercial objectives of public organizations and Commission
associations;
i. Only confined to the bona fide members of these • OPA also has provrsions on transmissibility of
organizations rights of data subject to lawful heirs and assigns of
ii. Sensitive information are not transferred to third the data subject at any time after the death of the
parties data subject, or when the data subject is ·
iii. Consent of data subject was obtained prior to incapacitated or incapable of exercising rights
processing • Limitation of rights of data subject: depending on
e. Processing is necessary for Medical treatment, carried circumstances, rights of data subjects may not.
out by a medical practitioner or institution, and an apply or may be limited for:
adequate level of protection of personal information is ' (1) Scientific and statistical research
ensured; (2) Investigations in relation to any criminal,
f. Personal information necessary for the protection of adrnlnistrative or tax liabilities
lawful rights and interests of natural or legal persons in
court proceedings, or the establishment, exercise or
defense of legal claims, or when provided to ---- end of topic ----
government or public authority

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XII.FINANCIAL REHABILITATION AND Governing Statute and Rules

INSOLVENCY ACT OF 2010 (R.A. No. 10142) 1. Financial Rehabilitation and Insolvency Act of 2010
(R.A. No. 10142) [hereinafter FRIAJ
2. Financial Rehabilitation Rules of Procedure, A.M. No.
Topics under the Syllabus
12-12-11-SC [hereinafter FR Rules]
A, Basic concepts 3. Financial Liquidation and Suspension of Payments
1. Rehabilitation -, Rules of Procedure for Insolvent Debtors, AM. No. 15-
2. Insolvent 04-06-SC [hereinafter FLSP Rules]
3. Liquidation
4. Suspension of payments A. Basic Concepts
B. Modes of rehabilitation
1. Court-supervised rehabilitation Rehabilitation and Insolvency
a. Voluntary vs. involuntary
b. Commencement order (includluq stay
Rehabilitation
order)
The restoration of the debtor to a condition of successful
c. Rehabilitation receiver and management
committee operation and solvency, if it is shown that its continuance
d. Determination of claims of operation is eeonornlcally feasible and its creditors can
e. Rehabilitation plan recover by way of the present value of payments projected
L Concept of feasibility in the plan, more if the debtor continues as a going concern
ii. Material financial commitments than if it is immediately liquidated. (FR/A Sec. 4{gg])
iii. Liquidation analysis
. f. Creditor approval and confirmation Rehabilitation contemplates a continuance of corporate life
g. Failure of rehabilitation and activities in an effort to restore and reinstate the
2. Pre-negotiated rehabilitation corporation to its former position of successful operation
a. How initiated
and solvency (Wonder Book Corporation v, Phil. Bank of
b. Period and effect of approval
3. Out-of-Court or Informal Restructuring Communications, G.R. No. 187316, 2012)
Agreement or Rehabilitat.ion Plan
· a. Minimum requirements (BERNABE)The basic issues in rehabilitation proceedings
b. Standstill period concern the viability and desirability of continuing the
· c. Cram down effect business operations of distressed corporations, all with a
C. Liquidation view of effectively restoring to a state of solvency or to its
1. Voluntary · liquidation vs. involuntary former healthy financial condition through the adoption of
· liquidation vs. conversion a rehabilitation plan (BPI Family Savings Bank v. St.
· 2. Procedure
Michael Medical Center, G.R. No. 2054G9, 2015)
a. Liquidation order; effects
3. · Determination of claims
· P. Suspension of Payments; Suspension of Payment Insolvency
Order · The financial condition ot,a debtor that is generally unable
. .: ...,, E. Remedies to pay its or his liabilities as they fall due in the ordinary
·1. Moti(,n for reconsideration course of business or has liabilities that are greater than its
2. Petition for certiorari or his assets (FR/A, Sec. 4/p])

Debtors
The term "debtor" shall refer to (PICS):
a. Partnership duly registered with the SEC;
b. Individual debtor who has become insolvent;
c. Corporation duly organized and existing under
Philippine laws; or
d. Sole Proprietorship registered with the DTI (FR/A,
Sec. 4{k])

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Note: An individual debtor shall refer to a natural person Individual Suspension of Payment (FR/A, Sec.
who is a resident and citizen of the Philippines that has Debtor 94)
become insolvent (FR/A, Ser:. 4[o]) Voluntary Liquidation (F=RIA, Sec.
103)
Debtors NOT covered by FRIA Involuntary Liquidation (FR/A, Sec.
a. Banks; 105)
b. Insurance Companies; ·
c. Pre-Neeci Companies; and Nature of Proceedings under FRIA
d, Natlonaland Local Government Agencies or Units· a. In Rem - Jurisdiction over all persons affected by the
(FR/A, Sec. 5) proceedings sl iall be considered c1s acquired · upon
publication of the notice of the commencement of the
Government financial institutions other than banks and proceedings in any newspaper of general circulation in
GOCCs shall be covered by this Act, unless their specific the Philippines as prescribed under the Supreme
charter provides otherwise (FR/A, Sec. 5) Court rules of procedure; and
b. Summary and Non-Adversarial (FR Rules, Sec, 4)
Creditors and Claims Covered By Fria
B. Types of Rehabilitation Proceedings
Creditor
A natural or juridical person which has a claim aqainst the Three Main Types of Rehabilitation Proceedings:
debtor that arose on or before the commencement date (a) Court Supervised, which may be:
(FR/A, Sec. 4[h]) i. Voluntary, if initiated by Debtor·
ii. Involuntary, if initiated by Creditor
Claim (b) Pre-Neqotiated, and
All clatrns or demands of whatever nature or character (c) Out of Court or Informal Proceedings.
against the debtor or its property, whether for money or
otherwise, liquidated or unliquidated, fixed or contingent,
matured or unmatured, disputed or undisputed, including, a. Court Supervised Rehabilitation
but not limited to: · Court Supervised Rl'lhabilitation Proceedings may either
be voluntary or involuntary. ·
(1) All claims of the government, whether national or local,
including taxes, tariffs and customs duties; and i. Voluntary Proceedings

(2) Claims against directors and officers of the debtor Initiation of Voluntary Proceedings
arising from acts done in the discharge of their .
functions falling within the scope of their authority. This Who may Petition for Voluntary Rebabilitation
inclusion does not prohibit the creditors or third parties 1. The owrer in case of a sole proprietorship, or
from filing cases against the directors and officers · 2. A majority of the partners in case of a partnership, or
acting in their personal capacities 3. A majority vote ()f the board of directors or trustees. and
authorized by the vote of the stockholders representing
Proceedings Covered By FRIA at least two-thirds (2/3) of the outstanding capital stock,
DEBTOR PROCEEDING in stock corporations, or of the members, in case of non-
Sole Voluntary Rehabilitation (FR/A, Sec. stock 'corporation
Proprietorship 12);
Partnership Involuntary Rehabilitation (FR/A, Sec. An insolvent debtor may initiate voluntary proceedings
13); under this Act by filing a petitlon for rehabilitation with the
Corporation
Pre-Negotiated Rehabilitation (FR/A, court and on the grounds hereinafter specifically provided.
Sec. 76);
Voluntary Liquidation (FR/A, Sec. 90); A group of debtors shall refer to:
Involuntary Liquidation (FR/A, Sec. (1) corporations that are financially related to one another
91) as parent corporations. subsidiaries or affiliates;
(2) partnerships that are owned more than fifty percent
(50%) by the same person: and
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(3). sinqle proprietorships that are owned by the same

person. Wnen the petition covers a grouo of debtors, Circumstances Necessary to Start Involuntary
.all reference under these rules to debtor shall include Proceedings
and apply to the group of debtors (FR/A, Sec. 4[n}) These proceedings may be initiated against the debtor by
filing a petition for rehabilitation with the court if:
Grounds for Voluntary Rehabilitation a. There is no genuine issue of fact on law on the claim/s
Agroup of debtors may jointly file for rehabilitation when: of the petitioner/s, and that the due and dernandable
a. One or more of its members foresee the impossibility of payments thereon have not been made for at least 60
meeting debts when they respectively fall due, and days or that the debtor has failHd generally to meet its
b. The financial distress would likely adversely affect the liabilities as they fall due; or
financial condition and/or operations of the other b. A creditor, other than the petitioner/s, has initiated
members of the group and/or the participation of the foreclosure proceedings agair:st the debtor that will
other members of the group is essential under the prevent the debtor ~rom paying its debts as they
terms and conditions of the proposed Rehabilitation become due or will render it insolvent. (FR Rules, Rule
Plan. (FR Rules, .Rule 2, Sec. 1) 2, Sec. 5)

', Petition for Voluntary Proceedings Petition for Involuntary Proceedings

The petition· shall be verified to establish the insolvency of The creditor/s' petition for rehabilitation shall be verified to
the debtor and the viability of lts rehabilitation, and include, establish the substantial likellhoocl that the debtor may be
whether as an attachment or as part of the body of the rehabilitated, and include:
petition, as a minimum the following: a. Identification of the debtor its principal activities and its
a. Identification of the debtor, its principal activities and address;
its addresses; b. The circumstances sufficient to support a petition to
b. Statement of the fact of and the cause of the debtor's initiate involuntary rehabilitation proceedings under
insolvency or inability to pay its obligations as they Section 1.3 of this Act;
become due; c. The specific relief sought under this Act; ·
c. The specific relief sought pursuant to this Act; d. A Rehabilitation Plan;
d. The grounds upon which the petition is based; e. The names of at least 3 nominees to the position of
e. Other information that may be required under this Act rehabilitation receiver;
depending on the form of relief requested; f. Other information that may be required under this Act
f. · Schedule of the debtor's debts and liabilities including depending on the form of relief requested; and
a list of creditors with their addresses, amounts of g. Other documents required to be filed with the petition
claims and collaterals, or securities, if any; pursuant to this Act and therues o,' procedure as may
g .. An inventory of all its assets including receivables and be promulgated by the Supreme Court .
·. :r . claims against third parties;
h. A Rehabilitation Plan; Common Provisions to Voluntary and Involuntary
i. · The names of at least 3 nominees to the position of Proceedings
rehabilitation receiver; and
j. Other documents required to be filed with the petition Venue
pursuant to this Act and the rules of procedure as may RTC having Jurisdiction over the principal office of the
be promulgated by the Suprem€ Court. · debtor as specified in its articles of incorporation or
partnership or in its registration papers with the Oil in
;., .. : ii. Involuntary Proceedings · -, cases of sole proprietorship (FR Rules, Rule 1, Sec. 6)

Initiation of Involuntary Proceedings Note: The petition for court assistance to execute or
implement either a standstill agreement or out of court
Who may petition for involuntary proceedings . restructuring agreement may be flied with the RTC having
1. Any creditor or group of creditors with a claim of, or the jurisdiction over the place in which the insolvent debtor
aggregate of whose claims is, whichever of rs hiqher of: resides or has its principal place of business (FR Rules,
a. At least Php1 ,000,000.00; or Rule 4, Sec. B)
b. At least 25'Yo of the subscribed capital stock or partners'
contributions (FR Rules, Rule 2, Sec. 4)
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Action on the Petition k. Prohibit the debtor's suppliers of goods or services

1. If the court finds the petition to be substantial in form and from withholaing the supply of goods and services in
substance, the commencement order shall be issued the ordinary course of business for as long as the
within 5 working days from its filing debtor makes payments for the services or goods .
supplied after the issuance of the Commencement
2. If found deficient within the same period, the court may Order;
give 5 working days from receipt of the notice of order I. Authorize the payment of administrative expenses as
to satisfy the deficiency. they become due;
m. Set the case for initial hearing, which shall not be more
3. The court shall dismiss the petition if the defidency is than 40 days from the date of filing of the petition for
not complied within the extended 5-day period (FR the purpose of determining whether there is
Rules, Rule 2, Sec. 7) substantial likelihood for the debtor to be rehabilitated;
n. Make available copies of the petition and rehabilitation
1. Commencement Order plan for examination and copying by any interested
Rehabilitation proceedings commence upon the issuance party;
of the Commencement Order. The Commencement Order o. · Indicate the location or locations at whith documents
contains the following: regarding the debtor and the proceedings under Act
may be reviewed and copied;
a. Identify the debtor, its principal business or activity/ies p. State that any creditor or debtor who is not the
and its principal place of business; · petitioner, may submit the name or nominate any other
b. Summarize the ground/s for initiating the proceedings; qualified person to the position · of rehabilitation
c. State the relief · sought under this Act and any receiver at least 5 days before the initial hearing;
requirement or procedure particular to the relief q. Include a Stay or Suspension Order. (FR/A, Sec, 16)
sought;
d. State the legal effects of the Commencement Order; Effects of the Commencement Order:
e. Declare that the debtor is under rehabilitation; a. Vest the rehabilitation with all the powers and functions
f. Direct the publication of the,Commencement Order in provided for this Act, such as the right to review and
a newspaper of general circulation in the Philippines obtain records to which the debtor's management and
once a week for at least 2 consecutive weeks, with the directors have access, including bank accounts or
first publication to be made within 7 days from the time whatever nature of the debtor subject to the apprcval
of its issuance; by the court of the performance bond filed by the ·
g. If the petitioner is the debtor direct the service by rehabilitation receiver;
personal delivery of a copy of the petition on each b. Prohibit or otherwise serve as the legal basis rendering
creditor holding at least 10% of the total liabilities of the null and void the results of any extrajudicial activity or
debtor as determined from the schedule attached to process lo seize property, sell encumbered property,
the petition within. 5 days; if the petitioner/s is/are or otherwise attempt to collection or enforce a claim
creditor/s, direct the service by personal delivery of a against the debtor after commencement date unless
copy of the petition on the debtor within 5 days; otherwise allowed in this Act, subject to the provisions
h. Appoint a rehabilitation receiver who may or not be of Section 50 hereof;
from among the nominees of the petitioner/s and who c. Exempt the debtor from liability for taxes and· fees.
shall exercise sucl 1 powers and duties defined in this iilcluding penalties, interests, and charges due lo the
Act as well as the procedural rules that the Supreme government;
Court will promulgate; d. Serve as the lega: basis for rendering null and void any
i Summarize the requirements and deadlines for setoff after the commencement date of any debt owed
creditors to establish their claims against the debtor to the debtor by any of the debtor's creditors;
and direct all creditors to their claims with the court at e. Serve as the legal basis for-renderinq null and void the
least 5 days before the initial hearing; perfection of any lieri against the debtor's property
j. Direct Bureau of internal Revenue (BIR) to file and after the commencement date; and
serve on the debtor its comment on or opposition to f. Consolidate the resolution of all legal proceedings by
the petition or its claim/s against the debtor under such and against the debtor to the court; provided, however,
procedures as the Supreme Court provide; that the court may allow the continuation of cases on

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other courts where the debtor had initiated the suit. (FR e. Must submit the name of the person designated to
Rules, Rule 2, Sec. 9) discharge the responsibilities and powers of a
rehabilitation receiver and the names of the employees
Effectivity and Duration of the Commencement Order and other persons authorized to assist the designated
The Commencement Order shall be effective for the representative. together with a sworn certification that
duration of the rehabilitation proceedings, unless: these persons possess the qualifications and none of
1. Earlier lifted by the court; the disqualifications required from natural persons;
2. The Rehabilitation Plan is seasonably confirmed or f. Must submit a sworn undertaking, duly approved iri
approved; or accordance with law, binding itself to be solidarily liable
3. The Rehabilitation proceedings are ordered terminated with the persons designated by it to discharge the
by the court FR Rules, Rule 2, Sec. 11) functions and responsibilities of a rehabilitation
receiver;
2. Rehabilitation Receiver g. Willing and able to file a bond in such amount as may
be determined by the court:
Rehabilitation Receiver h. Not disqualified to discharge the duties of a
The person or persons, natural or juridical, appointed as rehabilitation receiver under the Constitution and other
such by the court pursuant to this Act and which shall be relevant laws (FR Rules, Rule 2, Sec. 21)
entrusted with such powers and duties as set forth herein.
(FR Rules, Rule 1, Sec. 5[p]) -; Additional Requirements for Representatives of
Juridical Persons
Minimym Qualifications of a Rehabilitation Receiver a. Duly designated and authorized to act for and on
behalf of the juridical entity;
lfJhe rehabilitation receiver is a natural person: b. Must bo a director, officer, stockholder or partnerof the
· a. Citizen of the Philippines or a resident of the juridical entity; and
· Philippines in the 6 months prior to nomination; c. Must submit a sworn undertaking that he shall be
b .. Not been earlier dismissed as a rehabilitation receiver; solidarily liable with his firm for all the obligations and
c. As far. as practicable, has expertise and acumen to responsibilities of a rehabilitation receiver. (FR Rules,
manage and operate a business similar in size and Rule 2, Sec. 21)
complexity of that of the debtor;
d. Has a general familiarity with the rights of creditors Other qualifications and disqualifications of the
subject tosuspension of payment or rehabilitation and rehabilitation receiver shall oe set forth in procedural rules,
a general understanding of the duties and obligations taking into consideration the nature of the business of the
of a rehabilitation receiver; · debtor and the need to protect the interest of all
e. Of good moral character and with acknowledged stakeholders concerned.
integrity, impartiality and independence;
f. No conflict of interest; Principal Duties of the Rehabilitation Receiver
g. Has an operating knowledge in ma,nagernent, finance, a. Preserving and maximizing the value of the assets of
and rehabilitation of distressed companies; and the debtor during the proceedings;
h.. Willing and Elbie to file a bond in such amount as b. Determining the viability of the rehabilitation;
determined by the court FR Rules, Rule 2, Sec. 21[Al) c. Preparing and recommending a Rehabilitation Plan to
the court; and Implementing the approved
The conflict of interest requirement' may be waived, Rehabilitation Plan (FR Rules, Rule 2, Sec. 26)
expressly or impliedly, by a party who may be prejudiced
thereby: (FR/A, Sec. 29{d]) Removal of a Rehabilitation Receiver
The rehabilitation receiver may be removed at any time by
If the rehabilitation receiver is a juridical person: the court, either motu proprio or upon motion by any
· a. Duly authorized to do business in the Philippines for at creditor/s holding more than 50% of the total obligations of
least six (6) years prior to its appointment; the debtor (FR Rules, Rule 2; Sec. 27)
b. Good standing as certified by the appropriate
regulatory agency/ies;
c. No conflict of interest;
d. Not been earlier dismissed as a rehabilitation receiver;
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Grolfrads for Removal.

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COMMERCIAL LAW
...........__
.._.
enumerated above may however waive. his right to object
.~-------
.
a. Incompetence, gross negligence, failure to perform or to such appointment and, if the waiver is unreasonably
failure to exercise the proper degree of care in the withheld, the court may disregard the conflict of interest,
performance of his duties and powers; taking into account the general interest of the stakeholders.
b. Lack of a particular or §p~i:;i!:llized competency
required by the specific case; Management of Debtor's Business
c. Illegal acts or conduct in the performance of his duties General Rule: The management of the juridical debtor
and po\vers; shall remain with existing managemeht.
d. Lack of qualification or presence of any
disquatlfication; Exception: Displacement of Existing Management by the.
e. Conflict of interest that arises after his appointment; Rehabilitation Committee
f. Manifest lack of independence that is detrimental to
the general body of the stakeholders; Upon motion of any interested party and wlthln the soonest
g. Failure, without just cause, to perform any of his possible time, the court may appoint and direct the
powers and functions under these Rules; or rehabilitation receiver to assume . the powers of
h. Any of the grounds for removing a trustee under the management of the debtor, er appoint a management
general principles of trusts. committee that will undertake the manaqernent of the
debtor, upon clear and convincing evidence of any of the
Cases of Conflict of Interest following circumstances:
An individual shall be deemed to have a conflict of interest
if he is so situated as to be materially influenced in the (A) Actual or imminent danger of dissipation, loss.wastaqe
exercise of his judgment for or against any party to the or destruction of the debtor's assets or other properties; or
proceedings. Without limiting the generality of the (B) Paralyzation of the business operations of the debtor;
foregoing, an individual shall be deemed to have a conflict or
of interest if: (C) Gross mismanagement of the debtor, fraud or other
a. He is a creditor, owner, partner or stockholder of the wrongful conduct on the part of, or gross or wi!lful violation
debtor; of the Act by the existing management of the debtor or the
b. He is engaged in a line of business which competes owner, partner, director, officer or representalive/s in
with that of the debtor; . management of the debtor.
c. He is, or was, within 5 years from the filing of the
petition, a director, officer, owner, partner or employee In case the court appoints the rehabilitation receiver to
of the debtor or any of the creditors, or the auditor or assume the management of the debtor, the court may:
accountant of the debtor;
d. He is, or was, within 2 years from the filing of the: ( 1) Require the rehabilitation receiver to post an additional
petition, an underwriter of the outstanding securities of bond; .
the debtor; (2) Authorize him to engage the services or to employ
e. is related by consanguinity or affinity within the fourth persons or entities to assist him in the discharge of his
civil degrne to any individual creditor, owner/sofa sale managerial functions; and
proprietorship-debtor, partners of a partnership-debtor (3) Authorize a commensurate increase . in his
or to any stockholder; director, officer, employee or compensation.
underwriter of a corporation-debtor; or
f. He has any other direct or indirect material interest in Rules and Liabilit~ on Conflicting Decisions
the debtor or any of the creditors. (FR Rules, Rule 2, In case the rehabilitation receiver is a juridical person, the
Sec. 22) acts of its designated representative shall be presumed to
be carried out in accordance with the authority vested in
Any rehabilitation receiver, member of the rnanaqernent . him by the juridical entity 'Nhich he represents.
committee or persons employed or contracted by them
possessing any conflict of interest shall make the In case of conflict, the decision of the governing body of
appropriate disclosure either to the court or to the creditors · the juridical entity shall prevail,
in case of out-of-court rehabilitation proceedings. Any party
to the proceedinq adversely affected by the appointment of However, the renabilitation receiver and its
any person with a conflict of interest to any of the positions representative/s shall remain solidarily liable for all
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obligations and · responsibilities, subject to the right of d. Use the services ofor employ such person or persons.
withdrawal prior to the implementation of the disputed such as iawyers. accountants, auoitors, appraisers
decision. and staff as are necessary to perform its functions and
duties as management committee;
Note: Upon assumption of management, the receiver shall e. Report to the court any material adverse change in the
exercise the same powers granted under Sec. 2C in business of the entity under management;
addition · to the powers granted to the management f. Evaluate the existing equity capital, assets and
committee (FR Rules, Rule 2, Sec. 32) liabilities, earnings, and operations of the entity under
management;
3. Management Committee g. Determine and recommend to the court the best way
to salvage and protect the interest of the creditors,
Role of the Management Committee stockholders and the general public, including the
1 . Take custody of and control all assets owned or rehabilitation of the entity under management;
possessed by the debtor; h. Prohibit and report to the court any encumbrance,
2. Take. the place of the management and governing body transfer, or disposition of the debtor's property outside
of the debtor; and of the ordinary course of business or beyond what is
.3. Assume the powers, rights and responsibilities of the allowed by the court ' ·
debtor (FR Rules, Rule 2, Sec. 33) i. Prohibit and report to the court payments made outside
the ordinary course of business;
Note: A majority of all members shall be necessary for the j. Have unlimited access to the employees, premises,
management committee to act or make a decision (FR books, records and financial documents of the entity
. Rules, Rule 2, Sec. 35) under management during business hours;
k. Inspect, copy, photocopy · or photograph' any
Composition of the Manageme(1t Committee document, paper, book. account or letter, whether in
The management committee shall be composed of three the possession of tl,e entity or other persons, that
.· qualified members appointed by the. court, as follows: pertain to the business of the debtor;
a. Nominated by the debtor; I. Gain entry into any property owned by he entitx under
b. Nominated by the creditor/s holding more than 50% of management for the purposes bf inspecting,
the total obligations of the debtor; measuring, surveying, or taking photos or videos of
c. A chairman nominated by the first and second any designated relevant object or operation thereon;
members within 10 days from the appointment (FR m. Bring to the attention of the court any material change
Rules, Rule 2, Sec, 34) affecting the entity's ability to meet its obligations;
n. Take the appropriate steps to modify, nullify, or revoke
· The management committee may .overrule or revoke the . transactions coming to its knowledge which it deems
actions of the previous management or governing body of detrimental or prejudicial to the interest of the entity
the debtor (FR Rul$s, Rule 2, Sec. 33) under management;
o. Recommend the termination of the proceedings and
~ .....
Powers and Duties of the Committee the dissolution of the entity if it determines that the
. .'........ ;~ The specific powers and duties of the management continuance in business of such entity will no longer
committee, whose members shall also be considered as work to the best interest of the stakeholders and
officers of the court, are the following: creditors;
a. Investigate the acts, conduct, properties, liabilities, and p. Apply to the court for any order or directive that it may
\ ...-:, financial condition of the corporation, association or deem necessary or desirable to aid it in the exercise of
partnership under management; its powers and performance of its duties and functions,
b. Examine under oath the directors and officers of the including the power to examine parties and witnesses
entity and any other witnesses that the committee may under oath; and
deem appropriate; q. Exercise such other powers as the court may, from
c. Report to the court any ascertained fact pertaining to . time to time confer upon it.
the causes of the problems, fraud, misconduct, (FR Rules, Rule 2, Sec. 33)
mismanagement and irregularities committed by any
other person;

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Qualifications of · Members of the Management d. The Rehabilitation Plan would likely provide the
Committee objecting class of creditors with compensation, which
Same as with rehabilitation receivers (FR Rules, Rule 2, has a net present value greater than that which. they
Sec. 36) would have received if the debtor were under
liquidation. (FR Rules, Rule 2, Sec. 62) - }.

Immunity from Suit

The rehabilitation receiver, the members of. the The rehabilitation receiver shall submit the approved Plan
management committee, and all persons they engage to the court for confirmation. Within five (5) days from
shall not be subject to any action, claim or demand for any receipt of the Rehabilitation Plan, the court shall notify the .
act or omission in good faith in the exercise of their powers ' creditors that the Rehabilitation Plan has been submitted
and functions (FR Rules, Rule 2, Sec. 38) for confirmation. (FR Rules, Rule 2, Sec. 63)

4. Rehabilitation Plan Objections by creditors may be filed 20 days from notice

(FR Rules, Rule 2, Sec. 64).
Rehabilitation Plan
A plan by which the financial well-being and viability of an Grounds for Objection on the Rehabilitation Plan
insolvent debtor can be restored using various means a. The creditors' support was induced by fraud;
including, but not limited to, debt forgiveness, debt b. The documents or data relied upon in the
rescheduling, reorganization or quasi- reorganization, Rehabilitation Plan are materially false or.
dacion en pago, debt-equity conversion and sale of the misleading; or
business (or parts of it) as a going concern, or setting-up c. The Rehabilitation Plan is in fact not supported by
of new business entity, or other similar arrangements as the voting creditors. (FR Rules, Rule 2, Sec. 64)
may be approved by the court or creditors. (FR/A, Sec.
4[ii]) Confirmation of the Rehabilitation Plan
The court shall issue an order confirming the Rehabilitation
Approval of the Rehabilitation Plan Plan in any of the following instances:
Within 20 days from notice to creditors and stakeholders, · a. No objections are filed within the twenty (20)-day
the creditors shall be convened for purposes of voting on period from receipt of notice from the court that a
the approval of the Rehabilitation Plan. The Plan shall be Rehabilitation Plan has been submitted to court;
deemed rejected unless approved by all classes of b. The court finds the objections lacking In merit;
creditors. (FR/A, Sec. 64) c. The basis for the objection has been cured: or
d. The debtor has complied with the order to cure the
The Plan is deemed to have been approved by a class of objection.
creditors if members of the said class holding more than
50% of the total class vote in favor of the plan (FR Rules, The · court may confirm the Rehabilitation Plan
Rule 2, Sec. 62) notwithstanding unresolved disputes ovet claims if the
Rehabilitation Plan has made adequate provisions for
Confirmation of Plan Notwithstanding Rejection paying such claims.
Notwithstanding the rejection of the Rehabilitation Plan,
the court may, motu proprio or upon motion of any · If the court finds that there is no substantial likelihood that.
interested party within ten (10) days from notice of the the debtor can be rehabilitated, it shall not confirm the
rejection of the Rehabilitation Plan, confirm the Plan if all Rehabilitation Plan arid, instead, declare a failure of
of the following circumstances are present: rehabilitation.

a. The Rehabilitation Plan complies with the The court shall have the power to approve or implement
requirements specified in the FRIA and the FR Rules; the Rehabilitation Plan despite the lack of approval, or
b. The rehabilitation receiver recommends the objection from the owners. partners or stockholders of the
confirmation of the Rehabilitation Plan; insolvent debtor: provide1, that the terms thereof are
c. The shareholders, owners or partners of the juridical necessary to restore the financial well-being and viability
debtor lose at least their controlling interest as a result of the insolvent debtor.
of the Rehabilitation Plan; and

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The order confirming the Rehabilitation Plan shall specify j. Maintain the security .nterest of secured creditors and
the portions approved by the court and the portions preserve the liquidation value of the security unless
rejected durinq consideration or cured by the rehabilitation such has been waived or modified voluntarily;
receiver. (FR Rules, Rule 2, Sec. 66) k. Disclose all payments to creditors for pre-
commencement debts made during the proceedings
The approval of the Rehabilitation Plan shall not affect the and the justifications thereof;
rights of creditors to pursue separate actions against I. Describe the disputed claims and the provisioning of
general partners of a partnership to the extent they are funds to account for appropriate payments should the
liable under relevant leqislation for the debts thereof. (FR claim be ruled valid or its amount adjusted;
Rules, Rule 2, Sec. 68) m. Identify the debtor's role in the implementation of the
Plan;
Amounts of any indebtedness or obligations reduced or n. State any rehabilitation covenants of the debtor, the
forgiven in connection with a Plan's approval shall not be breach of which shall
subjectto any tax. (FR Rules, F.'u/e 2, Sec. 69) be considered a material breach of the Plan;
o. Identify those responsible for the future management
Minimum Contents of a Rehabilitation Plan · of the debtor and the supervision and implementation
a. Specify the. underlying assumptions, the financial of the Plan, their affiliation with the debtor and their
goals and the procedures proposed to accomplish remuneration;
such goals; p. Address the treatment of claims arising after the
b .. · Compare the amounts expected to be received by the confirmation of the Rehabilitation Plan;
creditors under the Rehabilitation Plan with those that q. Require the debtor and its counter-parties to adhere to
. they will receive if liquidation ensues within the next the terms of all contracts that the debtor has chosen to
120 days; confirm;
· c. Contain information sufficient to give the various r. Arrange for the payment of all outstanding
classes of creditors a reasonable basis for determining administrative expenses as a condition to the Plan's
whether supporting the Plan is in their financial interest approval unless such condition has been waived in
when compared to the immediate liquidation of the writing by the creditors concerned;
· debtor, including any reduction of principal interest and s. Arrange for the payment of all outstanding taxes and
penalties payable to the creditors: assessments, or an adjusted amount pursuant to a
d. Establish classes of voting creditors; . compromise settlement with the BIR Or ·.· other
e. Establish subclasses of .voting creditors if prior applicable tax authorities;
approval has been grunted by the court; t. Include a certified copy of a certificate of tax clearance
t. Indicate how the insolvent debtor will be rehabilitated · ,; r evidence of a compromise settlement with the BIR;
including, but not limited to, debt forgiveness, debt u. Include a valid and binding resolution of a meeting of
rescheduling, reorganization or quasi- reorganization, the debtor's stockholders to increase the shares by the
dacion en pago, debt-equity conversion and sale of the required amount in cases where the Plan
business (or parts of it) as a going concern, or setting- contemplates an additional issuance of shares by the
up of a new business entity or other similar debtor;
arrangements as may be necessary to restore the v. State the compensation and status, if any, of the
financial well-being and viability of the insolvent rehabilitation receiver after the approval of the Plan;
debtor; and
g. Specify the treatment of each class or subclass w. Contain provisions for conciliation and/or mediation as
described in subsections {d) and (e); a prerequisite to court assistance or intervention in the
h. Provide for equal treatment of all claims within the event of any disagreement in the interpretation or
same class or subclass, unless a particular creditor implementation of the Rehabilitation Plan.
voluntarily agrees to less favorable treatment;
i. Ensure that the payments made under the plan follow G. Failure of Rehabilitation
the priority established under the provisions of the Civil
Code on concurrence and preference of credits and 1. Termination of Proceedings (Sec. 74)
other applicable laws; The rehabilitation proceedings, upon motion by any
stakeholder or the rehabilitation receiver, shall be
termination by order of the court either declaring a
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successful implementation of the rehabilitation plan or a

failure of rehabilitation. 2. Pre-Negotiated Rehabilitation
Pre-Negotiated Rehabilitation Plans, when approved . by
There is Failure of Rehabilitation in the following the court, have the same legal effect as confirmation of a
cases: judicially supervised plan.
a. Dismissal of the petition by the court;
b. Debtor fails to submit a Rehabilitation Plan; Pre-Negotiated Rehabilitation Petition
c. Under the Rehabilitation Plan, there is no substantial An insolvent debtor, by itself or jcintly with any of its
likelihood that the debtor can be rehabilitated within a creditors, may fiie a verified petition with the court for the
reasonable period; approval of a pre-negotiated Rehabilitation Plan which has
d. The Rehabilitation Plan or its amendment is approved been endorsed or approved by creditors holding at least .
by the court but in the implementation, the debtor fails two-thirds (2/3) of the total liabilities of the debtor, including
to perform its obligations thereunder OR there is a secured creditors holding more them 50% of the total
failure to realize the objectives, targets or goals set secured claims of the debtor and unsecured creditors
forth therein, including the timelines and conditions for holding more than 50% of the total unsecured claims of the
the settlement of the obligations due to the creditors debtor.
and other claimants;
e. The commission of fraud in securing the approval of The petition shall include as a rninirnurn:
t.he Rehabilitation Plan or itr. amendment; and a. Schedule of the debtor's debts and liabilities;
f. Other analogous circumstances as may be defined by b. Inventory of the debtor's assets;
the rules of procedure c. The pre-negotiated Rehabilitation Pian, including the
names of at least 3 qualified nominees for
2. Action of Court Upon Termination (Sec. 74) rehabilitation receiver; and
· Upon a breach of, or upon a failure of the Rehabilitation d. Summary of disputed claims against the debtor and a
Plan the court upon motion by an affected party may: report on the provisioning of funds to account for
a. Issue an order directing that the breach be cured within appropriate payments should any such claims be ruled
a specified · period of time, falling which the valid or their amounts adjusted.
proceedings may be converted to a liquidation;
b. Issue an order converting the proceedings to a If Petitlon Deemed Sufficient
liquidation: Within five (5) working days, arid after determinationthat
c. Allow the debtor or rehabilitation receiver to submit the petition is sufficient in form and substance, the court
amendments to the Rehabilitation Plan, the approval shall issue an Order which shall;
of which shall be governed by the same requirements a. Identify the debtor, its principal business of activity/ies
for the approval of a Rehabilitation Plan; and its prlncipul place of business;
d. Issue any other order to remedy the breach consistent b. Declare that the debtor is under rehabilitation;
with the present requlation, other applicable law and c. Summarize the grounds for the filling of the petition:
the best interests of the creditors: or d. Direct the publication of the Order iii a newspaper of
e. Enforce the applicable provisions of the Retiabilitation general circulation in the Philippines once a week for
Plan through a writ of execution. at least 2 consecutive weeks, with the first publication
to he made within 7 days from the time of its issuance:
3. Effects of Termination (Sec. 75) , e. Direst the service by personal delivery of a copy of the
Discharge of the rehabilitation receiver subject to this petition on each creditor who is not a petitioner holding
submission of c1 final accounting and Lifting of thr. Stay at least 10% of the total liabilities of the debtor, as
Oorder and any other court order holding in abeyance any determined in the schedule attached to the petition,
action for the enforcement of a claim against the debtor within 3 days;
f. State that copies of the petition and the Rehabilitation
Provided, however, that if the termination of proceeaings Plan are available for examination and copying by any
is due to failure of rehabilitation or dismissal of the petition interested party;
for reasons other than technical grounds, the proceedings g. State that creditors and other interested ·· parties
shall be immediately converted to liquidation as provided opposinq the petition or Rehabilitation Plan may file
in Sec. 92. their objections or comments thereto within a period of

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· not later than .20 days from the second publication of 7. Approved by creditors holding at least 85% of the total
the Order; liabilities, secured and unsecured, of the debtor.
h. Appoint a rehabilitation receiver, if provided for in the (Secs. 83 and 84)
Plan; and
i. Include a Suspension or Stay Order as described in b.Standstill Period
this Act. . A standstill period that may be agreed upon by the parties
'pending negotiation and finalization of the out-of-court or
Approval of the Pre-Negotiated Plan informal restructuring/workout agreement or Rehabilitation
Within 10 days from the date of the second publication of Plan , contemplated herein shall be effective and
the Order, the court shall approve the Rehabilitation Plan enforceable not only against the contracting parties but
unless a creditor or other interested party submits an also against the other creditors: Provided, that:
objection to it in accordance with the next succeeding a. Such agreement is approved by creditors
section. representing more than 50% of the total
liabilities cf the debtor;
Objections to the Pre-Negotiated Plan b. Notice thereof is published in a newspaper of
Any creditor or other interested party may submit to the general circulation in the Philippines once a
court a verified objection to the petition or the week for~ consecutive weeks; and
Rehabilitation Plan not later than 8 days from the date of c. The Standstill period DOES NOT exceed 120
the. second publication of the Order. days from the date of effectivity

The grounds for objection are hmited to the following: Note: Notice must invite creditors to participate in the
. a. Allegations in the petition or the Rehabilitation Plan or negotiation for out-of-court rehabilitation or restructuring
the attachments thereto are materially false or agreement and notify them that i,aid agreement will be
misleading; binding on all creditors if the required majority · votes
b. Majority of any class of creditors do not in fact support prescribed in Sec. 84 are met. -·
the Rehabilitation Plan;
c. . The Rehabilitation P!an fails to accurately account for c.Cram Down Effect
a claim against the debtor and the claim in not
categorically declared as 8 contested claim; or Two Aspects of the Cram Down Power of The
d. Support of the creditors, or any of them was induced Rehabilitation Court
. by fraud. a. Approval despite opposition; and
b, Binding effect of the approved plan
Copies of any objection to the petition of the Rehabilitation Cram-Down
Plan shall be served on the debtor, the rehabilitation The power of the rehabilitation court to approve and
:'"' -:,, .
receiver (if applicable), the secured creditor with the largest implement a rehabilitation plan notwithstanding the
claim and who supports the Rehabilitation Plan, and the objection of the majority of crecltors. The "cram-down"
unsecured creditor with the largest claim and who supports clause is necessary to ci.rb the majority creditors' natural
the Rehabilitation Plan. tendency to dictate their own terms and conditions to the
rehabilitation, absent due regard to the greater long-term
3 e . Out of Court or Informal Rehabilitation benefit of all stakeholders, Otherwise stated, it forces the
creditors to accept the terms and conditions of the
a.Minimum Requirements rehabilitation plan, preferring long-term viability over
For an out-of-court or informal restructuring/workout immediate but incomplete recovery. (Bank of the Philippine
agreement or Rehabilitation Plan to qualify, it must meet Islands vs. Sarabia Manor Hotel Corporation, GR No.
the following minirnurn requirements: 175844, 2013)
4. Debtor must aqree to the out-of-court or informal
restructuring/workout agreement or Rehabilitation The Court may approve a rehabilitation plan over the
Plan; objection of the creditors, if, in its judgment, the
5. Approved by creditors representing at least 67% of the rehabilitation of the debtors is feasible and the opposition
secured obligations of the debtor; · of the creditors is manifestly unreasonable. The criteria for
6.. Approved by creditors represent at least 75% of the manifest unreasonableness are:
unsecured obligations of the debtor; and
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a. The rehabilitation plan complies with the requirements

specified in Section 18 of Rule 3, AM. No. 00-8-10- The issuance of the Commencement Order and the
SC; Suspension or Sta1 Order, and any other provision of the
b. The rehabilitation plan would provide the objecting Act, shall not in any way diminish or impair the security or
- ;
class of creditors with payments whose present value lien of a secured creditor, or the value of his lien or security.
projected in the plan would be greater than that which except that his right to enforce the security or lien may be
they would nave received if the assets of the debtor suspended during the term of the Stay Order. The court
were sold by a liquidator within a six (6)month period may allow the enforcement of the security or lien if the
from the date of filing of the petition; and property is not necessary for the rehabilitation of the
c. The rehabilitation receiver has recommended approval debtor. (FR Rules, Rule 2, Sec. 59)
of the plan. (Victorio-Aquino v. Pacific Plans, G.R. No.
193108, 2014) The Stay or Suspension Order does not apply in the
following cases:
Effects of Confirmation of Rehabilitation Plan a. Cases already pending .appeal in the Supreme Court
a. The Plan and its provisions shall bind the debtor and as of commencement date Provided, That any final
all persons who may be affected thereby, including the and executory judgment arising from such appeal shall
creditors, whether or not such persons have be referred to the court for appropriate action;
participated in the proceedlnqs or opposed the Plan or b. Subject to the discretion of the court, to cases pending
whether or not their claims have been scheduled; or filed at a specialized court or quasi-judicial agency
b. The debtor shall comply with the provisions of the Plan which, upon determination by the. court is capable of
and shall take all actions necessary to carry them out; resolving the claim more quickly, fairly and efficiently
c. Payments shall be made to the creditors in accordance -, than the court: Provided, That any final and executory
with the provisions of the Plan; judgment of such court or agency shall be referred to
d. Contracts and other arrangements between the debtor the court and shall be treated as a non-disputed claim;
and its creditors shall remain valid and continue to c. Enforcement of claims against sureties and other
apply to the extent that they do not conflict with the persons solidarily liable with the debtor, and third party
provisions of the Plan; or accommodation mortgagors as well as issuers of ·
e. Any compromises on amounts or rescheduling of letters of credit, unless the property subject of the third
timing, of payments by the debtor shall be binding on party or accommodation mortgage is necessary for the
the creditors regardless of whether or not the Plan is rehabilitation of the debtor as determined by the court
successfully implemented; and upon recommendation by the rehabilitation receiver;
f. Claims arising after the approval of the Plan that are d. Any form of action of customers or clients of a
otherwise not treated by the P!an are not subject to any securities market participant to recover or otherwise
Suspension Order. (FR Rules, Rule 2, Sec. 67) claim moneys and se:::urities entrusted to the latter in
the ordinary course of the latter's business as well as
D. Stay or Suspension Order any action of such securities market participant or the
appropriate requlatory agency or self-regulatory
A Stay or Suspension Order has the following effects: crganization to pay or settle such claims or liabilities;
a. Suspend al; actions · or proceedings, in court or e. Actions of a licensed brcker or dealer to sell pledged
otherwise, for the enforcement of claims against the securities of a debtor pursuant to a securities pledge
debtor; or margin agreement for the settlement of securities
b. Suspend all actions to enforce any judgment, transactions in accordance with the provisions of the
attachment or other provisional remedies against the Securities Regulation Code and its lrnplernentinq rules
debtor; and regulations; .
c. Prohibit the debtor from selling, encumbering, f. Clearing and settlement of financial transactions
transferring or disposing in any manner any of its through the facilities of a clearing agency or similar . ·
properties except in the ordinary course of business: entities duly authorized, registered and/or recognized
and by the appropriate regulatory agency like the Banqko
d. Prohibit the debtor from mj:iking any payment of its Sentral ng Pilipinas (BSP) and the SEC as well as any .
liabilities outstanding as of the commencement date form of actions of such agencies or entities · to ·
except as may be provided herein. (FR Rules. Rule 1, reimburse· themselves for any transactions settled for
Sec. 5[r]) the debtor; and
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g. Any criminal action against individual debtor or owner, c. Schedule of the debtor's debts and liabilities including
partner, director or officer of a debtor shall not be a list of creditors with their addresses, amounts of
affected by any proceeding commend under this Act. claims and collaterals, or securities, if any;
(FRRules. Rule 2. Sec. 10) d. Inventory of all its assets inclucling receivables and
claims against third parties; and
C. Liquidation e. Schedule of current income and expenditures within
three (3) months prior to the filing of the petition;
a. Kinds of Debtors f. List of all properties acquired by the debtor in the
immediately preeedir.q two (2) years;
i.. Juridical Debtors g. List of all properties sold, disposed of, or donated by
the debtor in the immediately preceding two (2) years;
. 1. Voluntary Liquidation h. Schedule of the debtor's exacutory contracts and
unexpired leases;
Party Applicant i. Audited financial statements of the debtor for the
An insolvent debtor rnay apply for liquidation by filing a immediately preceding three (3) years; and
petition for liquidation j. Income tax return of the debtor for the immediately
preceding year
Where to file the application
RTC which has jurisdiction ewer its principal office as 2. Involuntary Liquidation
specified in its. articles of incorporation or partnership.
Where the principal office of the corporation or partnership Party Applicant to Petition for Liquidation
as registered with the Secur.ities and Exchange The applicants must be made. up of 3 or more creditors
Commission (SEC) is in Metro Manila, the petition must be whose clairn(s) is/are: ...
· filed in the RTC Court of the city or municipality where the a. At least P1 ,OQ0,000; or
heap office is located. b. At least 25% of the subscribed capital stock or
partners' contributions (FLSP Rules, Rule 2, Sec.
Petition for Voluntary Liquidation 4)
The petition shall be verified, shall establish the insolvency
of the debtor and shall indicate the names of at least 3 Where to file the Petition
nominees tothe position of liqu'dator. RTC which has jurisdiction over its principal office as
specified in its articles of incorporation or partnership.
Where the principal office of the corporation or partnership
It shall include, as minimum attachments, the following:
as registered with the Securities and Exchanqe
a. Certificate attesting to the holding of a meeting of the
Commission (SEC) is in Metro Manila, the petition must be
Board of Directors of a stock corporation or the Board
filed in the RTC Court of the city or municipality where the
of Trustees of a non-stock corporation, as the case
head office is located.
may be, called for the purpose and the approval during
the meeting of a resolution to file the petition, signed
Petition for Involuntary Liquidation
by the secretary of the meeting and at least a rnajority
The motion shall be verified, shall indicate the names Of at
of the members of the Soard present during the
least 3 nominees to the posltlon of liquidator, and must
meeting;
show that:
b. Certificate attesting to the holding of a meeting of the
cl. There is no genuine issue of fact or law on the clalms/s
stockholders, members or partners comprising the ·,
of the petitioner/s, and that the due and dernandable
debtor, as the case may be, called for the purpose and
payments thereon have not been made for at least one
the approval durinq the meeting of a resolution to file
»undred eighty (180) days or that the debtor has failed
the petition by the stockholders holding at least two-
generally to rneet its liabilities as they fall due; and
thirds (2/3) ofthe outstanding capital stock of the stock
b. There is no substantial likelihood that the debtor may
corporation, or two-thirds (2/3) of the members or
be rehabilitated
partners in case of a non-stock corporation,
association or partnership, as the case rnay be, signed
· The petition shall also include information to the best
by the chairman and the secretary of the meeting
knowledge of the petitioners on:

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a. The schedule of debts and liabilities, including a list of Court Action in Suspension of Payments
its known creditors with their addresses, amounts of If the court finds the petition sufficient in form and
claims and collaterals, or securities, if any; substance, it shall, within 5 working days from the filing of
b. The debtor's assets, including receivables and claims the petition, issue a Suspension of Payments Order:
against third parties; and a. Prohibiting creditors from suing or instituting
c. Audited financial statements of the debtor for the proceedings for collection against the debtor, except
immediately preceding three (3) years. (FLSP Rules, . (i) creditors having claims for personal labor,
Rule 2, Sec. 4) · maintenance, expense of last illness and funeral of the
wife or children of the debtor incurred within 60 days
The petitioners shall post a bond in an amount at least trnrneoiately prior to the filing of the petition; and (ii)
equal in value to the aggregate of their claims, conditioned secured creditors; ...
upon payment to the debtor of all expenses and damages b. Calling a meeting of all the creditors named in the
it may incur by reason of the filing of the petition if the same schedule of debts and liabilities at such time not less
is later denied or dismissed l:>y the court, or withdrawn by than 15 days nor more than 40 days from the date of
the petitioners without the. consent of the debtor. (FLSP such Order and desighating the date, time and place
Rules, Rule 2, Sec. 5) of the meeting;
c. Directing such creditors to prepare and present written
ii. Individual Debtors evidence of their claims before the scheduled
creditors' meeting;
1. Suspension of Payments d. Directing the publication of the said order in a
newspaper of qenerat circulation published in the
Party Applicant province or city in which the petition is filed once a.
An individual debtor who, possessing sufficient property to week for 2 consecutive weeks, with the first publication
cover all . his debts but foreseeing the impossibility of to be made within seven 7 days from the time of the
meeting them when they respectively fall due, may file a issuance of the Order;
verified petition that he be declared in the state of e. Directing the clerk of court to cause the sending of a
suspension of payments by the court of the province or city copy of the Order by registered mail, postage prepaid,
in which he has reside!'> for six (6) months prior to the filing to all creditors named in the · schedule of debts and
of his petition. (FLSP Hules, Rule 3, Sec. 1) liabilities;
f. Forbiddinq the individual debtor from selling,
Petition for Suspension of Payments transferring, encumbering or disposing in any manner.
The petition shall indicate the names of at least 3 nominees of his property, except those used in the ordinary
to the position of cornrnissloner and shall include, as operations of commerce· or· of industry in which. the
minimum attachments, the following: petitio11ing individual debtor is engaged so long as the .
a. Schedule of debts and liabilities, including a list of proceedings relative to the suspension of payments
creditors with their addresses, amount of claims and are pending;
collaterals, if any; g. Prohibiting the ir.dividual debtor from making any
b. Inventory of all the debtor's assets, including payment outside of the necessary or legitimate·.
receivables and claims against third parties; expenses of his business or industry, so 16ng as the
c. Schedule of current income and expenditures within proceedings relative to the suspension of payments
three (3) months prior to the filing of the petition; are pending; and
ct. Income tax return of the debtor for the immediately h. Appolntinq a commissioner to preside over . the :
preceding year; creditors' meeting. (FLSP Rules, Rule 3, Sec. 2)
e. List of all properties acquired by the debtor in the
immediately preceding two (2) years; Actions Suspended by a Suspension Order
t. List of all properties sold, disposed of, or donated by Upon motion filed by the individual debtor, the court may
the debtor in the immediately preceding two (2) years; issue an order suspending any pending execution against . ·
g. Schedule of the debtor's executory contracts and the individual debtor. Properties held as security by
unexpired leases; and secured creditors shall not be the subject of such
h. Proposed aqreement with the creditors. (FLSP Rules, suspension order.
Rule 3, Sec. 1)

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The suspension order shall lapse when three (3) months Acts of Insolvency
shall have passed without the proposed agreement being The following shall be considered acts of insolvency, and
accepted by the creditors or as soon as such agreement is the petition for liquidation shall set forth or allege at least
denied. (FLSP Rules, Rule 3, Sec. 3) one of such acts:
a. Such person is about to depart or has departed from
2. Voluntary Liquidation · the Republic of the Philippines, with intent to defraud
his creditors;
Party Applicant b. Being absent from the Republic of the Philippines, with
An individual debtor whose properties are not sufficient to intent to defraud his creditors, he remains absent;
cover his. liabilities, and owing debts exceeding c. He conceals himself to avoid the service of legal
Php500,00Q.OO, may apply to be discharged from his debts process for the purpose of hindering or delaying the
and liabilities by filing a verified petition with the court of the liquidation or of defrauding his creditors;
province or city in which he has resided for 6 months prior d. He conceals, or is removing, any of his property to
to the filing of such petition. (FLSP Rules, Rule 3, Sec. 11) avoid its being attached or taken on leqal process;
e. He has suffered his property to remain under
Petition for Voluntary Liquidation attachment or legal process for 3 days for the purpose
The petition shall indicate the names of at least 3 nominees of hindering or delaying the liquidation or of defrauding
to the position of commissioner and shall include, as his creditors;
minimum attachments, the following: -, f. He has confessed or offered to allow judgment in favor
a. Schedule of debts and liabilities, including a list of of any creditor or claimant for the purpose of hindering
creditors with their addresses, amount of claims and er delaying the liquidation or of defrauding any
collaterals, if any; creditors or claimant;
· b. Inventory, of all the debtor's assets, including g. . He has willfully suffered judgment to be taken against
receivables and claims against third parties; him by default for the purpose of hindering or delaying
c. Schedule of current income and expenditures within the liquidation or of defrauding his creditors;
three (3) months prior to the filing of the petition; h. He has suffered or procured his property to be taken
d, lncorne tax return of the debtor for the immediately on legal process with intent to give a preference to one
preceding year; or more of his creditors and thereby hinder or delay the
e. List of all properties acquired by the debtor in the liquidation or defraud any one of his creditors;
immediately preceding two (2) years; i. He has made any assignment, gift, sale, conveyance
• . f. List of all properties sold, disposed of, or donated by or transfer of his estate; property, rights or credits with
the debtor in the. immediately preceding two (2) years; intent to hinder or delay the liquidation or defraud his
and creditors;
g. Schedule of the debtor's executory contracts and j. He has, in contemplation of insolvency, made any
unexpired leases. (FLSP Rules, Rule 3, Sec. 11). payment, gift, grant, sale, conveyance or transfer of his
estate, property, rights or credits;
If the court finds the petition sufficient in form and k. Being a merchant or tradesman, he has generally
· substance it shall, within five (5) working days issue the defaulted in the payment of his current obligations for
Liquidation Order (FLSP Rules, Rule 3, Sec. 12) a period of 30 days;
I. For a period of 30 days, he has failed, after demand,
Note: The ofticial copy of the FLSP Rules states Rule 3, to pay any moneys deposited with him or received by
Sec. 12 as Rule 3, Sec. 3. him in a fiduciary; and
m. An execution having been issued against him on final
3, Involuntary L..iquidation judgment for money, he shall have been found to be
without sufficient property subject to execution to
Party Applicant satisfy the judgment. (FLSP Rules, Rule 3, Sec. 13)
Any creditor or group of creditors with a claim of, or with
claims aggregating at ieast Php500,000.00 may file a Court Action in Involuntary Liquidation
verified petition for liquidation with the court of the province The court shall issue ai1 Order requiring the individual
or city in which the individual debtor resides. (FLSP Rules, debtor to show cause, at a time and place to be fixed by
Rule 3, Sec. '/3) the said court, why he should not be adjudged an insolvent.
(FLSP Rules, Rule 3, Sec. 15)
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b. At least 25% .'.)f the subscribed capital stock or

Upon good cause shown, the court may issue an Order partners' contributions
forbidding the individual debtor from making payments of
any of his debts, and transferring any property belonging The motion shall be verified & shall contain/set forth the
to him. However, nothing contained herein shall affect or same matters mentioned in the FL$P Rules, Sec. 4. (FLSP
impair the rights of a secured creditor to enforce hls lien in Rules, Rule 2, Sec. 6)
accordance with its terms.
Action on the Petition or Motion
2. Procedure If the petition or motion is sufficient in form and substance,
the court shall issue an Order:
i. Conversion of Rehabilitation Proceedings to • Directing the publication of the petition or .rnotion in c: .
Liquidation Proceedings newspaper of general circulation once a week for 2
During the pendency of court-supervised or pre-negotiated consecutive weeks; ·
rehabilitation proceedings, the court may order the • Directing the debtor and all creditors who are not the
conversion of rehabilitatior. proceedings to liquidation petitioners to file their comment on the petition or
proceedings pursuant to: motion within 15 days from the date of last publication;
a. Section 25(c) of the FRIA which states that and
conversions can be done when the debtor is insolvent • Directing that a copy of the petition or motion be served
and there is no substantial likelihood for the debtor to on the debtor and on all known creditors. unless they
be successfully rehabilitated; or exceed 20 in number, in which case, service shall be
b. Section 72 of the FRIA or if no Rehabilitation Plan is made on at least the first 20 largest known creditors of
confirmed within 1 year from the date of the filing of a the debtor in terms of credits held. However, if there
petition to confirm the rehabilitation plan, the are more than 20 known creditors (who are not
proceedings may, upon motion or motu proprlo, be petitioners) and one or more Of them acquired their
converted into one for the liquidation of the debtor; or crediUs within the s-rnonth period immediately
c. Section 75 of the FRIA or if termination of proceedings preceding the filing of the petition, the number of
is due to failure of rehabilitation or dismissal of the creditors to be served copies of the petition shall be .
petition for reasons other than technical grounds, the increased by the same number.
proceedinqs shall be immediately converted to
liquidation; or If, after considering the comments. filed, the court
d. Section 90 of the FRIA or if during the pender.cy of determines that the petition or motion is meritorious, it shall
court-supervised or pre-negotiated rehabilitation issue the Liquidation Order. (FLSP Rules, Rule 2, Sec. 8)
proceedings, the debtor may also initiate liquidation
proceedings by filing a motion in the same court where'· After notice and hearing, the court where rehabilitation
the rehabilitation proceedings are pending to convert proceedings are pending may also order the conversion of
the rehabilitation proceedings into liquidation rehabilitation proceedings into liquidation proceedings in
proceedings. those cases authorized by law, or at any other time upon
e. At any other time upon the recommendation of the the recommendation of the rehabilitation receiver · or
rehabllttatlon receiver that the rehabilitation of the manaqernent committee that the rehabilitation of the
debtor is not feasible. debtor is no longer feasible. (FLSP Rules, Rule 2, Sec. 9)

Motion to Convert Rehabilitation Proceedings Into Thereupon, the court shall issue the Liquidation Order.
Liquidated Proceedings,
At any time during the pendency of or after a rehabilitation ii. Liquidation Order
court-supervised or pre-negotiated rehabilitation The Liquidation Order shall:
proceedings, creditors may compel a debtor who is a. Declare the debtor insolvent;
undergoing rehabilitation to liquidate instead. The following b. Order the liquidation of the debtor and, in the case of
are the requisites: a juridical debtor, declare it as dissolved;
c. Order the sheriff 10 take possession and control of all
The applicants must be made up of 3 or more creditors the property of the debtor, except those that may be .·
whose claim(s) is/are: exempt from execution;
a. At least P1 ,000,000; or
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d. Order the publication of the petition or motion in a a. Waive his right under the security or lien, prove his
newspaper of general circulation once a week for 2 claim in the liquidation proceedings and share in the
consecutive weeks; distribution of the assets of the debtor; or
e. Direct payments of any claims and conveyance of any b. Maintain his rights under the security or lien.
property due the debtor to the liquidator;
f. · Prohibit payments by the debtor and the transfer of any Failure to file a manifestation means that the secured
property by the debtor; creditor is deemed to have opted to maintain his right
. g. Direct all creditors to file their claims with the liquidator under the security or lien (FLSP Rules, Rule 4, Sec. 5)
within the period set by the rules of procedure
h. Authorize the payment of administrative expenses as Nature of Waiver
they become due; A secured creditor shall not be deemed to have waived his
i. State that the debtor and creditors who are not right under the security or lien unless the waiver is made in
petitioner/s may submit the names of other nominees a public document, in unequivocal language, and with full
to the position of liquidator; and knowledge of the consequences of his action. If a secured
j. Set the case. for hearing for the election and creditor waives his right, he shall be entitled to participate
appointment of the liquidator, which date shall not be in the liquidation proceedings as an unsecured creditor.
less than 30 days nor more than 45 days from the date (FLSP Rules, Rule 4, Set. 6)
· of the last publication. (FLSP Rules, Rule 4, Sec: 2)
If the secured creditor maintalns his rights under the
iii. Effects ot the Liquidation Order security or lien:
Upon issuance of the Liquidation Order: a. The value of the property may be fixed in a manner
· a. Juridical debtor shall be deemed dissolved and its agreed upon by the creditor and the liquidator. When
corporate or juridical existence terminated; the value of the property is Jess than the claim it
. b .. Legal title to and control of all the assets of the debtor, secures, the liquidator may convey the property to the
except those that may be exempt from execution, shall secured creditor andthe latter will be admitted in the
be deemed vested in the liquidator or, pending his liquidation proceedings as a creditor for the balance. If
election or appointment, with the court; its value exceeds the claim secured, the liquidator may
c. All contracts of the debtor shall be deemed terminated convey the property to the creditor and waive the
and/or breached, unless the liquidator, within 90 days debtor's right of redemption upon receiving the excess
from the date of his assumption of office, declares from the creditor;
otherwise. and the contracting party agrees; b. Liquidator may sell the property and satisfy the
d, No separate action for the collectlon of an unsecured secured creditor's entire claim from the proceeds of the
claim shall be allowed. Such actions already pending sale; or
will be transferred to the Liquidator for him to accept c. Secure creditor may enforce the lien or foreclose on
i. -=-
·,, j and settle or contest. If the liquidator contests or the property pursuant to applicable Jaws. (FLSP Rules,
disputes the claim, the court shall allow, hear and Rule 4, Sec. 7)
resolve such contest except when the case is already
on appeal. In such a case, the suit may proceed to Powers, Duties, and Responsibilities of the Liquidator
judgment, and any final and executor judgment therein
for a claim against the debtor shall be filed and allowed The Liquidator
in court; and The Liquidator is a natural person or juridical entity
e. No foreclosure proceeding shall be allowed for a appointed as such by the court and entrusted with such
period of 180 days. (FLSP Rules, Rule 4, Sec. 3) powers and duties.

iv. Rights of Secured Creditors If the liquidator is a juridical entity, it must designated o
The Liquidation Order shall not affect the right of a secured natural person who possesses all the qualifications and
creditor to enforce his lien in accordance with the none of the disqualifications as its representative, it being
applicable contract or law, unless he waives his right. understood that the juridical entity and. the representative
(FLSP Rules, Rule 4, Sec. 4) · are solidarity liable for all obligations and responsibilities of
the liquidator. (FLSP Rules, Rule 4, Sec. 8)
Options available to a secured creditor
A secured creditor may:
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Election of a Liquidator and recovering the assets of the debtor, with the end of
The creditors entitled to vote v,ill elect the liquidator in open liquidating them and discharging to the extent possible all
court. The nominee receiving the highest number of votes the claims against the debtor. The powers, duties and
cast in terms of amount of claims and who is qualified shall responsibilities of the liquidator shall include, but not
be appointed as the liquidator. limited to:
a. Sue and recover all the assets, debts and claims,
Only creditors who have filed their claims within the r:~riod belonging or due to the debtor;
set by the court, and whose claims are not barred by the b. Take possession of all the property of the. debtor
statute of limitations, will be allowed to vote in the election except property exempt by law from execution;
of the liquidator. ' ::- c. Sell, with the approval of the court, any property of the
A secured creditor will not be allowed to vote unless: debtor which has.come into his possession or control;
a. He waives his security or lien; or d. · Redeem all mortgages and pledges, and so satisfy any
b. Has the value of the property subject of his judgement which may be an encumbrance on any
security or lien fixed by agreement with the property sold by him;
liquidator, and is admitted for the balance of his e. Settle all accounts between the debtor and his
claim. (FLSP Rules, Rule 4, Sec. 9) creditors, subject to the approval of the court;
f. Recover any property or its value, fraudulently
Appointment of a Liquidator conveyed by the debtor:
The court may appoint the liquidator if: g. Recommend to the court ~he creation of a creditors'
a. On the date set for the election of the liquidator, committee which will assist him in the discharge of the
the creditors do not attend; functions and which shall have powers as the court
b. Creditors who attend, fail or refuse to elect a deems just, reasonable and necessary; and
liquidator; h. Upon approval of the court, to engage -such
c. After be'nq elected, the liquidator fails to qualify ; professlonal as may be necessary and reasonable to
or · assist him in the discharge of his duties.
d. Vacancy occurs for any reason whatsoever, In any
of the cases provided herein, the court may In addition to the rights ar.d duties of a rehabilitation
instead set another heating of the election of the receiver, the liquidator, shall have the right and duty to take
liquidator. all reasonable steps to manage and dispose of the debtor's
assets with a view towards maximizing the proceedings
Qualifications of a Liquidator therefrom, to pay creditcrs and stockholders, and to
The liquidator shall have the same qualifications as the terminate the debtor's legal existence. Other duties of the
rehabilitation receiver: liquidator in accordance with this section may . be
• Citizen of the Philippines or a resident of the established by procedural rules. (FLSP Rules, Rule 4, Sec.
Philippines in the 6months immediately preceding 12)
his nomination;
Removal of Liquidator
• Good moral character and with acknowledged
integrity, impartiality and independence; The liquidator may be removed at any time by the court
either motu proprio or upon motion by the debtor or any
• Has the requisite knov-ledqe of insolvency and creditor or creditors on any of the following grounds:
other relevant commercial laws, rules and
procedures, as well as the relevant training and/or a. He did not actually receive the highest number of votes
experience that may be necessary to enable him during the election for liquidator,
to properly discharge the duties and obligations of b. Incompetence, gross negligence, failure to perform or
exercise the proper degree of care in the performance
a rehabilitation receiver; and
of his duties and powers;
• Has no conflict of interest: Provided, That such c. Lack of a particular or specialized competency
conflict of interest may be waived, expressly or
impliedly, by a party who may be prejudiced required by the specific case; .
d. Illegal acts or conduct in the performance of his duties
thereby. (FLSP Rules, Rule 4, Sec. 8)
and powers;
Powers, Duties and Responsibilities of a Liquidator e. Lack of any of the qualifications stated under Section
8 of the rLSP Rules or · presence of any
The liquidator shall be deemed an officer of the court with
the principal duly of preserving and maximizing the value disqualification;
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f. Conflict of interest, unless, waived, expressly or If the debtor and creditor ~re mutually debtor and creditor
impliedly, by a party who may be prejudiced thereby;' of each other, one debt shall be set off against the other
g. Partiality or lack of independence; or and only the balance, if any, shall be allowed in the
h. Any other ground analogous to the foregoing. (FLSP liquidation proceedings. (FLSP Rules, Rule 4, Sec. 18)
Rules, Rule 4, Sec. 13)
vii. Liquidation Plan
3. Determlnation of Claims Within 3 months from his assumption into office, the
Liquidator shall submit a Llquidatlcn Plan to the court. The
Registry of Claims Liquidation Plan shall, as a minimum enumerate all the
Within 20 days from his assumptior, into office the assets of the debtor and a schedule of liquidation of the
liquidator shall prepare a preliminary registry of claims of assets and payment of the claims. (FLSP Rules, Rule 4,
secured and unsecured creditors. Secured creditors who Sec. 23)
have waived their security or lien, or ~c1ve fixed thE; value
of the property subject of t'reir security or lien by Properties Exempt from Liquidation
agreementwith the liquidator and is admitted as a creditor It shall be the duty of the court, upon petition and after
for the balance, shall be considered as unsecured hearing, to exempt and set apart, for the use and benefit of
. creditors. the said insolvent, such real and personal property as is by
law exempt from execution, and also a homestead.
The liquidator shall make the registry available for public
inspection and provide publication notice to creditors, However, no such petition shall be heard as aforesaid until
individual debtors owner/s of the sole proprietorship- it is first proved that notice of the hearing of the application
debtor, the partners of the partnership-debtor and therefor has been duly given by the clerk, by causing such
shareholders or members of the corporation-debtor, on notice to be posted it at least 3 public places in the province
where and when they may inspect it All claims must be or city at least 10 days prior to the time of such hearing,
duly proven before being paid. (FLSP Rules, Rule 4, Sec. which notice shall set forth the name of the said insolvent
· 17) . debtor, and the time and place appointed for the hearing of
such application, and shall briefly indicate the homestead
Challenging/Opposing Claims sought to be exempted or the property sought to be set
Within thirty 30 days from the expiration of the period for aside; and the decree must show that such proof was
filing of application's for recognition of claims: made to the satisfaction of the court, and shall be
1. creditors, -, conclusive evidence of that fact.
2, individual debtors,
3. owner/s of the sole proprietorship-debtor. Preference of Credit
't_
4. partners of the partnership-debtor and The Liquidation Plan and its lrnplementation shall ensure
:r._ 5. shareholders or members of the corporation-debtor that the concurrence and · preference of credits as
~d . enumerated in the Civil Code and other relevant laws shall
6. other interested parties be observed, unless a preferred creditor voluntarily waives
his preferred right. For purposes of this chapter, credits for
may submit a challenge to claim or claims to the court, services rendered by employees or laborers to the debtor
'f. ·.,t
serving a certified copy on the liquidator and the creditor shall enjoy first preference under Article 2244 of the Civil
t' ·~ ·.
hold;ng the challenged claim. · Code, un'ess the claims constitute legal liens under Article
2241 and 2242 thereof. (FLSP Rules, Rule 4, Sec. 25)
Upon the expiration of the 30 day period. the rehabilitation
receiver shall submit to the court the registry of claims · Court Action upon Completion of Liquidation -·
containing the undisputed claims that have not been Removal from Registry of Legal Entries and
subject to challenge. Such claims shall become final upon Termination of Liquidation Proceeding
the filling of the register and may be subsequently set aside Upon determining that the liquidation has been completed,
only on grounds or fraud, accident, mistake or inexcusable the· court shall issue an Order approving the report and
neglect. (FLSP Rules, Rule 4, Sec. 19) ordering the SEC to remove the debtor from the registry of
legal entities.
Right of Set-Off

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Upon receipt of evidence showing that the debtor has been

removed from the registry of legal entities at the SEC, the
court shall issue an Order terminating the proceedings.
(FLSP Rules. Rwe 4, Sec. 29)

E. Remedies

1. Motion for Reconslderation

a. For Suspension of Payments
A party may file a motion for reconsideration of a
Suspension of Payments Order, or any order issued by the
court prior to its order confirming or disapproving the
proposed agreement. No relief can be extended to the
party aggrieved by the court's order on the motion through
a special civil action for certiorarl under Rule 65 of the
Rules of Court. (Rµle 5, Sec. 1 of FLSP Rules)

b. In Liquidation Proceedings
A party may file a motion for reconsideration of any order
issued by the court prior to the issuance of the Liquidation
Qrder. No relief can be extended to the party aggrieved by
the Court's order on the motion through a special civil
action for certiorari under Rule 65 of the Rules of Court.
(Rule 5, Sec. 3 of FLSP Rules)

2. Petition for Certiorari

a. For Suspension of Payments
The Court's dismissal of the petition for suspension of
payments on the ground of insufficiency in form and
substance resulting in the non-issuance of a Suspension
of Payments . Order, and its order confirming or
disapproving the proposed agreement can only be
reviewed through a petition for certiorari to the Court of
Appeals under Rule 65 of the Rules of Court within 15 days
from notice of order. (Rule 5, Sec. 2 of FLSP Rules)

b. In Liquidation Proceedings
The Liquidation Order and the order approving or
disapproving the. Liquidation Plan can only be reviewed
through a petition for certiorari to the Court of Appeals
under Rule 65 of the Rules of Court within 15 days from
notice of order. (Rule 5, Sec. 4 of FLSP Rules)

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