COMMERCIAL LAW REVIEW I

QUIZ NO. 3
1. Define and/or give the meaning:
a. Consevator of a Bank
b. Universal Bank
c. Thrift Bank
d. Rural Bank
e. Receiver of a Bank
f. Mone !aundering
g. D"#R$ !oan
%. Rud is &obless but is re'uted to be a &ueteng o'erator. (e has never been
charged or convicted of an crime. (e maintains several bank accounts and has 'urchased )
houses and lots for his children from the !uansing Realt* $nc. #ince he does not have an
visible &ob* the com'an re'orted his 'urchases to the +nti,Mone !aundering Council -+M!C..
Thereafter* +M!C charged him /ith violation of the +nti,Mone !aundering !a/. U'on re0uest
of the +M!C* the bank disclosed to it Rud1s bank de'osits amounting to 2133 Million.
#ubse0uentl* he /as charged in court for violation of the +nti,Mone !aundering !a/.
a. Can Rud move to dismiss the case on the ground that he has no criminal
record4
b. To raise funds for his defense* Rud sold the houses and lots to a friend. Can
!uansing Realt* $nc. be com'elled to transfer to the buer o/nershi' of the houses
and lots4
c. $n disclosing Rud1s bank accounts to the +M!C* did the bank violate an la/4
5. M6 and "2 rented a safet de'osit bo7 at #$B+68. The 'arties signed a contract
of lease /ith the conditions that: the bank is not a de'ositor of the contents of the safe and has
neither the 'ossession nor control of the same9 the bank assumed no interest in said contents
and assumes no liabilit in connection there/ith. The safet de'osit bo7 had t/o keholes: one
for the guard ke /hich remained /ith the bank9 and the other for the renters1 ke. The bo7 can
be o'ened onl /ith the use of both kes. The renters de'osited certificates of title in the bo7.
But later* the discovered that the certificates /ere gone. M6 and "2 no/ claim for damages
from #$B+68. $s the bank liable4 :7'lain briefl.
;. Under Re'ublic +ct 6o.1;3) -The Bank #ecrec !a/.* bank de'osits are
considered absolutel confidential and ma not be e7amined* in0uired or looked into b an
'erson* government official* bureau or office. <hat are the e7ce'tions4
). The la/ -R+ =>5%. creating a Commission to conduct a Thorough ?act,?inding
$nvestigation of the ?ailed Cou' d@etat of Dec 1A>A* Recommend Measures to 2revent the
"ccurrence of #imilar +ttem'ts +t a Biolent #eiCure of 2o/er and for "ther 2ur'oses* 'rovides
that the Commission ma ask the Monetar Board to disclose information on and/or to grant
authorit to e7amine an bank de'osits* trust or investment funds* or banking transactions in the
name of and/or utiliCed b a 'erson* natural or &uridical* under investigation b the Commission*
in an bank or banking institution in the 2hili''ines* /hen the Commission has reasonable
ground to believe that said de'osits* trust or investment funds* or banking transactions have
been used in su''ort or in furtherance of the ob&ectives of the said cou' d@etat. Does the above
'rovision not violate the !a/ on #ecrec of Bank De'osits -R+ 1;3).4
=. The !a/ on #ecrec of Bank De'osits* other/ise kno/n as R+ 1;3)* is intended
to encourage 'eo'le to de'osit their mone in banking institutions and also to discourage
'rivate hoarding so that the same ma be 'ro'erl utiliCed b banks to assist in the economic
develo'ment of the countr. $s a notice of garnishment served on a bank at the instance of a
creditor of a de'ositor covered b the said la/4 #tate the reason-s. for our ans/er.
D. +fter man ears of sho''ing in the Metro Manila area* house/ife (< has
develo'ed the sound habit of making cash 'urchases onl* none on credit. $n one sho''ing tri'
to Mega Mall* she got the shock of her sho''ing life for the first time* a store@s smart salesgirl
refused to acce't her coins in 'ament for a 'urchase /orth not more than one hundred 'esos.
(< /as 'aing sevent 'esos in %)centavo coins and t/ent five 'esos in 13 centavo coins.
#trange as it ma seem* the salesgirl told (< that her coins /ere not Elegal tender.F Do ou
agree /ith the salesgirl in res'ect of her understanding of Elegal tender4F :7'lain.
>. +n em'loee of a large manufacturing firm earns a salar /hich is &ust a bit more
than /hat he needs for a comfortable living. (e is thus able to still maintain a 213*333 savings
account* a 2%3*333 checking account* a 253*333 mone market 'lacement and a 2;3*333 trust
fund in a medium,siCe commercial bank.
a. #tate /hich of the four accounts are deemed insured b the 2D$C.

b. #tate /hich of the above accounts are covered b the !a/ on #ecrec
of Bank De'osits.