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Commercial Class Notes

The document outlines key concepts and regulations related to commercial law and banking in the Philippines, including definitions, legal requirements, and the roles of banks. It emphasizes the highest degree of diligence required from banks, the validity of bank closures without due process, and the relationship between banks and insurance companies. Additionally, it addresses various legal aspects such as legal tender, foreign bank operations, and the role of the BSP and PDIC.

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Leo Garcia
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15 views2 pages

Commercial Class Notes

The document outlines key concepts and regulations related to commercial law and banking in the Philippines, including definitions, legal requirements, and the roles of banks. It emphasizes the highest degree of diligence required from banks, the validity of bank closures without due process, and the relationship between banks and insurance companies. Additionally, it addresses various legal aspects such as legal tender, foreign bank operations, and the role of the BSP and PDIC.

Uploaded by

Leo Garcia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
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april 15 2025 /commercial law

Memorize definition of bank under RA 8791

Read 1980 of the civil code - governing rule

what is the degree of diligence required ?- highest degree of diligence - Section


2 of RA 8791

is the mirror principle applicable to banks? - the mirror principle is not


applicable as banks are expected to exercise the highest degree of diligence. they
need to to investigate - Banks are businesses impugn with high public interest -
balik balik ug answer

different types of banks (commonly asked in the bar)- Section 3.2 RA 8791

Read and familiarize Section 30 , 8791

What is legal tender? limit of legal tender to coins

Can foreign banks operate here in the Philippines? - Yes they can… secure from
Monetary Board

Can banks engage in insurance businesses? - As a general rule No, under Section 54
8791

What do you call the relationship between bank and insurance company - bank
assurance… engaging indirectly with other companies. example AXA and BPI.

Banks was closed without due process, e.g no notice and hearing, is it valid? -
Yes valid a according to thr close now, hear later doctrine - This "close now,
hear later" scheme is grounded on practical and legal considerations to prevent
unwarranted dissipation of the bank’s assets and as a valid exercise of police
power to protect the depositors, creditors, stockholders, and the general public.
The "close now, hear later" doctrine has already been justified as a measure for
the protection of the public interest. Swift action is called for on the part of
the BSP when it finds that a bank is in dire strait

Rule 65 Certiorari is the remedy.

Distinguish a conservator from a receiver of a bank (commercial law2015 bar


question)

What is a quasi bank - Section 4 8791, last paragraph

Differentiate bank deposits from deposit substitutes

What is Single borrowers limit? -

Can a director apply a loan in its own bank? - Yes pwede with requirements.

How much is the legal interest in the Philippines? - 6% per annum is the legal
interest as provide for by law.

What is PDIC? How much is the current amount being insured?

Can a bank choose not to be a member of PDIC? - No as banks are impugn with the
highest degree of public interest different types
Can RTC issue TRO against the BSP? - No, Section 20 of RA 11211. ONLY CA AND SC can
issue an injunction to BSP

Can the BSP lend money to PDIC - yes

Is BSP tax exempt - Yes according to according to Section 44 of RA 11211

Current BSP governor ? - Eli Remolona

Read the case of Salvacion . GR No. 94723 (possible mugawas sa exam) - is the
foreign secrecy act applicable to the foreigners?

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