2019 Commercial Law Ateneo Summer Reviewer.pdf

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~ATENEO VCENTRAL 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 GENICA THERESE ENDALUZ A<;Jministration

Committee Heads

JONATHAN VICTOR NOEL JOHN STEPHEN PANGU..INAN

CZARINA CHEF< CUERPO BENIGNO ENCISO

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

MOIRA SARMIENTO MAE SAMPANG

GIAMORDENO JEBEL CLAUDIO REI LUIS DOMINGO REMEDIAL LAW Volunteers

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NICKI VINE CAPUCHINO ELi:>EN ROCAMORA

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ATENEO CENTRAL BAR OPERATIONS 2019 1· :,·,:L·:··AEQ

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MERCANTILE LAW

i. LETTERS

OF CREDIT ANO TRUST RECEIPTS

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A.

Basic Concepts 1. Doctrine of Independence , , 2. Fraud Exception Principle , , 3. Doctrine of Strict Compliance 4. Warehouseman's lien ., B. Rights and Obligations of Parties , 1. Entruster/entrustee 2. Applicant/banl<s/beneficiaries ........................................................•............... C. Remedies Available ·

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B.

C. O.

E.

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4 4 5. 5

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10 · 1O .4

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. II. NEGOTIABLE INSTRUMENTS LAW Requisites of Negotiability Forgery aiid Material Alteration Negotiation : Rights of the Holder , 1. Holder in Due Course 2. Defense Against the Holder Checks

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,..26 26 26

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. Ill. INSURANCE CODE A. Basic Concepts , , .......•.. 1. What may be insured 2. Insurable interest · .' 3. Double insurance and Over insurance 4. Reinsurance ••..•.•..................... : , 5. No fault, suicide, and incontestability clauses B. Perfection of the Insurance Contract C. Rights and Obligation of the Parties 1. Insurer · : , 2. Insured , 3. Beneficiary ....................•......................................................................•....... D. Rescission of Insurance Contracts ,. ~ 1. Concealment , 2. Misrepresentation or omissions ·3. Breach of warranties , : ·........•................. E. Loss :

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39. 39 41 ;

44 44 45

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53 53 :

54 54.

54 ·

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57 59

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

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c .

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V. CORPORATION LAW (Provisions of BP 68, not affected.by

A. General Principles : 1. Nationality of corporations a. Place of incorporation test . b. Control test. c. Grandfather rule · 2. Doctrine of separate juridical personality 3. Doctrine of piercing the corporate veil B .. De facto corporations and corporations by estoppal C. Powers of corporations 1. How powers are exercised ; 2. Ultra vires doctrine 3 .. Trustfund doctrine D. Board of Directors and Trustees . 1. Basic principles a. Doctrine of centralized management.. b, Business judgment rule 2. Duties, liabilities, and responsibility for unlawful acts E. Stockholders and Members '. 1. Doctrine of equality of shares 2. Property rights a. Right to dividends .' b. Right to inspect c. Pre-emptive right

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RA 11232) . ~-· . · ,

'..98 102 ,.· .. 102 102 : 103 104 106

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72 72 72 73 73 74 77 80 80 80 80 80 80 81 81 82 96

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114 117· 117 120 121 121 121 121 124

127, 127 129 129 , .. 130 131

ct Right-of first refusal 3. Intra-corporate disputes a. Concept b. Individual vs. representative vs. o'Jrivative suit F. Stock vs. non-stock corporations G. Foreiqn Corporations 1. What constitutes "doing business" 2. Persom1lity to sue and suablllty. ; H. Mergers and Consolidation 1. Concept ; · 2. Effects and limitations :

131

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;133 147 .-148· , .. 148 150 151 151 152

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VI. SEGURITiES REGI.JLATiONCODE (R.A. No. 8799) . A. Reglstrc:t!ion requirement; exemptions ...........................•........... B. Prohibition on fraud, manipulation, and insider trading C. Protection of investors , 1. T.ender offer rule · 2. Rules on proxy solicitation : 3. Disclosure rule

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157 161 163. 163 163 164

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

.; 166 166 ., f66_ 167 ;169

169 173 · 173 174 176 176 178 ~ 179 179 180 : 180 180 < 1.80

VIII. INTELLECTUAL PROPERTY LAW A.

Patents

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182

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1. Patentable vs. non-patentable 2. Ownership of a patent ~ 3. Grounds for cancellation of a patent.. 4. Remedy of the true and actual inventor 5. Rights conferred by a patent 6. Limitations on patent rights 7. Patent lnfringernent. B. Trademarks 1. Marks vs. collective marks vs. trade names 2. Acquisition of ownership a. Concept of actual use., b. Effect of registration .' 3. Non-registerable marks , 4. Well-known marks : : 5. Priority right. · 6. Rights conferred by registration '. 7. Trademark infringement ; ........•.............. , 8. Cancellation of registration · 9. Unfair competition ...........................................................•......•. C .. ,Copyrights , 1. Copyrightable works 2. Non-copyrightable works · ; 3. Rights conferred by copyright 4. Ownership of a copyright 5. Limitations on copy.right. : 6. Doctrine of fair use > 7. Copyright infringement

182 184 · 186 186 186 187

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195 196 197 197 198 197 199 200 200 201 204 2oa , 205 205 ·.: 206 207 207 210 211 , 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_) __ A. Covered institutions and their obligations B. · Covered and suspicious transactions ~ C. When is money laundering committed (including predicate crimes) D. Safe harbor provision · ...............•..................................•........... E. Authority to inquire into bank deposits F. Freezing and forfeiture ;

._I 212 214 214 216 217 217

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. B. C.

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Legal recognition of electronic data messages, documents, and signature Presumption relating to electronic signatures · Admissibility and evidential weight of electronic data message or electronic document. Obligation of confidentiality

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XI. DATA PRIVACY ACT (R.A. No. 10173)

A .B. :C· D.

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Personal vs. Sensitive personal information Scope Processing of Personal Information Rights of Data Subject , ,

226 227 228 229

XII. F~ANCIAL REMABILITATIONAND INSOLVENCYACT OF 2010 (RA. No. 1014li:J Basic C:oncepts .·.. 231 1. Rehabilitation ; '.· 231 2. lnsolvency : : .. ,231 3. Liquidation : · , •. 242 4. Suspem~ion of Payment 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 Liquidation : 243 1, Voluntary liquidation vs. involuntary liquidation vs. conversion 243 2. Procedure 246 a. Liquidation order; effects 246 3. Determlnation of clairns ': , 249 Suspension of Payments; Suspension of Payment Order 244 Remedies., .. ; ; 250 1. Motion for reconsideration . 2. Petition for certiorari

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ATENEO CENTRAL BAR OPERATIONS

COMMERCIAL LAW

2019

Kinds of Letters of Credit

I. LETTERS OF CREDIT AND TRUST RECEIPTS

Commercial Letter of Credit -; An instrument by which a bank, for the account of the buyer, gives formal evidence to a seller, of its willingness to pe-rnit him, the seller, to draw bills against it, on certain terms, ar:d stipulates in legal form that all such bills will be honored.

TOPIC OUTLI.NE UNDER THE SYLLABUS L LETTERS OF CREDIT AND TRUST RECEIPTS

A.

Basic Concepts 1. Doctrine of Independence 2. Fraud Exception Principle 3. Doctrine of Strict Compliance 4. Warehouseman's lien .B. Rights and Obligations of Parties 1. Entruster/entrustee 2. Applicant/banks/beneficiary C. Remedies avallable

1. According to Methods of Transmission a)

Letter of Credit A letter from a merchant or a bank or bankerin one place, addressed to another, in another place or country, requesting the other bank to pay money or deliver goods to a third party named therein, the opening bank under taking to provide him the money for the goods or to repay him. · It is a letter requesting one person to make advances to a third person .on the credit of the writer who assumes responsibility for payment of the debt therefor to the addressee

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b} Specially Advised Letter of Credit It is transmitted to the beneficiary by the opening bank through the medium of its correspondent in the vicinity of the beneficiary.

2.

Nature of Letter of Credit · a. A financial device developed by merchants as a convenient and relatively safe mode of payment to satisfy the seemingly irreconcilable interest of the , seller, who refuses to part with his goods before he is paid, and a buyer, who wants to have control of the goods before paying (Transfield Philippines v. Luzon Hydro Corp., G.R. No. 146717, 2004). b, It is a commitment by the bank that the seller will be paid. · Purpose of Letters of Credit · a. As to the SELLER • Insures to a seller payment of a definite amount upon presentation of documents Enables the seller to release his inventory or stock in trade without seeking credit facilities from his own bank for the buye . b. As to the BUYER • Gives the buyer the opportunity to levy goods even without money but on his credit standing with the opening bank

Circular Letter of Credit It is addressed to persons in general in which the opening bank undertakes to honor the beneficiary's drafts under certain stipulated conditions. This may either be mailed or by the issuing bank to the beneficiary or delivered by the issuing bank to the accredited buyer, to be mailed by him to the beneficiary.

According to Duration a) Revocable Letter of Credit The opening bank leaves the duration of the credit open for subsequent consideration and thus reserves the right to withdraw from the transaction by stating that it is "good as cancelled" or good until a stipulated date "unless sooner revoked". b) Irrevocable Letter of Credit The issuing bani, does not reserve its right to revoke the credit. The consent of the party who sought the opening of the letter of credit and the beneficiary must be obtained before it may be revoked. This gives the seller certainty of payment. Issuing bank may not, without the consent of the beneficiary (seller) and the applicant (buyer), revoke his undertaking under the letter

3. According to Obligation

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a) Unconfirmed Letter of Credit The notifying bank is requested merely to act as the medium through which the opening bank's obligation is transmitted to the beneficiary. Its letter of advice shall guarantee the authenticity of the message it is transmitting on behalf of the opening bank.

A TENEO CENTRAL BAR OPERATIONS 201g b)

COMMERCIAL

Confirmed Letter of Credit The notifying bank gives an absolute assurance that the opening bank's obligation will be performed.

a} Simple A letter of credit where an opening bank instructing a correspondent to act as the paying bank carries an account in the currency . to be paid with the paying bank. The amount of payment made to the beneficiary and the paying bank's commission for the service performed is debited to his account.

Irrevocable v. Confirmed Letters of Credit IRREVOCABLE

LETTERS OF CRF.DIT Refers to the duration of the letter of credit The issuing bank made. no reservation of his right to revoke. Hence, i.t cannot do so without the consent of the beneficiary.

4.

CONFIRMED LETIERS OF CREDIT Refers to the kind of obligation assumed by the correspondent bank The correspondent bank gives an absolute ·, assurance that it will undertake the issuing bank's obligation as its own according to the terms and conditions of the credit

Accorqing to Method.of Payment a) Negotiation The beneficiary is to draw his drafts in a foreign currency either in the opening foreign bank or in another opening foreign bank, which drafts so drawn the beneficiary may sell to the notifying bank or any other bank in his locality. The beneficiary negotiates his foreign currency drafts drawn under the credit to the bank in his locality offering him the best rate. b)

b) Reimbursement Occasionally, the opening bank doesn't have an account with the correspondent it chooses at a paying bank or, having an account, may prefer not to have it debited. In the latter case, the paying bank will draw a draft for the amount of· its payment, with commission and interest for the period elapsing until reimbursement, either on the opening bank or the correspondent with which. the opening bank carries an account.

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According to Provision for Renewal a) Revolving Credits The opening bank who may be willing to finance aggregate shipments which will exceed the. amount of credit is willing to have outstanding at one time for the accredited buyer. A single commercial letter of credit may be given a . life sufficient to cover the period of time necessary to complete the transaction, with the restriction that the amount shall not exceed the limit set.

Straight The beneficiary is paid by a bank local to hirr, and designated by the opening bank. The drafts are usually drawn in the currency of the beneficiary.

There should be a proviso that, upon notice from the opening bank that any draft which the beneficiary has drawn within that limit. has been paid and retired by the accredited buyer. the like sum becomes available to the beneficiary.

Sight and Acceptance Letter of Credit Under a sight credit. the beneficiary's drafts are drawn payable at sight. Once paid, the drafts serve simply as receipts for payment and are without value for any other purpose. In an acceptance cre
According

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to Method of Reimbursement Page 2 of 250

Cumulative Amounts not used in one .month are available succeeding months.

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Non-Cumulative Amounts unused during the month lapses.

According to Source of Payment a) Local Currency A credit that stipulates that drafts are to be drawn in the currency of the domicile of the beneficiary.

ATENEO CENTRAL COMMERCIAL

BAR OPER.1\TIONS 2019

b).

Foreign Currency A credit which stipulates that drafts are to be drawn· in a foreign currency, whether that of the accredited buyer or not.

c. The ~pproximate value of the goods to be shipped and the general nature of the goods d. The issuance of the drafts which the seller must draw and the name of the bank on which the drafts are to be drawn e. The !erms of sale . f .. A statement as to whether the drafts are to be drawn " f; 100% of the cost of the merchandise or for a lesser percentage g. The §.hipping route; h. The 5!,Xact shipping and other documents which must be attached to the drafts of the seller i. The 2utside date of the shipment and the outside date by which the seller is to negotiate his drafts to which the specified documents are attached j. ~lear indication upon the part of the issuing bank that the seller's drafts will be duly honored

Commercial v. Standby Letters of Credit COMMERCiAL LETTERS STANDBY LETTERS OF OF CREDIT CREDIT NATURE A Qa~ment rnechanisrn I A securit~ mechanism Payable upon It is payable to seller upon certification of a . presentation by seller-. beneficiary of documents party's non-performance showing that he has of an agreement. complied with sales aoreement. DOCUMENTATlON Seller-beneficiary must Seller-beneficiary must show documents that he show that applicant has has performed ,his NOT performed his contract contract. CERTIFICATION Selier-beneflclary need Seller-beneficiary must not make any certification. certify obliger has not oerformed his contract:__

Buyer (Applicant) Procures the letter of credit and obliges himself to reimburse lhe issuing bank upon receipt of the document of title.

Traveler's Letter of Credit ', A letter· from a bank addressed to one or more of its correspondents stating that drafts up to a certain sum drawn bythe beneficiary will be honored by the bank. Note: • The purpose of a traveler's letter of credit is to provide the traveler with funds en route · • OR just bring a. credit card. Specially Advised Letter of Credit It is addressed to only one bank. Circular Letter of Credit It is addressed to a number of correspondents. · Essential Conditions (Art. 568) a. To be issued in favor of a definite person b. To be limited to a fixed and specified amount, or to one or more undetermined amounts, but within a maximum of limits of which has to be stated exactly Contents of Letters of Credit (SAINTS-SCOE) a. §.ignature of the writer b. Name of the individual or concern for whose account· · it is issued

Issuing Bank Undertakes to pay the seller upon receipt of the draft and proper documents of titles and to surrender the documents to the buyer upon reimbursement. Issuing bank's obligation is solidary with that of the buyer (Insular Bank v. /AC, G.R No. 74834, 1988). Note: Usually the issuing bank merely substitutes its own promise to pay for that of its customer, who in turn promises to pay the bank the amount of the credit and the fees mutually agreed upon. "Once the issuing bank shall have paid the beneficiary after the latter's compliance with the terms of the letters of credit, the issuing bank is entitled to reimbursement for the amount it paid under the letter of credit." (Galvez and Guy v. CA anc'Asia United Bank, G.R. -, No. 187919, 2012). Seller (Beneficiary) Whc· in compliance with the contract of sale ships the goods to the buyer and delivers the documents of title and draft to the issuing bank to recover payment. The Number of Parties May Include: 1. Advising (Notifying) Bank May be utilized to convey to the seller the existence of the credit, but does not assure that the. issuing bank will pay and may refuse to accept the drafts without being liable (Bank of America v. CA, G.R. No. 105395, 1993)

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ATENEO CENTRAL COMMERCIAL LAW

BAR OPERATIONS 2019 Z. Confirming Bank Which will lend credence to the letter of credit issued · by a lesser known issuing bank; the confirming bank is directly liable to pay the seller-beneficiary 3. Paying Bank · Which undertakes to encash the drafts drawn by the exporter/seller 4. Negotiating Bank Instead of going to the place of the issuing bank to claim payment, the buyer may approach the negotiating bank to have the draft discounted: Its liability is dependent upon the stage of the negotiation - if before negotiation, no liability (Charles Lee v. CA, G.R. No. 117913, 2002). Obligations of the Parties: (See above for Buyer, Beneficiary, and Issuing Bank) 1. DRAWER of the letter of credit • 'Liable to the person on whom it was issued the amount paid (Code of Commerce, Art. 569, par. 1) I . •· In case of revocation, he must inform the bearer and the person to whom it is addressed . (Code of Commerce, Art. 570) 2. BEARER of letter of credit • Pay the amount received without delay (Code of Commerce, Art. 571, par. 1) 3. ADVISING/NOTIFYING BANK - the bank which conveys to the seller the existence of the credit • To notify and/or transmit the documentary of credit to the seller-beneficiary • Assumes no liability 4. NEGOTIATING BANK - the bank which discounts the draft presented by the seller. • Buys/discounts a draft under the letter of credit • Liability depends upon the negotiation o Before negotiation, it has no liability with respect to the seller o After negotiation, there is a contractual relationship prevailing between the negotiating and the seller 5. CONFIRMING BANK - the bank which lends credence to the letter of credit issued by a lesser known issuing bank • Assumes a direct obligation to the seller and its liability is a primary (Featl Bank and Trust Co. v. CA. G.R. No. 94209, 1991)

for.

A. BASIC PRINCIPLES 1. Doctrine of Independence .

In a letter of credit, transaction means that a bank, in determining compliance with the terms of a letterof credit, is required to examine only the shipping documents · presented by the seller and is precluded from determining whether or not the main contract is actually accomplished or not. It assures the seller or the benefidary of prompt payment independent of any breach of the main contract and precludes the issuing bank from determining whether the main contract is actually accomplished or not (Transfield Philippines v. Luzon Hydro Corp., G.R. No. 146717, 2004). Three Distinct and Independent Contracts in a Letter of Credit a. Sale between the seller and the buyer; b. Contract of buyer with issuing bank; and c. The letterof credit itself, wherein the bankpromises to ·. pay pursuant to the terms and conditions of the letters . of credit. This assures seller · of · prompt payment, independent of any breach of the main sales contract. In a state of perpetual separation - they are treated independently. Any discrepancy between the amount of goods stipulated in the sale and that of the LOC will not affect the validity and enforceability of the carriage contract. As the bank is not expected to GO beyond the. documents in the LOC, so is the shipper not expected to look beyond the representations of the seller. The carrier is not even charged w/ knowledge of the cargo. That being the case, the remedy of the buyer K would be against the seller- and not against the carrier. (Keng Hua Paper Products Co., Inc. v. Court of Appeals, G.R. No. 116863, 1998) Independent Nature of a Letter of CreditMay Be: a. In toto where the credit is independent from· the justification aspect and is a separate obligation from the underlying agreement like for instance a typical standby; or b. Only as to the justification aspect like in cornrr-ercial letter of credit or repayment standby, which is identical with the obligations under the underlying agreement (Transfield Philippines v. Luzon Hydro Corp., GR No. 146717, 2004). 2. Fraud Exception Principle Fraud is an exception to the independence principle. That is, the untruthfulness of a certificate accompanying a demand for payment under a standby credit may qualify as fraud sufficient to support an injunction against payment

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ATENEO CENTRAL BAR OP~RATIONS 2019 (Transfield Philippines· 146717, 2004).

COMMERCIAL LAW

v. Luzon Hydro Corp., G.R. No.

(Belman Compania v. CB of the Philippines, G.R. No. L-

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).

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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 may grant the debtor extension of time to pay suer; debt Page 5 of 250

ATENEO CENTRAL BAR OPERATIONS 2019

COMMERCIAL LAW

4. WAREHOUSEMAN'S. LIEN Warehouseman's L.ien, In General A warehouseman's lien over the goods deposited with him is his security for the payment of the charges, money advanced. and other expenses owed to the warehouseman. Clearly, the lien exists for the benefit of the warehouseman. Section 27 of the Warehouse Receipts Law (Act. No. 2137) 1 provides the claims included in the warehouseman's lien. General rule: a warehouseman shall have a lien on goods deposited or on the proceeds thereof in his hands, for: a. All lawful charqes for storage and preservation of the goods; b. All lawful claims for money advanced. interest, insurance, transportation, labor, weighing, coopering and other charges and expenses in relation to such goods; c. All reasonable charges and expenses for notice, and advertisements of sale, and for sale of the goods where default had been made in satisfying the warehouseman's lien. (WRL, Sec. 27) •

•

Exception: .t a neqotiable receipt is issued for q oods, the warehouseman shall have no lien thereon except for charges for storage of goods subsequent to the , date of the receipt. (WRL, Sec. 30) · Exception to the exception: a warehouseman shall have a lien insofar as the negotiable receipt expressly enumerated other charges for which said lien is claimed. In such case, there shall be a lien for the 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.

Enforcement of Warehouseman's Lien The lien may be enforced against allqoods belonging to: a. The depositor, or b. His principal. (WRL, Sec. 28)3

Loss of Warnhouseman's lien The lien may be lost either by: a. Surrendering the possession thereof; or b. Refusing to deliver the goods when a lawful demand" upon him is made. (WRL, Sec. 29) Note: A warehouseman's lien is possessory in nature. Where. the warehouseman surrenders possession of the goods without requiring the payment of his lien, the lien Is lost (PNB v. Noah's Ark Sugar Refinery, G.R. No. 119231, . 1996) Where a valid demand by the lawtul holder of the warehouse receipts for the delivery of the goods is refused by the warehouseman, despite the absence ot.a lawful excuse provided by the statute itself, the warehouseman's lien Is deemed lost. (PNB v. Hon. Sayo, Jr., G.R. No. 129918, 1998) As to what the law deems a valid demand, Sec. 8 enumerates what must accompany a demand. (PNB v. Hon. Sayo, Jr., G.R. No. 129918, 1998) The Following Reasons May Be Invoked By A Warehouseman To Legally Refuse To Effect Delivery Of The Goods Covered By The Warehouse Receipts:

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'. 4 Sec 8. Obligation of warehousemen to deliver. - A indicated. 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 upon a demand made either by the holder of a receipt for the Subject to the provisions of section thirty, a warehouseman's lien goods or by the depositor. if such demand is accompanied with: may be enforced: 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 the receipt; and b) Aqalns! all goods belonging to others which have been 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. Page 6 of 250

ATENEO CENTRAL COMMeRCIAL LAW

BAR OPERATIONS 2019 a.

The Holder Of The Receipt Does Not Satisfy The Conditions Prescribed In Section 8 Of The Act. (Sec. 8)

b.

The Warehouseman Has Legal Title In Himself On The goods, such title or right being derived directly or indirectly from a transfer made by the depositor at the time of or subsequent to the deposit for storage, or from the warehouseman's lien. (Sec. 16)

c.

The warehouseman has legally set up the title or right of third persons· as lawful defense for non-delivery of the goods as follows: i.· Where the warehouseman has been requested, by or on behalf of the person lawfu11y entitled to a right of property of or possession in the goods, not to make such delivery (Sec. 10), in which case, the warehouseman may, either as a defense to an action brought against him for non-delivery of the goods, or as an . original suit, whichever is appropriate, require all known claimants to interplead (Sec. 17); ii. Where the warehouseman had information that the delivery about to I.Je made was to one not lawfully entitled to the possession of the . goods (Sec. 10), in which case, the · warehouseman shall be excused from liability for refusing to deliver the goods, either to the depositor or person claiminq under him or to the · adverse claimant, until the warehouseman has . had a reasonable time to ascertain the validity of the adverse claims or to bring legal proceedings to .cornpel all claimants to interplead (Sec. 18); and iii.. Where the goods have already been lawfully sold to third persons to satisfy a warehouseman's lien, or have been lawfully sold or disposed of because oftheir perishable or hazardous nature. (Sec. 36).

Warehouseman's

The following are the remedies available to a warehouseman having a valid lien aqalnst the person demanding the goods: a. To refuse to deliver the goods until the lien is satisfied (Sec. 31); b.

d.

The warehouseman having a lien valid against the person demanding the goods refuses to deliver the goods to him until the lien is satisfied. (Sec. 31)

e.

The taihrre was not due to any fault on the part of the · warehouseman, as by showing that, prior to demand for delivery and refusal, the goods were stolen or destroyed by fire, flood, etc., without any negligence . on his part, unless he has contracted so as to be liable in such case, or that the goods have been taken by the mistake of a third person without the knowledge or implied assent of the warehouseman, or some other justifiable ground for non-delivery. (PNB v. Hon. Sayo, Jr., G.R. No. 129918, 1998)

Remedies

To cause the extrajudicial sale of the goods and apply the proceeds to the value of the lien (Secs. 33 & 34); and

c.

By other means allcwed by law to a creditor against his debtor, for the collection from the depositor of all the charges which the depositor has bound himself to pay. (Sec. 32); or other remedies allowed by law for the enforcement of lien against personal property (Sec. 35) [for instance, by way of counterclaim in an action to recover the property from the warehouseman]. The third remedy is sought judicially by filing a civil action for unpaid charges.

Note: Warehouse receipts are also known as quedans. Where a warehouse receipt or quedan is transferred or endorsed to a creditor only to secure the payment of a loan or debt, the transferee or endorses does not automatically become the owner of the goods covered by the warehouse receipt or quedan but he merely retains the right to keep and with the consent of the owner to sell them so as to satisfy the obligation from the proceeds of the sale, this for the simple reason that the transaction involved is not a sale but only a mortgage or pledge, and that if· the property covered by the quedans or warehouse receipts is lost without the fault or negligence of the mortgagee or pied gee or the transferee or endorses of the warehouse receipt or quedan, then said goods are to be regarded as lost on account of the real owner, mortgagor cir plcdgor. (Martinez v. PNB, G.R. No. L-4080, 1953) B .. Rights and Obligations of tho Parties

<,

Rights of the Parties • The person paying shall have the right to. demand proof of identity of the person in whose favor the letter of credit was issued (Code of Commerce, Art. 569(3)) • In case of non-payment, person to whom the letter of credit is addressed may institute an action involving execution (Code of Commerce, Art. 571 (2)).

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TRUST RECEIPTS LAW

c.

A. DEFINITION/ CONCEPT OF A TRUST RECEIPT TRANSACTION Trust Receipt A written/printed document signed ancl delivered by the . entrustee in favor of the entruster, whereby the latter releases the goods, documents or instruments over which he holds absolute title or a security interest to the possession of the former, upon the entrustee's promise to hold said goods in trust of the entruster, and to sell or otherwise dispose of the goods, etc. w.th the obligation to turn over the proceeds thereof to :he extent of what is owing to the entruster, or to return the goods if UNSOLD, or.Ior other purposes. ·

1.

Contents of a Trust Receipt a. A description of goods, documents or instruments of the trust receipt

Loan/Security •

Trust Receipt Transaction any transaction by and between the entruster and the entrustee, where the entruster, who· owns and holds absolute title to or security interest over certain specified goods, documents or instruments, releases the same to · the possession of the entrustee upon the latter's execution and delivery to the entruster and the trust receipt (Trust Receipts Law, P.O. No. 115, [hereinafter TRLJ Sec. 4) Note: • Currency in which trust receipt may be . denominated: .o Philippine currency o Any foreign currency acceptable and eligible as part of the national reserves of the Philippines. Payment shall be made in its equivalent in Philippine currency, computed at the prevailing exchange rate on the date of the proceeds of sale of goods. documents or instruments held in trust by the entrustee are turned over or on such date as stipulated (TRL, Sec. 6) • ln a trust receipt transaction. it is fundamental "that the person who advanced the payment for the merchandise becomes the absolute owner of said merchandise and continues as owner until he or she is paid in full, or if the goods had already been sold, the proceeds.should be turned over to him or her." (Land Bank of fhP, Philippines v. Perez, et. al., G.R. No. 166884, 2012).

The total invoice value of the goods and the amount of the draft to be paid by the entrustee An undertaking or a commitment of the entrustee: i. To hold in trust for the entruster the goods, documents or instruments therein described ii. To dispose of them in the manner provided for in the trust receipt iii. Turn over the proceeds of the sale of goods, documents or instruments to the entruster or as appears on the trust receipt or to return the goods, documents or instruments in the event of their non-sale within the period specified therein

•

'

Feature

A trust receipt agreement is merely a collateral agreement, the purpose of which is to serve as a security In relation to a letter of credit, the trust receipt is a separate document. Whi.le the trust receipt may . have been executed as a security to the letter of credit, still the two documents involve different undertakings and obligations.

Obllqations in the Trust Receipt FOR GOODS OR FOR INSTRUMENTS DOCUMENTS 1. To sell them t, To sell them 2. To manufacture for the 2. To deliver them to a purposes of sale principal 3. To unload/ship or deal 3. effect the To with them in a manner consummation of a preliminary to their sale transaction involving delivery to a depositary or a register 4. To effect their presentation, coltectlon or renewal Distinguish Between Trust Receipt and Letter of Credit . (Bank of Commerce v. Serrano, GR. No 151895, 2005) TRUST RECEIPT LETTER . OF CREDIT. The trustee executes a It is an engagement by the trust receipt binding bank or other person himself to hold the goods, made at the request of a documents or instruments customer that the issuer 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 the proceeds to the extent ·the credit have been of the debtor the unsold complied with. ooods, documents or

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BAR OPERATIONS 2019 instruments in accordance with the terms of the trust receipt.

2. Ownership

of

the

Goods,

Documents, and

Instruments Under ths Trust Receipt .

Entruster holds absolute title to the goods, documents, and instruments (TRL, Sec. 4)

Purpose of the Law

•

a.

b.

c.

To encourage and promote the use of trust receipts as an additional and convenient aid to commerce and trade; To provide for the regulation of trust receipts transactions in order to assure the protection of the rights and entorcernent of the obligation of the parties involved therein; and, To declare the misuse and/or misappropriation of goods or proceeds realized from the sale of goods, documents or instruments released under trust receipt as acriminal offense punishable as estafa (TRL,Sec.

Accordingly, in order to secure that the banker shall be repaid at the critical point - that is, when the imported goods finally reach the hands of the intended vendee - the banker takes the full title to the goods at the very beginning; he takes it as soon as me goods are· • brought and · settled for by · his payments or acceptances in the foreign country, and he -corttinues to hold that title as his indispensable security until the goods are sold and the vendee is called upon to pay for them (People vs. Yu Chai Ho; G.R. No. L-29278;

1928). Entrustee only holds the goods, documents and instruments in trust or as security in favor of the entruster

2) Note: A Trust receipt transaction imposes two obligations on the en trustee: ( 1 ) to deliver tbe price of the sale OR (2) return the same to the entruster. The Trust Receipts law, as supported by Article 315 of the RPC, provides that failure to comply constitutes ESTAFA. In Gonzales v HSBC, Petitioner Gonzalez, as Chairman and and CEO of MLRC acknowledged receipt on behalf of MLRC various golfing equipments and assorted Walt Disney items and signed the two Trust Receipt Agreements. upon due dates of the Trust Receipts, respondent HSBC demanded from MLRC the turnover of the proceeds of the sale of the assorted goods 0.R its return. MLRC failed to comply with either option, hence HSBC filed estafa for violation of the Trust Receipts Law against Gonzalez.

.

.~

~

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, G.R. No. 90828, 2000).

(TRL; Sec. 4) •

This security is not an ordinary pledge. by the importer to the banker, for the importer has never owned the goods, and moreover he is not able to deliver 'the possession; but the security is the complete title vested originally in the bankers, and this characteristics of the transaction has again and again been'recoqnized and protected by the courts. Of course, the title is at bottom a security title, as it has sometimes been called, and the banker is always under the obligation to reconvey; but only after his advances have been fully repaid and .· after the importer has fulfilled the other terms of the contract (People vs. Yu Chai Ho, G.R. No. L-29278,

1928).

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) Page 10 of 250

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COMMERCIAL LAW 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 , instruments for value and in good faith from the en trustee, acquires said goods, documents or instruments free from the entruster's security interest. (TRL, Sec. 11) ·,

B. Rights and ObUgations of Parties

t.

RIGHTS OF THE ENTRUSTER

Entruster v. Entrustee . ENTRUSTER

ENTRUSTEE 1. To receive surplus from the public sale

1. Entitled to the proceeds from the sale of goods, documents or instruments 2. Entitled to the return of . the goods, etc. In case of non-sale

Note: General Rule: The law warrants the validity of petitioner's security interest in the goods pursuant to. the written terms of the trust receipt as against all creditors of the trust receipt agreement.

2. To have possession of the goods as a condition for his liability under TRL. (Ramos V. CA, G.R. No. L-3992225, 1987).

Exception: When the properties are in the hands of an innocent purchaser for value and in good faith (Prudential Bank v. NLRC, G.R. No. ·112592, 1995). The entruster . wins against any of the entrustee's creditors except one is an innocent purchaser for value and in gobd faith.

3.

To enforce all other rights conferred to him under TRL. 4. To cancel the trust, take possession of the goods or instruments or of proceeds realized therefrom upon the default of the entrustee. · 5. To sell the goods in a public or private sale upon notice to the entrustee in · c.ase of default.

2. OBLIGATIONS AND LIABILITIES OF THE ENTRUSTEE

1. Payment/Delivery of the Proceeds of Sale Disposition of Goods, Documents, or Instruments

or

The entruster shall be entitled to the proceeds from the sale of the goods, documents or instruments released to 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, Sec. 7)

2. Return Of Goods, Documents, Or Instruments In Case Of Non-Sale {TRL, Sec. 7)

7. Extent of security t.· :,t

interest: a. As against innocent purchaser for value: not preferred (TRL, Sec. 11) b. As against creditors of the entrustee: preferred (TRL, Sec. 12)

The entruster shall be entitled to the return of the goods, documents or instruments in case of non-sale Entruster v. Entrustee

I

I

1. Validity of the Security Interest as Against the Creditors Of The Entrusteellnnocent Purchasers For Value As Against Creditors of the Entrustee The entruster's security interest in goods, documents, or instruments pursuant to the written terms of a trust receipt shall be valid as against all creditors cf the entrustee for the duration of the trust receipt aqreernent. (TRL, Sec. 12)

ENTRUSTER

ENTRUSTE:E

1. To give possession of

1. To hold the goods or the

the goods to the entrustee 2. To give at least 5 days notice to the entrustee of the intention to SP.II the goods at the intended public sale

proceeds of the sale in trust for the entruster 2. To comply with his alternative obligation

As AgainsUnnocent Purchasers for Value Page 11 of 250

3. To ensure against loss the goods for their total value

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4. To keep the goods or sale proceeds separate and identifiable 5. To return the goods in the event of non-sale or upon demand of the entruster

To observe t~ conditions of tho trust receipt not contrary to the provisions of the TRL 6.

Entruster's option to cancel the Trust Receipt: • The entruster may cancel the trust and · take possession of the goods, documents or instruments or of the proceeds realized therefrom at any time upon -, default or failure of the entrustee to comply with any of the terms and conditions of the trust receipt. o The entruster in possession of the goods, documents or instruments may sell the goods at a public or private sale, provided he/she gave due notice to the entrustee at least 5 days before such sale. o The entruster may, at a public sale, beccme a purchaser. • The proceeds, in case of any public or private sale, · shall be applied in the following manner: a. To the payment of the expenses thereof b. To the payment of the expenses of re-taking, keeping and storing the goods, documents or instruments c. To the satisfaction of the entruslee's indebtedness to the entruster. Note: • The entrustee shall receive any surplus but shall be liable to the entruster for any deficiency. • Notice of sale shall be deemed sufficiently given if in writing, and either personally served on the entrustee or sent by post-paid ordinary mail to the entrustee's last known business address.

3. Liability for

Loss of Goods, Documents or Instruments • The risk of loss shall be borne by the entrustee . • Loss of goods, documents or instruments, pending their disposition, shall not extinguish the obligation of the entrustee to the entruster for the value thereof. whether or not the said loss was due to the fault or negligence of the ontrustee

Liability of the Entruster in Any Sale or Contract Made by the Entrustee The entruster is not responsible as principal or vendor under any sale or contract to sell made by the entrustee by virtue of such interest or having given the entrustee the liberty to sell or otherwise dispose of the goocls, docurnents or instruments under the terms of the trust receipt transaction.

as

Note: The repossession of the goods under the trust receipt does not suffice to satisfy the principal loan obliqation. The entrustee remains liable for the deficiency after the proceeds of the sale have been applied to the payment of expenses and debt (Lanell & Company, et. al v. MBTC, GR. No. 159622, 2004). Failure of the Entrustee to Turn Over the Proceeds of. the Sale It shall constitute the crime of estafa and may also be a cause for damages under Art. 33 of the Civil Code (Pruo'ential Bank v. /AC, G.R. No. 74886, 1992). Novation of the Trust Agreement A Memorandum of Agreement entered into between the bank-entruster and entrustee extinguished the obligation under the existing trust receipt because the agreement did not only reschedule the debts of the entrustee but it provided principal conditions which· are incompatible with the trust agreemen!. Hence, the liability for breach of. the Memorandum of Agreement would be purely civil in nature and no criminal liability under the TRL can be imposed (Phi/;ppines Bank v. 4/fredo T. Ong, G.R. No. 133176, 2002). Note: The criminal liability arising from the loan agreement secured by a trust receipt is not extinguished absent the incompatibility of the obligations under the first and second agreements (PNB v. Lilian Soriano, G.R. No. 164051, 2012). 4. Penal Sanction if Offender is a Corporation If the violation or offense is committed by a corporation, · partnership, association or other juridical entities, the penalty shall be imposed upon the directors, officers, employees or other officials or persons therein responsible for the offense, without prejudice to the civil liabilities arising from the criminal case (TRL, Sec. 13) Note: (BERNABE) As for civil liability, directors, officers and employees acting as corporate aqents will not be directly liable for the debts incurred. Liabilityshall fall upon the hands of the corporation UNLESS· they stipulate or

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ATENEO CE~NTRAL BAR OPERATIONS 2019

COMMERCIAL LAW under fraud (Prudential Bank v. IAC, G.R. No. 74886, December 8, 1992; See also Sarmiento and Limpin v. CA, G.R. No. 122502, 2002).

assume to be personally liable for the debts. (Ildefonso Crisologo v. People of the Philippines and China Banking Corporation, G.R. No. 199481, 2012). 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 Page 13 of 250

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r:: : . ,,.:N~Got,~BLE INSTRUMENTS LAW

,

TO~I<;, OUTLINE UNDER THE SYLLABUS

FORM$ AND INTERPRETATION Negotiable Instrument It is a written contract for the payment of money; by its form, intended as a substitute for money and intended to pass from hand to hand, to give the holder in due course the right to hold the same free from defenses available to prior parties and collect the sum,due.

A. Requisites of Negotiability An instrument to be negotiable, must conform to the following requirements: (SUDOC) a. It must be in writing and §igned by the maker or drawer; . b. Must contain an .!J.nconditionalpromise or order to pay a sum certain in money; c. Must be payable on Qemand, or at a fixed or determinable future time; · d. Must be payable to Qrder or to bearer; and e. Where the instrument is addressed to a drawee, he must be named or otherwise indicated therein With reasonable £ertaiiity. · (Negotiable Instruments Law $$C.

cashed. (Roman Catholic Bishop of Malo/as v;. /AC, 191 SCRA 411) Postdated checks does not operate as payment unti] after the same has· been cashed. (BPI Express Card Corporation vs. CA , 296 SCRA 260)

Ill. NEGOTIABLE INSTRUMENTS LAW A. Requisites of negotiability B. Forgery and material alteration C. Neg9tiation D. Rights of the holder 1. Holder in due course 2. Defenses aqalnst the holder E. Checks

("NIL'?,

COMMERCIAL LAW

1)

Note: Tender of payment cannot be presumed based on the circumstances; it must be proven by credible evidence. There must be a positive and unconditional act of offering the legal currency as payment for the debt, demanding its acceptance. Just because one is caoable of paying doesn't mean that he, in fact, actually paid. Even assuming the check was indeed offered, checks whether ordinary or manager's checks - are not iegal tender. They are only substitutes for money and -. mere delivery thereof does not operate as payment until they are

While a non-negotiable instrument may not be negotiated, . it may be assigned or transferred in the absence of an express prohibition in the face of the instrument. The promissory note, while marked "non-negotiable'' was not stamped as "non-transferrable" or "non-assignable." Assuming that there was such a prohibition, it still cannot be invoked against an assignee or transferee of the promissory note in good faith & w/o notice of such prohibition. The rights of an assignee are not any greater _ than the rights of the assignor, since the assignee is merely substituted in the place of the assignor and that the · assignee acquires his rights subject to the equities - i.e .. the .defenses - wk: the debtor could have Set up against the original assignor before notice of the assignment was given to the debtor. (Sesbreno v CA, GR 89252, 1993) Sum The sum payable is a sum certain within the meaning of this Act, although it is to be paid: (ISOC) . a. With interest; or · b. By stated installments: or c. By stated installments, with a provision that, upon default in payment of any mstallmentor of interest, the whole shall become due; or d. With costs of collection or an attorney's fee, in case payment shall not be made at maturity. (NIL, Sec. 2) Unconditional Order/Promise to Pay Effect of a Conditional Promise or Order A promise or order shoula not depend on a contingent event. If it is conditional, it is non-negotiable. There is no "promise" if there is a mere acknowledcment of debt. However, an acknowledgment may become .a promise by the addition of words by which a promise of payment is naturally implied, such as "payable,'.' "payable on a given day", "payable on demand," and "paid when called for (Jimenez v. Bucoy, G.R. No. L-10221, 1958) When Promise Is Unconditional An unqualified order or promise to pay is unconditional within the meaning of the NIL:, though coupled with -

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COMMERCIAL LAW

But an order or promise to pay out of a particular fund is not unconditional. (NIL, Sec. 3)

. purchaser or assignee thereof merely steps into the shoes of Industrial and is open to all defenses available against the latter. The note being non-negotiable. it only follows that IFC Leasing was not a holaer in due course. Further, IFC Leasing knew well enough that the right of Industrial was not unconditional - the same being subject to warranty. It was not a holder in good faith and knew the infirmity of lndustrial's title thereto.

Note: The treasury warrant is not a negotiable instrument if in its face, the words "payable from the appropriation for · food administration" appear. It is an order for payment out of a particular fund; thus the payment is not unconditional, which is one of the essential elements of a negotiable . instrument (Abubakar vs. Auditor General 81 Phil. 359)

DD: If the instrument is negotiable, the indorsee or transferee can actually acquire a better right than the lnoorser. Provided he is a holder in due course, he is immune from whatever defenses there ere as between the original parties - such as breach of warranty in this case . (Consolidated Plywood vs. IFC Leasing, Gr 72593, 1987)

Demand/Fixed Determinable Future Time ·. An instrument is payable at a determinable future time, within the meaning of this Act, which is expressed to be payablea. At a fixed period after date or sight; or b. On or before a fixed or determinable future time specified therein; or c. On or at a fixed period after the occurrence of a specified event, which is certain to happen, though · the time of happening be uncertain.

At the onset, it fa obvious that the check issued by Nell was equivocal and very ambiguous. The payee was not indicated therein to any reasonable certainty. And as a rule, the ambiguity is construed against the party who caused it - in this case, Nell. It couldn't be ascertained whether the payee was Equitable or Casvi/le. The Bank teller construed it as payable to the account of Casville Enterprises and thus allowed the same to be deposited. (Equitable Banking vs. /AC, 161 SCRA 518)

a.

An indication of a particular fund out of which reimbursement is to be made, or a particular · account to be debited with the amount: or b. A statement of the transaction which gives rise to the instrument.

An instrument payable upon a continqency is not negotiable, and the happening of the Event does not cure the defect (NIL, Sec.A) Order/ Bearer, Payable To: Instruments Payable to Order The instrument is payable to order where it is drawn payable to the order of a specified person or to him or his order. It may be drawn payable to the order of: a. A payee who is not maker, drawer. or drawee; or b. The drawer or maker; or c. · The drawee; or d. Two or more payees jointly; or e. One or some of several payees; or f. The holder .ot an office for the time being. (NIL, Sec. 8) Note: The promissory note contained the words "promise to pay to the Industrial Products Marketing the sum of. .. " It did not contain "words of negotiability." It was not payable to order (or to bearer) and was thus non-negotiable. The consent. of the payer that the note be payable to order is indispensable. The words "or order" or "to the order .of" must be present. In this case, the note was payable to Industrial only. Thus, any subsequent

Instruments Payable to Bearer The instrument is payable to bearer: a. When it is expressed to be so payable: or b. When it is payable to a person named therein or bearer; or c. When it is payable to the. order of a fictitious or non-existing person, and such tact was known to the person making it so payable; or d. When the name of the payee does not purport to be the name of any person: or e. When the only or last indorsement is an indorsement in blank. (NIL, Sec. 9

Note: A check drawn payable to the order of "cash" is a check payable to bearer; the Bank may pay it to the person presenting it for payment even wto the drawer's indorsement. The word "cash" does not purport to be the name of any person - thus the instrument is payable to bearer. Although there are some times wheri the Banks would require indorserrient, this altogether is not a requirement. The Bank would not be negligent in not holding the bearer to be identified. (Ang Tek Lian vs. CA 87 Phil. 383)

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v. Payable to Bearer

Payable to Order Payee must be named or indicated with reasonable certainty (NIL, Sec. 8)

Negotiated by indorsement coupled by deliverv (NIL, Sec. 30) Instrument originally payable to order can be converted into a bearer instrument through blank indorsement (NIL. Sec. 9[e))

money to a specified person or entity for a period of time. (Traders Royal Bank v. CA, G.R. No. 93397, 1997)

Payable to Bearer Payee need not be indicated; it is enough that it is expressed to be payable to bearer (NIL, Sec. 9fa1l Negotiated by mere delivery (NIL, Se,-:. 30)

When the documents provide that the amounts deposited .· shall be repayable to the depositor, such instrument is . negotiable because it is payable to the "bearer" (Caltex Philippines v. CA, G.R. No. 97753, 1992)

Instrument originally payable to bearer cannot be converted into an order instrument. A bearer instrument always remains as such and can be negotiated by mere delivery, even if specially indorsed. (NIL Sec 40)

Promissory Note · . ··. . . An unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand, or at a fixed or determinable future time, a. sum certain in money to order or to bearer. Where the note is drawn to. the maker's own order, it is not complete until indorsed by him. (NIL, Sec. 184)

Kinds of Negotiable Instruments

Certainty Where the instrument is payable to order the payee must be named or otherwise indicated therein with reasonable certainty. (NIL, Sec. 1[e])

Bill of Exchange An unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the. person to whom it is addressed to pay on demand or at a 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, particularly Section 1 thereof; b. By considering the whole instrument; , c. By what appears on the face of the instrument and not elsewhere. (Caltex v. CA, G.R. No. 97753, 1992)

Check It is a bill of exchange drawn on a bank and payable. on demand. (Nil., Sec. 185)

In determining whether the instrument is negotiable, only the instrumer,t itself and no other, must be examined and compared with the requirements stated in Sec. 1. If it appears on the instrument that it lacks one of the requirements, it is not negotiable and the provisions of the NIL do not govern the instrument. The requirementlacking cannot be supplied by using a separate instrument in which that requirement appears. Note: The language of negotiability which characterizes a negotiable paper as a credit instrument is its freedom to circulate as a substitute for money. Hence, freedom of negotiability is the touchstone relating to the protection of holders in due course, and the freedom of negotiability is the foundation for the protection which the law throws around a holder in due course. This freedom in negotiability is totally absent in a certificate of indebtedness as it merely to pay a sum of

Characteristics of Negotiable Instruments a. Negotiability • Allows the transfer from one person to another so as to constitute the transferee as a holder in due course that is free from personal defenses. b. Accumulation of secondary contracts • Instrument is negotiated from person to person resulting to secondary liability, making morn and more persons liable to the holder Negotiable v Non-Negotiable Instrument . Non-Negotiable Negotiable. have all Does not Contains all requisites of requisites from Section 1 Section 1 NIL does not apply except Governed by NIL by analogy. by only by Transferred Transferred assignment negotiation or assignment ·----'Transferee can be a Transferee can never be a holder in due course holder in due course

Page 16 of 250

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Transferee who is a holder in due course is not subject to all defenses

Transferee is subject to all defenses to prior parties

1. Insertion of Date

Promissory Note v. Bill of Exchange Promissory Note Bill of Exchange Unconditional promise Unconditional order Involves 3 parties (drawer, Involves 2 parties (maker, payee) payee, drawee, Drawer only secondarily Maker primarily liable liable Only 1 presentment - for Generally two payment presentments for acceptance and for payment Check v. Bill of E:xchan1:1e Check Always drawn upon a bank or banker payable on Always dernand : Not necessary tha: it be presented for acceptance Drawn on a Deposit The death of a drawer of a check, with knowledge by the banks, revokes the authority of the banker to pay Must be presented for payment within a reasonable time after its issue (6 months) Promissory Note v. Check Promissory Note · 2 parties: the maker and the payee May be drawn. against any person, not necessarily a bank May be payable on demand or at a fixed or determinable future time A promise to pay

COMPLETION AND DELIVERY

I

Bill of Exchange May or may not be drawn against a bank May be payable on demand or at a fixed or deterrrnnable future time Necessary that it be presented for acceptance Not drawn on c1 deposit The death of the drawer of the ordinary bill of exchange does not revoke the authority of the banker to pay May be presented for payment within a reasonable time after its last negotiation.

Check 3 parties: the drawer, the drawee bank and the payee Always drawn against a bank

·-

Always demand

payable

An order to pay

. Presumption as to Date If the instrument bears a date, it is presumed that the said date is the date when itwas made or drawn. (NIL, Sec. 11) Effect of Ante-Dating and Post-Dating It does not render invalid or non-negotiable by that fact alone, provided it is not done for an illegal or fraudulent purpose. The person to whom the instrument so dated is delivered the title as of the date of delivery. (NIL Sec. 12) Instances When a Date May Be Inserted In an Instrument Where an instrument expressed to be payable at a fixed period after date is issued undated, or where the acceptance of an instrument payable at a fixed period after sight is undated, any holder may insert therein the true date of issue or acceptance, and the instrument shall be payable accordingly. The insertion of a wrong date does I not avoid the instrument in the hands of a subsequent holder in due course; but as to him, the date so inserted is to be regarded as the true date. (NIL, Sec. 13)

2. Completion of Blanks Where an Instrument Is Wanting In Any Material Particular a. The holder has prima facie authority to fill up the blanks therein. b. It must be filled up strictly in accordance with the 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 within reasonable time. (NIL, Sec. 14) Where Only a Signature on a Blank Paper Was Delivered If a sign<;1ture on blank paper is delivered by the person making it in order that it may be converted into a negotiable instrument, the holder has prima facie authority to fill it up as such for any amount. (NIL, Sec. 14)

on 3. Incomplete and Undelivered Instruments 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 Page 17 of 250

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person whose signature was placed thereon before delivery. (NIL, S0c. 15)

Note: •

•

An incomplete and undelivered instrument is a real -, defense. Thus, it can be interposed against a holder in due course. Delivery is not conclusively presumed where the instrument is incomplete. The defense of the maker is to prove non-delivery of the incomplete instrument.

4. Complete but Undelivered Instruments When an Instrument Is Cpmpl13te but Undelivered Every contract on a negotiable instrument is incomplete and revocable until delivery of the instrument for the purpose of giving effoct thereto. As between immediate parties, and as regards a remote party other than a holder in due course, the delivery, in order to be effectual, must be made either by or under the authority of the party making, drawing, accepting, or indorsinq, as the case may be; and in such case the delivery may be shown to have been conditional, or for a special purpose only, and not for the purpose of transferring the property in the instrument. But where the instrumer.t is in the hands of a holder in due course, a valid delivery thereof by all parties prior to him so as to make them liable to him is conclusively presumed.

LAW

And where the instrument is no longer in the possession of a party whose signature appears thereon. a valid and intentional delivery by him is presumed until the contrary is proved. (NIL, Sec. 16) . J

Rules on Delivery of Negotiable Instruments • Delivery is essential to the validity of any negotiable instrument • As between immediate parties or those in like cases, delivery must be with the intention of passing title • An instrument signed but not completed by the drawer or maker and retained by him is invalid as to him for want of delivery even in the hands of a holder in due course • But there is prima facie presumption of delivery of an instrument signed but not completed by the drawer or maker and retained by him if it is in the hands of a holder in due course. This may be rebutted by proof of non-delivery. · • An instrument entrusted to another who wrongfully completes it and negotiates it to a holder in due course . . delivery to the agent or custodian is sufficient delivery . to bind the maker or drawer. • If an instrument is completed and is found in. the possession of another, there is prima facie evidence of delivery and if it be a holder in due course. there is conclusive presumption of delivery. • Delivery may be conditional or for a special purpose but such do not affect the rights of a holder in due course.

Delivery of Instruments Section '14

-

Delivered

Section 16

Section 15 Delivery

I

r

Undelivered Completeness

(1) Wanting in any material particular; (2) Blank paper with signature

Undelivered

Mechanically incomplete

Mechanically incomplete Authority of Person in Possession

(1) Prima faciA authority to complete it by filling up the blanks; (2) Signature operates as a prima facie authority to fill it up for any amount

· No authority to complete and/or • negotiate

Page 18 of 250

1 May negotiate ;f del;vere; to hirn byor under the authority of the party making, indorsing, drawing; or accepting

ATENEO CENTRAL COMMERCIAL LAW

BAR OPERATIONS 2019 When Enforceable Filled up strictly in accordance with authority given and within a reasonable time

Not Enforceable

Delivery is made by or under authority of the party making, indorsing, drawing, or accepting, as the case may be

Kind of Defense Personal

Personal

Real Rights of Holder

(1) If HDC, he can enforce the instrument as completed as against parties prior or subsequent to the completion; (2) If not a HOC, he can enforce the instrument as completed only against parties subsequent to the completion but not against those prior thereto .. i

None in the hands of any holder.

Can enforce instrument. Here, the instrument is in the hands of a HOC, a valid delivery thereof by all parties prior to him so as to make them liable to him is conclusively presumed. Where the instrument is no longer in the possession of a party whose signature appears thereon, a valid and intentional delivery to him is presumed until the contrary is proved.

,'~

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 signature does not appear on the instrument is not liable. Exception: When an agent is liable on the instrument Where the instrument contains or a person adds to his signature words indicating that he signs for or on behalf of a principal. or in a representative capacity, he is not liable on the instrument if he was duly authorized; but the mere addition of words describing him as an agent, or as filling a representative character, without disclosing his principal, does not exempt him from personal liability. (NIL, Sec. 20) Signature by Procuratlon A signature by procuration operates as a notice that the agent has a limited authority to sign. Hence: • The principal is bound only if the agent acted within the limits of the authority given; • The person who takes the instrument is bound to inquire into the extent and nature of the authority given. (NIL, Sec. 21) 1, Trade Name A person who signs in a trade or assumed name shall be liable in the same manner as if he signed his name,

2. Liability of Infants and Corporations for Their " lndorsement or Assignment The indorsement or assignment of the instrument by a corporation or by an infant passes the property therein, notwithstanding that from want of capacity the corporation or infant may incur 110 liability thereon. (NIL, Sec. 22) Generally, contracts entered into by a minor are voidable. (Civil Code, Art. 1327) A minor shall not be bound by his indorsement for lack of legal capacity, but he may be allowed to transfer rights. As regards corporations, incapacity to indorse shall apply in cases where the corporation, through its agents or officers, has committed ultra vires acts.

3. Effect of a Forged Signature or One Made Without Authority When a signature is forged, or made without the authority of the person whose signature it purports to be, it is wholly inoperative, and no right to retain the instrument, or to give a discharge therefor, or to enforce payment thereof against any party thereto, can be acquired through or under such signature, unless the party against whom it is sought to

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BAR OPERATIONS 2019 enforce such· right· is precluded from setting up the forgery or want of authority. (NIL, Sec. 23) B. Forgery And Material Alteration Governing Provisions Sec. applies only to forged signatures or signatures made without authority.

23

•

Alterations, such as to amounts 1'.)r the like, fall under Sec. 124. General Rule: When a signature is forged or made without the authority of the person, only the forged signature (not the instrument itself and the other genuine signatures) is wholly inoperative

•

Only the signature forged or made without authority is inoperative. The instrument or other signatures which are genuine are not affected. (Republic; v. Ebrada, G.R. No. L40796, 1975)

•

• Effects of Forgery 1. No right to retain the instrument 2. No right to give a discharge thereof 3. No right to enforce payment thereof against any party thereto can be acqu.red through or under such signature

Last Clear Chance and Contributory Negligence in Forgery In instances where both parties are at fault, the Doctrine of Last Clear Chance must be applied in order to assign liability. Drawee cannot evade responsibility for the loss by attributing responsibility for the loss by attributing negligence to the drawer because the former had no. last clear chance to avoid the loss. Drawee's liability is mitigated by the drawer's negligence (Bank of America NT&SA v. Philippine Racing Club, G.R. No. 150228, 2009)

Exceptipn: The party against whom it is sought to be enforced is precluded from setting up forgery or want of authority as a defense (NIL, Sec. 23) a. Those who warrant or admit the genuineness of the signature: b. Those who are estopped thru negligence. Persons who are precluded by warranting are a. lndorsers: b. Persons negotiating by delivery; c. Acceptors.

'

Forms of forgery a. Fraud in Factum; b. Duress amounting to Fraud; c. Fraudulent Impersonation. Doctrines: Liability in Forgery • The instrument can be enforced by holders to whose 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

thereto. Since under said provision, a forged signature is "wholly inoperative," no one can gain title. to the instrument through such forged indorsement. Such indorsement prevents any subsequent party from acquiring any right as against any party whose name appears prior to the forgery. (Gempesaw v. CA, G.~ ... No. 92244, 1993) Where a depositor ( drawer) · is using its own personalized checks, its failure to provide adequate security measures to prevent forgeries of. checks constitutes gross negliger.ce and bars it from setting up the defense of forgery (MWSS v. CA, G.R. No. L62943, 1986) However. the mere fact that a check was removed and stolen in a checkbook without the knowledge and consent of the owner is not negligence {PNB v. Quimpo, G.R. No. L-53194, 1988) If there was no negligence on the part ofthe drawer, the drawee bank bears the risk of loss in· case of a·· forged check (Samsung Construction Co. v. Far East Bank & Trust Co., G.R. No. 129015, 2004) If there is a collecting bank, the collecting bank bears · the loss, because it has the duty to ascertain the genuineness of all prior indorsements (BOO Savings and Mortgage Bank v. Equitable Banking Corp., G.R. No. 749~·7, 1988)

24-Hour Clearing Rule The drawee bank receiving the check for clearing from the Central Bank Clearing House mustreturn the check to the collecting bank withi» the 24-hour period if the check is defective for any reason. Otherwise, the drawee bank. forever loses the right to claim against the presenting I collecting bank if the .check is not returned at the next clearing day or within 24 hours. (Metrobank v. the First National City Bank and CA, G.R. No. L-55079, 1982)

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· BAR OPERATIONS 2019 Rut.es on Forgery: Promissory N~ Bearer Instrument Order Instrument Maker's Signature Forged Maker is not liable because h.e never became a party to the instrument, lndorsers subsequent to forgery are liable because of their warranties.

"

3ame.

lndorsers may be made liable to those persons who obtain title through their indorsernents. . Payee's Signature Forged and payee not Maker is liable.

·-

Maker liable. lndorsers subsequent to forgery are liable because of their warranties.

lndorsers may be made liable to those persons who obtain title through their indorsements. lndorser's Signature Forged Maker, payee and indorser Maker is liable. whose signature was Indorsement is not forged are not liable. necessary to pass title andthe,11akerengagesto pay any bearer of the instrument. lndorsers subsequent to Only the indorser whose forgery are liable because slqnature was forged can . of their warranties. raise the defense of forgery against a HOC.

Rules on Forgery: Bills of Exchange Order Instrument Bearer Instrument Maker's Signature Forged is. Drawer not · liable because he was never a party to the instrument. Drawee-acceptor rs liable, without reco. urse to drawer, if it paid because he admitted the genuiness of the drawer's signature. Drawee also . cannot recover from the collecting bank because there is no privity of contract between the collecting bank and the drawer. The collecting bank does not give any warranty regarding the signature of the drawer.

Same.

Drawee-acceptor rs liable if it paid. It cannot recover from the collecting bank because it is bound to know the drawer's signature since the latter is its depositor. The drawee may recover from the drawer when the latter's negligence is the proximate cause of the loss or contributed thereto.

lndorsers subsequent to lndorsers may be made forgery (such as collecting liable to t.hose persons bank or last endorser) are who obtain title through their indOrsements ... liable. Payee's Signature Forged (his liable Drawer, drawee and payee Drawer not , indorsernent not liable. necessary to pass title). Cut-off rule applies. Drawee is liable (no lndorsers subsequent to privity between drawer payee because forgery (such as collecting and bank) are liable without indorsernent of payee is prejudice to their r;ght to not necessary). proceed against the forger. Payee is not liable. Collecting bank is liable of warranty. because However, it may recover from the person who forged the indorsement and the check on deposited or en cashed the same. lndorser's Signature Forged payee and Drawer is liable even if Drawer, indroser whose signatures special indorsement was forged because were forged are not liable. "' lndorsernent is not necessary to title. Cut-off rule N/A Drawee is liable. . . . Drawee liable if it paid. lndorsers subsequent to lndorser whose signature forgery (such as collec'inq was forged is liable because indorsement is bank) are liable. not necessary.

MATERIAL ALTERATION 1. Concept There is a material alteration if it alters the effect of the instrument. It means an unauthorized change in an instrument that purports to modify in any respect the obligation of a party or an unauthorized addition of words or numbers or other change to an incomplete instrument relating to the obligation of a party. In other words, a material alteration is one which changes the items which are required to be stated under Sec. 1 of th~ NIL. (PNBv. CA, G.R. No. 107507, 1996)

Page 21 of 250

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General . Rule: When materially altered, without the consent of all parties liable, the instrument is avoided.

alteration, assuming that the drawer was itself not guilty of negligence. (~epublicBankvs. CA 196 SCRA 100)

Except as against: 1. The party who has made the alteration 2. The party who authorized or assented to the alteration.

2. Effect of Material Alteration An instrument shall be AVOIDED except as against a party who has himself made, authorized, or assented to the alteration and subsequent indorsers. (NIL, Sec. 124) ·

~xceptions: a. In the hands of a HOC, it may be enforced according to its original tenor. b. With respect to a drawee's liability for a negotiable instrument that has been altered prior to its acceptance, the original tenor is liable. (Areza v. Express Savings Bank, G.R. No. 72764, 201 ·~)

First View: The drawee should be liable for the altered ,, amount. Section 62 of the Negotiable Instruments Law (NIL) should be strictly construed and the drawee should be liable for the amount indicated at the time of his acceptance for he accepts no other instrument than the one presented to him-the altered form- and he alone engages to pay it. This is supported by the practical fact that the drawee has authenticated the instrument in a certain form and the commercial policy that favors the protection of a HOC who changes his position on the faith of that authentication.

Second View: The drawee despite the tenor of his acceptance is liable only to the extent of the bili prior to alteration. This is in consonance with Section 124 of the NIL. Thus, when the drawee pays a materially altered check, it violates the terms ofthe check, as well as its duty to charge its client's account only for bona fide disbursements he had made. If the drawee did not pay according to the original tenor of the instrument, as directed by the drawer, then it has no right to claim reimbursement from the drawer, much less, the right to deduct the· erroneous payment it made from the drawer's account which it was expected to treat with utmost fidelity. The drawee, however, still has recourse to recover its loss, such as passing liability back to other responsible parties (i.e. collectinq bank). Note: Generally, the collecting bank bears the loss when it gt,1arantees a forged indorsement; however, the drawee bank has lost itsrtght of reimbursement from the collecting bank by virtue of the 24-hour house clearing rule if It fa lies. to return the check w/in the said period. Therefore, the collecting bank, is now absolved from liability. The remedy now of the drawee bank would have to go after the person responsible for theIorqery or

_.,, i:.

3. What Constitutes Material Alteration: (OSTNPA Daylight Savings Time Naman Po Ah) Any alteration which changes: a. The Qate; b. The §um payable, either for principal or interest; c. The Iime or place of payment; d. The _Number or the relations of the parties; e. The medium or currency in which fayment is to be made; f. Or which adds a place of payment where. no place of payment is specified, or 8,ny other change or addition which alters the effect of the instrument in any respect, rs a material alteration. (NIL, Sec. 125; Bank of America NT & : SA v. Philippine Racing Club, G.R. No. 150228, 2009) Innocent Alteration Changes on items other than those requirec under Sec. 1 of the NIL, and spoliation, which refers to alterations done by a stranger, will not avoid the instrument but the holder may enforce it only according to its original tenor (PNB v. CA, G.R. No. 107507, 1996) Note: An alteration on the serial number of the check , an item which is not an esserrlal requisite for negotiability, did not change the relations between the parties. (The International Corporate Bank vs Court of Appeals and PNB, G.R. No. 129910, 2006) With Respect To the Obligation of a Drawee Bank to Return a Materially Altered Check Generally, a check may only be returned within the 24·hour clearing rule. As the rule now stands, the 24-hour rule is still in force, that is, any check which should be refused by the drawee bank in accordance with long standinq and accepted banking practices shall be returned through the PCHC/local clear.nq office, as the case may be, not later than the next regular clearing (24-hour). The. modification, however, is that items which have been the subject of material alteration or bearing forged endorsement m,n be returned even beyond 24 hours so long that the same is returned within the prescriptive period fixed by law. The consensus

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BAR OPERATIONS 2019 among lawyers is that the prescriptive period is ten ( 10) years because a check or the endorsement thereon is a written contract. Moreover, the item need not be returned through the clearing house but by direct presentation to the presenting bank. (Areza v. Express Savings Bank, G.R. No. 72764, 2014)

When a BOE may be treated as PN a. b. c.

The drawer and the drawee are one and the same The drawee is a fictitious person The drawee has no capacity to contract. '

CONSIDERATION . Every negotiable instrument is deemed prima facie tc have been issued for a valuable consideration; and every person whose signature appears thereon to have become a party thereto for value. (NIL, Sec. 24) Presumption of Consideration Since the consideration is presumed, it need not be alleged and proved, but since there is only a prime facie presumption it can be rebutted by evidence to the contrary. (Pineda v.. De Le Rama, G.R. No. L-31831, 1983) The evidence must be convincing and not a mere denial of the receipt of the consideration. (Bayani v. People, G.R. No. 154847, 2004) . Valuable Consideration Value is any consideration sufficient to support a simple contract. An antecedent or pre-existing debt constitutes value; and is deemed such whether the instrument is payable on demand or at a future time. (NIL, Sec. 25) It is prestation to support any contract in favor of the party · to an instrument, such as the maker or indorser, and it may consist of giving, doing or not doing. (Civil Code, Art. 1156) Pre-Existing Debt An antecedenUpre-existing debt is a valuable consideration. In other words, the holder can give up his pre-existing debt, or his right to sue thereon for the negotiable instrument. Love and Affection "Love and affection" is not valuable consideration as contemplated in Section 25.

Where value has at any time been given for the instrument, the holder is deemed a holder for value in respect to all parties who became such prior to that time. (NIL, Sec. 26) d) When A Lien Constitutes A Holder For Value WherE:the holder has a lien on the instrument arising either from contract or by implication Of law, he is deemed a holder for value to the extent of his lien. (NIL, Sec. 27) Absence of Consideration v, Failure of Consideration I FAILURE OF ABSENCE OF CONSIDl:RATION CONSIDERATION· No consideration was Consideration was intended but that it failed to intended to pass . pass. There is a total lack of There was sorr,ething consideration for the agreed upon as contract, as consequence consideration between the the alleged contract must two parties, but the agreed fail. upon consideration did not materialize. Effects of Want of Consideration Absence or failure of consideration is matter of defense as against any person not a holder in due course; and partial failure of consideration is a defense pro tento, whether the failure is an ascertained and liquidated amount or otherwise. (NIL, Sec. 28) Effects of Failure or Absence of Consideration: a. The defense of want of consideration is ineffective against a holder in due course. b. A drawee who accepts the bill cannot allege want of consideration against the drawer. Note: • Every negotiable instrument is presumed to have been acquired for value. • He who alleges that there was no consideration has the burden to prove it with convincing evidence. (Yang v. CA, GR No. 138074, 2003) • Since consideration is presumed, tile maker is liable to µay under a negotiable promissory note. (Samson v. CA, GR No. 139983, 2008) • When the presumption has not been overcome, the drawer of the must be ordered to pay its value. (Villaluz v. Court of Appeals, G.R. No. 100571, 1992)

Holder forValue c)

What Constitutes A Holder For Value Page 23 of 250

..

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ATENEO CENTRAL BAR OPERATIONS 2019

AccoMODATiON

COMMERCIAL LAW

PARTY

An accommodation party is one who signs the instrument as maker, drawer, acceptor, or indorser without receiving value for it and for the purpose of lending his name to some other person. (NIL, Sec. 29)

•

Liability of an Accommodation Party Such a person is liable on the instrument to a holder for value, notwithstahding such holder at the time of taking the instrument (NIL, Sec. 29)

•

Even if the accommodated party receives an extension of the period for payment without the consent of the accommodation party, the latter is still liable for the whole obligation, and such extension does not release him because as far as a holder for value is concerned, he is a solidary co-debtor (Ag/ibot v. Santia, G.R. No. 185945, 2012)

•

as an accommodation party. (Bautista v. Auto Plus Traders, lnc., G.R. No.166405, ?.008) To be entitled to recover from an Accommodation Party, the Holder of a negotiable instrument must be a holder in due course except for the notice of want of consideration. (Prudencio v. Court of Appeals, G.R. No. 34539, 1986) A party who signed a promissory note as accommodation maker in favor of the payees, cannot raise the defense that he did not receive any value but is entitled to reimbursement frorn the party accommodated. (Canada v. CA. GR No. 81322, 1990) Where a party indorsed several checks · · as. accommodation endorser, she is liable to the holder.for the payment of the checks. (People v. Maniego, GR. No 30910, 1987)

Accommodation Party v. Regular Party ACCOMODATION

REGULAR PARTY

PARTY The corporation is not liable for its acts as an accommodation party, because ,the issue or indorsement of negotiable paper by 13 corporation without consideration and for the accommodation of another is ultra vires .. One who has taken the instrument with knowledge of the accommodation nature thereof r.annot recover against a corporation where it is only an accommodation party (Crisologo-Jose v. CA, G.R. No. 80.1599, 1989)

Right to Reimbursement The Accommodated Party cannot recover from the Accommodation Party. (PNB v. Maza and Macanas, G.R. No. L-242224, 1925) Want of consideration cannot be interposed by the Accommodation Party. An Accommodation Maker may seek reimbursement from a co-maker ever in the absence of any provision in the NIL; the deficiency ls supplied by the New Civil Code (Art. 1216) (Sadaya v. Sevilla, GR. No. L-17845, 1967) He may do this even without first proceeding against the debtor provided: a. He paid by virtue of judicial demand, and b. Principal debtor is insolvent.

Signs an instrument without receiving value thereof Must always show by parol evidence that he ls only such

Cannot avail of the defense of absence or failure of consideration against a holder not in due course After payinq the holder, may seek reimbursement against the accommodated art (HECTOR

DE

LEON,

INSTRUMENTS LAW,

Signs the instrument value

for

Cannot disclaim or limit his personal liability as appearing on the instrument by parol evidence May avail of said defense against a holder not.in due course

After paying tile holder, may not sue any subsequent party for reimbursement

THE

PHILIPPINE

NE=GOTIABLE

150 (2013))

C. Negotiation An instrument is negotiated when it is transferred from one person to another in such manner as to constitute the transferee the holder thereof. If payable to bearer, it is negotiated by delivery; if payable to order, it is negotiated by the indorsement of the holder completed by delivery. (NIL, Sec. 30)

Note: • 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 Page 24 of 250

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2019

purchases. They were delivered merely as a security or guctrantee therefor and not to constitute Caltex as a holder thereof. were in reality delivered to it as a security for De la Cruz' purchases of its fuel products. Any doubt as to whether the CTDs were delivered as payment for the fuel products or as a security has been dissipated and resolved in favor of the latter by petitioner's own authorized and responsible rnpresentative himself. (Caltex v CA, GR No. 97753, 1992) Negotiation v. Assignment

I

NEGOTIATION Pertains only to negotiable instruments. Transferee takes it free from personal defenses available among parties. Consideration is presumed and need not be alleged and proved. The general indorser is secondarily liable for any cause for which the party primarily liable does not or cannot pay; he warrants the solvency of the person primarily liable.

ASSIGNMENT More comprehensive; pertains to contracts in general. Instrument is subject to defenses obtaining among the original parties. It is necessary to allege and prove consideration to maintain an action on a common law instrument. The assignor in good faith does not warrant the solvency of the debtor unless it has been express Iv stipulated or unless the insolvency was prior to the :assignment and of common knowledge,

A qualified indorser and a person negotiating by mere delivery have limited secondary liability. The indorser is not liable on his indorsement unless there be presentment for payment at maturity and prompt notice of dishonor in case of dishonor.

latter may acquire a better title than that of the transferor. Negotiation By lndorsement If the instrument is payable to order, two steps are needed to effect negotiation: · a. lndorsement by the payee of the present holder b. The delivery to the. next holder. lndorsement How lndorsement Is Made The indorsement must be an ihdorsement of the entire instrument. An indorsement which purports to transfer to the indorsee a part only of the amount payable, or which purports to transfer the instrument to two or more -, indorsees severally, does not Operate as a negotiation of the instrument. But where the instrument has been paid in part, jt may be indorsed as to the residue. (NIL, Sec. 32) Kinds of lndorsement

(NIL, Sec. 33)

Special It specifies the person to whom, or to whose order, the instrument is to be payable. (NIL, Sec. 34) Blank It specifies no indorsee and can be negotiated by mere delivery. (NIL, Sec. 34) I\ blank indorsement can be converted to a special indorsement by writing over the signature of the indorser in blank in any contract which is consistent with the character of the indorsement (NIL, Sec. 35). Conditional The indorser imposes some other condition to his liability, or the indorsee's right to collect the proceeds of the instrument. However', the party liable to pay can disregard the condition and can pay or indorse the instrument even though the condition has not been fulfilted. (NIL, Sec. 39)

MQdes of Negotiation Negotiation !3y Delivery If the instrument is payable. to bearer, then the instrument is negotiated by mere delivery. Any person in possession of an instrument payable to bearer is always the bearer' thereof, even if he has no legal right to it. Consequently, if the instrument is negotiated to a holder in due course, the

Restrictive . An indorsement that: a. Prohibits either the further negotiation of an instrument; or b. Restricts further negotiation to a particular person or for a particular purpose; or · c. Modifies the rights of the holders cir the liabilities of the indorser. (NIL, Sec. 36) However, the absence of words. of negotiability does not make anindorsement restrictive.

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. · . . __... .....-. . -. ... -.. -----------------------------·-----

EffeCfOf Restrictive lridorsemant It confers upon the indorsee three rights: a. To receive payment of the instrument; b. To bring any action thereon that the indorser could bring; c. To transfer his rights as such indorsee, where the form of the lndorsement authorizes him to do so. Furthermore, all subsequent indorsees cannot have rights greater than the restrictive indorsee. (NIL, Sec. 37) Qualified Constitutes indorser as mere assignore of title

Made by adding the words "without recourse" "sans recourse" indorser not holder" "at the indorser's own risk" and other terms c.f similar import. (NIL, Sec. 38)

If there are two or more payees or indorsees who are not partners, all must indorse unless the one indorsing is given authority to indorse for the others. (NIL, Sec. 41) Irregular When a person not otherwise a party to the instrument places his signature in blank before delivery, he is liable as an indorser. subject to the following rules: a. If the instrument is payable to the order of a third person, he is liable to the payee and to all subsequent parties. b. If the instrument is payable to the order. of the maker or drawer, or is payable to bearer, he is liable to all parties subsequent to the maker or drawer. c. If he signs for the accommodation of the payee; he is liable to all parties subsequent to the payee. (NIL, Sec. 64)

Joint

TYPE

OF INOORSEMENT Blank Special Qualified

Qualified (Special for further negotiation) ·.

Condlticnal (Special for further negotiation)

Restrictive ; (prevents further negotiation) Restrictive (endorsee is an agent)

'

Restrictive ' (in trust)

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

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o: Rights

d.

Of The Holder

The holder of a negotiable instrument may sue thereon in his own name; and payment to h.rn in due course discharges the instrument. (NIL, Sec. 51) 1. Rights of a Holder In Due Course A holder in due course holds the instrument free from any defect of title of prior parties, and free from defenses available to prior parties· among themselves, and may enforce payment of the instrument for the full amount thereof against all parties liable thereon. (NIL., Sec. 57)

2. Defenses Personal or Equitable Defenses Those which grow out of the agreement or conduct of a particular person in regard to the instrument which renders it inequitable torhim through legal title to enforce it. It can be set up against holders not HOC. a. Absence or failure of consideration b. Want of delivery of complete instrument c .. Insertion of wrong date where payable at a fixed period after date.and issued undated; or at a fixed period after sight and acceptance is undated d. Filling up the blanks contrary to authority given or not within reasonable time · e. Fraud in inducement J Acquisition of the instrument by force, duress or fear g. Acquisition of the instrument by unlawtul means· h. Acquisition of the instrument for an illegal consideration · i. · Negotiation in breach of faith j. Negotiation under circumstances amounting to fraud k. Mistake · I. Intoxication m. Ultra Vires acts of corporations n. Want of Authority of the agent where he has Apparent Authority o. Illegality of Contract where form or consideration is illegal p. Insanity where there is no notice of Insanity Legal or Real Defenses Those which attach to the instrument itself and can be set up against the whole world, including a HOC. (F2EU ADM2 WIWI) a. forge.ry b. fraud in tectum or in esse contractus c. gxecution of instrument between public enemies

e. f. g. h. i. j. k. I.

YJtra Vires acts ot.a corporation where its charter or by statue, it is prohibited from issuing commercialpaper ,Alteration Quress amounting to forgery Minority Marriage in case of a wife Want of Authority of agent Insanity, where the insane person has a guardian appointed by the court Want of delivery ofincomplete instrument !llegality of contract made by statute

Requisites for a Holder in Due Course ("HDC") A holder in due course is a holder who has taken the instrument under the following conditions: (COGI) a. That it is ~omplete and regular upon its face; b. That he · became the holder of it before it was Qverdue, and without notice that it had been previously dishonored, if such was the fact; c. That he took it in Qood faith and for value; d. That at the time it was negotiated to him he had no notice of any !nfirmity in the instrument or defect in the title of the person negotiating it. (NIL;.Sec. 52) When Subject To Original Defenses In the hands of any holder other than a holder in due course, a negotiable instrument is subject to the same defenses as if it were non-negotiable. But a holder who derives his title through a holder in due course, and who is not himself a party to any fraud or illegality affecting the instrument, has all the rights of such former holder in respect of all parties prior to the latter. (NIL, Sec. 58) Rights of a Holder Not a HDC (SRSR) a. May §.Ue in his own name. . b. May receive payment and if it is in due course, the instrument is discharged .. c. Holds the instrument subject to tile .§.ame defenses as if it were hon-negotiable. d. If he derives his title through a HOC and is not a party to any fraud or illegality thereto, has all the rights of such HOC. Who Is a Holder In Due Course (HDC) Every holder is deemed prims facie to be a holder in due course; but when it is shown that the title of any person who has negotiated the instrument was defective, the burden is on the holder to prove that he or some person under whom he claims acquired tne title as holder in due -, course.

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BAR OPERATIONS 2019 • B1,1t the last-mentioned rule does not apply in favor. of a party who became bound on the instrument prior to the acquisition of such defective title. (NIL, Sec. 59)

•

Acquisition of the transferee or indorsee must be in good faith. Good faith means the lack of knowledge or notice of defect or infirmity.

A payee may be a [HOC]. Hence, the presumption that he is a prima facie [HOC] applies. Said presumption may be rebutted. (Cely )1ang v. CA, G.R. No. 138074, 2003)

A holder is not a HDC where an instrument payable on demand is negotiated at an unreasonable length of. time after its issue. (NIL, Sec. 53)

Presumption of HOC • Every holder is presumed to be a HOC. (NIL, Sec. 59) • The person who questions such has the burden of proving the contrary. If one of the requisites are not present, the holder is not a HDC. • An instrument is considered complete and regular on its face if: a. The omission is immaterial; OR b. The alteration on the instrument was not apparent on its face • An instrument is overdue after the date of maturity. • On the date of maturity, the instrument is not overdue and the holder is a HDC.

One who became a holder without any, some, or all of the requisites under Sec. 52 is not a holder in due course. He holds the instrument subject the same defenses as if it were non-negotiable (Chan Wan v. Tan, G.R. No. L-15380, 1960) . .

REQUIREMENT Must be a holder .Must lake the instrument complete and regular upon its face Must take for value

It is presumed that every party to an instrument acquires the same for a consideration or for value. It devolved upon the party who claims that there is no consideration to · present co.ivinclnq evidence to overthrow the presumption and prove that the checks were in fact issued without valuable consideration. (Cayanan v. North Star International Travel, G.R. No. 172954, 2011)

Summary: Rules and Requirements for Status of HOC BASIC RULES (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 . · Notice exists if an instrurne.nt is so incomplete, bears such visible evidence of forqery or alteration, or is so irregular that a reasonable person would be put on notice from examination of from tacts surrounding the transaction There is value when the consideration given is sufficient lo support a simple contract (NIL, . Sec. 25)

;$ .:

I

Must take in good faith Must take notice that a. Instrument is over due b. Instrument has been dishonored c. Knowledge of infirmity or defect of title of prior parties

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) 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 1. Instruments payable on specified dates are overdue the moment due date for payment (NIL, Sec. 53)

2. Demand instruments are overdue after a reasonable time has lapsed from issue "Reasonable time" is determined by the nature of the instrument, the usage of trade, or business with respect to such instrument, and the facts of the particular case (NIL, Sec. 193) 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, Page 28 of 250

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COMMERCIAL LAW 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 instrument under the ff conditions: a. Thatit is co, nplete and regular upon its face; b. That he became the holder of it before it was overdue, and without notice that it had been previously dishonored, if such was the fact; c. That he took it in good faith and for value; d. That at the time it was negotiated to him he had no · notice of any infirmity in the instrument or defect in the title of the person negotiating it Defective Title Title is defective when: a .. Instrument or signature was obtained by fraud,· duress, force or fear or other unlawful means OR for an illegal consideration; or b. · Instrument is negotiated in breach of faith, or fraudulent circumstances -.

;:·

Title is not defective when at the time it was negotiated to him, he had no notice of: a. Any infirmity in the instrument; or b. Any defect in title of the person negotiating A check with 2 parallel lines in the upper left hand corner means that it could only be deposited and may not be converted to cash. Consequently, such circumstance should put the payee on inquiry and upon him devolves the duty to ascertain the holders' title to the check or the nature of his possession. Failing in this respect, the payee is declared guilty of gross negligence amounting to legal absence of ~;ood faith and as such the consensus of authority is to the effect that the holder of the check is not a• holder in good faith. (State Investment I-louse v. JAG, GR. No. 72764, 19D9) When a collecting bank allowed the depositor to withdraw a check which has not been cleared, it is not a HOC and -. ·• cannot recover from the drawer in case the check is dishonored. (Banco Atlantico v. Auditor General, G.R. No.

33549, 19]8)

~. J.

Note: • Every bolder is presumed to be a HDC. • The payee is presumed to be a holder in due course and the drawer. cannot invoke want of consideration between the drawer and the payee as a defense. (Id.)

LIABILITIES OF PARTIES

1. Maker The maker of a negotiable instrument, by making it, engages that he will pay it according to its tenor, and admits the existence of the payee and his then capacity to indorse. (NIL, Sec. 60) Note: • •

• •

•

A maker's liability is primary and unconditional. One who has signed as such is presumed to have acted with care and to have signed with full knowledge of its contents, unless fraud is proved. The payee's interest is only to see to it that the note is paid according toits terms. When two or more makers sign jointly, each is individually liable for the full amount even if one did not receive the value given. The maker is precluded from setting up the defense that a) the payee is fictional, b) that the payee was insane, a minor or a corporation acting ultra vires.

Note: Fictitious Payee Rule ., As a rule, when the payee is fictitious or not intended to be the true recipient of the proceeds, the negotiable instrument is considered as a bearer instrument. ·, It rs not necessary that the person referred to in the instrument is really non-existent or fictitious to make the instrument payable to bearer. The person to whose order the instrument is made payable may in fact be existing but he is still fictitious or non-existent under Sec. 9(c) of the NIL if the person making it so payable does not intend to pay the specified persons. (PNB v. Rodriguez, G.R. No. 170325, 2008) . In a fictitious-payee situation, the drawee bank is absolved from liability and the drawer bears the loss. One cannot expect a fictitious payee to negotiate the check by placing his indorsement thereon. And since the drawer knew this limitation, he must have intended for tile instrument to be negotiated by mere delivery. However, the drawee bank shall also become liable when it acts dishonestly and when it is a party to the fraud.

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2. Drawer

A drawer is secondarily liable. ay drawing the instrument, the drawer: a. Admits the existence of the payee, b. Admits the capacity of the payee to indorse, c. Engi"!ges that on due presentment, the instrument will be accepted or paid or both according to its tenor. (NIL, Sec. 61) If the instrument is dishonor,ed, and the necessary proceedings on dishonor duly taken: a. The drawer will pay the amount thereof to the holder; AND b. Will pay any subsequent indorser who may be compelled to pay it. (NIL, Sec. 61) A drawer may insert an express stipulation to negative or limit his liability.

Sec. 124. If an instrurr.ent that has been materially altered and is in the hands of a holder in due course, the holder can enforce payment thereof according to its original tenor. ANSWER: The original tenor. (see Areza v. Express Savings Bani:, G.R. No. 72764, 2014) Note: On one hand, $ec. 63 of the N?L provides that a drawee that accepts an instrument engages that he will pay it according to the tender of his acceptance. On the other hand, Sec. 124 of the NIL provides that a material alteration avoids an instrument except as aqainst an assenting party and subsequent indorsers, but a holder in due course may enforce payment according to its original tenor. The Court, in Areza, upheld the .·· view 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 his. acceptance b. Admits the existence of the drawer, the genuinen6ss of his signature and his capacity and authority to draw the instrument c. Admits the existence of the payee and his capacity indorse

When Are Persons Deemed lndorsers Any person who places his signature upon a negotiable instrument who does not appear to be a maker/drawer/acceptor is deemed to be an indorser UNLESS he indicates that he is bound in some other capacity; (NIL, Sec. 63)

Note: The liability of the acceptor is based on the tenor of his acceptance.

Liability of lndorser of a Bearer Instrument Where a person places his indorsement on an instrument 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 124? Sec. 62(a). The acceptor shall be liable based 0>;1 the alteration.

e) Order In Which lndorsers Are Liable Amongst fellow indorsers they are liable, prirna iecie, in the order in which they indorse. However, evidence can be shown that they have another agreement amongst themselves. Joint payees or joint lndorsees who indorse are deemed to indorse jointly and severally. (NIL, Sec. 68)

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BAR OPERATIONS 2019 Liabilities of Maker, Drawer, ar.d Acceptor

.....,._......,.... _ __,,_.__,.,,_.------,-~~~:::.:::...:::..:::.:::.:.::..!...:~..:..:....:.;,.:..;

....:_rss·eeicc..""i6~2[':: ~Ar«:c:c«ce°jltor [Drawee],

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: (a) He will pay the promissory note according to its tenor; (b) He admits the existence of the payee; (c) He admits that the payee has the capacity 'to indorse

(b) He admits the existence of the drawer;

(b) He engages that, on due presentment, the biil will be accepted or paid, or both, according to its tenor;

(c) He admits the s.qnature of the drawer is genuine;

(c) That if it is dishonored by nonacceptance or 'non-payment, he will pay to the holder of the bill or to any

(d) He admits the capacity of the drawer;

subsequent holder who was compelled to pay it,

Upon

(e) He admits the drawer has the . authority to draw the instrument;

Provided: necessary proceedings on dishonor were taken

(f) He admits the existence of the payee and his then capacity to

indorse L._~~~~-~~~~~~-~-~.-~.~~~~~~~~~~--~-1..~~~--~~---

Sec, 64: Irregular Jndorser Where. a person, not otherwise a party · to an instrument, places thereon his signature in blank before delivery, he is liable as indorser, in accordance with the following rules: ; (a) If the instrument is payable to the order of a third person, he .is liable to the payee· and to all subsequent parties.

,...·,

. )

· . .•

(b) If the instrument is payable to the order .pf the maker or drawer, or is payable to bearer, he is liable to all parties subsequent to the maker or drawer. (c) If he signs for the accommodation of the payee, he is liable to all parties . subsequent to the payee.

Liabilities of lndorsers Sec. 65: Negotiation by Delivery, Qualified lndorsements

Sec. 66: General lndorsers

Every person negotiating an instrument by delivery or by a qualified indorsement warrants:

Every indorser who indorses without qualification, · warrants to all subsequent holders in due course:

(a) That the instrument is genuine and in all respects what it purports to be;

(a) The matters and thinqs mentioned in Sec. 65(a-c); and

(b) That he has a good title to it; (c) That all prior parties had capacity to contract; (d) That he has no knowledge of any fact which would impair the validity of the instrument or render it valueless.

1 •

(b) That the instrument is, at the time of his indorsement, valid and subsisting

NOTE: If the Negotiable Instrument is dishonored, a qualified indorser is not liable if he did not violate his warranties

NOTE an agent, if he did not disclose his principal and the fact that he is an agent, is liable under Sec. 65

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Cf.: a general indorser is liable due to Sec. 66(b)

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5. Warranties

•

Warranties Of An Irregular lndorser If the indorser is not otherwise a party to the instrument, and he places his signature in blank before delivery, he is liable as indorser, in accordance with the following rules: a. If the instrument is payable to the order of a third person, he is liable to the payee and to all subsequent parties. b. If the instrument is payable to the order of the maker or drawer, or is payable to bearer, he is liable to all parties subsequent to the maker or drawer. c. If he signs for the accommodation of the payee, he is liable to all parties subsequent to the payee. (NIL, Sec. 64) Warranties When Instrument Is Negotiated By Delivery Every person negotiating an instrument by delivery or by a qualified indorsement warrants: · a. That the instrument is genuine and in all respects what it purports to be; b. That he has a good title to it; c. That all prior parties had capacity to contract; d. That he has no knowledge of any fact which would impair the validity of the instrument or render it valueless. But when the negotintion is by delivery only, the warranty extends in favor of no holder other than the immediate transferee. The provisions of subdivision (c) of this section do not apply to persons negotiating public or corporation securities, other than bills and notes. (NIL, Sec. 65) Note: • A qualified indorser is one who indorses without recourse. • Recourse - Resort to a person secondarily liable after default of person primarily liable. • A qualified indorser cannot raise the defense of: a. Forgery b. Defect of his title or that it is void c. The incapacity of the maker, drawer or previous indorsers ' A qualified indorsement makes the indorser a mere • assignor of title of instrument, and relieves him of the general obligation to pay if the instrument is dishonored. but he is still ;iable for the warranties arising from the instrument only up to the warranties of a general indorser.

• •

The warranty is to the capacity of prior parties at the . time the instrument was negotiated. Subsequent · incapacity does not breach the warranty. Lack of Knowledge of the lndorser as to anyfacttbat would impair the validity or the value of the instrument must be subsisting all throughout. A person Negotiating by Delivery warrants the same as those of qualified indorser and extends to immediate transferees only

Warranties Of A General lndorser Every indorser who indorses without qualification warrants, to all subsequent holders in due course: a. The matters and things mentioned ln subdivisions (a), (b), and (c) of the next preceding section; and. b. That the instrument is at the time of his indorsement valid and subsisting. In addition, he enqaqes that on due presentment: it shall be accepted or paid, or both, as the case may be, according to its tenor, and that if it be dishonored, and the necessary proceedings on dishonor be duly taken. he will pay the amount thereof to the holder. or to any subsequent indorser who may be compelled to pay it (NIL, Sec. 66) · Collecting Bank has No Right of Recourse Against· Payee-Depositor Wher. the payee-depositor deposits. the check to the collecting bank, the latter becomes the agent of the former for the collection of the amount of the cneck.The collecting bank cannot invoke the warranty of the payee-depositor who indorsed the check because said indorsement is only for the collection, which is 3 restrictive endorsement under Sec. 3R of the NIL, unless when negligence is attributed to the payee-depositor. (Far East Bank & Trust Co. v. Gold Pa/lace Jewelry, G.R. No. 168274, 2008) Note: The indorser under Sec. 66 warrants the solvency of a· prior party . The indorser warrants that the instrument is valid and • subsisting regardless of whether he is iqnorant of that fact or not. • Warrantie~ extend in favor of: a. HOC b. Persons who derive theirtitle from HOC c. Immediate transferees even if not HDC The indorser does not warrant the genuineness of the . • drawer's signature. • General indorser IS only secondarily liable .

•

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COMMERCIAL LAW

•

Requisites for Proper Presentment Presentment for payment, to be sufficient, must be made a. b.

c. d.

By the holder, orby some person authorized to receive payment on his behalf; At a reasonable hour on a business day; At a proper place as herein defined; To the person primarily liable on the instrument, or if he is absent or inaccessible, to any person found at the place where the presentment is made. (NIL, Sec. 72)

. If The Instrument Is Payable On Demand · a. Presentment must be made within reasonable time after issue (if a note). b. Presentment must be made within reasonable time after last negotiation (if a bill). 1. Necessity of Presentment for Payment Presentment for Payment Presentment for payment is not necessary in order to charge the person primarily liable on Iha instrument; but if the instrument is, by its terms, payable at a special place, and he is able and willing to pay it there at maturity, such ability and willingness are equivalent to a tender of · payment upon his part. But, except as herein otherwise provided, presentment for payment is necessary in order to charge the drawer and indorsers. (NIL, Sec. 70)

.•

Acts needed in order to charge persons secondarily liable: a. Presentment for payment/acceptance b. Dishonor by non-paymenUnon-acceptance; c. Notice of dishonor to secondary parties. Acts needed to charge persons secondarily liable in other cases: a. Protestfor non-payment by the drawee; b. Protest for non-payment by the acceptor for honor.

2. To Whom Presentment Must Be Made To A Bank Presentment must be made during banking hours, unless the person to make payment has no funds there to meet it at any time during the day, in which case presentment at any hour before the bank is closed on that day is sufficient. The maker of the not shall not be discharged in any way due to presentment after the date of maturity. He shall have the duty to pay even if the holder does not demand at that time. (NIL, Sec. 75) · · To A Personal Representative· If the principal debtor dies, and no place of payment is specified, presentment for payment must be made to his personal representative, if he can be found. (NIL, Sec. 76) To Partners Each partner is an ageht of the partnership and his copartners. Presumption must be had as regards his 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) Page 33 of 250

A TENEO CENTRAL BAR OPERATIONS 2019 a. b. •

When a. b. c. d.

COMMERCIAL LAW

The instrument was made or accepted for his accommodation, and He has no reason to expect that the instrument will be paid if presented. excused under Sec. 82 If after the exercise of due diligence, presentment cannot be made Presentment is waived The drawee is a fictitious person Wher1 the instrument has been dishonored by non-acceptance under Sec. 83

4. Dishonor by Non-Acceptance

When parties to be notified are partners, notice to any one of them is sufficient, even if there was a dissolution. (NIL, Sec. 99) Notice To Persons Joiney Liable However, if joint parties. each party must be given notice, unless one of them has been given authority to receive such notice. (NIL. Sec. 100) Notice To Insolvent Parties If parties are adjudged bankrupt or insolvent, notice may be given to the party or his trustee or his assignee. (NIL, Sec. 101)

or Non-Payment

How Dishqnored !3y NqrN\cceptc1nce: a) The instrument was duly presented but payment is refused or cannot be obtained b) Presentment is excused and the instrument is overdue and unpaid (NIL, Sec. 83) Effect of Dishonor By Non-Payment An immediate right of recourse, to all parties secondarily liable accrues to the holder. (NIL, Sec. 84)

2. Where Notice Can Be Given Notice must be given, in this order: · a. Either to the post-office nearest to his place of residence or to the post-office where he is accustomed to receive his letters; b. If he lives in one place and has his place of business in another, notice rnay be sent to either place; c. If he is sojourning in another place, notice may be sent to the place where he is so sojourning. (NIL, Sec. 108)

NOTICE OF DISHONOR

1. Parties to be Notified Notice of Dishonor - It brings, either verbally or in writing, to the knowledge of the drawer or indorser that the instrument was dishonored by non-acceptance or nonpayment by the drawee/maker. Who .M.!.w· Be Given Notice The drawer and each indorser. The party not notified is discharged from any liability. (NIL, Sec. 89) Who May Be Given Notice To the party himself or to an agent in that behalf. (NIL, Sec. 97) Notice of dishonor is a liability, so the agent must have been authorized to do so. Notice When Party Is Dead Notice must be given to a personal representative, if there is one, and if with reasonable diligence he can be found. If he cannot be found, notice may be sent to the last residence or last place of business of the deceased. (NIL, Sec. 98) Notice To Partners

3; Parties Who May Give Notice of Dishonor. 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 compelled to pay it to the holder, and who . upon taking it. up, would have a right to reimbursementfrom the party.to whom the notice is given. (NIL, Sec. 90} When An A9ent Can Give Notice For Dishonor: If the instrument has been dishonored in the handsof an agent, he can give notice either to his principal or to parties secondarily liable thereon, even without notifying his. principal. 4. Form of Notice The notice may be in writing or merely oral and rnay be given in any terms which sufficiently identify the instrument and indicate that it has been dishonored by nonacceptance or non-payment. It may in all cases be given by delivering it personally or through the mails. (NIL, Sec. 96) When Notice Is Sufficient A written notice need not be signed and an insufficient written notice may be supplemented and validated by 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. 5. Effect of Notice of Dishonor General rule: Any drawer or indorser to whom such notice is not given is discharged. b. Exceptions: · a. Waiver (Sec. 109)' b. Notice is dispensed with (Sec. 112) c. Not necessary to Drawer (Sec. 114) d. Not necessary to indorser (Sec. 115)

c.

7. Effect a.

Waiver Notice of dishonor may be waived, either before the time of giving notice has arrived or after the omission to give due notice. and the waiver may be express or implied. (NIL, Sec .. 109) Note: • Protest may be waived. It is also deemed a waiver of presentment and notice of dishonor. (NIL., Sec. 111) • Where notice is waived, presentment is not waived. • Where presentment is waived, notice is also waived. • Where protest is waived, notice and presentment is waived. Parties Affected by the Waiver Where th.e waiver is embodied in the instrument itself, it is binding upon all parties; but, where it is written above the signature of an indorser, it binds him only. (NIL, Sec. 110)

Drawee is a fictitious person or a person not having capacity to contract, AND the indorserwas aware of the fact at the time he indorsed the instrument; lndorser is the person to whom the instrument is presented for payment; Instrument was made or accepted for his accommodation. (NIL, Sec. 115)

b. '-

or

Failure To Give Notice Omission to give notice of dishonor by nonacceptance does not prejudice a HOC. (NIL, Sec. 117) Protest only necessary for a foreign bill of exchange. Protest for Other negotiable instruments is optional. (NIL, Sec. 118)

Note:·, . • A drawee bank is liable for damages · to a drawer whose checks were dishonored for lack of funds because it did not give hirn notice that the check he deposited in his account was dishonored. (Associated Bank v. fan, G.R. No. 156940, 2004) • Where two checks which were dishonored because the drawer withdrew the. funds from the bank, the holder can hold the drawer liable even if no notice of dishonor was given to the drawer, since the drawer had no right to expect that the drawee bank would 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 does not.reach the parties sought to be charged. (NIL, Sec. 112) . .

1. Causes of Discharge of Instrument A negotiable instrument is discharged:

When Notice Need Not Be Given To the Drawer

a. b.

Notice of dishonor is not required to be given to the drawer in either of the following cases: · a. Drawer and drawee are the same person; b. Drawee· is a fictitious person or a person not having capacity to contract; c. Drawer is the person to whom the instrument is presented for payment; d. Drawer has no ;·ight to expect or require that the drawee or acceptor will honor the instrument; e. Drawer has countermanded payment. (NIL, Sec. 114) . . .

c. d. e.

By payment in due course by or on behalf of the principal debtor; By payment . in due course by the party accommodated, where the instrument is made or accepted for accommodation; By the intentional cancellation thereof by the holder; By any other act which will discharge a simple contract for the payment of money; When the principal debtor becomes the holder of the instrument at or after maturity in his own right. (NIL, Sec. 119) :;

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. Page 35 of 250

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•

b. c. d.

If payment is not made by the principal debtor, payment only cancels the liability of the payor and those obligated after him, but it does not discharge the instrument. Payment by an accommodation party does not discharge the instrument.

Note: " If renounced in favor of a party secondarily liable, only he is exonerated from liability and all · parties subsequent to him. • Discharge by novation is allowed. • Mere expression of intent to discharge the instrument is not enough.

2. Discharge of Parties Secondarily Liable A person secondarily liable on the instrument is discharged: a. By any act which discharges the instrument; b. By the intentions] cancellation of his signature by the holder; c. By the discharge ota prior party; d. By a valid tender of payment made by a prior party; e. By a release of the principal debtor, unless the holder's right of recourse against the party secondarily liable is expresslyreserved; f. By any agreement binding upon the holder to extend the time of payment, or to postpone the holder's right to enforce the instrument, unless made with the assent of the party secondarily liable, or unless the right of recourse against such party is expressly reserved. (NIL, Sec. 120)

ACCEPT ANGE Acceptance The signification by the drawee of his assentto theorder of the drawer. It is an act by which a person on whom the BOE is drawn assents to the request ofthe drawer to pay it.

1. Requisites of an Actual Acceptance a. b. c.

3. Rights of a Party Secondarily Liable Who Alr,1ady Performed His Obligation to Pay: · a. The instrument is not discharged b. .The party is remitted to his former rights as to all prior parties c. The party may strike out his own and all subsequent indorsements d. The party may negotiate the instrument agairi l:xceptions: a. An instrument cannot be renegotiated where it is payable to order of a 3rd person AND has been paid by the drawer b. Instrument cannot be renegotiated where it was made or accepted for accommodation AND it has been paid by the party accommodated. (Sec. 121)

4. Renunciation by Holder Renunciation, Defined It is the act of surrendering the right or claim with or without recompense .. Renunciation by a holder shall apply only to renunciation by a unilateral act of the holder, and can be released without compensation. When Renunciation Instrument

by a Holder Discharges an

Made in favor of a person primarily liable Made at or after maturity of the instrument In writing or the instrument is delivered up to the person primarily liable.

-,

d.

ln writing Signed by the drawee Must not express that the drawee will perform his promise by any other means than payment of money Communicated or delivered to the holder

2. Manner of Acceptance a. b. c. d.

Actual Constructive General Qualified

3. Time for Acceptance 24 Hour Ruh~ The drawee has 24 hours after presentment for acceptance within which to act upon the bill, the acceptance shall be dated as of the day o~ presentation or the date when he first saw the bill.

4. Rules Governing Acceptance a)

Rights Of A Holder a. Require that acceptance be written on the bill and if refused. treat it as if dishonoured (NIL, Sec. 133) Refuse to accept a qualified acceptance and may treat it as dishonored (NIL, Sec. 142)

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BAR OPERATIONS 2019 Constructive Acceptance Where a drawee to whom a bill is delivered for acceptance destroys the same, or refuses within twenty-four hours after such delivery, or within such orher period as the holder may allow, to return the bill accepted or nonaccepted to the holder, he will be deemed to have accepted the same. (NIL, Sec. 137)

b. c.

maturity of the instrument; or Where the bill expressly stipulates that it shall be presented for acceptance: .or Where the bill is drawn payable elsewhere than at the residence or place of business of the drawee.

5; 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)

a.:

1. Time of Presentment

b. c.

If necessary to fix the maturity of the bill If it is expressly stipulated that it shall be presented for acceptance . If the bill is drawn payable elsewhere than the residence or place of business of tr.e drawee.

Summary on Presentment for Acceptance of BOE: a. To make the drawee primarily liable and for the accrual of secondary liability. (NIL, Sec. 144) b. · Necessary to fix maturity date, where bill expressly 'stipulates presentment, bill payable other than place of drawee. (NIL, Sec. 143) c. When presentment is excused: i. Drawee is dead, hides, isfictitious, incapacitated .. person, ii. After due diligence presentment cannot be made, iii. Presentment is refused on another ground although presentment is irregular (NIL, Sec. 148)

Days Presentment May Be Made A bill may be presented for acceptance on any day on which negotiable instruments may be presented for payment under the provisions of Sections 72 and 85 of this Act. When Saturday is not otherwise a holiday, presentment for acceptance may be made before twelve o'clock noon on that day. (NIL, Sec. 146) Presentment in Case Time Is Insufficient Where the holder of a bill drawn payable elsewhere than at the place of business the residence of the drawee has no time, with the exercise of reasonable diligence, to present the bill for acceptance before presentinq it for payment on the day that it falls due, the delay caused by presenting the bill for acceptance before presenting it for payment is excused and does not discharge the drawers and indorsers. (NIL, Sec. 147)

o;

2. Place of Presentment 6. Protest, Defined. A formal declaration, drawn and signed by a notary, that he has presented the instrument for acceptance for payment and that acceptance or payment is refused.

7. When Protest Is Necessary a. b.

If a foreign bill has been clishonored by nonacceptance lta foreign bill has been dishonored by non-payment (NIL, Sec: 152)

PRESENTMENT FOR ACCEPTANCE Presentment The production/exhibltion of a bill of exchange to the drawee for his acceptance or payment. Presentment for acceptance must be made: a. Where the bill is payable after sight, or in any other case, where presentment for acceptance is necessary in order to fix the

Presentment for acceptance must be made: • Where the bill is payable after sight, or in any other case, where presentment for acceptance is necessary in order to fix the maturity of the instrument; or • Where the bill expressly stipulates that it shall be presented for acceptance; or • Where the bill is drawn payable elsewhere than at the residence or place of business of the drawee. In no other case is presentment for acceptance necessary in order to render any party to the bill liable. (NIL, Sec. 143) 3. Manner of Presentment Presentment for acceptance must be made by or on behalf of the holder at a reasonable hour, on a business day and before the bill is overdue, to the drawee or some person authorized to accept or refuse acceptance on his behalf;· and -, a. Where a bill is addressed to two or more drawees

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BAR OPERATIONS 2019 · who are not partners, presentment must be made to them all unless one has authority to accept or refuse acceptance for all, in which case presentment may be made to him only; b. Where the drawee is dead, presentment may be made to his personal representative; c. Where the drawee has been adjudged a bankrupt or an insolvent or has made an assignment for the benefit of creditors, presentment may be made to him or to his trustee or assignee. (NIL, Sec. 145)

,.

Note: • A PN payable to the maker's order is not complete until it is indorsed by him. • However, absence of any such indorsement does not bar recovery on the debt for which the instrument was given by the maker. · E.Checks Check · 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 presented for acceptance must either present it for acceptance or negotiate it within a reasonable time. If he fails to do so, the drawer and all indorsers are discharged. (NIL, Sec. 144) Exception: Presentment for acceptance is excused and a bill may be treatecf as dishonored by non-acceptance in either of the following cases: a. Where the drawee is dead, or has absconded, or is a fictitious person or a person not having capacity to contract by bill. b. Where, after the exercise of reasonable diligence, presentment cannot be made. c. Where, although presentment has been irregular, acceptance has been refused on some other ground.

Manager's Check One drawn by the bank's· manager upon the bank itself; and it is slrnilar to a cashier's check both as. to effect and use. (Int'/ Corporate Bank v. Gueco, G.R. No. 141968, 2001) Note: • · A manager's check is regarded to be as good as the money it represents. . • When a bank fails to exercise the diligence required, it must be held liable for such loss. However, it may pursue an action against the person responsible or who may have been unjustly benefited. (BPI Family Savings Bank v. Manikan, G.R. No. 148789, 2003) •

General rule: a manager's check is noflegal tender. Exception: Payment may be accepted as valid if no prompt objection is made. (Pabugias v. Sehijwenl, G.R. No. 156846, 2004)

5. Dishonor by Non-Acceptanre A bill is dishonored by non-acceptance: a.

b.

When it is duly presented for acceptance and such an acceptance as is prescribed by this Act is refused or c;annot be obtained; or When presentmer.t for acceptance is excused and the bill is not accepted. (NIL, Sec. 149)

PROMISSORY NOTES Promissory Note An unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand, or at a fixed or determinable future time, a sum certain in money to order or to bearer. Where the note is drawn to the maker's own order, it is not complete until indorsed by him. (NIL, Sec. 1 D4)

Crossed Check Though the NIL is silent as to crossed checks, courts can take judicial cognizance of the practice that. a check crossed with two parallel lines in the upper left hand corner means that it can only be deposited and not converted to· cash. The effects of a crossed check thus relate to the mode of payment - meaning that the drawer intends it to be only for deposit by the rightful person, the named payee. A check is crossed specially when the name of a particular banker or company is written between parallel lines drawn transversally on the face of the check.

Page 38 of 250

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ATENEO CENTRAL COMMERCIAL LAW

BAR OPERATIONS 2019 A· check is crossed generally when the words "and company" or nothing is written between the parallel lines. (Gov. Metrobank, G.R. No. 168842, 2010) Jurisprudence provides the following effects of crossing a check: a. The check may not be encashed but only deposited in the bank b. The check may· be neqot.ated only once - to one who has an account with a bank c. The act of crossing the check serves as warning to the holder that the check has been issued for a definite purpose so that he must inquire if he has received the check pursuant to that purpose, otherwise, he is not a holder in due course (Bataan Cigar v. CA, G.R. No. 93048, 1994) . Note: • A holder of crossed-checks is obliged to inquire as to . the purpose for which the checks were issued. (Bataan Cigar v. CA, G.R. No. 93048, 1994) • · The law does not require the payee to be interested in the obligation in consideration for which the check was issued. The cause or reason of issuance is inconsequential (in connection with BP 22) in determining criminal liability. (Ngo v. People, G.R. No. 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)

b. c.

2. Presentment for Payment A check must be presented for payment within a reasonable time after its issue or the drawer will be discharged from liability thereon to the extent of the loss caused by the delay. (NIL, Sec. 186) Innumerable decisions have already been rendered in the . state courts of the United States to the effect that although the drawer of a check is dlscharqed only to the extent of loss caused by unreasonable delay in presentment, an indorser is wholly discharged thereby irrespective of any question of loss or injury. (Philippine National Bank v. Seeto, G.R. No. L-4388, 1952) When a Check Operates as an Assignment of Fund A check of itself does hot operate as an assignment of any part of the funds to the credit of the drawer with the bank, and the bank is not liable to the holder unlessand until it accepts or certifies the check. (NIL, Sec. 189) ----,

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

···, ...!-·'

It operates as an assignment of the funds of the drawer in the hands of the drawee bank; , If obtained by the holder, it discharges the persons secondarily liable.

end of topic----

ATENEO CENTRAL BAR OPERATIONS 2019

I

COMMERCIAL LAW A. Basic CONCEPTS·

. !JttNSURANCE CODE

n;?elRQYTLl!!i~

µNoER THE svt.LAsus

Ill. INSURANCE CODE A. ,Basic concepts 1. What may be insured 2. Insurable interest 3. Double insurance and Over insurance 4. Reinsurance 5. No fault, suicide, and incontestability clauses B. Perfection of the insurance contract C. Rights and obligations of parties 1. Insurer 2. Insured 3. Beneficiary D. Resclsston of insurance contracts 1. Concealment 2. Misrepresentation or omissions 3. Breach of warranties E. Loss

Governing Laws 1. P.O. No. 612, as amended by R.A. No. 10607 (hereinafter Insurance Code); 2. Special Laws, such as R.A. No. 1161 (Social Security Act) 3. Civil Code, for matters not expressly provided for in #1 and #2 Contract of Insurance 1. An agreement; 2. Whereby one undertakes for a consideration; . 3. To indemnify another against lossdamaqe.ot liability 4. Arising from an unknown or contingent event.' (Insurance Code, Sec. 2[a]). 1. What may be insured? Any contingent or unknown event, whether past or future, which may damnify a person having an insurable interest, 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]).

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$uretyship is an agreement whereby a party called the "surety" guarantees the performance by another party called the "principal obligor" of an obligation or undertaking in favor of a third party called the "obliqee." It includes official recognizances, stipulations, bonds or undertakings issued by. any company by virtue of and under the provisions of Act No. 536, as amended by Act No. 2206. (Insurance Code, Sec. 177)

SUBJECT MATTER Risks or Perils That May be insured -,a. Any contingent or unknown event, whether past or future, which may damnify ( cause damage to) a person having an insurable interest; or b. Any contingent or unknown event, whether past or future, which may create a liability against the person

insured (Insurance Code, Sec. 3) Doinq or Transacting an Insurance Business 1. Making or proposing to make, as insurer any insurance contract; Making, or proposing to make, as surety, any contract of suretyship as a vocation and not as merely incidental to any other legitimate business or activity of the surety; 2. Doing any kind of business including a reinsurance business, specifically recognized as constituting the . doing of an insurance business within the meaning of this Code; 3. Doing or proposing to do any business in substance equivalent to .any of the foregoing in a manner designed to evade the provisions of this Code. (Insurance Code, Sec. 2[b]) Consideration Required in Insurance General Rule: An insurance business consists in undertaking. for a consideration, to indemnify another against loss. damage or liability arising from an unknown or contingent event. Exception: Those not formally designated as insurance businesses but are deemed "doing or transacting an insurance business" The fact that no profit is derived from the making of insurance contracts, clgreements or transactions or that no separate or direct consideration is received therefor, shall 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])

Past Events - Marine Insurance A past event which may be insured against is peculiar to Marine Insurance. A person insured by a contract of marine insurance is presumed to have knowledge, at the time of insuring, of a prior loss, if. the information might possibly have reached him in the usual mode of transmission and at the usual rate of communication. (Insurance Code, Sec. 111) Contingent Liability Example: Reinsurance Note: Sec. 3 does not authorize an insurance for or against the drawing of any lottery, or for or against any chance or ticket in a lottery drawing a prize. (Insurance Code, Sec. 4) Elements of a Lottery a. Consideration; b. Prizes; and c. Chance There is no lottery where a company, to promote the sale of certain products, resorts to a scheme which envisions the giving away for free cjf certain prizes for the purchase of said products, for the participants are not required to pay

more than the usual price of the products. Here, prizes can be obtained without any additional consideration (Phil. Refining Co v. Palomar, G.R. No; L-29062, 1987)

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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c.

COMMERCIAL

express '.powers or for the pursuit of its purposes as. provided in the Charter: Examples are powers related to the same line of business, (e.g. stevedoring services to unload coal to its pier tor corporations supplying electric power) Incidental/inherent powers -Those that are deemed to be within the capacity of corporate entities. These "necessarily flow" from the business and attach at the moment of creation without regard to express powers or primary purpose.

General Express Powers under the Corporation

Code

(Sec;. 36) a. b. c. d. e.

f.

g.

h. i.

j.

k.

§ue and be sued in its corporate name; §uccession; Adopt and use a corporate seal; Amend 8rticles of Incorporation Adopt, amend or repeal !;ht-laws; Fer stock corporations - Issue stocks to subscribers and to sell treasury stocks; for non-stock corporations - admit members; furchase, receive, take, or grant, hold, convey, sell, lease, pledqo, mortgage and otherwise deal with real and personal property, pursuant to its lawful business; Enter into Merger or consolidation; Reasonable Q.onations for public welfare, hospital, charitable, cultural, scientific, ci-vil or similar purposes (Prohibited: for partisan political activity); Establish pension, retirement and other plans for the benefit of directors, trustees, officers and employees; and Qther powers essential or necessary to carry out its purposes.

2. Specific Powers: Theory of Specific Capacity a. Power to Extend or Shorten corporate term There should be a written notice of stockholders/members meeting stating: • Proposed action and time and place of meeting • Addressed to each stockholder/ member • Deposited to the addressee in post office, with postage prepaid or served personally Vote needed: • Board majority (in board meeting) • Ratified by 2/3 of OCS or members in a meeting mere written assent is not enough (Sec. 37) Appraisal rights available to dissenting stockholders • In case of extension of term - right of appraisal exists

•

b.

LAW

In shortening of term .; right of appraisal recognized in Sec 81 ( 1) - amendment of Articles to shorten or extend corporate term

Power to Increase or Decrease Capital Stock or Incur, Create, Increase Bonded Indebtedness (Sec. · 38)

Power to inc:rease or decrease capital stock - provided the 25-25 rule is complied with, as approved by the SEC There shall be no increase or decrease of capital stock unless: -, • Approved by majority of the board • Approved by at least 2/3 of OCS in arneetinq • With notice of the proposal and meeting given to stockholders • With prior approval of the SEC • Accompanied by a sworn statement of . the treasurer showing that the 25-25 rule has been complied with No decrease of capital stock shall be approved by the.SECif it will prejudice the rights of corporate creditors · From and after the approval by the SEC and the issuance of its certificate of filing, capital stock shall stand increased or decreased as the certificate may declare Incur, create, or increase bonded indebtedness -There should be no incurring, creating or increasing any bonded indebtedness unless : • Approved by majority of the board • Approved by at least 2/3 of OCS/mernbers in a meeting • With notice of the proposal and meeting given to stockholders· • With prior approval of the SEC c. Power to Deny Pre-Emptive Rights As a general rule, stockholders have the pre-emptive right to subscribe to all issues or disposition of shares of any class in proportion to their shareholdings unless: . • Denied by the Articles of Incorporation or amendment thereto; • Shares are issued in compliance With laws requiring minimum stock ownership by the public • Shares issued in good faith in exchanqe for property for corporate purposes approved by 2/3 of the OCS • Shares in paymentof previously contracted debts approved by 2/3 of OCS (Sec. 39)

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This needs approval of: 1. Board of Directors of both managing and managed corporation 2. Majority of outstanding shares or members of both managed and managing. corporation 3. But 2/3 vote of outstanding stock/members of managed corporation necessary in the ff: · Where stockholders of both managing and managed , corporation (the common stockholders) own or control more than 1/3 or the outstanding stock of managing corporation Where majority of directors in both corporations are the same i.

Ultra Vires Acts

i. Applicability of Ultra Vires Doctrine An act not within the express or implied, and incidental powers of the corporation. Types of Ultra Vires Cases a. First type: Acts done beyond the powers of the corporation as provided for in the law or its articles of incorporation (Sec. 45) b. Second type: Acts or contracts entered into in behalf of the corporation by persons without corporate authority, even tho1Jgh the contract is within the powers of the corporation (Manila Metal Container Corp. v. PNB, G.R. No. 166862, 2006) and c. Third type: Acts or contracts, which are per se illegal as being contrary to law.

....... to their the express powers and reasonably necessary exercise. If so, the corporation has the power to do it; otherwise. not. (University of Mindanao, Inc. v. Bangko Sentral ng Pilipines, G.R. 194964-65, .2016)

Doctrine of Ratification The corporation may ratify the unauthorized acts of its corporate officer. The substance · of the doctrine is confirmation after conduct, amounting to a substitute.for a prior authority. Ratification can be. made either expressly or impliedly like silence or acquiescence and acceptance of benefits (Yasuma v .. Heirs of Cecilio De Villa G.R. No. 150350, 2006). But illegal acts cannot be ratified. Doctrine of Individuality of Subscription On the creation of a corporation, the individuality of the corporators or members is merged in the corporate body and the corporation becomes in law a legal entity or artificial person entirely distinct from its members and its officers, and the property or rights acquired, or the liabilities incurred by it are regarded as its. property, rights, and liabilities as such distinct legal entity (Jose C. Campos, Jr., et al., Survey of Mercantile Law, 30 Phil. L. J. :?55; 264 [1954]). Equality of Shares · • . Under the doctrine of equality of shares - all stocks issued by the corporation are presumed equal with the same privileges and liabilities, provided that the Articles of Incorporation is silent on such diff&rences (CIR vs. CA (G.R. No. 108576. 1999) citing Sec. 5 par 1, last sentence of Act 1459 (Old Corporation Law) now Sec. 6 of the Corporation Code requires that the distinguishing features . be stated also ln the Certificate of Stock)

ii. Consequences of Ultra Vires Acts . • Executed contract - Courts will not set aside or interfere with such contracts; • Executory contracts - No enforcement even at the suit of either party (void and -mentorceable): • Partly executed and partly executory - Principle against unjust enrichment shall apply.

Those Who May Exercise the Powers of the Corporation General Rule: The Board of Directors ALONE exercises the powers of the corporation.

Ultra vires test: It is a question, therefore, in each case, of the logical relation otthe act to the corporate purpose expressed in the charter If that act is one which is lawful in itself, and not otherwise prohibited, is done for the purpose of serving corporate ends, and is reasonably tributary to the promotion of those ends, in a substantial, and not in a remote and fanciful, sense, it may fairly be considered within charter powers. The test to be applied is whether the act in question is in direct and immediate furtherance of the corporation's business, fairly incident to

are delegated by majority of the board to an executive· committee: Corporate officers (e.g. the President) via authority from (1) law. (2) corporate by-laws; .and (3) authorization from the board, either expressly or impliedly by habit, custom or acquiescence in the general course of business; A corporate agent in transactions with third persons to the extent of the authority to do so has been conferred upon him;

Exceptions: Other persons or groups within the corporation may do so similarly: a. If (1) there is a management contract and (2) powers

b.

c.

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ATENEO Cl::.NTRAL BAR OPERAT:ONS 2019

d,

COMMERCIAL LAW

Power to Sell, Dispose, Lease, Encumber All or Substantially All of Corporate Assets (Sec. 40)

•

Needs vote of: • 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 the implied powers of the sugar central as part of its primary purpose (De La Rama v.. Ma-ao Sugar Central, G.R. No. L·17504, 1969)

Written notice of stockholder/member meeting proposing · said action needed for "sale of all or substantially all of the corporate property and asset" - one where the corporation is rendered incapable of accomplishing its corporate purpose.

g. Power to Declare Dividends Only Board action is needed (except stock dividends where stockholder action is needed) • Cash dividends due on delinquent stock should first be applied to unpaid balance plus cost and expenses • Stock dividends shall be withheld from delinquent stockholders until the unpaid subscription is fully paid • Stock dividends need 2/3 vote of the OCS • Dividends are payable out ofunrestricted retained earnings .· • Stock corporations cannot retain surplus profits more than 100% of paid-in capital stock unless: Needed for corporate expansion projects approved by the board Or prohibited by loan agreement which prohibits declaration of dividends without financial institution's consent Or needed under special circumstances (Sec. 43) • Unless otherwise provided in the articles of incorporation, distribution of dividends is done on a pro rata basis.

Dissenting stockholders have appraisal right. After authorization or approval by the stockholders/members, the Board may however, abandon proposed action without prior authorization/approval of stockholders/members, subject to rights of 3'd parties However, st:ockholc!ers'/members' authorization not needed if • Disposition of property and assets is necessary in the usual and regular course of business • Or if the proceeds of sale or . disposition is appropriated for the conduct of the remaining business (Sec. 40)

·.

· e. Power to Acquire Own Shares Allowed for a legitimate corporate purpose including but not limited to the following: • To eliminat€ fractional shares arising out of stock dividends; • To collect or compromise an indebtedness to the corporation, arising out of unpaid subscription, in a delinquency sale, and to purchase delinquent shares sold during said sale; · • To pay dissenting or withdrawing stockholders entitled to payment for their shares under the provisions of the Corporation Code.

h. Power to Enter Into Management Contract Where one corporation undertakes to manage all or substantially all of the business of another corporation, 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) f.

corporations is reasonably necessary to accomplish primary purpose Written notice of proposed investment and time and place of meeting sent to stockholders Dissenting stockholders have appraisal rights

General Rule: Contract may not exceed 5yrs per term

Power to Invest Corporate .Funds in another Corporation or For Non-Primary Purpose (Sec. 42)

Exception: Contracts relating to exploration, development, exploitation or utilization of natural resources, where pertinent laws or regulations will govern

Needs vote of: • Board majority in meeting • 2/3 of OCS or members - Stockholders/members' approval not needed if investment in stock of other

A management contract is not an agency contract, and therefore is not revocable at will (Nielson v, Lepanto, G.R. No. L-21601, 1968)

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BAR OPERATIONS 2019

Corporate Officer vs · Other Positions CORPORATE OFFICERS Agents of the corporation More important employees exercising greater authority power in the or of management the business Specific duties are imposed by express provision of law Created by the Corporation Code or the Sy-Laws

OTHER POSITIONS Agents of the corporation May also exercise authority but scope of authority and duties are limited by virtue of the delegation Created by virtue of "enabling powers" given to officers in the By-Laws

Elected and removed by the . The · electing/removing directors or · · the , body need not follow the stockholders . requirements in the Corporation Code Commercial RTC-Special NLRC has jurisdiction Court has jurisdiction over over termination disputes termination disputes An "office" is createcl by the charter of the corporation and the officer is elected by the directors or stockholders (2 . Fletcher Cyc. Corp. Ch. II, Sec. 266). On the other hand, an "employee" usually occupies no office and generally is employed not by action of the directors or stockholders but by the managing officer of the corporation who Riso determines the compensation to be paid to such employee (Tabang v. NLRC, G.R. No. 121143, 1997). The president, vice-president, secretary and treasurer are commonly regarded as the principal or executive officers of a corporation, and modern corporation statutes usually designate them as the officers of the corporation. However, other offices are sometimes created by the charter or bylaws of a corporation, or the board of. directors may be empowered under the by-laws of a corporation to create additional offices as may be necessary (Tabang v. NLRC, G.R. No. 121143, 1997). When the by-laws of the condominium corporation specifically includes the position · of "Superintendent/Administrator" in is roster of corporate officers, then such position is clearly a corporate officer ,. position and issues of reinstatement would be within the jurisdiction of the SEC [now with the RTC] and not the NLRC (Ongkingr:o v. NLRC, G.R. No. 119877, 1997). When the by-laws provide that one of the powers of the Board of Trustees is "[t]o appoint a Medical Director.

Comptroller/Administrator, Chiefs of Services and such other officers as it may deem necessary and prescribe their po"".~rs and duties," then such specifically desiqnated positions should be considered "corporate officers" position. The determination of the rights and the concomitant liability arising from any ouster from such positions, would be intra-corporate controversy subject to the jurisdiction of the SEC (now RTC) (Tal>ang v. NLRC, G.R. No. 121143, 1997). A corporate officer's dismissal is always a corporate act, or an intra-corporate controversy, and the nature is not altered by the reason 'X wisdom with which the Board of Directors may have in taking such action. The President, Treasurer arid Secretary are considered corporate officers because all corporations are required by law to have such positions. . The creation of a position under the corporation's charter or by-laws, and that the election is by the directors or stockholders must concur in order for an individual to be considered a corporate officer, as against an ordinary employee or officer. It is only when officer claiming to have been illegally dismissed is classified as corporate officer that the issue is deemed an intra-corporate dispute which falls within the jurisdiction of the trial courts. (Wesleyan University v. Maglaya, Sr., G.R. No. 212774, 2016) Liability of the Officer General rule: Corporate officers are not personally Hable for their official acts unless it is shown that they have exceeded their authority. ARB Constructions Co., Inc; V. Court of Appeals, G.R, No. 126554, 2000) Exception: Personal liability of a corporate director, trustee or officer along (although not necessarily) with the corporation may validly attach, as a rule, only when: a. He assents to a patently unlawful act of the corporation b. Guilty of bad faith or gross negligence in directing its affairs c. for conflict of interest resulting in damages to the corporation, its stockholders or other persons d. He consents to the issuance of watered stocks or who, having knowledge thereof, does not forthwith file with the corporate secretary his written objection thereto e. He aqrees to hold himself personally and solidarily liable with the corporation; or f. He is made, by a specific provision of law, to personally answer for his corporate action (Atrium Management Corporation vs. Court of Appeals, G.R. No. 1p9491, 2001).

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ATENEO CE;NTRAL BAR OPERATIONS 2019· d,

Those with apparent apparent authority),

COMMERCIAL LAW authority

(doctrine

of

Theories on Source of Board Power a. Directly-Vested I Original Power Pursuant to Section 23, the source of power of the Board of Directors is primarily and directly-vested by law; it is not a delegated power from the stockholders or members of the corporation b. Oelegated Powers from Stockholders . The Board of Directors is a creation of the stockholders and controls and directs the affairs of the corporation by delegation of the stockholders. By drawing lo themselves the powers of the corporation, they occupy positions of trusteeship in relation to the stockholders. Doctrine of Apparent Authority If a corporation knowingly permits one of its officers, or any other agent, to act within the scope of an apparent authority, it holds him out to the public possessing the power to so do those acts; and thus, the corporation will, as, against anyone who has in good faith dealt with it through such agent, be estopped from denying the agent's . authority. (Francisco v, GS/S, GR No. L-18287, 1963) Apparent authority may be ascertained through: a. The general manner in which the corporation holds out an officer or agent as having the power to act or, in other words, the apparent authority to act in general, with which it clothes him; or b. The acquiescence in his acts of a particular nature, with actual or constructive knowledge thereof, whether within or beyond the scope of his ordinary powers. If a. private corporation intentionally or negligently clothes its officers or agents with apparent power to perform acts for it, the corporation will be estopped to deny that the apparent authority is real as to innocent third persons dealing in good faith with such officers or agents. Note: It requires presentation of evidence of similar acts executed either in its favor or in favor of other parties. It is not the quantity of similar acts which establishes apparent authority, but the vesting of a corporate oficer with the power to bind the corporation (People's Aircargo and wsretiousirx; .Co., Inc. v. CA., GR. No. 117847, 1998), ·

has been ratified. If it acquiesces, with knowledge of the facts, or fails to disaffirm, ratification will be implied or else it will be estopped to deny ratification (Premiere Development Bank vs. CA, G.R. No. 159352, 2004). Efren was Bonanza's General Property Manager while Miguel was the President. Bonanza leased the lot to Efren but eventually notified the latter about the rescission of lease. Using the Doctrine of Apparent Authority, Bonanza was estopped from denying the existence and enforceability of Lease Contract after it effectively ratified the lease by accepting proceeds throughout several years . Also, while it is true that the doctrine cannot be invoked by one who is not a third party, an officer of a corporation can actually be a third person in contract with the corporation. (Quesada, et al. v. Bonanza Restaurants, lnc., G.R No. 207500, 2016) Who Is an Officer of a Corporation? Corporations act only through their officers and duly authorized agents. All acts within the powers of a corporation may be performed by agents of its selection; except so far as limitations or restrictions imposed by special charter, by-laws, or statutory provisions (BA Savings Bank v. Sia1 G.R No. 131214, 2000), An "office" is created by the charter of the corporation and the officer is elected by the directors or stockholders, Note that a corporate officer's removal from his office is a . corporate act Such rernoval occasions an intra-corporate -, controversy and its nature is not altered by the reason or wisdom, or lack thereof, with which the BOD might have in takiri>J such action. When petitioner, as Executive VP, allegedly diverted company funds for his personal use resulting In heavy financial losses in the company, this matter would amount to fraud. Suell fraud would be detrimemal to the interest not only of the corporation but also of its members. This type of fraud encompasses controversies in a relationship within the corporation covered by the SEC [now with the regular courts]. Perforce, the matter would come within the area of corporate affairs and management, and such a corporate controversy would call for the adjudicative expertise of the SEC, not the Labor Arbiter or the NLRC (De Rossi v. NLRC, GR No. 108710, 1999)

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 Page 119 of 250

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debts. Thus, the Trust Fund Doctrine extends to all assets (not just subscribed capital stock) when a corporation becomes insolvent. (Halley v. Printwel/, G.R. /Vo. 157549, 2011)

A. BOARD OF DIRECTORSAND TRUSTEES 1. Doctrine of Centralized Management Powers of the Board of Directors Unless otherwise provided in the Corporation Code, the corporate powers of all corporations formed under this Code shall be exercised, all business conducted and all property of such corporations controlled arid held by the board of directors or trustees to be elected from among the holders of stocks, or where there is no stock, from among the members of the corporation (Sec. 23). 2. Business Judgment Ruie Questions of policy or management are left solely to the honest decision of officers· and directors of a corporation -, and the courts are without authority to substitute their judgment for the judgment of the board of directors; the board is the business manager of the corporation and so long as it acts in good faith its orders are not reviewable by the courts or the SEC. The directors are also not liable to the stockholders in performing such acts (Philippine Stock Exchange, Inc. v. CA, GR No. 130644, 1997). Coverage of the Rule: Two Branches a. Resolutions and transactions entered into by the . Board of Pi rectors within the powers of the corporation cannot be reversed by the courts not even on thP. behest of the stockholders of the corporation; and b. Directors and officers acting within such business judgment cannot be held personally liable for the consequences of such acts. Instances When a Director is Liable: a. Willfully and knowingly voting for and assenting to patently unlawful acts of the corporation; b. Gross negligence or bad faith in directing the affairs of the corporation; c. Acquiring any personal or pecuniary interest in conflict of duty. 3. Tenure, Directors

Qualifications

and

Disqualifications

of

Term of Office (Sec. 23) Each duly elected director/trustee shall hold office for one (1) year until their successors are elected and qualified.

Qualifications of Directors (Sec. 23 & 27) a. Must own at least one (1) share of the capital stock of 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 least one (1) share of the capital stock of the corporation of which he is a director shall thereby cease to be a director. b. A majority of the directors/trustees must be residents of the Philippines c. He must not have been convicted by final judgment of an offense punishable by imprisonment for a period exceeding six (6) years or a violation of. the Corporation Code, committed within five (5) years before the date of his election d. H~ must be of legal age e. He must possess other qualifications as may be prescribed in the by-laws of the corporation. Disqualifications of Directors, Trustees, or Officers (Sec. 27) a. Convicting by final judgment of an offense punishable by imprisonment for a period exceeding 6 years; or b. Violation of the Corporation Code, committed within 5 years prior tc the date of his election or appointment

. Note: It is the commission (not conviction) that must take place within 5 years prior to election or appointment. Grounds not exclusive The enumeration of grounds is not exclusive. By-law provisions that prohibit directors who have interests . in competitor corporations are reasonable in order to protect the interests of the company (Gokongwei v. SEC, GR. No. L-45911, 1979) Hold-Over Principle Directors/Trustees may continue to hold office despite the lapse of one year until their successors are elected and· qualified. Remaining members of the beard of directors cannot elect another director to tW in a vacancy caused by the 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 directors. (V&lle Verde Country Club v. Africa, G.R. No. 151969, 2009) Thus, when during the holdover period, a director resigns from .the board, the vacancy can only be filled-up by the stockholders, since there is no term left to fill-up pursuant

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BAR OPERATIONS 2019 In Labor Cases: In the absence of malice, bad faith, or specific provisions of law, a stockhulder or an officer of a corporation cannot be made personally liable for corporate liabilities (McLeod v. NLRC, G.R. No, 146667, 2007) 3. Exercise of Corporate Powers a. By the Shareholders 2/3 vote of stockholders or members arc needed in the following instances: a. Removal of directors or trustees b. In cases of vacancies, stockholders/members are entitled to·fill up such vacancies c. Extension or shortening of corporate term d, Increase or decrease of capital stock or the creation of . bonded indebtedness e, Sale or other dispositions of all or substantially all corporate assets f. Investing corporate funds in another corporation or business or for any other purpose other than its primary purpose g. Power to enter into management contracts in the following instances: (a) where stockholders representing the same interest of both the managing and the managed corporations own more than onethird (1/3) of the total outstanding capital stock entitled to vote of thf: managing .corporation: or (b) where a majority of the members of the Board of Directors of the managing corporation also constitute a majority of the members of the Board of Directors of the manaqed corporation h. · Declaration of stock dividend i, Amendment of the articles of incorporation j. . Approval of the plan of merger or consolidation k. Dissolution of the corporation However, only majority vote is needed in: c. d. · e.

Approval of the by-laws of the corporation Amendment of the by-laws Power to enter into management contracts, except in instances mentioned in letter (g) of the preceding section

b. By the Board of Directors The Board of Directors is the main agency by which all corporate powers. and authority are exercised General rule: Majority vote of the Board is .needed in the following instances: a. Filling of vacancies in the board, except when vacancy was due to removal by the stockholders or members

or by expiration of term, if the remaining BOD constitutes a quorum; otherwise, said vacancies must be filled by the stockholders in a regular or special meeting called for that purpose. b. Extension or shortening of the corporate term -, c. Increase or decrease of capital stock or the creation of bonded indebtedness d. Sale or other disposition of all or substantially all assets e. Acquisition of its own shares f. Investment of corporate funds in any corporation or business or for any purpose other than its primary purpose g. Declaration of cash, property, and stock dividends h. Entering into management contracts i. Amendment of the articles of incorporation j. Amendment o the by-laws k. Approval of the plan of merger or consolidation I. Dissolution of the corporation · c. By Executive Committee The By-laws may create an executive committee, composed of not less than 3 members of the board, to be appointed by the Board. General rule: The Executive Committee may act, by majority vote, on specific matters within the competence of the board as delegated to it Exception: 1. Acts where stockholders' approval is also needed 2. Filling vacancies within the Board of Directors 3. Amending, repec:ling or adopting by-laws 4. Amending or repealing resolutions of the Board where the resolution by express terms is not so amendable or repealab'e by the Executive Committee 5. Distribution of cash dividends 4. Trust Fund Doctrine General Rule: The subscribed capital stock of the corporation is a trust fund for the payment of debts of the corporation which the creditors have the right to look up to satisfy their credits. Corporations may not dissipate this, and the creditors may sue the stockholders directly for their unpaid subscriptions. Special Rule in lnsolyency: The trust fund doctrine is not limited to reaching the stockholders' unpaid subscriptions. The scope of the doctrine when the corporation is insolvent encompasses not only the capital stock, but also other property and assets generally regarded in equity as a trust fund for the payment of corporate

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• • •

there are trustees to be elected but may not cast more. than one vote for one candidate. Viva voce (live voice) or must be by ballot if requested Delinquent shares and treasury shares cannot vote Candidates with highest number of votes will be declared elected

When Elected (Sec. 29) • Any vacancy occurring in the board of directors or trustees other than by removal by the stockholders or members or by expiration of term, may be filled by the vote of at least a majority of the remaining directors or trustees, if still constituting a quorum: otherwise, said vacancies must be filled by the stockholders in a regular or special meeting called for that purpose • Any directorship or trusteeship to be filled by reason of an increase in the number of directors or trustees shall be filled only by an election at a regular or at a special meeting of stockholders or members duly called for the purpose. or in the same meeting authorizing the increase of directors or trustees if so stated in ti 1e notice of the meeting. Election Rules on Stock and Non-Stock Corporations ! NON-STOCK STOCK CORPORATION CORPORATION Owners of a majority · of A majority of the outstanding capital stock, members. either in person representative by either in person or by or to act by representative authorized authorized to act by written proxy, written proxy, must be must be present at the present at the election of the trustees election of the directors voting is Cumulative voting is not Cumulative mandatory; a matter of available, unless allowed right granted by law to by the articles or by-laws. with each stockholder The Board may be elected voting rights. by region. Directors are elected at large. I

-

Alien Membership in Board of Directors P.O. No. 715: "election of aliens as members of the board of directors of governing body of corporations or associations engaging in partially nationalized activity shall be allowed in proportion to their allowable participation or share in the capital of such entities."

Non-Filipino citizens may become members of the board of directors of a bank to the extent of the foreign participation in the equity of said bank. (General Banking Law, Sec. 15) \ ...

Filling Vacancies. in Board • Permissive The filling of vacancies in the board by the remaining directors or trustees constituting a quorum as provided for by Section 29 is merely permissive, not mandatory, and the vacancies may still be filled-up by the stockholders of members in a regular or special meeting called for the. purpose. However, when the by-laws of the corporation contain a specific mode of filling- up existing vacancies in the board, the same is mandatory (Tan v. Sycip; G.R. No. 153468, 2006). Report On 1::lection of Directors, Trustees and Officers Within 30 days after election of the directors, trustees and. officers of the corporation, the secretary or any other officer of the corporation shall submit to the. SEC, the names nationalities and residences of the directors, trustees and Officers elected. Should a director, trustee or officer die, resign or in any manner cease to hold office, his heirs in ·.· case of his death, secretary or any other officer of the corporation, or the director, trustee or officer himself, shall immediately report such fact to the SEC.

Only the directors and officers cf the corporation whose names appears in the report submitted to the SE:C aredeemed legally constituted to bind the corporation _ in bringing a suit in behalf of the corporation (Premium Marble Resources v. CA, G.R. No. 96551, 1996). 5. Removal (Sec. 28) Requisites of Removal from the Board a. It must take place either at a regular meeting or special meeting of the stockholders or members callee for the purpose; b. There must be previous notice to the stockholders or members of the intention to remove; c. The removal must be by a vote of the stockholders representing 2/3 of the outstandinq capital stock or 2/3 of the members, as the case may be; d. The director may be removed with or without cause unless he was elected by the minority, in which case, it is required that there is cause for removal. 6. Filling of Vacancies (Sec. 29) By stockholders because of:

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if vacancy results

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BAR OPERATIONS 2019 to the provisions of Section 29 which mandates that a vacancy occurring in the board of directors caused by the expiration of a member's term shall be filled by the corporation's stockholders. (Valle Verde Country Club v. Africa, G.R. No. 151969, 2009) A director continuing to. serve . after one year from his election (on a holdover capacity), cannot be considered as extending his term. This hold-over period is not part of his te.rm, which, as declared, had already expired. (Valle Verde CountryClub v. Africa, G.R. No. 151969, 2009) 4. Elections Election of Directors or Trustees (Sec. 24) Manner of Election · • in any form; or By ballot when requested by any voting · stockholder or member · • In stock corporations, voting may be in person or by proxy Time to Determine Voting Right • At the time fixed ir, by- laws • · If by- laws are silent, at time of election a. Methods of Voting in the Election (Cumulative Voting/Straight Voting)

of Directors

Outstanding capital. stock - means the total shares of stock issued under binding subscription agreements to . subscribers or stockholders, whether or not fully or partially paid, except treasury shares(Sec. 137) . Straight voting - Every stockholder may vote the number of outstanding capital stock in his own name for as many persons as there are directors to be elected; or in non-stock corporations, members may cast as many votes as there are trustees to be elected · but may not cast morethan one vote for one candidate. (In straight votinq, the votes are spread out evenly among all the elective positions) b. Cumulative voting for one candidate - a stockholder may cumulate his shares and give one candidate as many votes as the number of directors to be elected multiplied by the number of his shares shall equal; ·

Note: Stock corporations follow the cumulative voting method. In non-stock corporations. unless otherwise provided in the articles ofincorporation or in the by-laws, the default rule in the election of trustees is straight voting. (Sec. 24) b. Required Attendance at Meeting for Election (Quorum) • Stock Corporation - majority of outstanding capital stock • Non-stock Corporation - majority of members entitled to vote ' Any meeting of the stocxholders or members called for an election may adjourn from day to day or from time to time but not sine die or indefinitely if, for any reason, no election is held, or if there are not present or represented by proxy, at the meeting, the owners of a majority of the outstanding capital stock, or if there be no capital stock, a majority of the member· entitled to vote. Voting may be made personally or by proxy. Who Elects Directors or Trustees • By the stockholders/members as provided in the by-laws (traditionally during annual SHIM meetings • By the board, if still constituting quorum for vacancies in the interim (i.e. between annual :neetings) due to causes other than removal or expiry of term (Sec. 29) • If the vacancies are due to. removal or expiry of . term, the directors/trustees must be elected by the stockholders/members at a meeting for this purpose (special meeting)

a.

c.

Cumulative voting by distribution - a stockholder . may also cumulate his shares by multiplying the number of his shares by the number of directors to be elected and distribute the same among as many candidates as he shall see fit

How Elected • By owners of majority of outstanding capital stock or by members in annual stockholders'/men'lbers' meeting , . • Stockholders/members may be present in person or by written proxy • For stock corporations: Number of votes = (no. of shares) x (no. of directors to be elected) '• By cumulative voting all votes may be cast for a candidate or distributed among the candidates But no cumulative voting in non-stock corporations • Unless otherwise provided in the articles of incorporation or in the by-laws, members of nonstock corporations may cast as many votes as

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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 of the same Code that the viotation thereof is likewise considered an offense under Section 144. (lent v. Tu/let, Inc., G.R. No. 189158, 2016)

answer for his corporate action (Tramat Mercantile, Inc. v. CA, G.R. No. 111008, 1994).

9. Responsibility For Crimes (See Subsection on Personal Liabilities of Board of Directors and Trustees)

Solidary liabiliti(is for damages (See below discussion on Personal Liabilities) Liability for Watered Stocks

Watered Stock (Sec. 65) Stock issued for a consideration less than its par or issued value or for a consideration in any form other than cash, valued in excess of its fair value. Includes stock: a. Issued without consideration (bonus share) b. Issued as fully paid when the corporation received less than its par or issued value {discount share) c. Issued for a consideration other than actual cash (e.g. property or services) the fair valuation of which is less than its par or stated value d. Issued as stock dividends when the corporation has insufficient retained earnings or surplus Effect of Issuance of Watered Steck Directors or officers consenting to such issuance are solidarily liable with the stockholder concerned, to the corporation or its creditors for the difference between the fair value received (by the corporation at the time of the issuance) and the par or issued value of the stock issued. Personal Liabilities Personal liability of a corporate director, trustee or officer along with the corporation may so validly attach, as a rule, only when: · 1 . He assents: a, To a patently unlawful act of the corporation. or I;>. For bad faith, or gross negligence in directing its affairs, or c. For conflict of interest, resulting in damages to the corporation, its stockholders or other persons: 2. He consents to the issuance of watered stocks or who, having knowledge thereof, does not forthwith file with the corporate secretary his written objection thereto: 3. He agrees to hold himself personally and solidarily liable with the corporation; or

Special Fact Doctrine Under the Special Facts Doctrine, although a director does not stand in fiduciary relation to the stockholder, he is under legal obligation to make fair and full disclosure of pertinent official information where special circumstances. exist, giving rise to the obligation to disclose. (Soledad M. Cagampang, The Fiduciary Duties of Corporate Directors Under Philippine Law, 46 Phil. L. J., 513, 562(19711)

10. Inside Information Unlawful Acts of Insider (RA 8799, Sec. 27) It shall be unlawful for an insider to sell or to buy a security of an issuer, while in the possession of material information with respect to the issuer or the security that is not generally available to the public unless; 1. The insider proves that the info was not gained from such relationship 2. That the other party selling to or buying from the insider is identified the insider proves a. That he disclosed the information b. That he had reason to believe that the other · party otherwise ,is also in possession of the information Presumption of a Purchase or Sale of a Security of an Issuer of Insider Applies when an insider or an insider's spouse, or relatives . by affinity or consanguinity within the second· degree; legitimate or common-law, while in possession of material nonpublic information if transacted after such information came into existence but prior to dissemination of such information to the public and the lapse of a reasonable time for market to absorb such information. This presumption is rebutted upon a showing by the purchaser or seller that he was aware of the material nonpublic information at the time bf the purchase or sale. Material Non-Public Information a. It has not been generally disclosed to the public and would likely affect the market price of the security after 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 c. · The ground is other than removal or expiration of term where the . rernain.nq directors do not constitute a quorum d. Increase in the number of directors. Note: Vacancies must be filled by the stockholders in a regular or special meeting called for that purpose.

By board if remaining directors constitute a quorum - · Except for vacancies occuring due to removal, expiration · of term, or increase in the number of directors 7. Compensation (Sec. 30) General Rule: The directors shall not receive any 'compensation, as such Exception: They may receive reasonable per diems [i.e. at meetings] Oualifiers to .General Rule and Exception Any such compensation other than per diems may be qranted to directors by the vote of the stockholders representing at least a majority of the outstanding capital stock at a regular or special stockholders' rneetinq. · The - By-Laws compensation.

may specifically

provide for fixing · of

However: In no case shall the total yearly compensation of directors, as such directors, exceed 10% percent of the net income before income tax of the corporation during the preceding year. · Note: The implication of the phrase "as such directors" is that members of the Board may receive compensation, in addition to reasonable per diems, when they render services ·to the corporation in a capacity other than as directors or trustees [in this case, if serving as corporate officers) (vvesiem Technology v. Salas. G.R. No. 113032, 1997)_ Rules on Fiduciaries'

Duties and Liabilities

Three-Fold Duties of Directors (Strategic Alliance Development Corporatiun v. Radstock, G.R. No. 178158, 2009) a. Duty of Obedience (Basis: Sec. 25) To direct the affairs of the corporation only in accordance with the purposes for which it was organized

b. Duty of Loyalty (Basis: Secs. 31 & 34) Directors or trustees· shall not acquire any personal or pecuniary interest in conflict with their duty as such directors or trustees. Disloyalty· Sec· 31(2) vs. Sec. 34 SEC. 34 SEC. 31(2) Applicable to directors, Applicable to directors only trustees, and officers Allows ratification of a transaction by the No ratification allowed director stock Covers stock and non-stock Covers corporations corporations only c. Duty of Diligence (Basis: Sec. 31) , Directors and/or trustees shall not willfully and knowingly vote for or assent to patently unlawful acts of · the corporation or act in bad faith or with gross negligence in directing the affairs of the corporation Doctrine of Corporate Opportunity · If there is presented to. a corporate officer or director a business opportunity, which the corporation has ah interest or a reasonable expectancy, the self-interest of the officer or director will be brought into conflict with that of his corporation. The law does not permit him · to seize the opportunity even if he will use his own funds in the venture. If he seizes the opportunity thereby obtaining profits to the expense of the corporation, he must account all the profits by refunding the same to the corporation. Requisites of Doctrine of Corporate Opportunity a. The Corporation is financially able to undertake the business opportunity. b. From the nature of the business opportunity, it is in line with the corporation's business and is of practical advantage to the corporation. c. The corporation has an interest or a reasonable expectancy. by embracing the opportunity. Consequence of violation _ a. Directors must account for all the profits by refunding the same to the corporation b. Directors may be removed from the board. Exception: The act of the director/trustee has been ratified by a vote of the stockhctders owning or representing at least two-thirds (2/3) of the outstanding capital stock.

Violations of Secs. 31 and 34 are not penal offenses in relation Sec. 144: Had the Legislature intended to attach Page 125 of 250

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BAR OPERATIONS 2019 Corriparisotl Between Stockholder's And Director's Meeting STOCKHOLDER'S MEETING Types of Regular and Special Meetings ' Place of Held in the city or municipality where the Meetings principal office is located When held

Notice of Meeting

Who presides

Quorum

DIRECTOR'S/ TRUSTEES' MEETING Regular and Special Anywhere in or outside of the Philippines, unless the by- laws provide otherwise

REGULAR - held annually on a date fixed by the 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 or as provided in the by- laws REGULAR - notice must be sent at least 2 weeks SPECIAL - notice must be sent at least 1 week. Notice may be waived, expressly or impliedly, by any stockholder or member Person designated in the by- laws. When there is 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 Majority of the outstanding capital stock, or of the members. EXCEPT: in cases where greater vote for an act or business is required by law.

REGULAR - held monthly

SPECIAL - held at any time upon the call of the . President Notice must be sent at least 1 day prior to the scheduled meeting. Notice may be waived expressly or impliedly, by any Director or Trustee

The President shall preside

Majority of the number of directors and trustees as fixed in the articles of incorporation

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 Articles of Incorporation is silent on such differences. (CIR v. CA, G.R. No. 108576, 1999)

F. STOCKHOLDERS AND MEMBERS 1. Rights of Stockholders and Members The following are important rights of stockholders, which continue to exist even when I the shares have been sequestered: a. Right to attend rneetinqs and to vote b. Right to receive dividends· c. Right to receive distributions upon liquidation of the corporation d. Right to inspect the books of the corporation e. Pre-emptive rights (Cojuangco, Jr. vs. Roxas, G.R. No. 91925, 1991) a. Doctrine of Equality of Shares All stocks issued by the corporation are presumed equal with the same privileges and liabilities, provided that the

2. Participation In Management a.

Proxy - Section 58 of the Corporation Code provides that stockholders and members may vote in person or by proxy in all meetings of stockholders or members.

b.

Voting Trust Agreements - A stockholder confers upon a trustee the right to vote and other rights pertaininq to the shares for a period not exceeding 5 years at any one time.

However, if the voting trust was a requirement for a loan agreement, period may exceed 5 years .but shall automatically expire upon full payment of the loan.

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COMMERCIAL LAW

Would be considered by a reasonable person important under the circumstances in determining his course of action whether to buy, sell or hold a security.

Powers That Cannot Be Delegated to the Executive Committee a. Approval of action requiring concurrence of stockholders; b. Filling of vacancies in the board; c. Adoption, amendment or repeal of by-laws; d. Amendment or repeal of board resolution which by its terms cannot be amended or repealed; e. Distribution of cash dividends.

11. Contracts

J

a. 9y Self-Dealinq Directors with the Corporation - A contract.of the corporation with its director/s or trustee/s or officer/s is voidable at the option of such corporation unless the following are present: a. The presence ot such director/trustee in the Board meeting in which the contract was approved was not necessary to constitute a quorum. b. The vote ofsuch director or trustee was not necessary for the contract's approval. c. The contract is fair and reasonable d. In case of: • An officer, the contract with hirn has been previously authorized by the Board. • A director or trustee, where any of the first two conditions pre absent, there must be a ratification by 2/3 of the outstanding capital stock provided there is full disclosure of the adverse interest of the director or trustee. (Sec. 32)

13. Meetings The corporation's by-laws can provide otherwise to all the rules hereunder, so long as minimum requirements are satisfied. a. Regular or Special 1. Regular-held monthly, unless the by- laws provide otherwise 2. Special- held anytime upon the call of the President or as provided in the by- laws

i. Notice of the meeting - At least 1 d§JY. prior to the 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 and the contract is fair and reasonable. However, if the director's interest is nominal in one of the contracting 'corporations (not exceeding 20% of the outstanding capital stock), then the contract must comply with the requisites provided supra: Sec. 32, otherwise voidable.

s. ._.lf

ii. Place of meetings Philippines.

- Anywhere in or outside the

b. Who Presides - The president shall preside at all meetings of the directors or trustees, unless the by-laws provide otherwise. c. Quorum of Board -A majority of the number of directors or trustees as fixed in the articles of incorporation. Directors cannot be represented or vote by proxy.

12. Executive Committee I Delegated Authority a. The Board may delegate such powers to either an executive committee or officials or contracted rnanaqers. b. The delegation, except for the executive committee, must be for specific purposes. • Accordingly, the general rules of agency as to the binding effects of their acts would apply. ·• For such officers to be deemed fully clothed by the corporation to exercise a power of the Board, the latter must specially authorize them to do so (ABSCBN Broadcasting Corporation v. CA, GR No. 128690, 1999).

d. Rule on Abstention In case of abstention during a board meeting on a vote taken on any issue, the general rule is that an abstention is counted in favor of the issue that won the majority vote; since by their act of abstention, the abstaining directors are deem to abide by the rule of the majority. (Lopez v. Ericta. G.R. No. L-32991, 1972)

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A transferee of stock if his stock transfer is not registered in the stock and transfer book of the

corporation. g. A stockholder who mortgages or pledges his shares retains the right creditor to vote.

to vote unless he gives authority for

a. Right To Dividends The right to dividends vests at the time of its declaration by the Board of Directors.

·

c. Cases When Stockholder's Action is Required

i.

3. Proprietary Rights

Concurrence of majority of the outstanding capital stock (by majority vote) a. To enter into management contract if any of the two instances stated above are absent; b. To adopt, amend or repeal the by-laws. ii. Concurrence of 2/3 of o~tstanding capital stock (by 2/3 vote) (see similar enumeration in the specific express powers of the corporation) a. Extend or shorten corporate term; b. Increase/Decrease Corporate Stock; c. Incur, Create Bonded Indebtedness; d. Deny pre-emptive right; e. Sell, dispose. lease, encumber all or substantially all of corporate assets; f. Investing another corporation, business other than the primary purpose; g. Declare stock dividends h. Enter into management contract if (1) a stockholder or stockholders representing the same interest of both the managing and the managed corporations own or control more than 1/3 of the total outstanding capital entitled to vote of the managing corporation; or (2) a majority of the members of the board of directors of the managing corporation also constitute a majority of the members of the board of the managed corporation; i. Amend the Articles of Incorporation iii. By Cumulative Voting a. See earlier discussion on election of directors iv. Without board resolution a. 2/3 of outstanding capital stock - delegate to the board the power to amend th» bylaws; b. Majority of the outstanding capital stock - -, revoke the power of the board to amend the by-laws which was previously delegated. c. Removal of directors by a vote of the stockholders representing at least 2/3 of the outstanding capital stock

Although stock certificates grant the stockholder the right to receive quarterly dividends of 1 %, cumulative and participating, tho stockholders do not become entitled to the payment thereof without necessity of a prior declaration of dividends. (Republic Planters Bank v. Hon. Agana, Sr.; G.R. No. 51765, 1997) Stock Corporations are prohibited from retaininq surplus profits in excess of 100% of their paid-in, capital stock, except: 1. When justified by definite corporate expansion projects or programs approved by the board of directors 2. Corporation is prohibited under a loan aqreernent from declaring dividends without the creditor's consent. 3. Under special circumstances such as when there is a need for special reserve for probable contingencies Form of Dividends 1. Cash Dividends (revocable before announcement) .. 2. Property Dividends (revocable before announcement). 3. Stock Dividends, which requires, aside from the declaration by the Board, the approval of 2/3 the outstanding capital stock (revocable before issuance).

of

Note: No dividends can be declared out of capital, except liquidating dividends distributed at dissolution. b. Right Of Appraisal The right to withdraw from the corporation and .demand payment of the fair value of his shares after dissenting from certain corporate acts involving fundamental chanqes in corporate structure. Instances Wherein Appraisal Right May Be Exercised a. Extension or shortening of corporate term; b. In case any amendment to the articles or incorporation has the effect of changing or restricting the rights of any stockholders or class of shares, or of authorizing preferences in any respect superior to those of outstanding shares of any class: c. Investing of corporate funds in another business or purpose; d. Sell or dispose all or substantially all . assets of corporation; e. Merger or consolidation. Exercise of Appraisal Right (Sec. 82)

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Pooling or voting agreements ~ two or more stockholders agree that their shares shall be voted as a unit. Usually conce: ned with the election of directors to gain control of the management. Requisites for Valid Proxy 1. The proxy shall be in writing; 2. Signed by the stockholder or member; and 3. Filed before the scheduled meeting with the corporate secretary (Sec. 58) Duration of Proxy . . . General Rule: It shall be valid only for the meeting for which it is intended. . · Exception: Unless otherwise provided in the proxy Note: No proxy shall be valid and effective for a period . longer than five (5) years at any one time. The by-laws of the corporation may prescribe a particular form for proxy and fix the deadline for its submission. · Generally, proxies, even those witi1 irrevocable terrns.: have always been considered as revocable, unless coupled with an interest, and their revocation may be by formal notice, orally, or by conduct as by the appearance of the stockholder or member giving the proxy, or the issuance ofa subsequent proxy, or the sale of shares. Proxy Disputes-Jurisdiction The regular courts now have the power to hear and decide cases involving all matters and conduct of the elections of .: directors, including validation of proxies. Tile power of SEC to regulate proxies remains only in instances when stockholders vote on matters other than the election of directors (SEC v. CA, G.R. No.187702/189014, 2014).

·~ _.;.,

Requisites for Valid Voting Trust a. In writing and notarized b. Specifying the terms and conditions c. A certified copy must be filed with the corporation and with the SEC. (Sec. 59) · Duration General Rule: Not exceeding 5 years Exception: If the voting trust was a requirement for a loan aqreernent, period may exceed 5 years but shall autornaticallv expire upon full payment of the loan.

right to revoke the trust ~nd recover damages from such ~~00.

Voting Trust v. Proxy VOTING TROST Trustee votes as owner

.

.,,. .....

PROXY Proxy holder agent Proxy need

-..

ro. ·~, •

votes

as

Agreement . must not be be notarized notarized Trustee acquires legal . Proxy has no legal title to title to the shares of the the shares of the principal transferring stockholder; only beneficial title remains the with stockholder Trustee may vote in Proxy must vote in person person or by proxy unless the agreement provides otherwise Trustee is riot limited to Proxy can only act at a act at any particular speeified stockholder's meetina (if not contlnulnq) meetino Trustee can vote and Proxy can only·vote in the exercise all the rights of absence of the owners of the stockholder even the stock when tile latter is present Agreement must not Proxy cannot exceed 5 exceed 5 years at any years at any one time orie time, except when the same is made a condition of a loan Vot_ing right is divorced Right to vote is inherent or from the ownership of inseparable from the right stocks to ownership of the stock Agreement is irrevocable Revocable anytime, except if coupled with interest Limitations on Right to Vote a. Where the Articles of Incorporation provides for classification of shares pursuant to Sec. 6, non-voting shares are not entitled to vote except as other provided in the said section. b. Preferred or redeemable shares may be deprived of the right to vote unless otherwise provided. c. Fractional shares of stock cannot be voted unless they constitute at least one full share. d. Treasury shares have no voting rights as long as they remain in treasury. · 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 Page 129 of 250

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•

.. •

•

•

c,

A written demand on the corporation within 30 days after the vote was taken (failure to do so means waiver); Ten (10) days from demand, the dissenting stockholder must submit his certificates. of stocks for notation that such certificates represent dissenting shares. The price to be paid is the fair value of the shares on the date the vote was taken; The fair value shall be agreed upon by the corporation and the dissenting stockholders within 60 days from the date the vote was taken. In case there is no agreement, the fair value shall be determined by a majority· of the 3 distinguished persons one of whom shall be named by the stockholder another by the corporation and the third by the two who were chosen; · The right of appraisal is extinguished when: a. He withdraws the demand with the corporations consent; b. Theprcposedaction is abandoned; c. The SEC disapproves the action. If the dissenting stockholder is not paid within 30 days from the award, he shall automatically be restored to all his rights as stockholder. Right To Inspect

.-

The entries are considered prima facie evidence only and may be subject to proof to the contrary (Bitong v. CA, G.R. No. 123553, 1998). The stock and transfer book of the corporation cannot be used as the sole basis for determining the quorum as it does not reflect the totality of shares which have been subscribed, and more so when the articles of incorporation show a significantly larger amount of shares issued and outstanding as compared to that listed in the stock and transfer book (Lanuza v. Court of Appeals, G.R. No. 131394, 2005). Grounds for Not Allowing lnspec:tion by a Stockholder a. If the person demanding to examine the records has improperly used any information secured for prior examination, b. He is not acting in good faith, c. It is not being exercised for a legitimate purpose (Gokongwei v. Sl:C, G.R. No. 45911, 1979).

What Records Can Be Inspected? 1. Book of minutes of stockholders meetings; · 2. Sook of minutes of board meetings; .3. Record or Book of all business transactions; 4 . Stock and transfer book. · 5. Financial statements (Sec. 75} .

",

All transfers of shares not entered in the stock and transfer book of the corporation are invalid as to attaching or execution creditors of the· assignors, as well as to the corporation and to subsequent purchasers in good faith -, and to all persons interested, except the parties to such transfers: "All transfers not so entered on the books of the corporation are absolutely void; not because they are without notice or fraudulent in law or fact, but because they are :nade so void by statute ( Uson vs. Diosomito, G. R. No. 42135, 1935).

Stock and transfer book Record of: 1. All stocks in th~ names of the stockholders alphabetically arranged; 2. The installment paid and. unpaid on all stock for which subscription has been made, and the date of payment of any installment; 3. A statement of every alienation, sale or transfer of stock made; and 4. Such other entri.es as the by-laws may prescribe. Notes: Stock and Transfer Book Section 7 4, while specific in the kinds of records that must be maintained, is not limiting, thus, the inspection right is applicable to the stock and transfer book (Yujuico v. Quiambao, G.R. No. 180416, 2014) The corporate· secretary is the officer who is duly authorized to make entries on the stock and transfer book (Gokongweiv. SEC, GR.No. 45911, 1979). ·

Doctrinal Rulings on Right to Inspect 1. The demand for inspection should cover only reasonable hours on business days; Tho stockholder, rnembe., director or trustees demanding the right is one who has not improperly used any information secured through any previous examination of the records; The demand must be accompanied with statement of the purpose of the inspection, which must show good faith or legitimate purpose, Illegitimate purposes include to obtain corporate secrets (formula), nuisance suit, or to embarrass the company. (Africa v. PCGG, G.R. No. 83831, 1992) lf the corporation or its officers contest such purpose or contend that there is evil motive behind the inspection, the burden of proof is with the corporation or such officer to show the same. · The RTC, and not the Sandiganbayan, has jurisdiction over a stockholder's suit to enforce its right to inspect

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under the Corporation Code where the case does not involve a sequestration-related incident, but an intracorporate controversy (Abad v. PHILCOMSA T, G.R. No.

200620, 2015) A stockholder's right to inspect corporate records subsists during the period of liquidation (three year period for dissolution per Sec. 145). (Chua v. SEC, G.R. No. 216146, 2016) Remedies If Right to Inspect is Denied

Mandamus Refusal to allow stockholders (or members of a non-stock corporation) to examine books of the company is not a ground for appointing a receiver (or creating a mgt. committee) since there are other adequate remedies, such as mandamus. (Ao-as v. CA, G.R. No. 128464, 2006) Damages Criminal Sanction (Sec. 144) Requisites for Section 144 to Apply (Ang-Abaya v. Ang, -, G.R. no. 178511, 2008) •

•

•

•

•

•

A director, trustee, stockholder or member has made a prior demand in writing for a copy of excerpts from the corporations records or minutes; · Any officer or agent of the concerned corporation shall refuse to allow the said director, trustee, stockholder or member of the corporation to examine and copy said excerpts; If refusal is made per a resolution or order of the board of directors or trustees, the liability under this section for such action shall be imposed upon the directors or trustees who voted for refusal; and, Where the officer or agent of the corporation sets up the defense that the person demanding to examine · and copy excerpts from the corporation's records and minutes has improperly used any information secured through any prior examination of the records or minutes of such corporation or of any other corporation, or Weis not acting in good faith or for a legitimate purpose in making his demand, the contrary must be shown or proved. The person demanding to examine has improperly used any information secured through any prior examination of the records or minutes of such corporation or for any other corporation: and The one requesting to inspect was not taking in good faith or for a legitimate purpose in making his demand

d. Pre-Emptive Right

The shareholders' right tc subscribe to .all issues or dispositions of shares of any class in proportion to his present stockholdinqs, the purpose being to enable the shareholder to retain his proportionate control in the corporation and to retain his equity in the surplus. Instances When Pre-Emptive Right Is Not Available. a. Shares to be issued to comply with laws requiring stock offering or minimum stock ownership by the public; b. Shares issued in good faith with approval .of the stockholders representing 2/3 of the outstanding capital stock in exchange for property needed for. corporate purposes; c. Shares issued in good faith with approval of the stockholders representing 2/3 of the outstanding capital stock issued in payment of previously contracted debts; d. In case the right is denied in the Articles of Incorporation; e. Waiver of the right by the stockholder; f. If the shares of a corporation are offered and not subscribed and purchased by the stockholders. and the shams are being offered again, .there is no preemptive right with respect to the latter offer of shares (Benito v. S~C, GR. No. L-56655, 1983) e. Right to Vote (See Subsection F.2. on Participation in Management) f. Right of First Refusal The right of first refusal provides that a stockholder who may wish to sell or assign his shares must first offer the shares to the corporation or to the existinq.stockhotders of the corporation, under terms and conditions which are reasonable; and that only when the corporation or the other stockholders do not or fail to exercise their option, is the offering stockholder at liberty to dispose of his shares to third parties. Pre-Emptive Right v. Right of First Refusal FIRST RIGHT OF PRE-EMPTIVE RIGHT REFUSAL be Arises . only by virtue of may Generally to contractual stipulations or subject exercised, limitations in Corporation statutory stipulations (Sec. 98) Code already Covers unissued shares Covers shares issued offered for subscriptions 1--May be exercised by mere Can only be exercised by or conservator the owner and not mere trustee or conservator, V. trustee (Republic

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BAR OPERATIONS 2019 Sandiganbayan, G.R. No. 107789, 2003)

RightclaimE1d against the Corporation, where the stockholder must pay

1.

since it is an act of ownership (l?epublic v. Sandiganbayan, G.R. No. 107789, 2003) Right exercisable against the seller-stockholder

Note: A corporation has no power to prevent or restrain transfers ofits shares, unless such power is expressly conferred in the Articles of Incorporation or the law. (Fleischer v. Botica Nolasco Co., G.R. No. L-23241, 1925)

2.

Once an alternative is chosen, it must be applied uniformly to all stockholders similarly situated, and therefore, it cannot be changed without the consent of all stockholders who might be affected. •

A provision intne by tsws granting the right of first refusal (and therefore, restrains trade) is void and does not bind third .parties (Fleischer v. Botica Nolasco Co., G.R. No. L23241, 1925) A corporation cannot by either its board, its by-laws, or the acts of its officers create restrictions in stock transfers, .because 'restrictions in the transfer of stock must have their source in legislative enactment.'

''·

Nevertheless, Section 64 does not prohibit the corporation from "dividing" the subscription of a subscriber by considering portion thereof as fully paid and issuing a correspondinq certificate over the paid- up shares. Thus, in the absence of provisions in the by- laws to the contrary, a corporation may apply payments made by. subscribers on account oftheir subscriptions either as. ·

Proportionate participation in the distribution of assets in liquidation Stockholders and stock corporation , Except by decrease of capital stock, and as otherwise allowed by the Corporation Code, no corporation shall distribute any of its assets or property to its stockholders except upon lawful dissolution and after payment of all its liabilities (Sec. 122) Members and foundations - Upon dissolution of a non-stock corporation, all liabilities and obligations must first be paid, and assets received and held subject to limitations permitting their use for specified eleemosynary purposes shall be properly transferred or returned, then the net assets remaining, if any, shall be distributed to the members, or any class or .classes of members, to the extent that the articles of incorporation or by!aws provide for a plan of distribution. Otherwise, a plan of distribution may be adopted in the process of dissolution by: a. Majority vote of the Board of Trustees b. Adopted by at least 2/3 of the members having voting rights (Secs. 94--95)

By-laws are intended merely for the protection of the corporation and prescribe relation, not restriction; they are always subject to the charter of the corporation. (Rural Bank of Salinas v CA, G.R. No. 96674, 1992) g .. Other Rights • Right to issuance of stock certificate for fully paid shares - Under Section 64 of the Corporation Code, no certificate of stock shall be issued to a subscriber until the· full amount of his subscription together with interest and expenses (in case of delinquent shares), if any is due, has. been paid. A subscriber must first totally pay his subscription before a certificate of stock covering shares subscribed and paid for could be issued to him. But an unpaid subscription (not declared delinquent) can be voted upon in corporate meetings . . Such delinquent shares are also entitled to dividends, subject to the rules set forth in Section 43 of the Corporation Code on dellnquent shares:

Full payment for. the corresponding number of shares, the par value of which is covered by such payment; or Payment pro 'rata to each and all the entire number of shares subscribed for

•

Right to transfer of stocks in corporate books;

Requirements for valid transfer of stocks 1. There must be delivery of the stock certificate; 2. The certificate must be endorsed by the owner, or his attorney-in-fact, or other persons legally authorized to make the transfer; and . 3. To be valid against third parties, the transfer must be 1acorded in the books of the corporation

A transfer of shares not recorded in the stock and transfer book is non- existent as far as the corporation is concerned, and consequently, a petition for mandamus filed by a transferee, compelling it to issue the 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 Page ~ 33 of 250

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BAR OPERATIONS 2019 corporation may rightfully regard the transferee as one· of its stockholders. From this time, the consequent obligations on the part of the corporation to recognize such right as it is mandated by law to recognize arises (Ponce

(Yu v. Yukayquan, G.R. No. 177549, 2009; Ang v. Sps. Ang, G.R. No. 20'1675, 2013) c.

v. A/sons Cement, G.R. No. 139802, 2002). d. Note: In Andaya v. Rural Bank of Cabadbaran, Inc., G.R. No. 188769, 2016, the Court ruled that the registration of a transfer of shares of stock is a ministerial duty on the part of the corporation. Aggrieved parties may then resort to the remedy of mandamus to compel corporations that wrongfully or unjustifiably refuse to record the transfer or to issue new certificates of stock. This remedy is available even upon the instance of a bona fide transferee who is able to establish a clear legal right to the registration of the transfer.

No appraisal rights are available for the act or acts complained of; and The suit is not a nuisance or harassment suit (Interim Rutes of Procedure for Intra-Corporate Controversies, A.M. No. 01-2-04-SC, 2001).

5. Obligations of a StocY.holder a. b. c. d. e.

Liability to the corporation for unpaid subscription; Liability to the creditors of the corporation for unpaid subscription; Liability to the corporation for interest on unpaid subscription if so required by the by-laws; Liability for watered stock; . Liability for dividends unlaWfully paid;

4. Remedial Rights 6. Meetings Suits by Stockholders/Members a. lndivlduat Suit - those brought by the shareholder in his own name against the corporation when a wrong is directly inflicted against him. b. Representative Suit - those brought by the stockholder in behalf of himself and all other stockholders similarly situated when a wrong is committed against a group of stockholders. c. Derivative Suit - those ~rought by one or more stockholders/members in the name and on behalf of the corporation to redress wrongs committed against it, or protect/vindicate corporate rights whenever the officials of the corporation refuse to sue, or the ones to· be sued, or has control of the corporation. (Ching v. Subic Bay, G.R. No. 174353, 2014) · A lawyer engaged as counsel for a corporation cannot represent members of the Board in a derivative suit against them. To do so would be tantamount to conflicting interest between the Board and the corporation (Hornil/a v. Salunat, A.G. 5804, 2003). Requisites of Derlvatlve Suit a. He (Plaintiff) was a stockholder or member at the time the acts or transactions subject of the action was filed; b. He exerted all reasonable efforts, and alleges the same with particularity in the complaint, to exhaust all remedies available under the articles of incorporation, by-laws, laws or rules governing the corporation or partnership to obtain the relief he desires; The exhaustion of intra-corporate remedies cannot be dispensed even if the company is a family corporation

a. 1.

Regular or Special: Regular - held annually on a date fixed ih the by· laws; or if not so fixed, on any date in April of every year as determined by the Board of Directors or Trustees. Provided, written notice of regular meeting must be sent at least 2 weeks, unless a different period. is required by the by- laws

2.

Special .. held at any time deemed necessary or as provided in the by- laws. Provided that at least 1 week written notice shall be sent to all stockholders or members, unless otherwise provided in the by- laws, Note that notice of any meeting may be waived, expressly or impliedly by any stockholder or member.

i. When and Where - The meetings of stockholders or members must be held in the city or municipality where the principal office of the corporation is located, preferably in the principal office itself. Any provision in the by· laws changing such place shall be illegal ii. Notice Section 50 cf the Corporation Code expressly allows a shorter period of notice of stockholders' meetings that those provided under its default two (2) week · period, provided the same is provided for in the By-Laws, (Ricafort v. Oicdican, 787 SCRA 163, 2016); such period 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 received by the stockholder of record; (Guy v. Guy, 790 SCRA 288, 2016)

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Who Calls The Meetings Whenever for any cause, there is no person designated by the by-laws to call a meeting, the SEC upon petition of a stockholder/ member, and on the showing of good cause therefore, may issue an order to petitioner to call a meeting by giving proper notice, With the petitioner presiding thereat until at least a majority of stockholders/ members present have chosen a presiding officer. Same remedy may be used if the authorized person fails or refuses to call a meeting Quorum in rr.eetings

General rule: Majority of the outstanding capital stock, or of the members, shall constitute a quorum Outstanding Capital Stock - the total shares of stock issued under binding subscription agreements to subscribers or stockholders, whether or not fully or partially paid, except treasury shares Exception: lr,1 cases where greater vote for an act or business is required by law as when the required vote is · 2/3 of the outstanding capital stock, or membership as the case may be ,

:. r,; ••

Note: For stock corporations, the "quorum" referred to in Section 52 of the Corporation Code is based on the number of outstanding votiny stocks. For non- stock corporations; only those who are actual, living members with· voting rights shall be counted in determining the existence of a quorum during member's rneetinqs. Dead members shall not be counted (Tan v. Sycip, GR. No. 153468, 2006),

on a similar demand, the yeas and nays must be taken on any motion or proposition, and a record thereof carefully made. the protest of any director, trustee, stockholder or member on any action or proposed action must be recorded in full on his demand. (Sec. 74) The signing of the minutes by all the members of the board is not required-there is no provision in the Corporation Code that requires that the minutes of the meeting should be signed by all the members of the board. The signature of the corporate secretary gives the minutes of the meeting probative value and credibility (People v. Dumlao, G.R. No. 16891R, 2009). The entries contained in the minutes are prima facie -, evidence of what actually took place during the meeting, pursuant to Section 44, Rule 130 of the Revised Rule on Evidence (People v. Dumlao, G.R. No, 168918, 2009). Resolution vs. Minutes Of The Meeting (People v. Dumlao ' GR No 168918 2009) ' MINUTES OF THE RESOLUTION MEETING A formal action by a A brief statement not only corporate board of of what transpired at a directors or other meeting, usually of corporate body stockholders/members or authorizing a particular directors/trustees, but also transaction, act, or at cl meeting of an appointment executive committee

F .. CAPITAL STRUCTURE

,>

d.

Minutes of meetings • Records of all business transactions and minutes of all meetings shall be kept and carefully preserved at a corporation's principal office • It shall set forth in detail: time and place of holding the meeting, how authorized, the notice given, whether the meeting was regular or special; if special its object must be stated, those present and absent, and every act done or: ordered done at the meeting. upon the demand of any director, trustee, stockholder or member, the time when any director, trustee, stockholder or member entered or left the meeting must be noted in the minutes;

1. Subscription Agreement!> Any contract for the acquisition of unissued stock shall be deemed a subscription, notwithstanding the fact that the parties refer to it as a purchase or some other contract. (Sec. 60) Kinds of Subscription Contracts a. Pre-incorporation subscription - entered into before the incorporation and irrevocable for a period of six (6) months from the date of subscription unless: i. All other subscribers consent to the revocation, or ii. The corporation failed to materialize after 6 months or within the stipulated period. It cannot be revoked after filing the Articles of Incorporation with the SEC. (Sec. 61)

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Post-incorporation subscription - entered into after incorporation, such as for the unsubscribed portion of the authorized capital stoch and for the purchase of increased capital stocks after an amendment of the article of incorporation.

2. Consideration for Stocks (SP.c. 62) Stocks shall not be issued for a consideration less than the par or issued price thereof. Consideration for issuance of stock may be by any or a combination of any two or more of the following: a. Cash actually paid b. Property (tangible or intangible) actually received and necessary or convenient for the corporation's use c. If other than cash, valuation must first be determined by incorporators (if not yet incorporated) or Board subject to SEC approval d. Labor performed or service actually rendered to the corporation e. Oebts incurred previously by the corpcration {for subscriptions after incorporation) f. Amounts from unrestricted dividends {for declaration of stock dividends) g. Outstanding shares exchanged in reclassification or conversion h. No issuance of shares on promissory notes or future services i. Same rules on consideration for stocks whenever applicable are to be used for bonds issued by the corporation j. The issued price of no par value shares is the ariiount fixed: In the Articles i. ii. By the Board if authorized in the Articles or Bylaws, or iii. By majority vote of the outstanding stock Where the consideration is other than actual cash, or consists of intangible property such as patents of copyrights, the valuation thereof shall initially be determined by the incorporators or the board of directors, subject to approval by the SEC. (Sec. 62) Note: A special stipulation contained in a subscription to corporate stock which, if valid, would lessen the capital cf the company and relieve the subscriber from liability to be sued upon the subscription, is illegal (National Exchange v, Dexter, G.R. No. L-27872, 1928).

3. Shares of Stock a. Nature of Stock This is the interest or right, which an owner has in the management of the corporation: and its surplus profits, and, on dissolution, in all of its assets remaining _after the payment of its debt. The stockholder may own the share even if he is not holding a certificate of stock. Shares of Stock v. Certificate of Stock CERTIFICATE OF STOCK SHARES OF STOCK holder's of the Unit of interest in a Evidence ownership of the stock.and of his corporation right as a shareholder and up to the extend specified therein . or Incorporeal intangible property

It is concrete and tangible

May be issued by the corporation even if the subscription is not fully paid

May be issued only subscription is fully paid

if the

Note: A stockholder who does not pay his subscription is . not entit'ed to the issue of a stock certificate. The subscription price of the stocks subscribed by him should first be paid. ~.· .

b. Consideration for Shares of Stock (See earlier cliscussion) c.

Watered Stock (Diluted Stock)

i. Definition Stock issued for a consideration less than its par or issued value or for a consideration in any form other than cash, · valued in excess of its fair value. (Sec. 65) ii. Liability Of Directors For Watered Stock Directors or officers consenting to issuance of watered · stock are solidarily liable with the stockholder concerned, to the corporation or its creditors for the difference between the fair market value received (by the corporation at the time of issuance) and the par or issued value of the stock. If knowing the same, the Directors or Officers did riot object. 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 The Trust Fund Doctrine is the basis for the prohibition on issuing watered stock.

• •

A Corporation has no power to release an original subscriber of its capital stock from the obliqation of paying for his shares, without a valuable consideration for such release: and as against creditors, a reduction of the capital stock can take place only in the manner and under the conditions prescribed by the statute or the charter or the articles of incorporation (Philippine Trust Corp. v. Rivera, G,R. No.L-19761, 1923) .: See subsection _F.4. for discussion

Non· Voting Shares Have Voting Rights In The Following Matters: a. Amendment of Articles b. Adoptior./ Amendment of By- Laws c. Sale, lease, exchange, mortgage, pledge or dispose of all or substantially all of corporate property d. Incur, create, increase bonded indebtedness e. Increase, decrease capital stock f. Merger/ consolidation witn another corporation g. Investment of funds in another corporation h. Dissolution of corporation

on Trust Fund Doctrine.

d. Situs of the Shares of Stocks The situs of shares of stock is the domicile of the corporation (Tayag v. Benguet Consolidated lnc., G.R. No. L-23145,.1968), .

Other Classes of Shares: (Secs. 7, 8, 9) a. Founder's shares - Given rights and privileges not enjoyed by owners of other stocks; exclusive right to vote/be voted in the election of directors shall not exceed 5 years b. Redeemable shares - Expressly provided in articles; may be purchased/taken up upon expiration of period of said shares purchased whether or not there are unrestricted retained earnings; may be deprived of voting rights. c. Treasury stocks - stocks previously issued and fully paid for and reacquired by the corporation through lawful means (purchase, donation, etc.); not entitled to vote and no dividends could be declared thereon as corporations cannot declare dividends to itself.

e. · Classes of Shares of Stock (Sec. 6) a. . Common and Preferred shares Common shares are also called ordinary shares and they share in profits pro- rata Preferred shares may be preferred (a) as to dividends, or (b) as to distribution of assets during liquidation, or (c) as to any other manner stated in the Articles, not violative of the Corp Code. If . authorized by Articles, Board may fix terms. It is ALWAYS with a stated par value. b.

Par Value and No-Par Value • Par value shares - with a pre-stated amount or denomination • Non· par value - no pre-stated value

Escrow shares - those held by a third person to be 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 corporation or its creditors.

Preferred cumulative participating share bf stock Share entitling its holder to preference in the payment of dividends ahead of common stockholders and to be paid the dividends due for prior years and to participate further with common stockholders in dividend declarations.

The consideration received is treated as capital and cannot be declared as dividends.

.

(__ }

Because they are vested with public interest, the following types of corporations may only issue par value shares: · a. Banks b. Trust Companies c. Insurance Companies d. Public Utilities e. Building and Loan Associations. c.

Voting share with complete voting rights Non • voting shares are usually preferred or redeemable shares and have limited voting rights,

Promotion stocks for services rendered prior to incorporation escrow stock - Stock deposited with a 3rd person to be delivered to stockholder/assignor after complying with certain conditions. Over-Issued Stock - Stock issued in excess ofauthorized capital stock; null and void.

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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. b. The Board, through a resolution, may call for all or part of the unpaid subscriptions. c. Failure to pay on a specified date, the entire balance which is due and payable. d. Failure to pay within thirty (30) days from the date the subscription becomes delinquent and is subject to -, sale. The prescriptive period in case of subscription of shares begins to run only from the time the board of directors declares that the balance is due and payable (Garcia v. Suarez, O.R. No. 45493, 1939) Unpaid Subscriptions (Sec. 66) a. There will be interest imposed on unpaid subscriptions b. Payable to the corporation from date of subscription c. If required by and interest fixed in the By-laws d. If interest is required but not fixed - legal rate e. Therefore, no interest on unpaid subscription is required: a. If not required by by-laws b. If not required by subscription contract Methods of Collection of Unpaid Subscription a. Call tor payment b. Declaration of delinquency and sale at public auction of delinquent shares; c. Ordinary civil action; d. Collection from cash dividends ar-d other amounts due to stockholders if allowed by by-laws/agreed to by him.

c. Sale of Delinquent Shares Delinquency on subscriptions Stocks not paid within 30 days from the date fixed iri the contract of subscription or from. the date stated in the. call made by the Board of Directors. i. Effect of Delinquency • They shall be subject to delinquency sale. • The stock shall not be voted or be entitled to vote or to representation at any stockholder's meeting. • The holder shall not be entitled to any of the rights of a stockholder except the right to dividends • The corporation has the right to apply cash dividends due to the unpaid balance plus cost and expenses and to withhold stock dividends until the unpaid subscription is fully paid. Procedure of Delinquency Sale a. The Board, by a resolution, declares a Call, which is to pay the unpaid subscription or part thereof on a specified date: Note: Notice of said resolution is sent to all shareholders with unpaid subscriptions. There is no need for a call if the 'subscription contract specifies dates when subscription balance is due. b.

a. Call by Board of Directors The Board of Directors may, by a formal.resolution, issue, at any time, subject to the subscription contract, a call for all or part of the unpaid subscription with or without interest.

c.

Requisites for a valid call a) Must be made in the manner prescribed by law; b) ML1st be made by the Board of Directors; and c) Must operate uniformly upon all shareholders

e.

Note: No need of a call if the subscription contract specifies dates when the subscription balance is payable. b. Notice Requirement The unpaid subscriptions are not due and payable until a call is made by the corporation for payment. It does not even appear that a notice of such . has been sent to

d.

If no payment is made within thirty (30) days from the date specified, the board shall order the sale of delinquent shares. Notice of sale and copy of resolution ordering the sale of delinquent shares is given to every delinquent stockholcer personally or by registered mail. Publication once a week for two (2) consecutive weeks in a newspaper of general circulation in the province or city of the corporation's princ.pal office. Sale at Public Auction is done wherein the winning. bidder is the one who offers full payment of balance plus accrued interest, advertising costs, sale expenses· for smallest number of shares or fraction of a share. If there are no bidders, the Corporation may bid and the shares become treasury shares, provided the same has unrestricted retained earnings. ·

Note: There shall be no sale at public auction if: a. The delinquent stockholder pays on or before the sale: (a) balance due, (b) accrued interest, ortc) advertising costs and expenses of sale ..

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COMMERCIAL LAW

The Board orders otherwise, on any of the following grounds: (a) Defect in the Notice of Sale; or (b) Defect in sale itself.

After the sale, the Stocks purchased are trar,sferred to the winning bidder in the corporate books. When Sale May Be Questioned a. The action is filed on the ground of irregularity or defect in the notice of sale, or in the sale of the delinquent stock; b. The party seeking to maintain such action first pays or tenders to the party holding the stock the sum for which the same was sold with interest from the date of the sale at the legal .rate; and c. The complaint was filed within 6 months frum the date of the sale (Sec. 69) Cases When Corporation Can Reacquire Stock Note: Corporation mus! have unrestricted retained earnings a. Eliminate fractional shares; b. Collection of compromise indebtedness to the corporation arising from unpaid subscriptions; c. · Purchase delinquent shares; d . Exercise appraisal right.

of

Note: Under Sec. 43.1 the Securities and Regulation Code, a corporation whose shares of stock are registered pursuant to the Corpcration Code or listed in a stock exchange may: a. If so resolved by its Board of Directors and agreed by a shareholder, issue shares to, or record the transfer of some or all of its shares into the name of said shareholders, investors or, securities intermediary in the form of uncertificated securities; b. The use of uncertificated securities shall be without prejudice to the rights of the securities intermediary subsequently to require the corporation to issue a certificate in respect of any shares recorded in its name; and c. If so provided in its articles of incorporation and bylaws, issue all of the shares of a particular class in the form of uncertificated securities and subject to a condition that investors may not require the corporation to issue a certificate in respect of any shares recorded in their name. c. Negotiability Shares of stocks are transferable by endorsement plus delivery. Endorsement plus delivery is good as between parties but it needs to be recorded in the corporate books to be effective against third parties.

5. Certificate of Stock a. Nature of the Certificate . It is the paper representation or tangible evidence of the stock itself and of the various representations therein. It expresses the contract between the corporation and the stockholder. It is not essential to the ownership and/or existence ofthe share of stock. It is prima facie evidence that the holder is a shareholder in a corporation (Makati Sports Club v. Cheng, G.R. No. 178523, 2010) It is a written acknowledgment by the corporation of the stockholder's interest in the corporation. It is the personal property and may be mortgaged or pledged. Transfer binds the· corporation when it is recorded in the corporate books. Note: It is the shares that can be mortgaged or pledged, not the certificate of stock b. Uncertificatad Shares/Securities Defined as security evidenced by electronic or similar records. (Secµrities and .Regulation Code, Sec. 3.14)

A certificate of stock is a quasi-negotiable instrument. It ' may be transferred by endorsement, coupled with delivery but the holder thereof takes it without prejudice to such right,, or defenses as the registered owner or creditor may have under the law, except insofar as such rights or defenses are subject to the limitations imposed by the principles governing estoppel. (De los Santos v. McGrath, G.R. No. L-4818, 1955) L Requirements for Valid Transfer of Stock: · 1. If represented by a certificate, the following must be strictly complied with: a. Delivery of the certificate; b. lndorsement by the owner or his agent; c. To be effective against third parties, the transfer must be recorded in the books of the corporation. 2. If NOT represented by the certificate (such as when the certificate has not yet been issued or where for some reason is not in the possession of the stockholder): a. By means of deed of assignment or public document; and b. Such is duly recorded in the books of the corporation

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d. Issuance . .

b.

i. Full Payment There shall be no issuance of stock certificates unless there is full payment of: 1. Subscription; 2. Interest; and 3. Expenses (in case of delinquent shares).

b.

c.

ii. Payment pro rata In the absence of special agreement to the contrary, the subscriber's right consists only in an equity entitling him to a certificate for the total number of shares subscribed for by him upon payment of the remaining portion of the subscription price (Fua Cun-vs. Summers, G.R. No. 19441, 1923). Requisites for Issuance of Certificate of Stock 1. The certificate must be signed by the president or vicepresident, countersigned by the secretary or assistant . secretary; 2. The certificate must be sealed with the seal of the corporation; 3. The certificate must be delivered; 4. The par value, as to par value shares or full subscription as to no par value shares must first be fully paid; and 5. The original certificate must be surrendered where the person requesting the issuance of a certificate is a transferee from the stockholder (Bitong v. CA. G.R. No. 123553, 1998) Shares Of Stock v, Certificate Of Stock CERTIFICATE OF STOCK SHARES OF STOCK Evidence of the holder's Unit of interest in a ownership of the stock and of right as a his corporation shareholder and tangible lncorpqreal or intangible Concrete property property May be issued by the corporation even if the May be issued only if the subscription is not fully subscription is fully pai9 paid e. lost or Destroyed Certificate Procedure for the issuance of new certificates to replace 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;

d.

6.

Certificates and Serial Numbers of ·lost Certificates; and c. Other Information and Evidence. Publication of notice of loss by the Corporation for at least three (3) consecutive weeks in a newspaper of general circulation in the principal place of business of the corporation. If a contest is presented to the corporation or if . an action is pending in court, issuance of new certificates is suspended until final court decision. No action is allowed against the corporation for issuing new shares except for fraud, bad faith, or negligence. Stock And Transfer Book

a. Contents Record of: 1. All stocks in the names of the · stockholders alphabetically arranged; 2. The installment paid and unpaid on all stock for which subscription has been made, and the: date of payment of any installment; 3. A statement of every alienation, sale or transfer of stock made; and 4. Such other entries as the by-laws may prescribe. Only absolute transfers of shares of stock are required to .. be recorded in the corporation's stock and transfer book in order to have force and effect as against third persons. Attachments of shares are not "transfer" and need not be · recorded in the corporation's stock and transfer book. (Ferro Chemicals v. Garcia, et sl., G.R. 168134, 2016) b. Who May Make Valid Entries . Entries made on the stock and transfer book by any person other than the Corporate Secretary, such as those made by the President and Chairman cannot be given .arry valid effect (Torres Jr. v. CA. G.R. No. 120138, 1997). Registration of a transfer of shares of stock is a ministerial duty on the part of the corporation. Aggrieved parties rr.ay then resort to the remedy of mandamus to compel corporations that wrongfully or unjustifiably refuse .to record the transfer or to issue new certificates of stock. This remedy is available even upon the instance of a bona fide transferee who is able to establish a Clear legal right to the registration of the transfer. (Andaya v. Rural Bank of Cabadbaran, lnc., G.::?. No. 188769, 2016)

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Disposition And Encumbrances

COMMERCIAL LAW restrict the right of a stockholder to transfer his shares, but merely authorizes the adoption of regulations as to the formalities and procedure to be fo:lowed in effecting transfer (Thomson v. GA. G.R. No. 1166.31, 1998).

Of Shares

a. Sale of Shares Sale of Partially Paid Shares Section 63 provides that no share of stock against which the corporation holds any unpaid claims shall be transferable in the books of the corporation. Sate of a Portion of Shares Not Fully Paid A stockholder who has not paid the full amount of his subscription cannot transfer part of his subscription in view of the indivisible nature of a subscription contract. (SEC . Opinion) Sale of All Shares Not Fully Paid The entire subscription, although not yet fully paid, may be . transferred to. a single transferee, who as a result of the transfer must assume the unpaid balance. (SEC Opinion) Consent of the corporation must first be secured since the transfer of subscription rights and obligations contemplates a novation of contract. (Civil Code, Art. 1923) The SEC correctly categorized the assignment of the subscription asireements as a forr.1 of novation by substitution of a new debtor and which required the consent of or notice to the creditor. In this case, the change . of debtor took place when R.C. Lee assigned the Oceanic shares under the subscription agreements to SSI so that · the latter became obliged to settle the 75% unpaid balance · on the subscription. The SEC was correct in saying that ··. lnterport was. duly notified of the assignment when SSi tendered its payment for the 75% unpaid balance, and that it could not anymore retuse to recognize the transfer of the transfer of the subscription agreements to SSI was to . extinguish the obligation of R.C. Lee to Oceanic, now Interport. lnterport was no longer obliged to accept any payment from R.C. Lee because the latter had ceased to be privy to the subscription agreements, but was now legally bound to accept SSi's tender of payment as the new debtor. (lnterport Resources Corporation v. Security Specialist, lnc., G.R. No. 154069, 2016) Sale of Fully Paid Shares Section 63 provides that shares of stock issued with a corresponding certificate of stock are personal property . and may be transferred by delivery of the certificate or certificates indorsed by the owner or his attorney-in-fact or other person legally authorized to make the transfer. b. Allowable Restrictions on Sale of Shares The authority granted to a corporation to regulate the transfer of its stock does not empower the corporation to

:., c. Requisites of a Valid Transfer If represented by a certificate, the following must be strictly complied with: a. Delivery of the certificate; b. lndorsement by the owner or his agent; c. To be valid against third parties, the transfer must be recorded in the books of the corporation (Rural Bank of Lipa v. CA, G.R. No. 124535, 2001). If NOT represented by a certificate, the following must be complied with: a. By means of a deed of a Deed of Assignment; b. The same must be recorded in the books of the corporation. The failure by a seller to deliver, within a reasonable time, the stock certificates representing shares of stock subject of a sale transaction may be a basis to rescind such sale (Fil-Estate Gold and Development v. Vertex, G.R. No. 202079, 2013). In case of chattel mortgage, a double registration is necessary with the Register of Deeds where: a. The debtor resides b. The corporation has its principal place of business. Registration on the stock and transfer book would be of no effect In case of attachments and levies, shares may be attached by leaving with the corporate officer a copy of the writ and notice. No recording in 1the stock and transfer book is needed. The moment the notice has been duly delivered, it becomes binding. d. Involuntary Dealings With Shares

As an incident of ownership, a stockholder may pledge, mortgage or encumber his shares of stocks. Restrictions by the corporation are only valid when: a. They appear in the Articles of Incorporation, by-laws, and the certificates. · b. They are not more onerous than granting existing stockholders an option to purchase within a reasonable period and within reasonable terms.

B. DISSOLUTION AND LIQUIDATION Dissolution

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Extinguishnlent of the franchise of a corporation and the termination of its corporate existence.

three (3) consecutive weeks in three (3) public places is sufficient; Objections must be filed no less than 20 days nor more than 60 days after the entry of the Order; After the expiration of the time to file objections. a hearing shall be conducted upon prior five. (5) day notice to hear the objections; Judgment shall be rendered dissolving the corporation and directing the disposition of assets; the judgment . may include appointment of a receiver. ·

• However, the corporation shall nevertheless be continued as a body corporate for three (3) years after the time when it would have been so dissolved, for the purpose of prosecuting and defending suits by or against it and enabling it to settle and close its affairs, to dispose of and convey its property and to distribute its assets, but not for the purpose of continuing the business for which it was established. (Sec. 122)

a. Voluntary i. Where No Creditors Are Affected

•

•

•

•

•

•

111. By Shortening Corporate Term- This is done by amending the Articles of Incorporation.

1. Modes of Dissolution:

•

•

A meeting must be held on the call of directors or trustees; . Notice of the meeting should be given to the stockholders by personal delivery or ,·egistered mail at least 30 days prior to the meeting; <. The notice of meeting should. also be published for three (3) consecutiveweeks in a newspaper published in the place; The resolution to dissolve must be approved by the majority of the directors/trustees and approved by the stockholders representing at least 2/3 of the outstanding capital stock or 2/3 of members; A copy of the resolution shall be · certified by the majority of the directors or trustees and countersigned by the secretary; The signed and countersigned copy will be filed with the SEC and the latter will issue the certificate of dissolution ..

ii. Where Creditors Are Affected • Approval of the stockholders representing at least 2/3 of the outsta-idinq capital stock or 2/3 of members in a meeting called for that purpose; • 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 Secretary or Director. Claims and demands must be stated in the petition; • If Petition is sufficient in form and substance, the SEC shall issue an Order fixing a hearing date for objections; • A copy of the Order shall be published at least once a week for 3 consecutive weeks in a newspaper of general circulation or if there is no newspaper in the municipality or city of the prmcipal office. posting for

b. Involuntary A corporation may be dissolved by the SEC upon filing of a veritied complaint and after proper notice and hearing on grounds provided by existing laws. rules. or regulations. (Sec. 121) i. Expiration of Corporate term: A corporation has a term . of not more than 50 years from date of incorporation. · subject to extension for a period not exceeding 50 years · per extension unless: Sooner dissolved Extended. (Sec. 11)

ii. Failure to Organize And Commence Business Within 2 Years From Incorporation If the corporation does not formally organize and commence the transaction . of its business or the construction of its works within 2 years from the date of its incorporation. its corporate power ceases and the corporation shallbe deemed dissolved. (Sec. 22). iii. Legislative Dissolution iv. Dissolution by the SEC on Grounds under Existing Laws A corporation may be dissolved by the SEC based on the following grounds: • • • •

Failure to organize and commence business within 2 years from incorporation (Corporation Code, Sec. 22) Continuously inoperative for 5 years (Corporation Code, Sec. 22; (PD 902-A, Sec. 6(i)(4))) Fraud in procuring Certificate of RegistrationJPO 902· . A, Sec. 6(i)(1)) Serious misrepresentation as to what the government. can do or is doing to the prejudice of or damage to the general public. Fraud in procurinq Certificate . of· Registration (PD 902-A, Sec. o(i)(2))

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BAROPERATIONS 2019 •

Refusal to comply with any lawful order of the SEC restraininq commission of acts which would amount to · a grave violation of its franchise (PD 902-A, Sec. 6(/)(3)) • Failure to file by-laws within 30 days from issue of certificate of incorporation (PD 902-A, Soc. 6(i)(5)) • Failure to fi.le required reports (PD 902-A, Sec. 6(i)(6) • Breach of provision of law for its creation or renewal (Sec. 2(a), Rule 66, Rules of Court) .• Continuance of business not feasible as found by Management Committee or Rehabilitation Receiver . (PO 902-A, Sec. 6(d)) • Act or omission which amounts to a surrender of corporate rights, privileges, or franchises (Sec. 2(c), Rule 66, Rules of Court) • Misuse of a right, privilege, or franchise in contravention of law, such as the commission of ultra vires or illegal acts (Sec. 2(c), Rule 66, Rules of Court) Non- Use of

Charter (Sec. 22)

"Organization" under SEC Rules • Adoption of the by-laws and the filing and approval of the same with and by the SEC if the same w'3re not adopted and filed simultaneously with the articles of incorporation; • Election of the Board of Directors or Trustees and of • the officers; • Establishment of the principal office; and • Providing for the subscription and payment of the capital stock and the taking of such steps as are necessary to endow the legal entity with capacity to transact the legitimate business for which it was created "Commenced Business" under SEC Rules When the corporation has performed preparatory acts geared towards the fulfillment of the purposes for which it was established such as but not limited to the following: • Entering into contracts or negotiations for lease or sale of properties to be used as business or factory site; • Making plans for and the construction of the factory;

a~

•

.

Taking steps to expedite the construction of the company's working equipment

. The failure to file the by-laws does not automatically operate to dissolve.a corporation but is only a ground for such dissolution (Chung Ka Bio v. /AC, GR. No.· 74653 198~. .,

Corporate dissolution due to ~anagement of majority stockholder is too drastic a remedy, especially when the situation can be remedied such as giving minority stockholders a veto power to any decision (Chase v. Buencemino, G.R. No. 20395, 1985).

Effects of Dissolution . (a) Vesting of legal title to the corporate property in the stockholders, who become co-owners thereof (b) The corporation ceases to be a body corporate to continue tile business for which it was established . The termination of the lif~ of a juridical entity does not by itself cause the extinction or diminution of the rights and liability of such entity; since it is allowed to continue as a juridical entity for three (3) years tor the purpose of prosecuting and defending suits by or against it and enabling it to settle and close its affairs, to dispose of and convey its property, and to distribute its assets (Repubiic v. Tancinco, G.R. No. 139256, 2002).

A board resolution to dissolve the corporation does not operate to so dissolve the juridical entity. For dissolution to be effective "the requirements mandated by the Corporation Code should have been strictly complied with" (Vesagas. v. Court of Appeals, G.R. No. 142924, 2001) A corporation cannot extend its life by amendment of its articles of incorporation effected during the three-year statutory period for liquidation when its original term of existence had already expired. as the same would constitute new business (Alhambra Cigar & Cigarette Manufacturing Company, Inc. v. SEC, G.R. No. 23606, 1968). When the period of corporate life expires, the corporation ceases to be a body corporate for the purpose of continuing the business for which it was orqanized (PNB v. Court of First Instance of Rizal, Pasig, Br. XX/, G.R. No. 63201, 1992). : A party's stockholding in a corporation, whether existing or ' dissolved, is a property right which he may vindicate against another party who has deprived him thereof. Stockholders may convey their respective shareholdings toward the creation of a new corporation to continue the business of the old or they may reincorporate by filing new articles of incorporation and by-laws.

Demands of Minority for Dissolution Page "i43 of 250

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2. Methods of Liquidation Liquidation Process by which all the assets of the corporation are converted into liquid assets in order to facilitate the payment of obligations to creditors, and the remaining balance if any is to be distributed to the stockholders.

until rendition of the final judgment, even if such judgment is rendered beyond the three-year period allowed by Section 122. However, an already defunct corporation cannot initiate a suit after the lapse of the three-year period. (A/abang Dev't v. Alabang Hills Village Ass'n, G.R .. No. 196950, 2014)

There is no time limit within which the trustees must complete a liquidation placed in their hands (Vigi/la et.al. v. Philippine College of Criminology, G.R. No. 200094, 2013).

Note: When a corporation threatened by bankruptcy is taken over by a receiver, all the creditors shall stand on equal footing. Not one of them should be given preference 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

Even if no trustee is appointed or designated during the three-year period of the liquidation of the corporation, the Court has held that the Board of Directors may be permitted to complete the corporate liquidation by continuing as trustees by legal implication (Vigilfa et al. v Philippine College of Criminology, G.R. No. 200094, 2013) b.

c.

Through Trustee - at any time during the three years of liquidation, a corporation is authorized and empowered to convey all of its property to trustees for the benefit of stockholders.' members. creditors. and other persons in imerest. The three (3)-year limitation will not apply provided the designation of the trustee is made within said period. Through Receiver - created by means of judicial or quasi-judicial appointment of the receiver. The receiver is actually an officer of the court and must therefore be accountable to the court.

Note: If there is no Board of Directors or Trustees, those having pecuniary interest in the assets, including not only the shareholders but likewise the creditors of the corporation, acting for and in its behalf, may liquidate (Alabang Dev'i v. Alabang Hills Village Ass'n, G.R. No. 196950, 2014) d.

Liquldaticn after Three Years

If full liquidation can only be effected after the 3-year period and there is no trustee, the directors may be permitted to complete the liquidation by continuing as trustees by legal implication (Reburieno v. CA, GR. No. 102965, 1999).

A corporation in the process of liquidation has no legal authority to engage in any new business, even if the same is in accordance with the primary purpose stated in its articles of incorporation. When a Corporation Must Wind Up (Sec. 122) If it is dissolved by: a. By gxpiry of term or b. Is 2nnulled by forfeiture, or Otherwise, Or c. Is !errninated In any other manner Effects of Winding Up of Affairs: (SEC. 122) a. Continues as a corporate body for 3- years to, prosecute and defend suits against it, close its affairs. dispose and convey its property and distribute assets b. Cannot · continue business for which it was established c. Can convey property to trustees for the benefit of the stockholders/members, creditors and other persons in interest i. Legal interest vests in business ii. Beneficial interest remains with stockholders/ members, creditors d. Assets distributable to unknown creditors, stockholders/ members. persons in interest or those who cannot be found shall be escheated to. the city or municipality where the assets are located. e. Distribution of assets only upon lawful dissolution and payment of all debts and liabilities, Exceptions: a. Decrease of capital stock 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 Page 144 of 250

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COMMERCIAL LAW

OTHER CORPORATIONS

Close Corporations A close corporation, within the meannq of the Corporation Code, is one whose articles of incorporation provide that: 1.. All the corporation's issued stock of all classes, exclusive of treasury shares, shall be held of record by not · more than a· specified number of persons, not exceeding twenty (20) 2. All the issued stock of all classes shall be subject to one or more specified restrictions on transfer permitted by this Title 3. The corporation shall not list in any stock exchange or make any public offering of any of its stock of any class. Notwithstanding the foregoing, a corporation shall not be deemed a close corporation When at least two-thirds (2/3) of its voting stock or voting rights is owned or controlled by another corporation which is not a close corporation within the meaning of the Corporation Code. (Sec. 96) Suppletory Effect The provisions of other Titles of the Corporation Code shall apply supple.torily except insofar as Title of Close Corporation otherwise provides. Characteristics 1 ~ The articles of incorporation of a close corporation may provide that the business of the corporation shall be . managed by the stockholders of the corporation rather than by a board of directors: a. When they manage, stockholders are liable as directors; b. There is no need to call a meeting to elect directors; c. To the extent that the stockholders are actively eng.39ed in the management, said stockholders shall be liable for corporate torts unless the corporation has obtained reasonably adequate lic!bility insurance. Companies That Cannot Be Close Corporations (MIPES-BOO) a. Mining companies; b. . Insurance companies; c. Public utilities; d . Educational institutions; e. Stock exchanges; f. Banks; g. Oil companies; h. Other corporations declared to be vested with public interest.

Validity Of Restrictions On Transfers Of Shares Restrictions on the right to transfer shares must appear in: 1. The articles of incorporation; 2. The by-laws; and 3. In the certificate of stock . Otherwise, the same shall not be binding on any purchaser thereof in good faith. Said restrictions shall not be more onerous than granting the existinq stockholders or the corporation the option to purchase the shares of the transferring stockholder with such reasonable terms, conditions or period stated therein. If upon the expiration of said period, the existing stockholders or the corporation fails to exercise the option , to purchase, the transferring stockholder may sell his shares to any third person. Need for factual determination of close corporation to apply Sec. 98 Before courts can allow the operation of Section 98 to a case, there must first be a factual determination that the corporation is indeed a close corporation. There needs to be a presentation of evider.ce on tha relevant restrictions in the articles of incorporatfon and by-laws of the corporation. (Rural Bank of Andaya v. Cebedberen, G.R. No. 188769, 2016) Pre-Emptive Rights Of Stockholders In Close Corporations General Rule: It shall extend to all stock to be issued, including reissuance · of treasury shares, whether · for money, property or personal services, or in payment of corporate debts Exception. Unless the articles of incorporation provide otherwise. Power To Buy-Back Shares Of Close Corporations v, Appraisal Right In Stock Corporations CORP STOCK CORP CLOSE CORP CLOSE Sec. 104 Sec. 105 Exercised by Exercised by the Exercised by the stockholder stockholder the corporation are There certain Exercisable for instances where only in a Exercisable appraisal rights deadlock any reason can be situation exercised

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Can. be directed either against the corporation or any other stockholder

Available only against , the corporation

Available only against the corporation

Available even without unrestricted retained earninqs and not subject to any formula

Limited only in a situation when the corporation has. sufficient assets in its books to cover its debts and lial>i/ities, exclusive of capital stock

Unrestricted retained earnings are required for buyback to happen, generally

CQmpelling Dissolution In Close Corporations Corporations

CLOSE.

CORP

Sec. '/04 SEC is given express power to dissolve a close corporation when there is a deadlock situation

CLOSE

CORP

v, Stock

STOC•< CORP

Sec. 105 A stockholder must make a written petition to SEC the to compel dissolution

Majority of the Board fJIUS 2/3 stockholder vote is required for dissolution

· 1. Non-Stock Corporations

a. Definition A non-stock corporation is one where no part of its income is distributable as dividends to its members trustees or -, officers, subject to the provislons of the Corp~ration C;de on dissolution Any profit which a non-stock corporation may obtain as an incident to its operations shall, whenever necessary or proper, be used for the furtherance of the purpose or purposes for which the corporation was organized, subject to the provisions of this Title. (Sec. 87) b. Purposes A non-stock corporation may be formed or organized for the following purposes: a. Charitable, · b. · Religious, c. Educational, d. Professional, e. Cultural, f. Recreation.

g. h. i. j. k. I.

Fraternal, Literary, Scientific, Social, Civic Service, Similar purposes, like trade, industry, aqriculture and like chambers, or m. Any combination of thereof (Sec. 88) In the Articles of Incorporation, a non-stock corporation may not include · a purpose which would change or contradict its nature as such. (Sec. 14{2_1) c. Treatment Of Profits ~o~-stock non-profit corporations may actually earn profits incidentally from its operations, provided that . the profits are devoted to their purpose. The mere fact that a non-stock corporation may earn profit does not make it profit-making corporation, where such profit is used to carry out the purposes set forth in the Articles of Incorporation and is not distributed· to its incorporators, members, · trustees, or officers. .(SEC Opinion, 13 November 1990, XXIV SEC CnsettertyBulietir: 63)

a

Note: Despite its nomenclature, the essence of a non-stock nonprofit corporation is not the non-existence of shares of stock to cover its capital (it is legally possible for a corporation having capital stock to still be considered a non-stock corporation), but that: a. Its primary purpose should be any of those under Sec. 88 of the Corporation Code, and b. There is a prohibition in the articles of incorporation and by-laws that no part of the income or any form of dividend is distributable to the members, trustees. and . officers of the corporation (CIR v. Club Filipino Inc, de .. · Cebu, G.R. No. L-12719, 1962) • Even though the corporation may incidentally earn profits from its operations. (CIR v. University of viseves, GR. No. L-13554, 1961)

d. Distribution of Assets upon Dissolution In case dissolution of a non-stock corporation in accordance with the. provisions of this Code, its assets. shall be applied ard distributed as follows: • All liabilities and obligations of the corporation shall be paid, satisfied and discharged, or adequate provision shall be made therefore; .

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•

Assets held by the corporation upon a condition requiring return, transfer or conveyance, and which condition occurs by reason of the dissolution, shall be returned, transferred or conveyed in accordance with such requirements; • Assets received and held by the corporation subject to limitations permitting their use only for charitable, religious, benevolent, educational or similar purposes, but not held upon a condition requiring return, transfer or conveyance by reason of the dissolution, shall be transferred or conveyed to one or more corporations, . societies or. organizations engaged in activities in the Philippines substantially similar · to those of the dissolving corporation according to · a plan of distribution adopted pursuant lo this Chapter; • Assets· other than those mentioned in the preceding paragraphs, if any, shall be dislributed in accordance with the provisions of the articles of incorporation or the by-laws; to the extent that the articles of · incorporation or the by-laws, determine the distributiv~ rights of members, or any class or classes of members, or provide for distribution; and • · In any other case, assets may be distributed to such persons, societies, organizations or corporations, . whether or not organized for profit, as may be specified in a plan of distribution adopted pursuant to this Chapter. (Sec. 94) ·

.. ;

In the absence of distribution rules, the remaining assets may be distributed to such persons, · societies, organizations, or corporations, whether or not organized for profit, as may be specified in a plan of distribution as adopted by the Board of Trustees and ratified by the members. · In a regular non-stock corporation it is possible for its net assets and accumulated "earnings" from its operations, to inure to the benefit of private individuals (e.g., its own members) or entities, but only as a consequence of dissolution. Suppletory Effect The provisions governing stock corporation, when pertinent, shall be applicable to non-stock corporations, except as may be covered by specific provisions of this Title. Conversion between Stock and Non-Stock Corporation A non-stock corporation cannot be converted into a stock corporation through mere amendment of its Articles of Incorporation as this would be in violation of Section 87 which prohibits distribution of income as dividends to members. (SEC Opinion, 20 March 1995) However, a nonstock corporation can be converted into a stock corporation only if the members dissolve it first and then organize a stock corporation. The result is a new corporation. (SEC Opinion, 13 May 1992)

A non-stock corporation in the process of dissolution may adopt a plan providing for the distribution of assets, not inconsistent with the Code, in the following manner: • The board of trustees shall, by majority vote, adopt a resolution recornmending a plan of distribution and directing the submission thereof to a vote at a regular or special meeting of members having voting rights . • Written notice setting forth the proposed plan of distribution or a summary thereof and the date, time and place of such. meatinq shall be given to each member entitled to vote, within the time and in the manner provided in this Code for the giving of notice of meetings to members. • The plan of distribution shall be adopted upon approval of at least 2/3 of the members having voting rights present or represented by proxy at such meeting. (Sec. 95)

On the other hand, a stock corporation may be converted into a non-stock corporation bymere amendment provided all the requirements are complied with. Its rights and liabilities will remain. Theory on Non-Stock Corporations A non-stock corporation may only be formed or organized for charitable, religious, educational, professional, cultural, fraternal, literary, scientific, social, civic or other similar purposes. It may not engage in undertakings such as the investment business where. profit is the maih or underlying purpose. Although the non-stock corporation may obtain profits as an incident to its operation such profits are not to be distributed among its members but must be used for the furtherance of its purposes (People v. Menil, GR. No. 115054-66, 1999).

Note: Although a non-stock corporation cannot distribute incidental profits or dividends to its members, trustees and officers during its corporate term, in the event of 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 members or that is property, effects or profit was ever used for personal or individual gain, and not for the purpose of carrying out the objectives of the enterprise (Manila Sanitarium and Hospital v. Gebuco, G.R. No. 13873, 1963).

.

1 year

Term of Board Members 3 years, but AOI or . bylaws may provide otherwise

Constant terms

In a mutual life insurance corporation, organized as a nonstock nonprofit corporation, the so-called "dividend" that is received by members-policyholders is not a portion of ' profits set aside for distribution to the stockholders in proportion to their subscription to the capital stock of a corporation. One, a mutual company has no capital stock to which subscription is, necessary; there are no stockholders to speak of, but only members. And, two, the amount they receive does not partake of the nature of a profit or income. The quasi-appearance of profit will not change its character; it remains an overpayment, a benefit to which the member-policyholder is equitably entitled (Republic it. Sunlife Assurance Company of Canada, GR No. 158085, 2005). Delinquency in Membership Dues of Non-Stock Corporations A non-stock corporation rnay seize and dispose of the membership share of a fully-paid member on account of his unpaid monthly dues. when such corporation rs authorized to do. so under the by-laws, even when no provision. on the matter appears in the articles of incorporation, and in spite of the fact that Sec. 67 of Corporation Code on delinquency sale pertains to payment of shares subscription. (Valley Golf v. De Caram, G.R. No. 155805, 2000) Comparative Table: Stock v, Non-Stock Corporations STOCK CORP NON~STOCK CORP Can they earn profit? Yes Yes Distribution of Dividends I . . .. . Yes No Name of "Constituents" Stockholders Members Limitation to Purpose r May not inciude a purpose No, there can be which would change or secondary purposes contradict its nature in AOI Kind of Board Board of Trustees Board of Directors Number of Board Members Min. 5; but may be more. 5 < x -c 15 than 15 exc: special corporations

5

years. institutions

educational

Staggered terms How Board Members Are Elected Elected by the Directly elected . by the stockholders (pet Corp. members, unless AO/ Code) provides otherwise Manner of Voting Straight voting, unless or cumulative Straight AOI or by-laws provide voting otherwise Can membership be transferred? Generally no, EXC: if AOI . Generally yes or by-laws provide otherwise Can a stochokder/ member disengage from the corporation? to other Articles or by-laws Can sail stockholders OR exercise specifically provide for the method of termination . of appraisal rights Corporation Sole Special form of corporation, usually associated with the clergy arid consists of one person only and his successors, who are incorporated by law to give some legal capacities and advantages. A corporation sole does not have any nationality but for, purposes of applying our nationalization laws, nationality is determined by the nationality of the members (Roman Catholic Apostolic Church v. LRC, GR. No. 8451, 1957). The doctrine in Republic v. Villanueva (G.R. No. 55418·19, 1982) and Republic v. totesie ni Cristo (G.R. No. 180067,- ·. 1984), that a corporation sole is disqualified to acquire/hold alienable lands of the public domain, because of the constitutional prohibition qualifying only individuals to acquire land and the provision under the Public. Land Act which applied only to Filipino citizens or natural persons, has been expressly overturned in Director of Lands v. IAC (GR. No. 66575 1986). A registered corporation sole can acquire land if its members constitute at least 60% Filipinos. (SEC Opinion, 8 August 1994)

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G. Foreign Corporations

A corporation formed, organized or existing under any law other than those of tne Philippines, and whose laws allow Filipino citizens and corporations to do business in its own country or state. (Sec. 123) A foreign corporation is· one which owes its existence to the laws of another state, and generally, has no legal existence within the state in which it is foreign (Avon Insurance PLC . v. Court of Appeals, .G.R. No. 97642, 1997). A fundamental rule of international jurisdiction is that no state can by its laws, and no court which is only a creature of the state, can by its judgments and decrees, directly bind or affectproperty or persons beyond the limits of that state (Time, Inc. v. Reyes, GR No. 28882, 1971).

BUT: Where a single act or transaction is not merely incidental or casual but indicates the foreign corporation's · intention to do other business in the Philippines, said single act or transaction constitutes doing business (Far East Int'/. v. Nankai Kogyo, G.R. No. 13525, ·/962). Need to Allege: The fact that a foreign corporation is not doing business in the Philippines must be alleged, if a foreign corporation desires to sue in Philippines courts under the "isolated transactions rule" (Atlantic Mutual Inc. Co. v, Cebu Stevedoring Co., G.R. No. 18961, 1966); if not alleged, it can be dismissed lack of capacity to sue by the plaintiff (Commissioner of Customs v. K.M.K. Gani, G.R. No. 73722, 1990).

for

b.

a. Bases of Authority over Foreign Corporations i. Consent - It is the voluntary surrender of jurisdiction over its person in a pending suit before the host state (Sa/onga, Private International Law, 1979 ed., r,.344). ii. "Doing Business" with regard to Foreign Corporations - Continuity of commercial dealings incident to prosecution of purpose and object of the organization. Isolated, occasional or casual transactions do not amount to engaging in business. But.wherethe isolated act is not incidental/casual but indicates the foreign corporation's intention to do other business, said single act constitutes engaging in business in the Philippines. Test to Determine "Doing Business" a.

l !-" •;

..

-

.·.-

Isolated · Transactions Test: where a foreign corporation needs to obtain a license and fails to do so, whether it should be denied legal standin£ to obtain remedies . from local courts and administrative agencies or not; depends therefore on the issue whether it will engage in business in the Philippines. t>.Jot every activity undertaken in the Philippines amounts to doing business as to require a foreiqn corporation to obtain such license.

Single or isolated acts, contracts, or transactions of foreign corporations are not regarded as a doing or carrying on of . business. Typical examples of these are the making of a · single contract, sale, sale with the taking of a note and mortgage in the state to secure payment thereof, purchase, or note, or the mere commission of a tort. In these instances, there is no purpose to do any other business within the country (MR. Holdings, Ltd. V. Bajar, G.R. No> 138'/04, 2002).

Twin Characterization Test (Mentholatum Co. Inc v. Mangaliman G.R. No. 47701, 1941)

Substa nee Test: Consider the' body or su bstant:e of the business or the enterprise for which it was ORGANIZED or whether it has substantially retired from it and turned it over to another. Continuity Test: That doing business implies a continuity of commercial dealings and arrangements and contemplates, to that extent, the performance of acts or works or the exercise of some of the functions normally incidental to, and in progressive prosecution of, the -, purpose and object of its organization. Taken together, DOING BUSINESS in the Philippines mus: cover transactions and series of transactions in pursult of the main business goals of the corporation and done with the intent. to continue the same in the Philippines. c.

Contract Test: if the salient points of a contract do not find themselves in the Philippines, Philippine authorities have no business subjecting the parties to local registration and licensing requirements (Pacific Vegetable Oil Corp. v Singzon, G.R. No. 7917, 1955)

"Doing Business" Under The Foreign Investment Act and IRR "Doing Business'' in the Philippines - Includes: a. . Soliciting orders, service contracts, opening offices, whether called "liaison" offices or branches; b. Appointing representatives or distributors domiciled in the Philippines;

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Note: Includes "appointing representatives or distributors in the Philippines" but not when the representative or distributor "transacts business in its name and for its own account." (Alfred f-lahn v. CA, G.R. No.113074, 1997) c.

d.

Participating in the management, supervision, or control of any domestic business, firm, entity, or corporation in the Philippines; and Any other act or acts that imply a continuity of commercial dealings or arrangements, and contemplate to that extent the performance of acts or works, or the exercise of some of the functions normally incident to, and in progressive prosecution of. commercial gain or of the purpose and object of the business organization

Note: "Doing business" was upheld against Pioneer International for soliciting orders and service contracts in the performance of acts that imply continuity of commercial dealings. Pioneer lnternational's alleged acts in actively negotiating to employ Todaro to run its pre-mixed concrete operations In the Philippines, which acts are hypothetically admitted in Pioneer lnternational's motion to dismiss, are not mere acts of a passive investor in a domestic corporation. Such are managerial and operational acts in directing and establishing commercial operations in the Philippines. (Pioneer International, LTD v. Guadiz, G.R. No. 156848, 2007) . ··· Does Not Include: a. M~re investment as a shareholder by a foreign entity in domestic corporations duly registered to do business. and/or the exercise of right~ as such investor; b. Having a nominee director or officer to represent its interests in such corporation; c. Appointing a representative or distributor domiciled in the Philippines which transacts business in its own name and for its own account; d. The publication of a general advertisement through any print or broadcast media; e. Maintaining a stock of goods in the Philippines solely for the purpose of having the same processed by another entity in the Philippines; f. Consignment by a foreign entity of equipment with a local company to be used in the processing of products -, for export; g. Collecting information in the Philippines; and h. Performing services auxiliary to an existing isolated contract of sale which are not on a continuing basis, such as Installing in the Philippine machinery it has manufactured or exported to the Philippines, servicing

the same, training domestic workers to operate it, and similar incidental services. · No foreign corporation transacting business in the . Philippines without a license, or its successors or assigns, shall be permitted to maintain or intervene in any action, suit or proceeding in any court or administrative agency of the Philippines; but such corporation may be sued or proceeded against before Philippine courts or administrative tribunals on any valid cause of action recognized under Philippine laws (Lorenzo Shipping Corp. v. Chubb & Sons, Inc., et al., G.R. No. 147724, 2004).

of

b. Necessity a License to Do Business: • To place them under the jurisdiction of the courts • To place them in the same footing as domestic· corporations • Protection for the public in dealing with said corporations. l, Requisites for Issuance of License (Sec. 125; Omnibus Investments Code, Art. 48) 1. Articles of Incorporation and By-Laws 2. An application form under oath setting forth. i. Date and term of incorporation · ii.. Address of the corporation iii. Name, address, residence of resident agent iv. Place of operation v. Specific purposes vi. Names and addresses of directors vii. Statement of Authorized capital stock viii. Statement of Outstanding capital stock ix. Statement of Paid-in amount x, Additicnal information determined by SEC 3. Statement that the corporation is solvent 4. Duly executed certificate under oath attesting that its country permit Filipinos to do business in that country 5. · 60% Filipino control requirement 6. Business operation not inconsistent with Investment Priorities Plan 7. Business 'not in conflict with 1987 Constitution 8. Business riot adequately exploited by Phil nationals; 9. Entry of applicant not promote monopolies ii. Resident Agent Who may be a Resident Agent a. Individual residing in the Philippines of good moral character and of sound financial standing b. Domestic corporation lawfully transactinq business in the Philippines (Sec. 127)

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d.

Service ·Of Process upon a Foreign Corporation Through A Resident Agent Before a foreign corporation can be issued a license to transact business in the Philippines. such corporation must first file with the SEC 1 . A· written power of attorney designating some person who must be a resident of the Philippines, on whom any summons and other legal processes may be served inall actions or other legal proceedings against such corporation; & 2. Consent that service upon such resident agent shall be admitted and held as valid as if served upon the duly authorized officers of the foreign corporation at its home· office. a. Whenever such service of summons or other process is made upon SEC, it must, within .10 days thereafter, transmit by mail a copy of . such summons or other 1..,gal process to the corporation at its home or principal office. When SEC sends such copy, it shall constitute a necessary part of and shall complete such service b . In case of a change of address of the resident agent, it shall be his or its duty to immediately . notify SEC in writing. (Sec. 128) c. Personality to Sue Section 36 enumerates tho express powers of a corporation, which includes the corporation's ability to sue and be sued. The power of the corporation to sue and be sued in any court is lodqed with the board of directors that exercises its corporate powers. (Bitong v. CA, G.R. No. 12.1553, 1998) {."./-:

'·-"'

~- ;

d. Suability of Foreign Corporations Every foreign corporation • Doing business in the Philippines with a license may sue and can he sued in the Philippines · • Doing business in .the Philippines without a license cannot sue, but may be sued in the Philippines . • . Not doing business in. the Philippines, on Isolated transactions may sue and can be sued (if jurisdiction can be acquired) e.

·,

e. f.

A license subsequently granted enables the foreign corporation to sue on contracts executed before the grant of the license (Eriks Ltd. v. Court of Appeals, G.R. No. 118843, 1997); Recovery of misdelivered property; Where the defendant is estopped.

Section 160 in relation to Section 3 of R.A. No. 8293 provides that any foreign corporation not engaged in business in the Philippines and a national of a country which is a party to any convention, treaty or agreement relating to intellectual property rights or the repression of unfair competition, to which the Philippires is also a party or extends reciprocal rights, may sue in trademark or service mark enforcement action (Sehwani Inc v. ln-n-Out Burger, G.R. No. 171053, 2007). · Rules Regarding A Foreign Corporation's Right to

. Bring Suit in the Philippines

.

(Agilent Technologies v. Integrated Silicon, G.R. No. 154618 2004) ' FOREIGM CORP CAN FC SUI:: IN PH? STATUS in Doing business sue Cannot before Philippines without a Philippine courts license Can sue before Philippine courts on an isolated Not doing business in the transaction or on a cause Philippines of action entirely independent any of business transaction Doing business in the Philippines without a license, but Philippine citizen or entity has Can sue before Philippine contracted with sa'1d courts due to estoppel corporation or derived benefits from the Foreign Corporation Doing business in the Can sue before Philippine Philippines and has the courts on any transaction required license

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; Page 151 of 250

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Table: · Capability to Sue and Suability of Foreign Corporations W/N Doing Business DOING SUSINl:SS PHILIPPINES Licensed

YES, sue

can

can YES, be sued

IN

Unlicensed NO, sue;

NOT DOING BUSINESS IN PHILIPPINES Isolated Transactions Yes, can sue;

cannot

EXC: if transactions exhibits intent to do business, Foreign E::XC: estoppel Corporation needs license to sue YES, can be sued Qualifier: as long as summons were properly served (to acquire [unscictlon) ·'----

f. Ground~ for Revocation of License

. Section 134 provides that the SEC may cancel the certificate or license of a foreign corporation on any of the following grounds: -, a. Failure to file its annual report or pay any fees as required by Code; b. Failure to appoint and maintain a resident agent; c. Failure to inform SEC of the change of resident Agent or the latter's change of address; d. Failure to submit a copy of amended articles of incorporation or by- laws; or articles of rnerqer or consolidation; . e. A misrepresentation of any material matters in reports; f. Failure to pay any and all taxes, imposts, assessments or penalties; · g. Engag€d in a business not authorized by SEC; h. Acting as a dummy of a foreign corporation not licensed to do business in the Philippines; or i. Any other ground as would render it unfit to transact business in the Philippines.

H. MERGER AND CONSOLIDATlqN 1. Definition and Concept

The power to merge or consolidate is net within the inherent powers of the corporation. Therefore, it must be expressly granted by law. Merger or consolidation does not become effective by mere agreement of the constituent corporations. The approval of the SEC is required (PNB v. Andrada Electric & Engr. Co., Inc., G.R. No. 142936, 2002). Mere Acqulsitlon/Transfer (3 Levels) a. Assets-Only Level. Purchase of raw assets the enterprise. Transferee is NOT liable for the debts and liabilities of the transferor corporation as there is no privity of contract between transferee and creditors. except when there is fraud, assumption of liability, or takeover of the assets of a dissolved corporation. (Edward J. Nell Co. v Pacific Farms Inc., G.R. No. L" 20850, 1965) . b. Business Enterprise Leyel. Purchase of substantially all the assets of the corporation extending to its "going concern" (ability to do business and make rnoney.: goodwill, clientele, stock-in-trade, etc). There. is case law, based on equity, that holds transferee liable for the debts and liabilities of the transferor. A "free and harmless clause" 'loldirig the transferee free from the liabilities of the transferor is binding only between them and cannot prejudice creditors who are not parties · thereto. (Y-1 Lesisure Philippines, Inc. et al. v James Yu, G.R. No. 207161, 2015) c. Equity level. Purchaser takes control of the business by purchasing the shareholdings. Purchasing · corporation is still protected by the limited liability feature but the same can be pierced.

of

2. Plan of Merger or Consolidation (Sec. 76) a. Names of corporations b. Terms of the merger or consolidation and the mode.of carrying the same into effect c. Statement ot Changes of Articles of Incorporation d. Other provisions e. Approval by affirmative vote of stockholders or members representing 2/3 of outstanding capital stock 3. Articles of Merger or Consolidation (Sec. 78) a. Signed by the president or vice president and certified by the secretary setting forth: i. Plan of merger or consolidation ii. Number of outstanding shares or members iii. Number of shares or members voting for er. against merger or consolidation

Merger A union whereby one or more existing corporations are absorbed by another corporation that survives and continues the combined business. Consolidation The union of two or more existing corporations. A new corporation is created, and consolidatinq corporations are extinguished. Page 152 of 250

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· 4. Procedure of Consolidation or Merger . 1. The board of directors or trustees of each corporation, party to the merger or consolidation, shall approve a plan of merger or consolidation setting forth the ·following'. a. Names of the corporations involved; b. Terms and mode of the merger or consolidation; c. Statement of the changes, if any, in the articles of incorporation of the surviving corporation in case of rnerqer; and, with respect to the consolidated corporation in case of consolidation; and d. Other necessary or . desirable provisions with respect to the proposed merger or consolidation, 2. The plan of merger or consolidation shall be approved by majority vote of each of the boards of the corporations involved at separate meetings; 3. The same shall be submitted for approval by the stockholders or members of each such corporation at separate corporate meetinqs duly called for the · purpose. Notice of such meeting should be given to all stockholders or members at least 2 weeks before the meeting, either personally or by registered mail 4. .At least 2/3 of the outstanding capital stock, if a stock . corporation, or 2/3 of the members of the non- stock corporation should concur to sucn plan. 5. Dissenting stockholders rr.ay exercise their right of appraisal. However, if the board abandons such plan, such right is extinguished 6.. Any amendment to the plan must be approved by the same votes of the board members or trustees and stockholders or members required for the original plan. 7. Once the required number of stockholders or members approved of the plan, Articles of Merger or Articles of Consolidation shall be executed. by each of the constituent corporations, signed by the president or vice-president and certified by the secretary or assistant secretary of each corporation, setting forth: a. The plan of the merger or the plan of consolidation; b. As to stock corporations, the number of shares outstanding, or in the case of non-stock corporations, the number of members; and c, As to each· corporation, the number of shares or members voting for and against such plan, respectively. 8. Four copies of the Articles of Merger or Articles of . Consolidation shall be submitted to the SEC for · approval. However, in the case of special corporations, like banks, insurance companies, building and loan associations, etc., the favorable recommendation of the appropriate government agency shall first be 'obtained.

9.

1 o.

If the SEC is satisfied that the merger or consolidation of the corporations concerned is legal, it shall issue a certificate of merger or of consolidation, at which time the merger or consolidation shall be effective. If the SEC is not satisfied, it shall set a hearing to give the corporations concerned the opportunity to be heard. Written notice of the date, time and place of hearinq shall be given to each constituent corporation at least two (2) weeks before said hearing.

A merger doss not become effective upon the mere agreement of the constituent corporations, but open approval of the articles di merger by the SEC issuing the certificate of merger as required by Section 79 of the Corporation Code (Bank of Commerce v. Heirs of Rodolfo

de/a Cruz). 5. Effectivity and Limits of Merger or Consolidation • Submission to SEC for approval • Merger or consolidation of banks or banking institutions, building and loan associations, trust companies, insurance companies, public utilities, educational institutions and other special corporations governed by special laws need favorable recommendation by · appropriate governmental agency • If upon investigation by SEC that merger or consolidation is contrary to or inconsistent with the Corporation Code, it will set a hearing 6. Effects of Merger or Consolidation • The constituent corporations shall become a single corporation. • The separate existence of the constituents shall cease except that of the surviving corporation (in merger) or the consolidated corporation (in consolidation). • The surviving or the consolidated corporation shall possess all the rights, privilepes, immunities, properties and powers and shall be subject to all duties and liabilities of a corporation. . • The surviving or the consolidated corporation shall possess all the rights, privileges, irnmunlties and franchises of each of the constituent corporations; and all property, · real or personal, and all receivables due on whatever account, including subscriptions to shares and other choses in action, and all and every other interest of, or belonging to, or due to each constituent corporation, shall be taken and deemed to be transferred to and vested in such surviving or consolidated corporation 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. 8799) b. TOPIC OUTLINE UNDER THE SYLLABUS A. B.

Re!;Jistration requirement; exemptions Prohibftions on fraud, manipulation, and insider trading C. Protection of investors 1. Tender offer rule 2. Rules on proxy solicitation 3. Disclosure rule

c.

Note: An investment contract refers to a contract, 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 presumed to exist whenever a person seeks to use the money or property of others on the promise of profits. (Virata v. Wee, G.R. No. 220926, 2017)

STATE POLICY, PURPOSE The State policies underlying the .Securities Regulation Code (SRC) are the following: a. Establish a socially conscious free market that regulates itself; b. Encourage the widest participation of ownership in enterprises; c. . Enhance the democratization of wealth d. Promote the development of the capital market; e. Protect investors; f. Ensure full and fair disclosure about securities; and g .. Minimize, if not totally eliminate, insider trading and other fraudulent or manipulative devices (SRC, ·

Sec. 2) The principal purpose of SRC and its regulations (also known as the Blue Sky Laws) is to protect the public from worthless ventures, that have no basis at all. and the sale of securities therein to investors, who are then left holding certificates representing nothing more than a claim to a square of a blue sky. DEFINITION OF SECURITIES Securities Shares, participation or interests in a corporation or in a commercial enterprise or profit-making venture evidenced by a certificate, contract, instrument, whether written or electronic in character. Tile definition includes investment contracts. (SRC, Sec. 3. 1) Types of Securities a. Equity Instruments (represent ownership rights in a corporation, i.e., management, surplus profits, assets upon dissolution)) - shares of stock; certificates of interest or participation in a profit sharing agreement; certificates of deposit for a future subscription;

proprietary or nonproprietary membership certificates in corporations; Debt Instruments (issuer required to repay principal amount loaned by fixed maturity date, at stated rate of interest) - bonds, debentures, notes, evidences of indebtedness, asset-backed securities; lnvestment Instruments - investment contracts, fractional undivided interests in oil, gas or other mineral rights;

Howey Test User/ to determine whether the security being offered takes the form of an investment contract. The following must concur for an investment contract to exist: a. A contract, transaction or scheme; b. An investment of money; c. Investment is made in a common enterprise; d. Expectation of profits; e. Profits arising primarily from the efforts of others. (Virata v. Wee, G.R. No. 220926, 2017) Turner Test Used to determine whether a contract is an investment contract within the definition of securities. · Under this transaction, a. b. c. d.

test, an investment contract may be a contract, or scheme whereby a person: Makes an investment of money, In a common enterprise, With the expectation of profits, To be derived primarily from the efforts of others

The Turner Test was adopted in the Philippines, specifically in the case of Power Homes wherein it was determined that transactions under a pyramiding scheme partakes the nature of investment contracts and thus falls under the definition of "securities" under the SRC (Power Homes v. SEC, G.R. No. 164182, 2008). d.

Derivative - option and warrants;

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Trust Instruments - Certificates of assignments, certificates of participation, trust certificates, voting trust certificates or similar irrstruments: and Catch-all - Other instruments as SEC may determine in the future.

Note: "Public offering" for purposes of registration, means a random or indiscriminate offering of securities in general to anyone who will buy, whether solicited or unsolicited. Issuer An originator, maker, obligor, or creator of the security.

(SRC, Sec. 3.2) Broker A person engaged in the business of buying and selling securities for the account of others. (SRC, Sec. 3.3) Dealer A person, who buys and sells securities for his own eccount in the ordinary course of business. (SRC, Sec. 3.4) Prospectus The document, made by or on behalf of an issuer, underwriter or dealer, to sell or offer securities for sale to the public through a registration statement filed with the ·

SEC. (SRC. Sec. 3.11) .

.

Registration General rule: Securities are prohibited to be sold or offered for sale or distribution within the Philippines (SRC. " Sec. 8.1): a. Without registration statement duly filed with and approved by SEC; and b. Prior to such sale, information on the securities, in such form and with such substance as SEC may prescribe, must be made available to each prospective purchaser. Exception: The following may be sold without need of registration: a. Exempt securities (SRC, Sec. 9) b. Exempt transactions ($RC, Sec. 10) Note: In approving the registration of the securities, the SEC is not only concerned with the requirement that full disclosure of information is given to the public but the SEC is also concerned with the merit of the securities themselves and the issuer (PSEv. CA, G.R. No. 125469, 1997).

SEC Powers on Securities Transactions The SEC has the following powers with respect to the sale or offer for sale of securities: a. Grant "conditional approval" of registration statements (SRC. Sec. 8. 2); b. Specify terms and conditions underwhich any written communication, including any summary prospectus, shall not be deemed to constitute an offer for sale (SRC. Sec. 8.3); c. Keep and open to public inspection at reasonable hours on business days, the Reg;ster of Securities (which shall contain the records of the registration of securities and SEC orders with respect to .sucn securities) and all documents or information· with· respect to registered securities (SRC. Sec. 8.4); d. Audit financial statements,' assets and other information of applicants for registration of securities, when necessary to insure full disclosure or to protect interests of investors and the public ($RC. Sec. 8.fi}; e. Dispense with any requirement or require additional information or documents, including written information from an expert, · depending on the necessity thereof or their applicability to the class of securities sought to be registered (SRC. Sec. 12. 2). KINDS OF SECURITIES

1.

Exempt Securities (Sec. 9)

a.

Government Issued Issued or guaranteed by the government of the Philippines or by any political subdivision, agency, or by any person controlled or supervised by, and acting as an instrumentality of the Government; (SRC. Sec. 9.a) Note: The reason why the Government should not be required to· furnish a bond is that . the State is undoubtedly always solvent (Araneta v. Gatmaitan, G.R. Nos. L-8895, L-9191, 1957).

b.

lssuanced by Foreign Governments · Issued or guaranteed by the government of any country with which the Philippines maintains diplomatic relations, or by any state, province or political subdivision thereof on the basis of reciprocity, although the SEC may require compliance with the form and content of disclosures; {SRC. Sec. 9.b)

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liquidate a bona fide debt, a security pledged in good faith as security for such debt; (SRC. Sec. 10.b)

Certificates issued by receiver or trustee in bankruptcy duly approved by the proper adjudicatory body; (SRC. Sec. 9.c) c.

d. Ihose involving the sale or transfer of which, by law, is under the supervision and regulation of the: (SRC. Sec. 9.d) i. Office of the Insurance Commission; ii. Housing and Land Use Regulatory Board; and iii. Bureau of Internal Revenue Reason: They are already supervised by another government body. e.

r

Note: This transaction refers to secondary sale of the owner of the securities to another investor; and the owner contemplated herein is not the issuer but an investor; therefore the transaction does not fall under the definition of public offerings.

Issued by a bank except its own shares of stock Where · a bank is a publicly-listed corporation in the Philippine Stock Exchange (PSE), the mere fact that it is under the supervision of the Bangko Sentral ng Pilipinas (BSP) does not exempt it from complying with the continuing disclosure requirements embodied in the assailed Rules (IRR of the Revised Securities Act - predecessor of the SRC). While a bank is primarily subject to the control of the BSP, as a corporation trading its securities in the stock market, it is also under the supervision of the SEC. These regulations are meant to assure full, fair and accurate disclosure ot information for the protection of investors in the stock market. Imposing such regulations is a function within · the jurisdiction of the SEC (Union Bank v. SEC, G.R. No. 138949, 2001).

2.

Exempt Transactions (SRC, Sec. 10)

a.

Judicial sale of securities Any judicial sale, or sale by an executor, administrator, guardian or receiver or trustee in insolvency. or bankruptcy (SRC. Sec. 10.il}

d.

Stock dividends Distribution by a corporation · of securities to its stockholders or other security holders as stock dividend or other distribution out of surplus (SRC. Sec. 10.d)

e.

Sale of shares to stockholders not underwritten Sale of capital stock of a corporation to its own stockholders exclusively - stock which has already. been issued (SRC. Sec. 10.e)

f.

Issuance of bonds to a single purchaser: Issuance of bonds or notes secured by mortgage upon real estate or tangible personal property ($RC. Sec. 10.f)

g.

Transaction pursuant to the right of conversion Issuance and delivery of any security in exchange for any other security of the same issuer pursuant to a right of conversion, provided that the: (SRC. Sec. 1 O.g) i. Surrendered has been registered under the SRC or was, exempt, when sold ii. Security issued and delivered in exchange would, at the time of conversion, fall into the class entitled to registration

h.

Broker's transactions Broker's transactions, executed upon customer's orders, on any registered Exchange or trading market (SRC. Sec. 10.h)

i.

Pre-incorporation subscrlptton or subscription to a capital increase: Subscriptions to shares of capital stock (1) prior to incorporation or (2) pursuant to an increase in authorized capital stock -- both to comply

. ..

'

Note: As distinguished from exempt securities specially issued by the receiver or trustee in a bankruptcy proceeding mentioned above, the shares covered under exempt transactions are ordinary sheres; however the owner of the shares is bankrupt and so the shares are sold. b.

Sale of foreclosed securities , By or on account of a pledge holder or mortgagee or . any other similar lien holder, selling or offering for sale or delivery in the ordinary course of business, not for the purpose of avoiding the provisions of SRC, to

Isolated transaction An isolated transaction in which any security is sold, offered for sale, subscription or delivery by the owner thereof, or for his account, not beir.g made in the course of repeated. and successive transactions of a like character, and such owner or representative not being the underwriter of such security (SRC. Sec. 10.c)

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BAR OPERATIONS 2019 with · the requirements of the law for minimum subscription (SRC. Sec. 10.i) j.

Exchange of securities with existing security holders Exchange of securities by the issuer exclusively with its existing security holders exclusively, where no commission or other remuneration is paid or given directly or indirectly for soliciting such exchange (SRC. Sec. 10.j) '

investors such as by the reason of the small amount involved or the limited character of the public offering. (SRC, Sec. 10.2) Issuance from authorized but previously unissued capital stock may be granted exemption (Nestle Philippines v. CA, G.R. No. 86738, 1991) A. Registration Requirement: Exemption·s 1.

Note: The difference between (h) and G) is that the exchange in (h) is for any other security ofthe issuer while in (j), the exchange is between the issuer ar,d its existing security holders wherein the securities exchanged are not from the same issuer. k.

I.

Private placements Sale of securities by an issuer to fewer than 20 persons during any twelve-month period (SRC. Sec. 10.k) Sale to qualified buyers Sale ot securities to any of the following qualified buyers: (SRC. Sec. 10./) i. Bank ii. Registered investment house iii. Insurance company iv. Pension fund or retirement plan maintained by the government or managed by a bank or other persons authorized by the BSP to engage in trust functions v. Investment company vi. Such other person at the Commission may determine as qualified

Notes: • Reasons for exemption: small amount involved; limited character of public offering; l-ut the security itself may or may not be exempt. • For the exemptions under (k) and (I), you have to file a notice for exemption as mandated under the Rules. After which, you have to pay to the SEC a fee equivalent to one-tenth (1/10) of one percent (1 %) of the maximum aggregate price or issued value of the securities. (/RR to the SRC, Rule 10.1) • The other exemptions do not require filing a notice for exemption. (/RR to the SRC, Rule 10.1) The SEC may exempt other transactions, if it finds that the requirements of registration under the SRC is not necessary in the public interest or for the protection of the

Procedure for Registration of Securities (SRC, Sec. 12)

a. Filing The issuer must file in the main office ot the SEC: a. Sworn registration statement with respect to such securities, and b. Registration · statement must indude . any prospectus required (SRC. Sec. 12.1) Note: A registration statement may be withdrawn by the issuer only with SEC's consent. b. Signature The registration statement shall be signed by the issuer's executive officer, tts principal operating officer, its principal financial officer, its comptroller, its principal accounting officer, its corporate secretary or persons performing similar functions accompanied by a duly verified resolution of the board of directors of the issuer corporation and accompanied by: a. A duly verified resolution of the board of directors; and b. The written consent of the expert, who certified any part of the registration statement (SRC. Sec. 12.1) c. Filing Fee . Not more than one-tenth (1/10) of one per centum (1%) of the maximum aggregate price of the securities (SRC. Sec.' 12.S[a]) d. Publication Notice of the filing of the registration statement shall be immediately published by the issuer, at its own expense, in· two (2) newspapers of general circulation in the Philippines, once a week for two (2) consecutive weeks, reciting that: a. A registration statement for the sale of such security b.

has been filed, . The registration statement, and its attachments, are open to inspection; and

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COMMERCIAL LAW by the Commission or other compotent or administrative body for violations of securities, commodities, and other related laws.

Copies shall be furnished to interested parties at such reasonable charge as the SEC may prescribe. (SRC.

Sec. 12.5[b])

Note: The term "competent judicial or administrative body'' shall include a foreign court of

e. Order Within forty-five (45) days after the date of filing, the SEC shall declare the registration statement effective or · rejected (SRC. ·sec. 12.6)

competent jurisdiction as provided for under the Rules of Court.

f. Entry of Order The SE;C will enter an order declaring the registration statement to be effective. (SRC. Sec. 12.6)

d.

. g. Oath by an Issuer . Upon effectivity of the registration statement, the issuer shall state under oath in every prospectus that all registration requirements have been met and that all information are true and correct as represented by the issuer- or the one making the statement. (SRC. Sec. 12. 7)

.,.. $

2. Grounds for Rejection and Revocation of Registration Statement (SRC, Sec. 13) a. When the issuer: i. Has been judicially declared insolvent; ii. I-las violated any of the provision of the SRC, the rules promulgate pursuant thereto, or any order of the Commission of which the issuer has notice in connection with the offering fo,· which a registration statement has been filed iii. Has been or is engaged or is about to engage in fraudulent transactions; iv. Has made any false or misleading representation of material facts in any prospectus concerning the issuer or its securities; v, Has failed to comply with any requirements that the Commission may impose as a condition for registration of . the security for which the registration statement has been filed; b. The registration statement is on its face incomplete or inaccurate in any material respect or includes any untrue statements of a material fact required to be stated therein or necessary to make the statement therein not misleading: or c, The issuer, any officer, director or controlling person performing similar functions, or any underwriter has been convicted, by a competent judicial or administrative body, upon plea of guilty, or otherwise, of an offense involving moral turpitude and /or fraud or is enjoined or restrained

Where the issuer refused to comply with the order of SEC for tile production of all books and papers, administration of oath, or examination of its officers, or any other person connected to its business affairs.

3. Consequences of

an Incomplete or False Inaccurate Statement in a Material Respect in the Registration Statement (SRC, Sec. 14)

If the registration statement is· on its face incomplete or · inaccurate in any material respect • The Commission shall issue an order. directing the amendment of a registration statement; upon compliance with such order, the amended registration statement shall become effective; • But if such registration statement has already become effective, the issuer needs to publish a notice of the proposed amendments in 2 newspapers of general circulation in the Philippines statinq that the offering in its current form has been cancelled.

'

If the changes shall result to a derogation of rights of exisunq security holders or purchasers of subject securities who have paid a portion of the selling price • The issuer shall include in the above-mentioned publication an offer to rescind all transactions that have been completed for sale to date, without making any deduction and wait for thirty (30) days for purchasers to respond to the rescission offer before initiation of the amended offering. • Purchasers may, within thirty (30) days from the date of such notification, securities.

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o

renounce their

purchase of

The issuer, or any person acting on behalf of the issuer in connection with the distribution of said securities, shall, v.lthin ten (10) days from receipt of notification of such election, return the contributions paid by such purchasers without making any deduction.

ATENEO CENTRAL BAR OPERATIONS 2019 •

Purchasers who decide notto renounce their purchase of securities shall be subject to the terms of the amended ottering.

.COMMERCIAL LAW b.

Grounds for Suspension of the Reqistration of a Security (SRC, Sec. 15)

If at any time, the information contained in the registration statement filed is or has become misleading, incorrect, inadequate or incomplete in any material respect • The sale or offering for sale of the security registered thereunder may work or tend to work a fraud • Pending further investigation of the security registered to ascertain 1.',hether the registration of such security should be revoked on any ground specified in the SRC; or • Refusal to furnish information required by the Commission Procedure for Suspension of the Sale 01' Securities ($RC, Sec. 15) SEC may order lhe suspension of the offer and sale of securities pending any investigation, stating the grounds for taking such action. 4.

Such order, although binding upon persons notified thereof, shall be deemed confidential, and shall not be published. Notice of such order shall be given to the issuer and every dealer and broker known as participating in such offering. Upon issuance of suspension order, no further offer or sale of such security shall be made unti! lifted or set aside by the SEC; otherwise, such sale is void. Upon issuance cf an order of suspension, the SEC shall conduct a hearing. If it determines that the sale of any security should be revoked, it shall issue an order prohibiting the sale of such security. If during a public offering, the Commission, after due notice \ and hearing, revokes the' effectivity of a registration statement under Section 13, or suspends registration under Section 1 fi.

Post on the Commission's website along with a statement that thei. Offering in its current form has been cancelled; and ii. Issuer subject to such order, or any person, acting on behalf of such issuer in the distribution of the subject securities and has in his possession . any payment for the purchase of securities, has the duty to return· any and all payments made by purchasers of the subject securities within 10 days of such publication, and simultaneously furnish the issuer a copy of this notice. ·

Upon receipt of a notice, the issuer and aU persons acting on its behalf in the distribution of the subject securities shall immediately terminate the ottering and return any and all payments received from purchasers within 10 days after the notice is first published. If the public offering is already terminated and the Ccmmission, after due notice and hearing, revokes the effectivity of the reqistratlon statement under Section 13, or suspends registration under Section 15, the Commission shall publish a notice of the order of revocation or suspension in a newspaper of general circulation in the Philippines and/or post in the Commission's website. Note: If the public offering has already terminated, there is no more return of payments. ·

5.

Material Information Generally, it is any fact or emission, which is material to the investor in making his decision whetherhe should invest' in the security or not. However, the Rules provide for an enumeration of matters. considered as material information. With reqard to those specifically included in the enumeration, the issuer cannot argue otherwise to say that those are immaterial: a. Any event or transaction which creates or increases a risk on the investments or on the securities covered by the registration; b. Increase/decrease in the volume of the securities belnq offered at an issue price higlier/lower than the range set and disclosed in the. registration statement and which results to a derogation of the riqhts of existing security holders, as may be determined by the Commission; c. Major change in the primary business of. the registrant;

Such order shall be published in: a. A newspaper of general circulation in the Philippines and/or Page 160 of 250

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h.

6.

Reorganization of the company; Change in the work program or use of proceeds; Loss, deterioration or substitution of the property underlying the securities; Significant or ten percent (1C%) or more change in the financial condition or results of operation of the registrant unless a report to that effect is filed with the Commission and furnished the prospective purchaser; Classification, de-classification or re-classification of securities, which results to derogatior. of rights of existing security holders, as may be determined by the Commission.

Pre-Need Plan

a corporation actively engaged in the business authorized by its articles of incorporation, of securities to its stockholders or other security holders as a stock dividend or other distribution out of surplus. ( d) The distribution by

( e) The sale of capital stock of a corporation to its own 'stockholders exclusively, where no commission or other remuneration is paid or given directly or indirectly in conr.action with the sale of such capital stock, (f) The issuance of bonds or notes secured by mortgage upon real estate or tangible personal property, when the entire mortgage together with all the bonds or notes secured thereby are sold to. a single purchaser at a single sale.

A contract which provides for the performance of future services of the payment of future monetary considerations at the time of actual need, for which olan holders pay in . cash or installment at stated prices, with or without interest or insurance coverage and includes life, pension, education, interment, and other 'plans which the SEC may from time to time approve ( SRC, Sec. 3. 9) Note: The regulation of sales and offers for sale to the · public of pre-need plans are now transferred from the SEC · to the insurance Commission (Pre-Need Gode, Sec. 7, repealing SRC, Sec. 16) · 7. Exemptions (SRC, Sec. 10) The requirement of registration shall not apply to the sale of any security in any of the following transactions: (a) .· At any judicial sale, or sale by an executor; administrator, guarcjian or receiver or trustee in insolvency or bankruptcy. · (b) By or for the account of a pledge holder, or mortgagee . or any of a pledge lien holder selling of offering for sale or delivery in the ordinary course of business and not for the purpose of avoiding the provision of this Code, to liquidate a bonaflde · debt, a security pledged in good faith as security for such debt. (c) An isolated transaction in which any security is sold, offered for sale, subscription or delivery by the owner therefore, or by his representative for the owner's account, such sale or offer for sale or offer for sale, subscription or delivery not being made in the course of repeated and successive transaction of a like character by such owner, or on his account by such representatlve and such owner or representative not being the ur,derwriter of such security.

(g) The issue and delivery of any security in exchange for any other security of the. same issuer pursuant to a right of conversion entitling the holder of the security surrendered in exchange to make such conversion: Provided, That the security so surrendered has been registered underthis Code or was, when sold, exempt from the provision of this Code, and that the security issued and delivered in exchange, if sold at the conversion price, would at the time of such conversion fall within the class of securities entitled to registration under this Code. Upon such conversion the par value of the security surrendered in such exchange shall be deemed the price·at which the securities issued and delivered in such exchange are sold. (h) Broker's transaction, executed upon customer's orders, on any registered Exchange or other trading market. (i) Subscriptions for shares of the capitals stocks of a corporation prior to the incorporation thereof or in pursuance of an increase in its authorized capital stocks under the Corporation Code, when no expense is incurred, or no commission, compensation or remuneration is paid or given in connection with the sale or disposition of such securities, and only when the purpose for soliciting; giving or taking of such subscription is to comply with the requirements of such law as to the percentage of the capital stock of a corporation which should be subscribed before it can be registered and duly incorporated, or its authorized, capital increase. U) The exchange of securities by the issuer with the existing security holders exclusively, where no commission or other remuneration is paid or given directly or indirectly for soliciting such exchange.

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(k) The· sale of securities by an issuer to fewer than twenty (20) persons in the Philippines during any twelve-month period. (I) The sale of securities to any number of the following qualified buyers: (i) Bank; (ii) Registered investment house; (iii) Insurance company; (iv) Pension fund or retirement plan maintained by the Government of the Philippines or any political subdivision thereof or manage by a bank or other persons authorized by the Bangko Sentral to engage in trust functions; (v) Investment company or; (vi) Such other person as the Commission may rule by determine as qualified buyers. on the basis of such factors as financial sophistication, net worth, knowtedqe, and experience in financiz-' and business matters, or amount of assets under management. (m) Other transactions, if the Commission finds that the requirements of registration under this Code is not necessary in the public interest or for the protection of the investors B. Prohibitions Trading 1.

On Fraud. Manipulation And Insider

Manipulation Of Security Prices It shall be unlawful for any person, for himself or through a dealer or broker, directly and indirectly to a. Create c.1 false or misleading appearance of active trading in any listed security traded in an Exchange b. Effect .along, or with others, a series of transactions in securities that: Raises their price to induce purchase; i. Depresses their price to induce their ii. sale; and Creates active trading to induce iii. purchase or sale through manipulative devices c. Circulation or dissemination of information to the effect that the price of any such security will or is likely to rise or fall because of market operations; d. Make, regarding any security registered on an exchange, any statement which is false or misleading with respect to any material fact,

e.

and which he knew or had reasonable ground to believe is false or misleading Effect series of transactions for the purpose of pegging, fixing or stabilizing the price of security trade in an: Exchange; unless otherwise allowed by the SRC or the SEC rules.

Examples of Manipulative Practices: a. Paintihg the Tape - engaging in a series of transactions in securities that are reported publidy to give the impression of activity or price. movement in a security b. Marking the Close - buying and selling securities at the close of the market in an effort to alter the closing price of the security c. Improper Matched Orders """ engaging in transaction where both the buy and sell orders are entered at the same time with the same price and quantity by different but colluding parties, who have knowledge that such orders would create an appearance of active trading of the shares d. Hype and Dump - engaging in buying activity at increasingly higher prices and then selling securities in the market at the higher prices after announcing a glossy picture of a particular security as good investment and thus lure investors to trade. e. Wash Sales - engaging in stock trading where there is no genuine change in actual beneficial ownership of a security but makes it appear that th~ stocks are actively traded. · f. Squeezing the Float - taking advantage of a shortage of securities in the market by controlling the demand side and exploiting market congestion during. such shortaqes in a way as to create artificial prices g. Disseminating · false or misleading market information through media, including the internet Manipulative and Deceptive Devices (SRC, Sec. 24) a. Short Sales - any sale of a security which the seiler does not own or any sale which is consummated by the delivery of a security borrowed by, or for the account of the seller · When short sale permissible: 1. Al a price higher than the last sale or 2. At the price of the sale if and only if that price is above the next preceding different sale price on such day b.

Mandatory Close-Out - a contract involving a short sale, which has not resulted in a delivery by the Broker

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COMMERCIAL

Would be considered by a reasonable person important under the circumstances in determining his course of action whether to buy, sell or hold a security (SRC. Sec. 27.2.)

C. Protection Of Investors 1. Tender Offer Rule (SRC, Sec. 19) A publicly announced intention by a person, acting alone or in concert with other persons, to acquire equity securities of a public company. Purpose Protection of the interests particularly of the minority stockholders of a target company Cases A "tender offer" is a publicly announced intention by a person acting alone or in concert with other persons to acquire equity securities of a public company, i.e., one listed on an exchange, among others. • The term is also defined as "an offer by the acquiring person to stockholders of 'a public company for the latter to tender their shares therein on the terms specified in the offer." (Morales, The Philippine Securities Regulation Code,' 2005 ea., p. 153, as cited in Osmet'ia v. SSS, G.R. No. 165272, 2007.). • Tender offer is in place to protect the interests of minority stockholders of a target company against any scheme that dilutes the share value of their investments. It affords such minority shareholders the opportunity to withdraw or exit from the company under reasonable terms, a chance to sell their shares at the same price as those · of the majority stockholders ( Cemco Holdings, Inc. v. National l,.ife Insurance Co., G.R. No. 171815, 2007, as cited in Osmetts v. SSS, G.R. No, 16q272, 2007). • It is done by filing with the SEC a declaration to that effect, furnishing the issuer with a statement with the facts required by the SEC, and the publication of all requests or lnvitations for tender.

LAW

When Tender Offer Rule is Mandatory: 1. Any person 01 group of person intends to acquire 35% or more of equity shares in a public company, in one or more transactions within a period of 12 months 2. Acquisition of even less than 35% but would result 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 covers not only direct acquisition but also indirect acquisition or 'any type of acquisition. The leGislative intent behind the tender offer rule makes clear that the type of activity intended to be. regulated is the acquisitlon of control of. the listed company through the purchase of shares. Control may [be] effected · throuqh a direct and indirect acquisition of stock, and when this takes place, irrespective of the means, a tender offer must occur (Cernco Holdings, lr.c. v. National. Life Insurance Co., G.R. No. 171815, 2007, as cit(')d in Csmeii« v. SSS, CR No. 165272, 2007.). Exemptions from Requirement (Purchases): a. From unissued capital stock, provided that the . acquisition will not result in a ti0% or more

ownership b. c.

d. e. f. g.

Increase in authorized capital stock Foreclosure proceedinqs Privatization by the government Rehabilitation under court supervision Through an open market. at the prevailing market price Merger or consolidation

2. Rules on Proxy Solicitation (SRC, Sec. 20) This only refers to solicited proxies. Basic Requirements: a. In writing; signed by the stockholder or duly authorized representative; and b. Fileci before the scheduled meeting with the 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 shares in a public company, in one or more transactions, within a period of 12 months.

Cannot be valid for a period longer than five years at one time (Maximum effectivity period: 5 years)

Note: Under the SRC itself, the creeping acquisition threshold is 30%.

Broker or dealer who holds or acquires the proxy for at least 10% of the outstanding shares of the issuer shall 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 Broker Dealer, by purchasing (for cash or guaranteed delivery) securities of like kind and quantity on the next business day after settlement date, unless such purchase cannot be effected within said period for justifiable reasons. c.

a)

Option Trading - no member of an Exchange shall, directly or indirectly, endorse or guarantee the performance of any put, call, straddle, option or . privilege in relation to any security registered on a securities exchange i. Options · Contracts that give the buyer the right, but not the obligation, to buy or sell an. underlying security at a predetermined prise, called the exercise or strike price, on or before a predetermined date, called the expiry date, which can only be extended in accordance with the Exchange rules. ii. Call Options Rights to buy an underlying security iii. Put Options Rights to sell an underlying security iv. Straddle · A combination of put and call

b) Defenses Against Insider Trading a. Proof that information was not gained from such relationship or b. If the other party buying or selling is identified, · insider proves that: . i. The disclosed the information to the other party; or ii. Had reason to .beheve that the other party already knew of the information c) Presumption of Insider Trading Purchase or sale by: · a. Insider b. Insider's spouse or relatives by affinity or consanguinity within the second (2"d) degree, legitimate or common-law, under the following conditions: i. Transacted after the information came into existence but ii. Prior to dissemination of the information to the public and a lapse of a reasonable time for the market to absorb such information

2. Fraudulent Trar,sactions (SRC, Sec. 26) · It is unlawful, with respect to the purchase or sale of securities: (EOE) a. To gmploy any device, scheme, or artifice to defraud b. Qbtain money or property by means of any untrue statement of a material fact or any omission to state a material fact, that is necessary in order to make the statements made, in the light of the circumstances · under which they were made, not misleading c. €ngage in any act, transaction practice, or course of business which would operate as a fraud or deceit upon a person - actual intent to deceive not necessary ( SRC, Sec. 26).

< Fraud or deceit is required, not mere negligence, on the part of offender (SEC v. CA, G.R. No. 10465 and 10643132, 1995.) 3. Insider Trading It is unlawful for an. insider to sell or buy a security of the issuer, while· in possession of material information with respect to the issuer that is not generally available to the public - does not require taking advantage of information, mere possession is enough (SRC, Sec. 27)

Who is an Insider (TRIGOD) a. [ssuer: b. Qirector or Qffir:er of issuer: c. Person whose .Belationship or former relationship with issuer gives him access to material information not generally available to the public; d. Qovernment employee or director or officer of an exchange, clearinq agency and/or self-regulatory organization who has access to material information; or e. A person who learns such information by communication from any of the foregoing insiders. NOTE: In securities parlance, this is called '}ippee." This tippee must know that the tipper is an insider" (SRC. Sec. 3.8)

d) Rebuttal of Presumption Proof that seller or buyer was not aware o1 the material non-public information at the time of the purchase or sale. e) Matarial Nonpublic Information Information is "material nonpublic" if: a. It has not been generally disclosed to the public and would likely affect the market price of the security after being disseminated to the public and the lapse of a reasonable time for the market to absorb the information; or

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-i ,

b.

c.

d.

He had resigned from or had taken such steps to resign from, or ceased or refused to act in which ,he was described in the registration statement; and - ii. Has given written notice to the SEC and the Issuer; Non-Expert - he had reasonable ground to believe and did believe that the statement therein was true, and that there was no omission to state a material fact required to be stated therein, or necessary to make the statements therein not misleading; Expert Himself - on that part of registration statement purporting to be made upon his authority as an expert: i. He had reasonable ground to believe and did believe that the statements therein were true, and that there was no omission to state a material fact required to be stated therein, or necessary to make the statements therein not misleadinq; or ii. Such part of the registration statement did not fairly represent his statement as an expert; Public Official or Document - on that part of registration statement purporting to be a statement made by a public official, or purporting to be from a public official document; i. He had no reasonable ground to believe and did not believe that the statement therein were untrue; ii. There was an omission to state a material fact required to be slated therein or necessary to make the statements therein " not misleading, or that such part of the 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

d.

includes an untrue statement of material fact or omits to state a material fact necessary in order to make the statements not misleading; or Any person who makes or causes to be made false or misleading statements with respect to any material fact in any report or document filed - liability is to person who relied on such statements in purchasing or selling a security at a price which was affected by that statement

Defenses: good faith, no '<nowledge that statement was false or misleading Note: • No action shall be maintained to enforce any liability created under the SRC unless brought within two (2) · years afler the discovery of the facts constituting the cause of action and within five (5) years after such cause of action accrued. (SRC, Sec. 62) • All suits to recover damages shall be brought before the Regional Trial Court, which shall have exclusive jurisdiction to hear and decide such suits. (SRC, Sec. 63) . . •

•

The Court is hereby authorized to award damages in an amount not exceeding triple the amount of the transaction plus actual damages. Exemplary damages mav also be awarded in cases of bad faith, fraud, malevolence or wantonness in the violation of the SRC or its rules and regulations (Id) The Court is also authorized to award attorney's fees not exceeding thirty per centum (30%) of the award. (Id)

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 Page 166 of 250

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end of topic--· ---

·

...... ~..:.... . .....,

·~· ...

;

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CENTRAL COMMERCIAL LAW

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i.

Issuer of the security; · The Exchange _where tile security is traded; and SEC

ii.

3. Disclosure Rule (SRC, Sec. 17) This rule only applies to issuer corporations that satisfy the any of the following conditions: a. b. c.

Has sold a class of its · securities pursuant to a registration; Has a class of securities listed for trading on an Exchange; or With assets of at least P50 Million (or such other amount as SEC shall prescribe), and having 200 or more holders each holding at least 100 shares of a class of its equity securities ("Puplic company")

Reportorial Requirements: a. Annual Report - for fiscal year in which registration statement became effective and every fiscal year thereafter, within 135 days after the end of the fiscal . year b. Quarterly Report - within 45 days after the end of each of the first three quarters of the fiscal year c. Current Report - whenever necessary to make a full, fair and accurate disclosure to the public of every material fact or event that occurs, which would reasonable be expected to affect investors' decisions in relation to those securities d. Monthly Report (for issuers of registered commercial papers) - regarding commercial paper total issuances outstanding at the end of each month, within 10 business days following the end of the month

•,· .. "\>'"

Note: Reports filed by 5% beneficial owners - any person who directly or indirectly acquires the beneficial ownership of more than five percent (5%) er such lesser per centum as the Commission may prescribe, of any class ofequity securities of an Issuer, covered by the Disclosure Rule, shall file a report within five (5) business days after such acquisition submit to the Issuer, the Exchange where · the security is traded, and to the Commission a sworn statement prescribed by ihe SEC (SRC, Sec. 18) CIVIL LIABILITY

1.

In Connection With False Registration Statement

How Committed ($RC, Sec. 56) - any person acquiring a security a. The registration statement of which or any part thereof

Contains an untrue statement of a material fact; or Omits to state a material fact required to be stated · therein Cir necessary to make such statements not misleading, a. At the time of such acquisition he did not know of such untrue statement or omission; and

b.

Who suffers damage;

c.

May sue and recover damages from the following persons: i. The issuer and every person who sighed the registration statement; ii. Every person who was a director of, or any other person performing sirnilar functions, or a partner in, the issuer at the time of the filing of the registration statement or any part, supplement or amendment thereof with respect to whioh his liability is asserted; iii.· Director of, or a person performing similar functions, or a partner in, the issuer and whose written consent thereto is filed with the registration statement; iv. Auditor or auditing firm named as having certified any financial statements used in connection with the registration statement or prospectus. v. Every person who, with his written consent, has been named as having prepared or certified any part of the reqistration statement. or as having prepared or certified any report or valuation which is used in connection with the registration statement, with respect to the statement, report, or valuation, which purports to have been prepared or certified by him. vi. Every selling shareholder who contributed to and certified as to the accuracy of a portion of the registration statement. with respect to that portion of the registration statement which purports to have been Contributed by him. vii. Every underwriter with respect to such security.

Defenses No person, other than the issuer, shall be liable if he proves: a. Director Or Officer-; that before the effectivity part of registration statement with respect to which his liability . is asserted:

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previous management and board of directors of the bank or quasi-bank A bank conservator appointed by the BSP has no power to unilaterally rescind contracts entered into by the previous management, such as a CBA, on the mere assertion that such contracts are highly disadvantageous to the t;iank. (Producers B;mk v. NLRC, G.R. No. 118069, 1998). The power to revoke or rescind contracts pertains to the courts. Qualifications of a Conservator The conservator should be competent and knowledgeable in bank operations and management. (NCBA, Sec. 29) The Monetary Board has exclusive power to designate the conservator (Koruga v. Arcenas, G.R. Nos. 168332, 2009) Responslbilitles of Conservator: a. Reorganize the management b. Collect all monies anddebts due said institution c. Exercise all powers necessary to restore its viability . d. Where necessary, overrule or revoke the actions of the previous management and board of directors of the bank or quasi-bank e. Report and be responsible to the Monetary Board Powers of a Conservator a. To take charge of the assets, liabilities, and the management thereof; b. To reorganize the management; c. To exercise all powers necessary to restore its viability, with the power to overrule or revoke the actions of the previous management and board of directors of the bank or quasi-bank; and d. Collect all monies and debts due to the said bank The power to revoke cannot extend to post-facto repudiation of perfected transactions otherwise they would infringe against the non-impairment clause of the constitution. Thus, the law merely gives the conservator power to revoke contracts that are deemed to be defective - void, voidable, unenforceable, or rescissible. (Producers Bank v. NLR<;;, GR. No. 118069, 1998) The conservator's power is not unilateral and he cannot simply repudiate a contract or obligation validly entered into by the bank. His autority would be only to bring court actions to assail such contracts. (First Philippine International Bank v. CA, G.R. No. 115849, 1996) Remuneration of a Conservator

General Rule: The conservator shall receive remuneration in an amount not to exceed 2/3 of the salary of the president of the institution. (i.e. the bank under conservatorshio) in 1 year. payabie i11 12 equal monthly payments Exception: A conservator connected with the BSP, in which case said. conservator shall not be entitled to receive any remuneration or emolument (NCBA. Sec. 29) Note: If at any time within one-year period, the conservatorship is terminated on the ground that the institution can operate on its own, the conservatorshalt receive the balance of the remuneration which he would have received up to the end of the year; but if the · conservatorship is terminated on other grounds, the conservator shall not be entitled to such. remaining balance. Duration of Conservatorship Shall not exceed 1 year (/\'CBA, Sec. 29) · Expenses The expenses attendant to the conservatorship shall be borne by the bank or quasi-bank concerned. (NCBA, Sec. 29) Termination of Conservatorship a. When . the Monetary Board is satisfied . that the institution can continue. to operate on its own and the conservatorship is no longer necessary; . b. Should the Monetary Board' determine that · the continuance in business of the institution would involve probable loss to its depositors or creditors, in which case, proceedings for receivership and liquidation shall be pursued. . The remedy of an aggrieved controlling shareholder from the Monetary Bank order placing the rural bank under conservatorship is a petition for certiorari pursuant to NCBA, Sec. 30. The petition for certiorari must be filed with · the CA, not the. SC, in accordance with Rule 65, since the Monetary Board is a quasi-judicial agency (vives, et al. v. Monetary Board, G.R. No. 191424, 2013) b. Closure Whenever a bank is ordered closed by the Monetary Board, the PDIC shall be designated as receiver and it shall proceed with the takeover and liquidation of the closed bank in accordance with R.A. No. 3591. (R.A.. No.:

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

VII. BANKING LAWS

...._----·~---------------

_J 1. Handling of Banks in Distress

TOPIC OUTLINE UNDER THE SYLLABUS A

B.

C. ·

'... :.,·

D.

The New Central Bank Act (RA 7653, as amended byRA11211) 1. Handling of banks in distress a. Conservatorship · b. Closure c. Receivership d. Liquidation . Secrecy of bank deposits (RA 1405, as amended, and RA 6426, as amended) 1. Prohibited acts 2. Exceptions from coverage 3. Garnishment of deposits, including foreign deposits General Banking Law of 2000 (RA 8791) .1. Nature of bank funds and bank deposits 2. Diliqence requi.red of banks . · 3. · Prohibited transactions by bank directors and officers · . Philippine Deposit Insurance Corporation Act (RA 3591, as amended) 1. . Maximum deposit insurance coverage 2. · Meaning of insured deposit 3. · SpliUing of deposits

When Banks are in Distress Liquidity Having cash or the ability of an asset to be readily converted into cash. An entity is liquid when it is able to timely pay its liabilities when they fall due. llliquldity The bank is not liquid, and It cannot readily meet its current liabilities. Note: llliquidity is addressed by conservatorship, Insolvency When the actual market value of assets are insufficient to pay its liabilities, not considering capital stock and. surplus which are not liabilities for such purpose. An entity is insolvent when it is unable to meet current and long-term obligations. Insolvency is handled by .ecelvership and closure. 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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2019

as

10846

c.

Continue in business Without involving probable losses to its depositors and creditors (NCBA, Sec. 30[c]); or

Receivership The stage within which the PDIC manages the affairs of the closed bank and preserves its assets for the benefit of creditors (R.A. No. 9302, Sec. 10[a}[b})

d.

Has willfully violated a cease-and-desist order under NCBA, Sec. 37 (Administrative Sanctions) that has become final and involves acts. or transactions which amount to fraud or a dissipation of assets (NCBA, Sec. 30[d])

3591, Sec. 12[a]. amended by R.A. No. [hereinafter New PDIC Charterj)

Receivership is equivalent to an injunction to restrain the bank in any way. Thus, the appointment of a receiver operates to suspeno the authority of the bank and of its directors and· officers over its property and effects. (Villanueva v. CA, G.R. No. 114870, 1995.) Grounds for Resolution under the New PDIC Charter (New PDIC Charter, Sec. 11): The pDIC, in coordination with· the BSP, may commence the resolution of a bank upona. b. · •.

.I•

Failure of prompt corrective action as declared by the Monetary Board; or (now PD/C Charter, Sec. 11[a]{1]) Request by a bank to be placed under resolution. (New POIC Charter, Sec. 11 [a]{2])

The PDIC shall inform the bank of it::; eligibility for entry into resolution. Within a period of 180 days from a bank's entry into resolution, the PDIC, through the affirmative vote of at · least' 5 members of the board, shall determine whether the bank may be resolved through the purchase of all its assets and ssumption of all its liabilities,· or merger or consolidation with. or its acquisition, by a qualified investor. . (NewPDIC Charter, Sec. 11{e]) ( ~-

Grounds for Receivership Upon a determination by the PDIC that the bank may not be resolved, the Monetary Board may act in accordance with Section 30 of the NCBA. Grounds under the New Central Bank Act (NCBA) Whenever the Monetary Board finds that a bank or quasibank cl. Is unable to pay its liabilities as they become due in the ordinary course of business (cash flow test) (NCBA, Sec. 30[a]); · · · Exception: Inability to pay caused by extraordinary demands induced by financial panic in the banking community (bank run) (NCBA, Sec. 30[a/); b.

Has insufficient realizable assets to meet its liabilities (balance sheet lest) (NCBA, S9c. 30[b]);

Grounds under the General Banking Law (hereinafter GBL): a. If the bank or quasi-bank notifies the BSP or publicly announces a bank holiday (GBL, Sec. 53); or b. If the bank or quasi-bank in any manner suspends the payment of its deposit liabilities continuously for more than 30 days (GBL, Sec. 53); or c. If. a bank persists in conducting its business in an unsafe or unsound manner GBL, Sec. 56) and the receiver determines that the bank cannot be rehabilitated or permitted to resume business. Mandatory Requirements for Bank Closure 1. Examination by the appropriate BSP department as to the condition of the bank; ., .. 2. Examination showing that the condition of the bank is one of insolvency, or that its continuance in business would involve probable loss to its depositors or creditors; 3. Director shall inform the Monetary Bank in wtiting of -, such fact; 4. If the Monetary Board shall find the statement of the department to be true, it shall appoint a receiver of the i!.ssets and liabilities of the bank (Danco Filipino v. Monetary Bank, G.R. No. 70054, 1991); and 5. . Within 60 days, the Monetary Board shall determine and confirm if the bank is insolvent, and if the public interest requires, shall order the liquidation of the bank Close Now-Hear Later Doctrine The law does not require prior notice and hearing before the bank may be directed to stop operations and placed under receivership. The purpose is to prevent unwarranted dissipation of the bank's power to protect the depositors, creditors. stockholders and the general public. (Central Bank of the Philippines v. CA, G.R. No. 72200, 1993) Notice of Closure and Takeover Activities (New PDIC Charter, Sec. 14) a. Upon the designation of the PDIC as receiver of a closed bank, it shall serve a notice of closure to the highest-ranking officer of the bank present in the bank premise, or in the absence of such officer, post the

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. notice of ciosure in the bank premises or on its main entrance. The closure of the bank shall be deemed effective upon the service of the notice of closure. Thereafter, the receiver shall takeover the bank and exercise the powers of the receiver as provided in this Act. b. The receiver shall have authority to use reasonable force, including the authority to force open the premises of the bank, and exercise such acts necessary to take actual physical possession and custody of the bank and alt its assets, records, documents, and take charge of its affairs upon the service of the notice of closure. c. Directors, officers, employees, or agents of a bank hold money and other assets of the bank in trust or under administration or·management by them for the bank in their fiduciary capacity. Upon service of the notice of closure to the bank, all directors, officers, employees or agents of the closed bank shall have the duty to immediately account for, surrender and turn over tho the receiver, and provide information relative to, the assets, records, and affairs of the closed bank in their possession, custody, administration or management. d. When the circumstances so warrant, the local government unit and law enforcement agencies concerned shall, upon request, immediately provide assistance to the receiver during the service of notice of closure and actual takeover operations to ensue the orderly conduct thereof

b.

c. Receivership

b.

Under the new PDIC Charter, banks closed by the · Monetary Board shall no longer be rehabilitated. The PDIC, as receiver, shall immediately proceed with the takeover and liquidation. (New PDIG Charter, Sec. 12[a]) d. liquidation The recovery and conversation of assets into cash for distribution to all creditors in accordance with the rules on concurrence and preference of credits. Types of Liquidation a. Voluntary liquidation (GBL, Sec. 68); b. Involuntary Liquidation (GBL, Sec. 30-33) Modes of Liquidation a. Conventional Liquidation

(New PD/C Charter, Sec.

16) The assets gathered by the receiver shall be evaluated and verified as to their existence, ownership, condition, and other factors to detarmine their realizable value.

Purchase of Assets and/or Assumption of Liabilities (New PDIC Charter, Sec. 15) The receiver shall have the authority to facilitate and implement the purchase of the assets of the closed bank and the assumption of its liabilities by another . insured bank, without need for approval of .: the liquidation court. The exercise of this authoirty shall be in accordance with the Rules on Concurrence and Preference of Credits under the Civil Code or other laws, subject to such terms and conditions as the PDIC may prescribe. The disposition of the branch licenses .· and other bank licenses of the closed bank shall be subject to the approval of the BSP.

Note: Such action of the receiver to determine whether a bank may be subject of a purchase of assets arid assumption of liabilities transactions shall be final and executory, and may not be set aside by any court. Authorities of a Receiver and Effects of Placement of a Bani< under Liquidation (New PDIC Charter, Sec. 13) Authorities of a Receiver a. authorized to adopt arid implement, without need of consent of the stockholders, BOD, creditors and depositors of the closed bank, any or a combination of the following modes of liquidation: i. Conventional liquidation; and . ii. Purchase of assets and.for assumption of liabilities In addition to the powers of a receiver provided under existing laws, the PDfC, as receiver of a closed bank is empowered to: i. Represent and act for and on behalf of the closed bank; ii. Gather and take chatge of all the assets, records and affairs of the closed bank. and administer the same for. the benefit of its creditors; iii. Convert the assets of the closed bank to cash or other forms of liquid assets. as far as practicable; . iv. Bring suits to enforce liabilities of the directors. officers, employees, agents of the closed bank ano other entitites related or connected to the closed hank or to collect, recover. and preserve all assets, including assets over which the bank has equitable intestest; v. . Appoint or hire persons or entities. of recognized competence in banking, finance, asset management or remedial management,

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.,

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vi.

vii. viii.

ix. x.

xi.

COMMERCIAL LAW

as its deputies, assistants or agents, to perform such powers, and. functions of the PDIC as receiver of the closed bank, or assist in the performance thereof; Appoint or hire persons or entities of recognized competence in forensic and fraud investigations; Pay accrued utilities, rentals and salaries of personnel of the closed bank; Collect loans and other claims of the closed bank and for this purpose, modify, compromise or restructure the terms and conditions of such loans or claims as may be · . deemed advantageous to the interests of the creditors of the closed bank; Hire or retain private counsel as may be necessary; Borrow or obtain a loan, 0r mortgage, pledge or encumber any asset of the closed bank, when necessary to preserve or prevent dissipitation of the assets, or to redeem foreclosed assets of the closed bank, or to minimize losses to its depositors and creditors; · If tile stipulated interest rate on deposits is unusually high compared wi:h prevailing applicable interest rates, the receiver may exercise such powers which may include a · reduction of the interest rate to a reasonable

. rate: Note: Any modifications or reductions shali apply only to earned or unpaid interest xii.

Uttlize avaiiable funds of the bank, including funds generated by the receiver from the conversion -of assets to pay for reasonable costs and expenses incurred for the preservation of the assets, and liquidation of, the closed bank, without need for approval of the liquidation court; Note: For banks with insufficient funds, the PDIC is authorized to advance the foregoing costs and expenses, and collect payments, as and when funds become available.

xiii.

'-:: ..

immediately· preceeding paragraph, shall be subject to approval by the liquidation court; xiv.

'v»,

xvi.

c.

Distribute the available assets of the closed bank, in cash or in kind, to its creditors in accordance with the Rules on Concurrence and Preference of Credits under the Civil Code or other laws; Dispose records of the closed bank that are no longer needed in the liquidation in accordance with tho guidelines set by the PDIC BOD, notwithstanding the laws on archival period and disposal of records; and Exercise such other powers as are inherent and necessary for the effective discharge of the duties of the Corporation as receiver.

After the payment of all liabilities. and claims against the closed bank, the receiver shall pay surplus, if any dividends at the legal rate of interest from date of takeover to date of . distribution to creditors and claimants of the closed bank in accordance with the Rules on Concurrence and Preference of Credits under the Civil Code or other laws before distribution to the shareholders of the closed bank

Effect of Placement of a Bank under Liquidation The officers, employees, deputies, assistants and agents of the receiver shall have no liability and shall not be subject to any action, claim or demand in connection with any act done or omitted to be done by them in good faith in connection with the exercise of their powers and functions under the PD1C charter and other applicable laws, or other actions duly approved by the court. (New PDIC Charter, Sec. 13[d}) The placement of a bank' under liquidation shall have the following effects: a. On the CORPORATE FRANCHISE or existence (New PDIC Charter, Sec. 15[e)[1]) Upon placement by the Monetary Board of a bank under liquidation, it shall continue as a body corporate until the termination of the winding up period

Charge reasonable fees for the liquidation of the bank from the assets of the bank

Note: Winding up period is 6 months from the date of publication of notice of the approval by the court of the final asset distribution plan of the. closed bank. (New PD!C Charter, Sec. 16[c])

Provided, that payment of these fees, including any unpaid advances Linder the

Such continuation as a body corporate shall only be for the purpose of liquidating, settling and closing its assets

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Receiver shi:111 represent the closed bank in all cases by or against the closed bank and prosecute and defend suits by or against it Note: In no case shall the bank be reopened and permitted to resume baking business after being placed under liquidation: b, On the POWERS AND FUNCTIONS of its directors, officers and stockholders (DOS) (New PDIC Charter, Sec. 15[e][2]) The powers, voting rights, functions and duties, as well as the allowances, renumeration and perquisites of the DOS of such bank are TERMINATED upon its closure DOS shall be BARRED from interfering in any way with the assets, records, and affairs of the bank ,,

Note: The receiver shall exercise all authorities as may be required to facilitate the liquidation of the closed bank for the benefit of all its creditors. · '

c. On the ASSETS (NewPDIC Charter, Sec. 15[e][3]) Upon service of closure, all the assets of the closed bank shall be deemed in custodia /egis in the hands of the receiver, and as such, these assets may not be subject to · attachment, garnishment, execution, levy or any other ,. court processes A judge, officer of the court or any person who shall issue, order, process or cause the issuance or implementation of the garnishment order, levy, attachment or execution, shall be liable Provided: collaterals securing the loans and advances granted by the BSP shall not be included in the assets of the closed bank for distribution to other creditors Provided. further: the proceeds in excess of the amount secured shall be returned by the BSP to the receiver Note: Any preli!ninary attachment or garnishment on any of the assets of the closed bank existing at the time of closure shall not give any preference to the attaching or garnishing party. Upon motion of the receiver, the preliminary attachment or garnishment shall be lifted and/or discharged. d. On LABOR RELATIONS (New PD/C Charter, Sec. 15[e][4])

The employer-employ€e relationship be-;;;;;en the closed bank and its employees shall be deemed terminated upon service of the notice of closure of the bank Payment of separation pay or benefits provided for by law shall be made from available assets of the bank in accordance with the Rules on Concurrence and · Preference of Credits under the Civil Code or other laws . e. On CONTRACTUAL OBLIGATIONS (New PDIC Charter, Sec. 15[e][5]) Receiver may cancel, terminate, rescind or repudiate any contract of the closed bank that is not necessary for the orderly liquidation of the bank, or is grossly disadvantageous to the closed bank, or for any ground provided by law f. On INTEREST PAYMENTS (New PDIC Charter, Sec. 15[e][6]) The liability of a bank to pay interest on deposits and. all other obligations as of closure shall cease upon its closure without prejudice to NCBA, Sec. 85 Provided: The receiver. shall have the authority, without need for approval of the liquidation court, to assign, as payment to secured creditors, the bank assets serving as collaterals to their respective loans up to the extent of the · outstanding obligations including interests as of date of closure {valuation based on the prevailing market value of the collaterals) · Note: The BSP shall collect interest and other appropriate charges on all loans and advances it extends, the closure, receivership or liquidation of the debtor-institution notwithstanding. (NCBA, Sec. 85) g. On Liability for penalties and surcharges for later" payment and nonpayment of TAXES (New PDIC Charter, Sec. 15[c][7]) · From the time of closure, the closed bank shall not be liable for the payment of penalties and surcharges arising from the late payment or non-payment of real property tax, capital gains tax, transfer tax and similar charges

h. On BANK CHARGES AND FEES on services (New PDIC Charter, Sec. 15[e][B]) Receiver may impose charges and fees for services . rendered after bank closure such as the execution of pertinent deeds and certifications 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 bank in any court or quasi-judicial body shall, upon motion of the receiver, be. suspended for a period not exceeding 180 days and referred to manc!atory mediation Exception: Actions pending before the Supreme Court j. On FINAL PECISIONS against the closed bank (New PDIC Charter, Sec. 15[e][10)) · Execution and enforcement of a final decisicn of a court other than the liquidation court against the assets of a • closed bank shall be STAYED

Board of Directors of the order directing receivership, conservatorship, or liquidation. Involuntary Dissolution and CORPORATION CODE (SEC) Filing of Complaint: Requires filing of a verified proper complaint and notice and hearing;

i

Prevailing party shall file tho final decision as a claim with the liquidation court and settled in accordance with the Rules on Concurrence and Preference of Credits under the Civil Code or other laws

k. Docket and other COURT FEES (New PDJC Charter, Sec. 15[eJ[11]) Payment of docket and other court fees relating to all cases or actions filed by the receiver with any judicial or quasijudicial bodies shall be deferred until the action is terrninated with finality · Any . such fees shall constitute as a first lien on any judgment. in favor of the closed bank or in case of · unfavorable judgment, such fees shall be paid in liquidation costs and expenses during the distribution of the assets. All assets.vecords, and documents in the possession of the closed bank at the time of its closure are presumed held by the bank in the concept of an owner. (New PDIC Cherter, Sec. 15[e][12]) · The exercise of authority, functions, and duties by the . receiver shall be presumed to have been performed in the regular course of business. (New PDIC Charter, Sec. 15[eJ[13]) Assets and documents of the closed bank shall retain their private nature even if administered by the receiver. (New PDJC Charter, Sec. 15[e]{14]) Note: Matters relating to the exercise by the receiver of the functions shall be subject to visitorial audit only by the COA. Challenging the Decision of the Receiver Only stockholders representing a majority of the capital stock of the bank have the personality to file a petition for certiorari to be filed within 10 days from receipt by the

Liquidation NCBA (MONETARY BOARD, PDIC) Filing of Complaint: Board may Monetary summarily and without need for prior hearing forbid the bank from doing business Prior to dissolution: PDIC shall immediately gather and take charge of all its assets and liabilities

Prior to dissolution: Requires a BIR Tax Clearance; SEC shall issue final order dissolution after of submission of the tax clearance the Authority of the Authority of in Corporation in the Corporation the Dissolution: Dissolution: Corporation is allowed to Bank is not given the undertake its own Option to undertake its liquidation or at any time own liquication during 3 years after its dissolution (In re: Petition tor Assistance in the Liquidation of the Rural Bank of Bokod Benguet. Inc., PDIC v. BIR, G.R. No. 158261, 2006) General Rule: If there is judicial liquidation of an insolvent bank, all claims against the bank should be filed in the liquidation proceeding (In re: Petition for Assistance in the Liquidation of the Rural Bank of Bokod Benguet, lnc., PDIC v. BIR, G.R. No. 158261, 2006) Exceptions: a. When re-filing and re-litigating the case before the liquidation court would be an exercise in futility in view · of the number of years the case has been on trial and additional expenses to the party who is living in poverty {Valenzuela v. CA, GR. No. L-56168, 1988) b. When more inconveniences would be caused to the !'.,arties, entailing waste of more money and precious time (Carandang v. CA, G.R. No. L-44932, 1988); and c. When the issue is the validity of contracts upon which a claim is based Note: Even if the case fells within the aforernentloned exceptions, the claimant should still file the adjudicated claim with the liquidator or liquidation court for processing

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of , claims to det8rmi;e the proper concurrence and preference of credit among the different creditors of the bank (Cudiamat v. Batangas Savings Bank, G.R. No. 182403, 2010)

Rules on Foreign Currency Deposits General Rule: Deposits in foreign currency deposits (RA No. 6426, 1972) and deposits in offshore banking units (PD· No. 1246, Sec. 8) are also confidential in nature.

B. Law On Secrecy Of Bank Deposits {R.A. No. 1405,

Exception: Disclosure is allowed under said law upon the written permission of the depositor. .

As Amend~g) Foreign currency deposits are exempt from 'attachment, garnishment, or any other order or process of any court, legislative body, government agency or any administrative body whatsoever. (RA 6426, Sec. 8) ·

Purpose a. To give encouragement to the people to deposit their money in banking institutions; and b. To discourage private hoarding so that the same may be properly utilized by banks in authorized loans to assist in the economic development of the country. (RA 1405 as amended, Sec. 1)

All deposits of whatever nature with the banks in the

Rules Applicable. for Investment in trust or Deposit Substitute For investments in trust accounts or in deposit substitutes, if these are in the form of investments in government bonds. or deposits, the protection under RA 1405 and RA 6426. extends thereto accordingly. · ·

Philippines, including investments in government bonds are considered absolutely confidential and may not be examined, inquired or looked into by any person except as allowed by law. (RA 1405 as emended, Sec. 2)

If these are in other forms cf investments, the disclosure of information related thereto is prohibited as provided by GBL, Sec. 55.

b. Deposits Covered a. All deposits of whatever nature with banks or banking institutions in the Philippines b. Investments in bonds i~sued by the Government of the Philippines, its political subdivisions and its instrumentalities. (RA 1405 as amended. Sec. 2)

Note: No director, officer, employee, or agent of any bank. shall, without order of a court of competent jurisdiction, disclose to any unauthorized person any information relative to the funds or properties in the custody of the bank belonging to private individuals, corporations, or any other entity. ( GBL, Sec. 55[1]{bl)

Ali Bank accounts of whatever nature are absolutely confidential under the Sank Secrecy Law, including trust accounts. (Ejercito v. Sandiganbayan, GR. No. 15729495, 2006)

Deposits may not be examined, inquired or looked into by any person, government official, bureau.or office

1. Prohibited Acts

Rule on Disclosure of Information . Concerning Deposites It is also unlawful for any official or employee of a bank to disclose to any person any information concerning deposits

Construction of Confidentiality By force of statute, all bank deposits are absolutely confidential, and that nature is unaltered even by the legislated exceptions. There is disfavor towards construing these exceptions in such a manner that would authorize unlimited discretion on the part of the government or of any party saeking to enforce those exceptions and inquire into hank deposits. If there are doubts in upholding the absolutely confidential nature of bank deposits against affirming the authority to inquire into such accounts, then such doubts must be resolved in favor of confidentiality. (Republic v. Eugenio, G.R. No. 174629, 2008)

Requisites for Disclosure of Peso Deposits in Court Cases a. There must be a court order; b. The order must be issued by a competent court specifically directing the bank concerned to disclose the required infurmation c. The bank should check and satisfy itself that . the· 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 If these requirements are not met, there would be basis for the bank to request the court to excuse compliance with the court order.

d.

Exceptions (Disclos.ure Allowed) - Grounds To Allow Examination Of A Bank Account (Sec. 2): a. Where the depositor consents IN WRITING; b. IMPEACHMENT CASES; Note: it is necessary that there be an order issued by the impeachment court or by its authorized officer to allow examination. c. BY COURT ORDER in cases of: i. Bribery ii. Dereliction of duty of public officials d. Money invested or deposited is subject of litigation

e. Human Security Act (RA 9372), Sec. 27: The provisions of Republic Act No. 1405 as amended, to the contrary notwithstanding, the justices of the Court of Appeals deslqnated as a special court to handle anti-terrorism cases after satisfying themselves of the existence of probable cause in a hearing called for that purpose may authorize in writing any police or law enforcement officer and the members of his/her team duly authorized in writing by the anti-terrorism council to: • Examine, or cause the examination of, the deposits, placements, trust accounts, assets and records in a bank or financial institution; and • . Gather or cause the gathering of any relevant information about such deposits, placements, trust accounts, assets, and records from a bank or financial institution. The bank or financial institution concerned, shall not refuse to allow such examination or to provide the desired information, when so, ordered by and served with the written order of the Court of Appeals.

Additional Exceptions to the Secrecy of the Bank Deposit Act (Aside From Those Stated In The Law) a.

The Commissioner of Internal Revenue can inquire into the bank accounts of the following taxpayers: . • A decedent to determine his gross estate; or • Any taxpayer who has filed an application for compromise of his tax liability, which application . on the ground of financial incapacity (NIRC, Sec. 6{f]) o A taxpayer, information on whose account is requested by a foreign tax authority Note: A waiver of rights under the Law on Secrecy of Hank. Deposits (RA 1405) must not only be voluntary, but must have been made knowingly, intelligently, and with sufficient awareness of the relevant circumstances and likely consequences. There must be persuasive evidence to show an actual intention to relinquish the right. Mere silence on the part of the holder of the right should not be construed as a . surrender thereof. (Dona Adela Export International. Inc. vs. TIDCORP and BPI, G.R. No. 201931, 2015)

b.

c.

In cases of unclaimed balances: Disclosure to the Treasurer of the Philippines for dormant deposits for at least 1 O years (Act 3936, Sec. 2)

The Courts were authorized to examine bank deposits of spouse and unmarried children of government officials found to have unexplained wealth under the Anti-Graft and Corrupt Practices Act

f. Under AMLA, Sec. 11: Upon order of a competentcourtin cases of violation of the . AMLA where there is probable cause of money laundering, except that no court order is required in cases of: • Kidnapping for ransom • Drug trafficking • Hijacking, destructive arson and murder, including those perpetrated by terrorists against noncombatants and similar targets BSP inquiry into or examination of deposits or investments with any bank, when the inquiry or examination is made in the course of the BSP's periodic or special examination g.

Under Sections 1(d) and 4 of the Plunder Law

h. Under Section 8 of the new PDIC Charter Whenever upon· examination by the Corporation into the 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. Page 175 of 250

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the BOD shall submit the report of the examination to the Monetary Board to secure corrective action. i. In-Camera Inspection

Requisites:

a. b. c. d.

Pending case before a court of competent jurisdiction Account must be clearly identified The inspection is limited to the subject matter of the pending case The bank personnel and the account holder must be notified to be present during the inspection, and such inspection may cover only the account identified in the pending case.

Note: An investigation by the Office of the Ombudsman is not a pending litigation to allow examination of a bank account. (Marquez v. Desierto, G.R. No. 135882, 200·1) Grounds for Disclosure of Foreign Currency Deposits a. Upon written permission of the depositor. b. When there is probable cause of Money Launderinq as· provided under the AMLA Sec. 11. c. When there is probable cause of Terrorism under the Human Security Act. (Aquino, Banking Laws [20101)

Disclosures Applicable Currency Deposits

to Both Peso and Foreign

•

Under the Rules of Court a. Garnishment (Huie 39, Sec. 9[c}) b. Preliminary attachment (Rule 57, Sec. 10)

•

Waiver in case of DOSRI loans - Any director, officer -, or stockholder who, together with his related interest, contracts a loan or any form of financial accommoda tion from: a. His bank: or b. From a bank i. Which is a subsidiary of a bank holding company of which both his bank and the lending bank are subsidiaries; or ii. In which a controlling proportion of the shares is owned by the same interest that owns a controlling proportion of the shares of his bank, in excess of five percent (5%) of the capital and surplus of the bank, or in the maximum amount permitted by law, whichever is lower, shall be required by the lending bank to waive the secrecy of his deposits of • whatever nature in all banks in the Philippines.

Any information obtained from an examination of his deposits shall be held strictly confidential and may be used by the examiners only in connection with their supervisory and examination responsibility or by the BSP in an appropriate legal action it has initiated involving the deposit account. (NCBA, Sec. 26) Note: Even in cases not involving prosecution under the Anti-Graft and Corrupt Practices Act, an inquiry. into the whereabouts of the amount converted necessarily extends to whatever is concealed (being in the name ofpersons other than the one responsible for the illegal acquisition) inasmuch as the case is aimed at recovering the amount converted. (Mellon Bank v. Magsino, GR. No. 71479, 1990) Account Names a. Peso Accounts When banks allow the opening of deposit accounts under pseudonyms, it is assumed that: (1) They have exercised due diligence to ascertain. the identity of their clients: and (2) They are aware of the legal provisions and requirements on the use of pseudonyms. Question: With the issuance of Circular 251, does that mean there is no longer confidentiality/secrecy of deposit accounts? Answer: NO. Circular 251 merely disallowed the opening of fictitious and anonymous accounts and has not in any way modified nor lessened the safeguards and protection to depositors under RA 1405. This means that, notwithstanding Circular 251, deposit accounts cannot be examined or looked into except under the limited circumstances provided for in RA 1405. b. Accounts Using Alias or AccountNumbers On July 7, 2000 and in seeking the adoption of anti-money laundering measures, BSP issued a regulation, Circular No. 251, providing that, unless othesrwise prescribed under existing laws, anonymous accounts or accounts under fictitious names are prohibited. The exception referred to under Circular No. 251 was RA 6426 (The Foreign Currer.cy Deposit Act), which explicitly allows the keeping of numbered accounts for the recording and servicing of deposits. Note: Prior to said date, there was no prohibition. 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 of their depositors subject to regular updatinq, Even for numbered accounts as authorized under RA · 6426, BSP has required banks, under Circular 251, to take necessary measures to establish and record the true · identity of their clients, which identification may be based on official or other reliable documents and records. 3. Garnishment of Deposits, Including Foreign Deposits The prohibition against examination of or inquiry into a bank deposit under Republic Act 1405 does not preclude its being garnished to insure satisfaction of a judgment. Indeed there is no real inquiry in such a case, and if the existence of the deposit is disclosed the disclosure is · purely incidental to the execution proc€ss. (China Bank v. Orlega, GR. !_-34964, 1973) Deposits maintained by banks with the Bangko Sentral as part of their reserve requirements shall be exempt from attachment, garnishments, or any other order or process of . any court, government agency or any other administrative body issued to satisfy the claim of a party other than the Government, or its political subdivisions or instrumentalities. (Sec. 103) Penalties for Violation: . Any violation of this law will subject offender upon conviction. to an imprisonment of not more than five years or a fine of not more than twenty thousand pesos or both, in the discretion of the court. (RA 1405, Sec 5.) C. General Bankina Law Of 2000 (R.A. 8791) [Hereinafter Gbl} Definition And Classification Of Banks Banks Entities engaged in the lending of funds obtained in the form of deposits. (GBL, Sec. 3. 1) Elements 1. Engaged in lending of funds 2. Obtained in the form of deposits 3. · From the public, which shall mean 20 or more persons . How Banks are Structured General Rule: Banks are stock corporations. However, cooperative banks may also be formed under the Cooperative Code.

Note: Under RA. No. 10641; foreign banks rnay now be fully foreign owned; through any of the following modes of entry: (1) Acquiring, purchasing, or owning up to 100% of the voting stock of an existing bank; (2) Investing in up to 100% of tile voting stock of a new banking subsidiary incorporated under the laws of the Philippines; or (3) Establishing branches with full banking authority; a. However, the foreiyn bank must be established, reputable, and financially sound b. Further, it must be widely-owned and ! publicly listed in the country of origin Universal Banks A universal bank shall have the authority to exercise, in addition to the powers authorized for a commercial bank in Section 29, the powers of ah investment house as provided in existing laws and the power to invest in non-allied enterprises as provided in this Act. (GBL, Sec. 23) . , . ...i.

Commercial Banks A commercial bank shall' have, in addition to the general powers incident to corporations: a. All such powers as may be necessary to tarry on the business of comrnercial banking such as accepting drafts and issuing letters of credit; b. Discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; c. Accepting or creating demand deposits; receiving other types of deposits and deposit substitutes; d. Buying and selling foreign exchange and gold or silver bullion; e. Acquiring marketable bonds and other debt securities; and f.. Extending credit, subject to such rules as the Monetary Board may promulgate. These rules may include the determination of bonds and other debt securities eligible for investment, the maturities and aggregate arnount of such investment. Thrift Banks They include savings and mortgage banks, private development banks. and stock savings and loans associations organized under existing laws. (R.A. No. 7906 - Thrift Banks Aqt)

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BAR OPERATIONS 2019 Rural aanks Banks which are designed to make needed credit available and readily accessible in the rural areas on reasonable terms. (R.A. No. 7353) Cooperative Banks One organized, the majority shares of which is owned and controlled by cooperatives, primarily to provide financial and credit services to cooperatives. (R.A. No. 6938) Islamic Banks Created by Congress to promote and accelerate socioeconomic development of the Autonomous Region by performing banklnq, financing and investment operations and to establish and participate in agricultural, commercial and industrial ventures based on the Islamic concept of banking. (RA 6848, Sec. 3) Distinction Of Banks From Quasi-Banks Entities

And Trust

Quasi-Banks Referto entities engaged in the borrowing of funds through the issuance, endorsement or assignment with recourse or acceptance of deposit substitutes as defined in [NCBA, Sec. 95) for purposes of relending or purchasing of receivables and other obligations. (GBL, Sec. 4, Par. 3) Deposit Substitutes An alternative form of obtaining funds from the public, other than deposits, through the issuance, endorsement, or acceptance of debt instruments for the borrower's own account, for the purpose of relending or purchasing of receivables and other obligations. Note: The definition of deposit substitutes in the banking laws was brought about by an observation that banks and non-bank financial Jntermediaries have increasingly resorted to issuing a variety of debt instruments. other than bank deposits, to obtain funds from the public. (BOO v. RCBC, G.R. No. 198756, 2016) Under the NIRC, deposit substitutes include not only the issuances and sales of banks and quasi-banks for relending or purchasing receivables and other similar obligations, but also debt instruments issued by commercial, industrial, and other non-financial companies to finance their own needs or the needs of their agents or dealers. (Id)

To determine whether the financial assets are deposit substitutes, the ''20 or more individual or corporate lenders" rule mus: apply. (Id.) Trust Entities Any bank, investment house or a stock corporation duly authorized by the Monetary Board to engage in trust, investment management and fiduciary business methodology. (Definitions of MORB, Sec. X410.1) .,.

BANK

QUASI-BANK

Entities engaged in the lending funds of obtained in the form of deposits.

Entities engaged in of the borrowing funds through the or issuance of acceptance deposit substitutes for the purpose of purchasing receivables or other oblioanons.

TRUST ENTITY Entities engaged in trust, investment management · fiduciary and business methodology.

Bank Powers. and Liabilities 1. Corporate Powers As banks are required to organize as stock corporations. they shall have lhe powers enumerated under Sec. 36 of the Corporation Code: • To sue and be sued in its corporate name: • Of succession by its corporate name for the period of time stated in the articles of incorporation_ and the certificate of incorporation; • To adopt and use a corporate seal. • To amend its articles of incorporation in accordance with the provisions of this Code; • To adopt by-laws, not contrary to law, morals, or public policy, and to amend or repeal the same in accordance with this Code; • In case of stock corporations. to· issue or sell stocks to subscribers and to sell stocks to subscribers and to sell treasury stocks in accordance with the provisions of this Code; and to admit members to the corporation ilit be a nonstock corporation; • To purchase, receive. take or grant; hold, convey,. sell. lease, pledge, mortgage and otherwise deal· with such real and personal property, includinq securities and bonds of other corporations, as the transaction of the lawful business of the corporation may reasonably and necessarily

Page 178 of 250

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-i

ATENEO CENTRAL BAR OPERATIONS 2019 Criteria to allow processing information is stricter.

COMMERCIAL LAW of· sensitive

personal

When what is involved in a personal data breach is sensitive personal information, mandatory breach notification is general~required. · Penalties for violation of the Data Privacy Act will be higher if sensitive personal Information Is involved.

• Personal lnformatior, Processors Refers to any natural or juridical person or any other body to whom a personal information controller may outsource or instruct the processing of personal data pertaining to a data subject. If a personal information processor uses the personal information any other purpose not provided by the controller, then · the personal information processor becomes the personal intorrnatlon controller.

B.Scope Scope In general, applies to the processing of all types of personal infcrmation and to any natural and juridical person involved in personal information processing, including: •

Personal information controllers and processors who: o Use equipment that are located in the Philippines, regardless if found or established in Philippines o Maintain an office, branch or agency in the Philippines ·

Provided; publishers, editors or duly accredited reporters of any newspaper, magazine or periodical of general circulation are given protection from being compelled to reveal the source of any news report or information appearing in said publication which was related in confidence to such publisher, editor, or reporter (Sec. 5 RA 10173 in relation to RA 53)

Processing refers to any operation performed upon the personal data including, but not limited to: collection, recording, organization, storage, updating or modification, retrieval, consultation, use, consolidation, blocking, erasure or destruction. All Types of Personal Information: • Personal Information, Sensitive· Information, Privileged Information Natural and juridical person involved information processing:

Personal

in personal

• Personal Information Controllers Refers to a natural or juridical person, or any other body who controls the processing of personal data, or instructs another to process personal data on its behalf. Does not refer to the employee in charge of computer systems, encoders, or the head of IT department.

•

•

•

Covers only information about .individuals (natural persons) and not juridical persons (Information about a comoany is outside the scope) The Personal Information Ccntroliers (PIC) or Personal Information Processor (PIP) may be juridical persons. Example: A customer ordering from a fast food chain will call a hotline. number being operated by a call center, to be able to order from the fast food chain. 7 The customer is the data subject, the fast food chain the PIG, and the cal/ center the PIP. The fast food chain (PIC) outsourced to the call center (PIP) processing of personal information of customer. · ·

Extraterritorial application: The law generally has extraterritorial application to the extent that a particular company has links to the Philippines, with due consideration to international law and comity. (Ex, Processing done in Philippines, Company doing business in Philippines) Does Not Apply to:

A) Information about any individual who is or was an officer or employee of a government institution that relates to the position or functions of the individual including: 1) Fact that the individual or is or was an officer or employee of the qovarnrnent institution; 2) The title, business address and office telephone number of the individual; 3) The classification, salary range and responsibilities of the position held by the . individual; 4) Name of the individual on a document prepared by the individual in the course of employment with the government B) Information about an individual who is or was performing service under contract for a government institution that relates to the services performed, including: 1 ) Terms of the contract 2) Name of the individual given in the course of the performance of services

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C) Information relating to any discretionary benefit of

'

Legitimate Purpose - Processing of information shall be compatible with a declared and specified purpose which must not be contrary to law, morals, or public policy.

a financial nature, such as: 1) Granting of a license or permit given by the government to an individual, including the name of individual and exact nature of the benefit OJ Personal information processed for journalistic, artistic, literary or research purposes E) Information necessary in order to carry out the functions of public authority 1) Processing of personal data for the performance by the independent 2) Central monetary authority 3) Law enforcement and requlatory agencies, of their constitutlonatty and statutorily mandated functions ·. F) Information necessary for banks arid other financial institutions under the jurisaictlon of the central monetary authority or Banko Sentral ng Pilipinas, to comply the Anti-MoniJy Laundering Act and other applicable laws G) Personal iniormstion originally collected from resitients of foreign iurisaictions in accordance with the laws of those foreign jurisdictions, including any applicable data privacy laws, which is being processed · in the. Philippines •

-

Those outside the scope refer to information only. The National Privacy Commission has opined that entities or agencies processing personal information remain to be covered by the DPA, and are subject to requirements of implementing security measures even if the particular information being processed is outside the scope. Example: Banks remain covered by the DPA and must .secure the personal information they hold, even if part of the information they have are outside the scope of the DPA {Ex. Reporting suspicious transcations under AMLA)

C. Processing OF PERSONAL INFORMATION General Data Privacy Principles General Rule: Processing of personal information shall be allowed, Subject to the following: · 1.) Compliance with requirements of this act and other laws allowing disclosure of information to the public 2.) Adherence to the principles of transparency, legitimate purpose and proporlional(ty. Transparency- Data subject must be aware of the nature, purpose and extent of the processing of his o: her personal data. Any information relating to the processing of personal data should be easy to access and understand.

Proportionality .; Processing shall be adequate, relevant, suitable, necessary, and not excessive in relation to a declared and specified purpose. Personal information shall be processed only if the purpose of the processing could not be reasonably be fulfilled by other means.

'

Personal Information must, be: a.) Collected for specified and legitimate purposes determined and declared before, or as soon as reasonably practicable after collection, and later processed in a way compatible with such declared purposes only; b.) Processed fairly and lawfully; c.) Accurate, relevant and, where necessary for purposes for which it is to b€ used, be kept up to date; o Inaccurate or incomplete data must be rectified, supplemented, destroyed or their further processing restricted d.) Adequate and not excessive in reiation to the purposes for which they are collected and processed; e.) Retained only for as long as necessary for the fulfillment .of the purposes for which the data was obtained or for the establishment, exercise or defense of legal claims, or for legitimate business purposes, or as provided by law: f.) Kept in a form which permits identification of data subjects for no longer than is necessary for the purposes for which data were collected and processed a. Provided, personal information collected for other purposes may lie processed for historical, statistical or scientific purposes, and in cases laid down in law may be stored for longer periods b. Adequate safeguarrls are guaranteed by said laws authorizing their processing Personal· information controller must ensure implementation of personal information processing principles set out herein Criteria for Lawful Processing Processing of personal information (not sensitive or privileged) shall be permitted only ,f: a. Not otherwise prohibited by law; and b. When at least one of the following conditions exist: i. Data subject has given consent; ii. Processing is necessary and is related to the fulfillment of a contract with data subject;

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ATENEO CENTRAL COMMERCIAL. LAW

BAR OPERATIONS 2019 iii.

iv. . v.

vi.

Necessary for compliance with a legal obligation to which personal information controller is subject; Necessary to protect vitally important interests of data subject; Necessary in order to respond to national emergency, comply with public order and safety, or to fulfill functions of public authority Necessary for purposes of legitimate interests pursued by th~ personal information controller or by a third party to whom data is disclosed i. EXCEPT where such interests are overridden by fundamental rights and freedoms of the data subject

Criteria for Processing of Sensltlve Personal Information and Privileged Information Sensitive Personal Information and Pr;vileged Information Generally, processing of sensitive personal information and privileged information shall be prohibited EXCEP"t in the following cases: a. Data subject has qiven consent, specific to the purpose prior to the processing, or in the case of privileged information, all parties to the exchange have given consent prior to processing; b. Processing is provided for by existing laws and regulations; . i. Such regulations guarantee the protection of · sensitive personal and privileged information ii. Consent of the data subjects are not required by law or ~egulation c. Processing is necessary to protect the life and health of the data subject or another person, and the data subject is not legally or physically able to express his or her consent prior to the processing; d. Processing is · necessary to achieve lawful and noncommercial objectives of public organizations and associations; i. Only confined to the bona fide members of these organizations ii. Sensitive information are not transferred to third parties iii. Consent of data subject was obtained prior to processing e. Processing is necessary for Medical treatment, carried out by a medical practitioner or institution, and an adequate level of protection of personal information is ' ensured; f. Personal information necessary for the protection of 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 government or public authority

Subcontract of Personal Information A personal information controller may subcontract the processing of personal information. The personal information controller must ensure that proper safeguards are in place to ensure the confidentiality of the personal information processed, prevent its .. unauthorized use, and comply with processing · requirements. Extension of Privileged Communication Personal information controllers may invoke the principle of privileged communication over privileged information that they lawfully control or process. Subject to existinq laws and regulations, any evidence gathered on privileged information is inadmissible.

D. Rights Of The Data Subject Rights of data subjects, in general, include: 1. Right to be informed on matters pertaining to the processing of personal data, including intended changes to the processing; . 2. Right to object to the processing of personal data; 3. Right to access upon demand; 4. Right to correct errors and inaccuracies in the personal· data being processed; . . . 5. Right to erasure or blocking of personal data when no longer necessary for the purpose of collection, and .. when rights of data subjects are already being violated.;: 6. Right to data portability, or the right to request for copies of his or personal data which are being processed by electronic means in commonly used formats; 7. Right to damages when the data subject is injured by an unlawful or unauthorized processing, or by other acts violating his or her rights; and . . · 8. Right to file a complaint with the National Privacy Commission •

•

Page 230 of 250

OPA also has provrsions on transmissibility of rights of data subject to lawful heirs and assigns of the data subject at any time after the death of the data subject, or when the data subject is · incapacitated or incapable of exercising rights Limitation of rights of data subject: depending on circumstances, rights of data subjects may not. apply or may be limited for: (1) Scientific and statistical research (2) Investigations in relation to any criminal, adrnlnistrative or tax liabilities

---- end of topic ----

ATENEO CENTRAL

COMMERCIAL LAW

BAR OPERATIONS 2019

XII.FINANCIAL REHABILITATION AND INSOLVENCY ACT OF 2010 (R.A. No. 10142) Topics under the Syllabus Basic concepts 1. Rehabilitation 2. Insolvent 3. Liquidation 4. Suspension of payments B. Modes of rehabilitation 1. Court-supervised rehabilitation a. Voluntary vs. involuntary b. Commencement order (includluq stay order) c. Rehabilitation receiver and management committee d. Determination of claims e. Rehabilitation plan L Concept of feasibility ii. Material financial commitments iii. Liquidation analysis . f. Creditor approval and confirmation g. Failure of rehabilitation 2. Pre-negotiated rehabilitation a. How initiated b. Period and effect of approval 3. Out-of-Court or Informal Restructuring Agreement or Rehabilitat.ion Plan · a. Minimum requirements b. Standstill period · c. Cram down effect C. Liquidation 1. Voluntary · liquidation vs. involuntary · liquidation vs. conversion · 2. Procedure a. Liquidation order; effects 3. · Determination of claims · P. Suspension of Payments; Suspension of Payment Order · E. Remedies ·1. Moti(,n for reconsideration 2. Petition for certiorari A,

.

.:

...,,

Governing Statute and Rules 1.

Financial Rehabilitation and Insolvency Act of 2010 (R.A. No. 10142) [hereinafter FRIAJ 2. Financial Rehabilitation Rules of Procedure, A.M. No. 12-12-11-SC [hereinafter FR Rules] 3. Financial Liquidation and Suspension of Payments -, Rules of Procedure for Insolvent Debtors, AM. No. 1504-06-SC [hereinafter FLSP Rules] A. Basic Concepts Rehabilitation

and Insolvency

Rehabilitation The restoration of the debtor to a condition of successful operation and solvency, if it is shown that its continuance of operation is eeonornlcally feasible and its creditors can recover by way of the present value of payments projected in the plan, more if the debtor continues as a going concern than if it is immediately liquidated. (FR/A Sec. 4{gg]) Rehabilitation contemplates a continuance of corporate life and activities in an effort to restore and reinstate the corporation to its former position of successful operation and solvency (Wonder Book Corporation v, Phil. Bank of Communications, G.R. No. 187316, 2012) (BERNABE)The basic issues in rehabilitation proceedings concern the viability and desirability of continuing the business operations of distressed corporations, all with a view of effectively restoring to a state of solvency or to its former healthy financial condition through the adoption of a rehabilitation plan (BPI Family Savings Bank v. St. Michael Medical Center, G.R. No. 2054G9, 2015) Insolvency The financial condition ot,a debtor that is generally unable to pay its or his liabilities as they fall due in the ordinary course of business or has liabilities that are greater than its 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 who is a resident and citizen of the Philippines that has become insolvent (FR/A, Ser:. 4[o]) Debtors NOT covered by FRIA a. Banks; b. Insurance Companies; · c. Pre-Neeci Companies; and d, Natlonaland Local Government Agencies or Units· (FR/A, Sec. 5) Government financial institutions other than banks and GOCCs shall be covered by this Act, unless their specific charter provides otherwise (FR/A, Sec. 5)

Individual Debtor

LAW

Suspension of Payment (FR/A, Sec. 94) Voluntary Liquidation (F=RIA, Sec. 103) Involuntary Liquidation (FR/A, Sec. 105)

Nature of Proceedings under FRIA a. In Rem - Jurisdiction over all persons affected by the proceedings sl iall be considered c1s acquired · upon publication of the notice of the commencement of the proceedings in any newspaper of general circulation in the Philippines as prescribed under the Supreme 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 debtor that arose on or before the commencement date (FR/A, Sec. 4[h]) Claim All clatrns or demands of whatever nature or character against the debtor or its property, whether for money or otherwise, liquidated or unliquidated, fixed or contingent, matured or unmatured, disputed or undisputed, including, but not limited to: (1) All claims of the government, whether national or local, including taxes, tariffs and customs duties; and (2) Claims against directors and officers of the debtor arising from acts done in the discharge of their . functions falling within the scope of their authority. This inclusion does not prohibit the creditors or third parties from filing cases against the directors and officers · acting in their personal capacities Proceedings Covered By FRIA PROCEEDING DEBTOR Sole Proprietorship Partnership Corporation

Voluntary Rehabilitation (FR/A, Sec. 12); Involuntary Rehabilitation (FR/A, Sec. 13); Pre-Negotiated Rehabilitation (FR/A, Sec. 76); Voluntary Liquidation (FR/A, Sec. 90); Involuntary Liquidation (FR/A, Sec. 91)

Three Main Types of Rehabilitation Proceedings: (a) Court Supervised, which may be: i. Voluntary, if initiated by Debtor· ii. Involuntary, if initiated by Creditor (b) Pre-Neqotiated, and (c) Out of Court or Informal Proceedings.

a. Court Supervised Rehabilitation · Court Supervised Rl'lhabilitation Proceedings may either be voluntary or involuntary. · i. Voluntary Proceedings Initiation of Voluntary Proceedings Who may Petition for Voluntary Rebabilitation 1. The owrer in case of a sole proprietorship, or 2. A majority of the partners in case of a partnership, or 3. A majority vote ()f the board of directors or trustees. and authorized by the vote the stockholders representing at least two-thirds (2/3) of the outstanding capital stock, in stock corporations, or of the members, in case of nonstock 'corporation

of

An insolvent debtor may initiate voluntary proceedings under this Act by filing a petitlon for rehabilitation with the court and on the grounds hereinafter specifically provided. A group of debtors shall refer to: (1) corporations that are financially related to one another 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, .all reference under these rules to debtor shall include and apply to the group of debtors (FR/A, Sec. 4[n}) Grounds for Voluntary Rehabilitation Agroup of debtors may jointly file for rehabilitation when: a. One or more of its members foresee the impossibility of meeting debts when they respectively fall due, and b. The financial distress would likely adversely affect the financial condition and/or operations of the other members of the group and/or the participation of the other members of the group is essential under the terms and conditions of the proposed Rehabilitation Plan. (FR Rules, .Rule 2, Sec. 1)

·. :r

;., .. :

', Petition for Voluntary Proceedings The petition· shall be verified to establish the insolvency of the debtor and the viability of lts rehabilitation, and include, whether as an attachment or as part of the body of the petition, as a minimum the following: a. Identification of the debtor, its principal activities and its addresses; b. Statement of the fact of and the cause of the debtor's insolvency or inability to pay its obligations as they become due; c. The specific relief sought pursuant to this Act; d. The grounds upon which the petition is based; e. Other information that may be required under this Act depending on the form of relief requested; f. · Schedule of the debtor's debts and liabilities including a list of creditors with their addresses, amounts of claims and collaterals, or securities, if any; g .. An inventory of all its assets including receivables and . claims against third parties; h. A Rehabilitation Plan; i. · The names of at least 3 nominees to the position of rehabilitation receiver; and j. Other documents required to be filed with the petition pursuant to this Act and the rules of procedure as may be promulgated by the Suprem€ Court. · ii. Involuntary Proceedings

·

Initiation of Involuntary Proceedings Who may petition for involuntary proceedings . 1. Any creditor or group of creditors with a claim of, or the aggregate of whose claims is, whichever of rs hiqher of: a. At least Php1 ,000,000.00; or b. At least 25'Yo of the subscribed capital stock or partners' contributions (FR Rules, Rule 2, Sec. 4)

Circumstances Necessary to Start Involuntary Proceedings These proceedings may be initiated against the debtor by filing a petition for rehabilitation with the court if: a. There is no genuine issue of fact on law on the claim/s of the petitioner/s, and that the due and dernandable payments thereon have not been made for at least 60 days or that the debtor has failHd generally to meet its liabilities as they fall due; or b. A creditor, other than the petitioner/s, has initiated foreclosure proceedings agair:st the debtor that will prevent the debtor ~rom paying its debts as they become due or will render it insolvent. (FR Rules, Rule 2, Sec. 5) Petition for Involuntary Proceedings The creditor/s' petition for rehabilitation shall be verified to establish the substantial likellhoocl that the debtor may be rehabilitated, and include: a. Identification of the debtor its principal activities and its address; b. The circumstances sufficient to support a petition to initiate involuntary rehabilitation proceedings under Section 1.3 of this Act; c. The specific relief sought under this Act; · d. A Rehabilitation Plan; e. The names of at least 3 nominees to the position of rehabilitation receiver; f. Other information that may be required under this Act depending on the form of relief requested; and g. Other documents required to be filed with the petition pursuant to this Act and therues o,' procedure as may be promulgated by the Supreme Court . Common Provisions Proceedings

to Voluntary and Involuntary

Venue RTC having Jurisdiction over the principal office of the debtor as specified in its articles of incorporation or partnership or in its registration papers with the Oil in -, cases of sole proprietorship (FR Rules, Rule 1, Sec. 6) Note: The petition for court assistance to execute or implement either a standstill agreement or out of court restructuring agreement may be flied with the RTC having jurisdiction over the place in which the insolvent debtor resides or has its principal place of business (FR Rules, Rule 4, Sec. B)

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Action on the Petition 1. If the court finds the petition to be substantial in form and substance, the commencement order shall be issued within 5 working days from its filing

2. If found deficient within the same period, the court may give 5 working days from receipt of the notice of order to satisfy the deficiency.

3. The court shall dismiss the petition if the defidency is not complied within the extended 5-day period (FR

Rules, Rule 2, Sec. 7) 1. Commencement Order Rehabilitation proceedings commence upon the issuance of the Commencement Order. The Commencement Order contains the following: a. b. c.

d. e.

f.

g.

h.

i

j.

Identify the debtor, its principal business or activity/ies and its principal place of business; · Summarize the ground/s for initiating the proceedings; State the relief · sought under this Act and any requirement or procedure particular to the relief sought; State the legal effects of the Commencement Order; Declare that the debtor is under rehabilitation; Direct the publication of the,Commencement Order in a newspaper of general circulation in the Philippines once a week for at least 2 consecutive weeks, with the first publication to be made within 7 days from the time of its issuance; If the petitioner is the debtor direct the service by personal delivery of a copy of the petition on each creditor holding at least 10% of the total liabilities of the debtor as determined from the schedule attached to the petition within. 5 days; if the petitioner/s is/are creditor/s, direct the service by personal delivery of a copy of the petition on the debtor within 5 days; Appoint a rehabilitation receiver who may or not be from among the nominees of the petitioner/s and who shall exercise sucl 1 powers and duties defined in this Act as well as the procedural rules that the Supreme Court will promulgate; Summarize the requirements and deadlines for creditors to establish their claims against the debtor and direct all creditors to their claims with the court at least 5 days before the initial hearing; Direct Bureau of internal Revenue (BIR) to file and serve on the debtor its comment on or opposition to the petition or its claim/s against the debtor under such procedures as the Supreme Court provide;

k.

Prohibit the debtor's suppliers of goods or services from withholaing the supply of goods and services in the ordinary course of business for as long as the debtor makes payments for the services or goods . supplied after the issuance of the Commencement Order; I. Authorize the payment of administrative expenses as they become due; m. Set the case for initial hearing, which shall not be more than 40 days from the date of filing of the petition for the purpose of determining whether there is substantial likelihood for the debtor to be rehabilitated; n. Make available copies of the petition and rehabilitation plan for examination and copying by any interested party; o. · Indicate the location or locations at whith documents regarding the debtor and the proceedings under Act may be reviewed and copied; p. State that any creditor or debtor who is not the petitioner, may submit the name or nominate any other qualified person to the position · of rehabilitation receiver at least 5 days before the initial hearing; q. Include a Stay or Suspension Order. (FR/A, Sec, 16) Effects of the Commencement Order: a. Vest the rehabilitation with all the powers and functions provided for this Act, such as the right to review and obtain records to which the debtor's management and directors have access, including bank accounts or whatever nature of the debtor subject to the apprcval by the court of the performance bond filed by the · rehabilitation receiver; b. Prohibit or otherwise serve as the legal basis rendering null and void the results of any extrajudicial activity or process lo seize property, sell encumbered property, or otherwise attempt to collection or enforce a claim against the debtor after commencement date unless otherwise allowed in this Act, subject to the provisions of Section 50 hereof; c. Exempt the debtor from liability for taxes and· fees. iilcluding penalties, interests, and charges due lo the government; d. Serve as the lega: basis for rendering null and void any setoff after the commencement date of any debt owed to the debtor by any of the debtor's creditors; e. Serve as the legal basis for-renderinq null and void the perfection of any lieri against the debtor's property after the commencement date; and f. Consolidate the resolution of all legal proceedings by and against the debtor to the court; provided, however, that the court may allow the continuation of cases on

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other courts where the debtor had initiated the suit. (FR Rules, Rule 2, Sec. 9) Effectivity and Duration of the Commencement Order The Commencement Order shall be effective for the duration of the rehabilitation proceedings, unless: 1. Earlier lifted by the court; 2. The Rehabilitation Plan is seasonably confirmed or approved; or 3. The Rehabilitation proceedings are ordered terminated by the court FR Rules, Rule 2, Sec. 11) 2.

Rehabilitation Receiver

e.

f.

g.

Rehabilitation Receiver The person or persons, natural or juridical, appointed as such by the court pursuant to this Act and which shall be entrusted with such powers and duties as set forth herein. (FR Rules, Rule 1, Sec. 5[p]) Minimym Qualifications of a Rehabilitation Receiver lfJhe rehabilitation receiver is a natural person: · a. Citizen of the Philippines or a resident of the · Philippines in the 6 months prior to nomination; b .. Not been earlier dismissed as a rehabilitation receiver; c. As far. as practicable, has expertise and acumen to manage and operate a business similar in size and complexity of that of the debtor; d. Has a general familiarity with the rights of creditors subject tosuspension of payment or rehabilitation and a general understanding of the duties and obligations of a rehabilitation receiver; · e. Of good moral character and with acknowledged integrity, impartiality and independence; f. No conflict of interest; g. Has an operating knowledge in ma,nagernent, finance, and rehabilitation of distressed companies; and h.. Willing and Elbie to file a bond in such amount as determined by the court FR Rules, Rule 2, Sec. 21[Al) The conflict of interest requirement' may be waived, expressly or impliedly, by a party who may be prejudiced thereby: (FR/A, Sec. 29{d]) If the rehabilitation receiver is a juridical person: · a. Duly authorized to do business in the Philippines for at least six (6) years prior to its appointment; 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;

h.

Must submit the name of the person designated to discharge the responsibilities and powers of a rehabilitation receiver and the names of the employees and other persons authorized to assist the designated representative. together with a sworn certification that these persons possess the qualifications and none of the disqualifications required from natural persons; Must submit a sworn undertaking, duly approved iri accordance with law, binding itself to be solidarily liable with the persons designated by it to discharge the functions and responsibilities of a rehabilitation receiver; Willing and able to file a bond in such amount as may be determined by the court: Not disqualified to discharge the duties of a rehabilitation receiver under the Constitution and other relevant laws (FR Rules, Rule 2, Sec. 21)

-; Additional Requirements for Representatives of Juridical Persons a. Duly designated and authorized to act for and on behalf of the juridical entity; b. Must bo a director, officer, stockholder or partnerof the juridical entity; and c. Must submit a sworn undertaking that he shall be solidarily liable with his firm for all the obligations and responsibilities of a rehabilitation receiver. (FR Rules, Rule 2, Sec. 21) Other qualifications and disqualifications of the rehabilitation receiver shall oe set forth in procedural rules, taking into consideration the nature of the business of the debtor and the need to protect the interest of all stakeholders concerned. Principal Duties of the Rehabilitation Receiver a. Preserving and maximizing the value of the assets of the debtor during the proceedings; b. Determining the viability of the rehabilitation; c. Preparing and recommending a Rehabilitation Plan to the court; and Implementing the approved Rehabilitation Plan (FR Rules, Rule 2, Sec. 26) Removal of a Rehabilitation Receiver The rehabilitation receiver may be removed at any time by the court, either motu proprio or upon motion by any creditor/s holding more than 50% of the total obligations of the debtor (FR Rules, Rule 2; Sec. 27)

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Grolfrads Removal. . a. Incompetence, gross negligence, failure to perform or failure to exercise the proper degree of care in the performance of his duties and powers; b. Lack of a particular or §p~i:;i!:llized competency required by the specific case; c. Illegal acts or conduct in the performance of his duties and po\vers; d. Lack of qualification or presence of any

disquatlfication; e. f. g. h.

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Conflict of interest that arises after his appointment; Manifest lack of independence that is detrimental to the general body of the stakeholders; Failure, without just cause, to perform any of his powers and functions under these Rules; or Any of the grounds for removing a trustee under the general principles of trusts.

Cases of Conflict of Interest An individual shall be deemed to have a conflict of interest if he is so situated as to be materially influenced in the exercise of his judgment for or against any party to the proceedings. Without limiting the generality of the foregoing, an individual shall be deemed to have a conflict of interest if: a. He is a creditor, owner, partner or stockholder of the debtor; b. He is engaged in a line of business which competes with that of the debtor; c. He is, or was, within 5 years from the filing of the petition, a director, officer, owner, partner or employee of the debtor or any of the creditors, or the auditor or accountant of the debtor; d. He is, or was, within 2 years from the filing of the: petition, an underwriter of the outstanding securities of the debtor; e. is related by consanguinity or affinity within the fourth civil degrne to any individual creditor, owner/sofa sale proprietorship-debtor, partners of a partnership-debtor or to any stockholder; director, officer, employee or underwriter of a corporation-debtor; or f. He has any other direct or indirect material interest in the debtor or any of the creditors. (FR Rules, Rule 2, Sec. 22) Any rehabilitation receiver, member of the rnanaqernent committee or persons employed or contracted by them possessing any conflict of interest shall make the appropriate disclosure either to the court or to the creditors · in case of out-of-court rehabilitation proceedings. Any party to the proceedinq adversely affected by the appointment of any person with a conflict of interest to any of the positions

...........__

.._.

enumerated above may however waive. his right to object to such appointment and, if the waiver is unreasonably withheld, the court may disregard the conflict of interest, taking into account the general interest of the stakeholders. Management of Debtor's Business General Rule: The management of the juridical debtor shall remain with existing managemeht. Exception: Displacement of Existing Management by the. Rehabilitation Committee Upon motion of any interested party and wlthln the soonest possible time, the court may appoint and direct the rehabilitation receiver to assume . the powers of management of the debtor, er appoint a management committee that will undertake the manaqernent of the debtor, upon clear and convincing evidence of any of the following circumstances: (A) Actual or imminent danger of dissipation, loss.wastaqe or destruction of the debtor's assets or other properties; or (B) Paralyzation of the business operations of the debtor; or (C) Gross mismanagement of the debtor, fraud or other wrongful conduct on the part of, or gross or wi!lful violation of the Act by the existing management of the debtor or the owner, partner, director, officer or representalive/s in . management of the debtor. In case the court appoints the rehabilitation receiver to assume the management of the debtor, the court may: ( 1) Require the rehabilitation receiver to post an additional bond; . (2) Authorize him to engage the services or to employ persons or entities to assist him in the discharge of his managerial functions; and (3) Authorize a commensurate increase . in his compensation. Rules and Liabilit~ on Conflicting Decisions In case the rehabilitation receiver is a juridical person, the acts of its designated representative shall be presumed to be carried out in accordance with the authority vested in . him by the juridical entity 'Nhich he represents. In case of conflict, the decision of the governing body of the juridical entity shall prevail, However, the renabilitation receiver and its representative/s shall remain solidarily liable for all

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d.

Note: Upon assumption of management, the receiver shall exercise the same powers granted under Sec. 2C in addition · to the powers granted to the management committee (FR Rules, Rule 2, Sec. 32)

e.

3.

f.

g.

Management Committee

Role of the Management Committee 1 . Take custody of and control all assets owned or possessed by the debtor; 2. Take. the place of the management and governing body of the debtor; and .3. Assume the powers, rights and responsibilities of the debtor (FR Rules, Rule 2, Sec. 33) Note: A majority of all members shall be necessary for the management committee to act or make a decision (FR . Rules, Rule 2, Sec. 35)

h.

i. j.

k. Composition of the Manageme(1t Committee The management committee shall be composed of three .· qualified members appointed by the. court, as follows: a. Nominated by the debtor; b. Nominated by the creditor/s holding more than 50% of the total obligations of the debtor; c. A chairman nominated by the first and second members within 10 days from the appointment (FR Rules, Rule 2, Sec, 34)

I.

m. n.

· The management committee may .overrule or revoke the . actions of the previous management or governing body of the debtor (FR Rul$s, Rule 2, Sec. 33) o.

~ .

.....

.'........ ;~

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Powers and Duties of the Committee The specific powers and duties of the management committee, whose members shall also be considered as officers of the court, are the following: a. Investigate the acts, conduct, properties, liabilities, and financial condition of the corporation, association or partnership under management; b. Examine under oath the directors and officers of the entity and any other witnesses that the committee may deem appropriate; c. Report to the court any ascertained fact pertaining to . the causes of the problems, fraud, misconduct, mismanagement and irregularities committed by any other person;

p.

q.

Use the services ofor employ such person or persons. such as iawyers. accountants, auoitors, appraisers and staff as are necessary to perform its functions and duties as management committee; Report to the court any material adverse change in the business of the entity under management; Evaluate the existing equity capital, assets and liabilities, earnings, and operations of the entity under management; Determine and recommend to the court the best way to salvage and protect the interest of the creditors, stockholders and the general public, including the rehabilitation of the entity under management; Prohibit and report to the court any encumbrance, transfer, or disposition of the debtor's property outside of the ordinary course of business or beyond what is allowed by the court ' · Prohibit and report to the court payments made outside the ordinary course of business; Have unlimited access to the employees, premises, books, records and financial documents of the entity under management during business hours; Inspect, copy, photocopy · or photograph' any document, paper, book. account or letter, whether in the possession of tl,e entity or other persons, that pertain to the business of the debtor; Gain entry into any property owned by he entitx under management for the purposes bf inspecting, measuring, surveying, or taking photos or videos of any designated relevant object or operation thereon; Bring to the attention of the court any material change affecting the entity's ability to meet its obligations; Take the appropriate steps to modify, nullify, or revoke transactions coming to its knowledge which it deems detrimental or prejudicial to the interest of the entity under management; Recommend the termination of the proceedings and the dissolution of the entity if it determines that the continuance in business of such entity will no longer work to the best interest of the stakeholders and creditors; Apply to the court for any order or directive that it may deem necessary or desirable to aid it in the exercise of its powers and performance of its duties and functions, including the power to examine parties and witnesses under oath; and Exercise such other powers as the court may, from time to time confer upon it. (FR Rules, Rule 2, Sec. 33)

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Qualifications of · Members of the Management Committee Same as with rehabilitation receivers (FR Rules, Rule 2, Sec. 36) Immunity from Suit The rehabilitation receiver, the members of. the management committee, and all persons they engage shall not be subject to any action, claim or demand for any act or omission in good faith in the exercise of their powers ' and functions (FR Rules, Rule 2, Sec. 38)

4. Rehabilitation Plan

Approval of the Rehabilitation Plan Within 20 days from notice to creditors and stakeholders, the creditors shall be convened for purposes of voting on the approval of the Rehabilitation Plan. The Plan shall be deemed rejected unless approved by all classes of creditors. (FR/A, Sec. 64) The Plan is deemed to have been approved by a class of creditors if members of the said class holding more than 50% of the total class vote in favor of the plan (FR Rules, Rule 2, Sec. 62) Confirmation of Plan Notwithstanding Rejection Notwithstanding the rejection of the Rehabilitation Plan, the court may, motu proprio or upon motion of any · interested party within ten (10) days from notice of the rejection of the Rehabilitation Plan, confirm the Plan if all of the following circumstances are present:

b. c.

The

The Rehabilitation Plan would likely provide the objecting class of creditors with compensation, which has a net present value greater than that which. they would have received if the debtor were under liquidation. (FR Rules, Rule 2, Sec. 62)

The rehabilitation receiver shall submit the approved Plan to the court for confirmation. Within five (5) days from receipt of the Rehabilitation Plan, the court shall notify the . creditors that the Rehabilitation Plan has been submitted for confirmation. (FR Rules, Rule 2, Sec. 63) 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 insolvent debtor can be restored using various means including, but not limited to, debt forgiveness, debt rescheduling, reorganization or quasi- reorganization, dacion en pago, debt-equity conversion and sale of the business (or parts of it) as a going concern, or setting-up of new business entity, or other similar arrangements as may be approved by the court or creditors. (FR/A, Sec. 4[ii])

a.

d.

Rehabilitation Plan complies with the requirements specified in the FRIA and the FR Rules; The rehabilitation receiver recommends the confirmation of the Rehabilitation Plan; The shareholders, owners or partners of the juridical debtor lose at least their controlling interest as a result of the Rehabilitation Plan; and

Grounds for Objection on the Rehabilitation Plan a. The creditors' support was induced by fraud; b. The documents or data relied upon in the Rehabilitation Plan are materially false or. misleading; or c. The Rehabilitation Plan is in fact not supported by the voting creditors. (FR Rules, Rule 2, Sec. 64) Confirmation of the Rehabilitation Plan The court shall issue an order confirming the Rehabilitation Plan in any of the following instances: · a. No objections are filed within the twenty (20)-day period from receipt of notice from the court that a Rehabilitation Plan has been submitted to court; b. The court finds the objections lacking In merit; c. The basis for the objection has been cured: or d. The debtor has complied with the order to cure the objection. The · court may confirm the Rehabilitation Plan notwithstanding unresolved disputes ovet claims if the Rehabilitation Plan has made adequate provisions for paying such claims. If the court finds that there is no substantial likelihood that. the debtor can be rehabilitated, it shall not confirm the Rehabilitation Plan arid, instead, declare a failure of rehabilitation. The court shall have the power to approve or implement the Rehabilitation Plan despite the lack of approval, or objection from the owners. partners or stockholders of the insolvent debtor: provide1, that the terms thereof are necessary to restore the financial well-being and viability of the insolvent debtor.

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The order confirming the Rehabilitation Plan shall specify the portions approved by the court and the portions rejected durinq consideration or cured by the rehabilitation receiver. (FR Rules, Rule 2, Sec. 66) The approval of the Rehabilitation Plan shall not affect the rights of creditors to pursue separate actions against general partners of a partnership to the extent they are liable under relevant leqislation for the debts thereof. (FR Rules, Rule 2, Sec. 68) Amounts of any indebtedness or obligations reduced or forgiven in connection with a Plan's approval shall not be subjectto any tax. (FR Rules, F.'u/e 2, Sec. 69) Minimum Contents of a Rehabilitation Plan · a. Specify the. underlying assumptions, the financial goals and the procedures proposed to accomplish such goals; b .. · Compare the amounts expected to be received by the creditors under the Rehabilitation Plan with those that . they will receive if liquidation ensues within the next 120 days; · c. Contain information sufficient to give the various classes of creditors a reasonable basis for determining whether supporting the Plan is in their financial interest when compared to the immediate liquidation of the · debtor, including any reduction of principal interest and penalties payable to the creditors: d. Establish classes of voting creditors; e. Establish subclasses of .voting creditors if prior approval has been grunted by the court; t. Indicate how the insolvent debtor will be rehabilitated · including, but not limited to, debt forgiveness, debt rescheduling, reorganization or quasi- reorganization, dacion en pago, debt-equity conversion and sale of the business (or parts of it) as a going concern, or settingup of a new business entity or other similar arrangements as may be necessary to restore the financial well-being and viability of the insolvent debtor; g. Specify the treatment of each class or subclass described in subsections {d) and (e); h. Provide for equal treatment of all claims within the same class or subclass, unless a particular creditor voluntarily agrees to less favorable treatment; i. Ensure that the payments made under the plan follow the priority established under the provisions of the Civil Code on concurrence and preference of credits and other applicable laws;

j.

k.

I.

m. n. be o.

p. q.

r.

s.

t. u.

v.

w.

Maintain the security .nterest of secured creditors and preserve the liquidation value of the security unless such has been waived or modified voluntarily; Disclose all payments to creditors for precommencement debts made during the proceedings and the justifications thereof; Describe the disputed claims and the provisioning of funds to account for appropriate payments should the claim be ruled valid or its amount adjusted; Identify the debtor's role in the implementation of the Plan; State any rehabilitation covenants of the debtor, the breach of which shall considered a material breach of the Plan; Identify those responsible for the future management of the debtor and the supervision and implementation of the Plan, their affiliation with the debtor and their remuneration; Address the treatment of claims arising after the confirmation of the Rehabilitation Plan; Require the debtor and its counter-parties to adhere to the terms of all contracts that the debtor has chosen to confirm; Arrange for the payment of all outstanding administrative expenses as a condition to the Plan's approval unless such condition has been waived in writing by the creditors concerned; Arrange for the payment of all outstanding taxes and assessments, or an adjusted amount pursuant to a . compromise settlement with the BIR Or ·.· other applicable tax authorities; Include a certified copy of a certificate of tax clearance ,; r evidence of a compromise settlement with the BIR; Include a valid and binding resolution of a meeting of the debtor's stockholders to increase the shares by the required amount in cases where the Plan contemplates an additional issuance of shares by the debtor; State the compensation and status, if any, of the rehabilitation receiver after the approval of the Plan; and Contain provisions for conciliation and/or mediation as a prerequisite to court assistance or intervention in the event of any disagreement in the interpretation or implementation of the Rehabilitation Plan. G. Failure of Rehabilitation

1. Termination of Proceedings (Sec. 74) 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.

There is Failure of Rehabilitation in the following cases:

2. Pre-Negotiated Rehabilitation Pre-Negotiated Rehabilitation Plans, when approved . by the court, have the same legal effect as confirmation of a judicially supervised plan.

a.

Dismissal of the petition by the court; b. Debtor fails to submit a Rehabilitation Plan; c. Under the Rehabilitation Plan, there is no substantial likelihood that the debtor can be rehabilitated within a reasonable period; d. The Rehabilitation Plan or its amendment is approved by the court but in the implementation, the debtor fails to perform its obligations thereunder OR there is a failure to realize the objectives, targets or goals set forth therein, including the timelines and conditions for the settlement of the obligations due to the creditors and other claimants; e. The commission of fraud in securing the approval of t.he Rehabilitation Plan or itr. amendment; and f. Other analogous circumstances as may be defined by the rules of procedure

2. Action of Court Upon Termination (Sec. 74) · Upon a breach of, or upon a failure of the Rehabilitation Plan the court upon motion by an affected party may: a. Issue an order directing that the breach be cured within a specified · period of time, falling which the proceedings may be converted to a liquidation; b. Issue an order converting the proceedings to a liquidation: c. Allow the debtor or rehabilitation receiver to submit amendments to the Rehabilitation Plan, the approval of which shall be governed by the same requirements for the approval of a Rehabilitation Plan; d. Issue any other order to remedy the breach consistent with the present requlation, other applicable law and the best interests of the creditors: or e. Enforce the applicable provisions of the Retiabilitation Plan through a writ of execution. Effects of Termination (Sec. 75) Discharge of the rehabilitation receiver subject to this submission of c1 final accounting and Lifting of thr. Stay Oorder and any other court order holding in abeyance any action for the enforcement of a claim against the debtor 3.

Provided, however, that if the termination of proceeaings is due to failure of rehabilitation or dismissal of the petition for reasons other than technical grounds, the proceedings shall be immediately converted to liquidation as provided in Sec. 92.

Pre-Negotiated Rehabilitation Petition An insolvent debtor, by itself or jcintly with any of its creditors, may fiie a verified petition with the court for the approval of a pre-negotiated Rehabilitation Plan which has been endorsed or approved by creditors holding at least . two-thirds (2/3) of the total liabilities of the debtor, including secured creditors holding more them 50% of the total secured claims of the debtor and unsecured creditors holding more than 50% of the total unsecured claims of the debtor. The petition shall include as a rninirnurn: a. Schedule of the debtor's debts and liabilities; b. Inventory of the debtor's assets; c. The pre-negotiated Rehabilitation Pian, including the names of at least 3 qualified nominees for rehabilitation receiver; and d. Summary of disputed claims against the debtor and a report on the provisioning of funds to account for appropriate payments should any such claims be ruled valid or their amounts adjusted.

If Petitlon Deemed Sufficient Within five (5) working days, arid after determinationthat the petition is sufficient in form and substance, the court shall issue an Order which shall; a. Identify the debtor, its principal business of activity/ies and its prlncipul place of business; b. Declare that the debtor is under rehabilitation; c. Summarize the grounds for the filling of the petition: d. Direct the publication of the Order iii a newspaper of general circulation in the Philippines once a week at least 2 consecutive weeks, with the first publication to he made within 7 days from the time of its issuance: , e. Direst the service by personal delivery of a copy of the petition on each creditor who is not a petitioner holding at least 10% of the total liabilities of the debtor, as determined in the schedule attached to the petition, within 3 days; f. State that copies of the petition and the Rehabilitation Plan are available for examination and copying by any interested party; g. State that creditors and other interested ·· parties opposinq the petition or Rehabilitation Plan may file their objections or comments thereto within a period of

for

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8AR·OPERATIONS2019 · not later than .20 days from the second publication of the Order; h. Appoint a rehabilitation receiver, if provided for in the Plan; and i. Include a Suspension or Stay Order as described in this Act. Approval Within 10 the Order, unless a objection section.

of the Pre-Negotiated Plan days from the date of the second publication of the court shall approve the Rehabilitation Plan creditor or other interested party submits an to it in accordance with the next succeeding

Objections to the Pre-Negotiated Plan Any creditor or other interested party may submit to the court a verified objection to the petition or the Rehabilitation Plan not later than 8 days from the date of the. second publication of the Order. The grounds for objection are hmited to the following: Allegations in the petition or the Rehabilitation Plan or the attachments thereto are materially false or misleading; b. Majority of any class of creditors do not in fact support the Rehabilitation Plan; c. . The Rehabilitation P!an fails to accurately account for a claim against the debtor and the claim in not categorically declared as 8 contested claim; or d. Support of the creditors, or any of them was induced . by fraud.

. a.

:'"'

-:,, .

Copies of any objection to the petition of the Rehabilitation Plan shall be served on the debtor, the rehabilitation receiver (if applicable), the secured creditor with the largest claim and who supports the Rehabilitation Plan, and the unsecured creditor with the largest claim and who supports the Rehabilitation Plan. 3 e . Out of Court or Informal Rehabilitation a.Minimum Requirements For an out-of-court or informal restructuring/workout agreement or Rehabilitation Plan to qualify, it must meet the following minirnurn requirements: 4. Debtor must aqree to the out-of-court or informal restructuring/workout agreement or Rehabilitation Plan; 5. Approved by creditors representing at least 67% of the secured obligations of the debtor; · 6.. Approved by creditors represent at least 75% of the unsecured obligations of the debtor; and

7.

Approved by creditors holding at least 85% of the total liabilities, secured and unsecured, of the debtor. (Secs. 83 and 84)

b.Standstill Period . A standstill period that may be agreed upon by the parties 'pending negotiation and finalization of the out-of-court or informal restructuring/workout agreement or Rehabilitation Plan , contemplated herein shall be effective and enforceable not only against the contracting parties but also against the other creditors: Provided, that: a. Such agreement is approved by creditors representing more than 50% of the total liabilities cf the debtor; b. Notice thereof is published in a newspaper of general circulation in the Philippines once a week for~ consecutive weeks; and c. The Standstill period DOES NOT exceed 120 days from the date of effectivity Note: Notice must invite creditors to participate in the negotiation for out-of-court rehabilitation or restructuring agreement and notify them that i,aid agreement will be binding on all creditors if the required majority · votes prescribed in Sec. 84 are met. -· c.Cram Down Effect Two Aspects of the Cram Down Power of The Rehabilitation Court a. Approval despite opposition; and b, Binding effect of the approved plan Cram-Down The power of the rehabilitation court to approve and implement a rehabilitation plan notwithstanding the objection of the majority of crecltors. The "cram-down" clause is necessary to ci.rb the majority creditors' natural tendency to dictate their own terms and conditions to the rehabilitation, absent due regard to the greater long-term benefit of all stakeholders, Otherwise stated, it forces the creditors to accept the terms and conditions of the rehabilitation plan, preferring long-term viability over immediate but incomplete recovery. (Bank of the Philippine Islands vs. Sarabia Manor Hotel Corporation, GR No. 175844, 2013) The Court may approve a rehabilitation plan over the objection of the creditors, if, in its judgment, the rehabilitation of the debtors is feasible and the opposition of the creditors is manifestly unreasonable. The criteria for manifest unreasonableness are:

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The rehabilitation plan complies with the requirements specified in Section 18 of Rule 3, AM. No. 00-8-10-

SC; b.

c.

The rehabilitation plan would provide the objecting class of creditors with payments whose present value projected in the plan would be greater than that which they would nave received if the assets of the debtor were sold by a liquidator within a six (6)month period from the date of filing of the petition; and The rehabilitation receiver has recommended approval of the plan. (Victorio-Aquino v. Pacific Plans, G.R. No. 193108, 2014)

Effects of Confirmation of Rehabilitation Plan a. The Plan and its provisions shall bind the debtor and all persons who may be affected thereby, including the creditors, whether or not such persons have participated in the proceedlnqs or opposed the Plan or whether or not their claims have been scheduled; b. The debtor shall comply with the provisions of the Plan and shall take all actions necessary to carry them out; c. Payments shall be made to the creditors in accordance -, with the provisions of the Plan; d. Contracts and other arrangements between the debtor and its creditors shall remain valid and continue to apply to the extent that they do not conflict with the provisions of the Plan; e. Any compromises on amounts or rescheduling of timing, of payments by the debtor shall be binding on the creditors regardless of whether or not the Plan is successfully implemented; and f. Claims arising after the approval of the Plan that are otherwise not treated by the P!an are not subject to any Suspension Order. (FR Rules, Rule 2, Sec. 67) D. Stay or Suspension Order A Stay or Suspension Order has the following effects: a. Suspend al; actions · or proceedings, in court or otherwise, for the enforcement of claims against the debtor; b. Suspend all actions to enforce any judgment, attachment or other provisional remedies against the debtor; c. Prohibit the debtor from selling, encumbering, transferring or disposing in any manner any of its properties except in the ordinary course of business: and d. Prohibit the debtor from mj:iking any payment of its liabilities outstanding as of the commencement date except as may be provided herein. (FR Rules. Rule 1, Sec. 5[r])

The issuance of the Commencement Order and the Suspension or Sta1 Order, and any other provision of the Act, shall not in any way diminish or impair the security or lien of a secured creditor, or the value of his lien or security. except that his right to enforce the security or lien may be suspended during the term of the Stay Order. The court may allow the enforcement of the security or lien if the property is not necessary for the rehabilitation of the debtor. (FR Rules, Rule 2, Sec. 59) The Stay or Suspension Order does not apply in the following cases: a. Cases already pending .appeal in the Supreme Court as of commencement date Provided, That any final and executory judgment arising from such appeal shall be referred to the court for appropriate action; b. Subject to the discretion of the court, to cases pending or filed at a specialized court or quasi-judicial agency which, upon determination by the. court is capable of resolving the claim more quickly, fairly and efficiently than the court: Provided, That any final and executory judgment of such court or agency shall be referred to the court and shall be treated as a non-disputed claim; c. Enforcement of claims against sureties and other persons solidarily liable with the debtor, and third party or accommodation mortgagors as well as issuers of · letters of credit, unless the property subject of the third party or accommodation mortgage is necessary for the rehabilitation of the debtor as determined by the court upon recommendation by the rehabilitation receiver; d. Any form of action of customers or clients of a securities market participant to recover or otherwise claim moneys and se:::urities entrusted to the latter in the ordinary course of the latter's business as well as any action of such securities market participant or the appropriate requlatory agency or self-regulatory crganization to pay or settle such claims or liabilities; e. Actions of a licensed brcker or dealer to sell pledged securities of a debtor pursuant to a securities pledge or margin agreement for the settlement of securities transactions in accordance with the provisions of the Securities Regulation Code and its lrnplernentinq rules and regulations; . f. Clearing and settlement of financial transactions through the facilities of a clearing agency or similar . · entities duly authorized, registered and/or recognized by the appropriate regulatory agency like the Banqko Sentral ng Pilipinas (BSP) and the SEC as well as any . form of actions of such agencies or entities · to · reimburse· themselves for any transactions settled for the debtor; and

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g. Any criminal action against individual debtor or owner,

c.

partner, director or officer of a debtor shall not be affected by any proceeding commend under this Act. (FRRules. Rule 2. Sec. 10)

d.

C. Liquidation

e.

a. Kinds of Debtors

f.

i.. Juridical Debtors

g.

. 1. Voluntary Liquidation

h.

Party Applicant An insolvent debtor rnay apply for liquidation by filing a petition for liquidation Where to file the application RTC which has jurisdiction ewer its principal office as specified in its. articles of incorporation or partnership. Where the principal office of the corporation or partnership as registered with the Secur.ities and Exchange Commission (SEC) is in Metro Manila, the petition must be · filed in the RTC Court of the city or municipality where the heap office is located. Petition for Voluntary Liquidation The petition shall be verified, shall establish the insolvency of the debtor and shall indicate the names of at least 3 nominees tothe position of liqu'dator. It shall include, as minimum attachments, the following: a. Certificate attesting to the holding of a meeting of the Board of Directors of a stock corporation or the Board of Trustees of a non-stock corporation, as the case may be, called for the purpose and the approval during the meeting of a resolution to file the petition, signed by the secretary of the meeting and at least a rnajority of the members of the Soard present during the meeting; b. Certificate attesting to the holding of a meeting of the stockholders, members or partners comprising the debtor, as the case may be, called for the purpose and the approval durinq the meeting of a resolution to file the petition by the stockholders holding at least twothirds (2/3) ofthe outstanding capital stock of the stock corporation, or two-thirds (2/3) of the members or partners in case of a non-stock corporation, association or partnership, as the case rnay be, signed by the chairman and the secretary of the meeting

i. j.

Schedule of the debtor's debts and liabilities including a list of creditors with their addresses, amounts of claims and collaterals, or securities, if any; Inventory of all its assets inclucling receivables and claims against third parties; and Schedule of current income and expenditures within three (3) months prior to the filing of the petition; List of all properties acquired by the debtor in the immediately preeedir.q two (2) years; List of all properties sold, disposed of, or donated by the debtor in the immediately preceding two (2) years; Schedule of the debtor's exacutory contracts and unexpired leases; Audited financial statements of the debtor for the immediately preceding three (3) years; and Income tax return of the debtor for the immediately preceding year

2. Involuntary Liquidation Party Applicant to Petition for Liquidation The applicants must be made. up of 3 or more creditors whose clairn(s) is/are: ... a. At least P1 ,OQ0,000; or b. At least 25% of the subscribed capital stock or partners' contributions (FLSP Rules, Rule 2, Sec. 4) Where to file the Petition 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 as registered with the Securities and Exchanqe Commission (SEC) is in Metro Manila, the petition must be filed in the RTC Court of the city or municipality where the head office is located. Petition for Involuntary Liquidation The motion shall be verified, shall indicate the names Of at least 3 nominees to the posltlon of liquidator, and must show that: cl. There is no genuine issue of fact or law on the clalms/s ·, of the petitioner/s, and that the due and dernandable payments thereon have not been made for at least one »undred eighty (180) days or that the debtor has failed generally to rneet its liabilities as they fall due; and b. There is no substantial likelihood that the debtor may be rehabilitated · The petition shall also include information to the best knowledge of the petitioners on:

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The schedule of debts and liabilities, including a list of its known creditors with their addresses, amounts of claims and collaterals, or securities, if any; The debtor's assets, including receivables and claims against third parties; and Audited financial statements of the debtor for the immediately preceding three (3) years. (FLSP Rules, . Rule 2, Sec. 4) ·

The petitioners shall post a bond in an amount at least equal in value to the aggregate of their claims, conditioned upon payment to the debtor of all expenses and damages it may incur by reason of the filing of the petition if the same is later denied or dismissed l:>y the court, or withdrawn by the petitioners without the. consent of the debtor. (FLSP Rules, Rule 2, Sec. 5) ii. Individual Debtors 1. Suspension of Payments Party Applicant An individual debtor who, possessing sufficient property to cover all . his debts but foreseeing the impossibility of meeting them when they respectively fall due, may file a verified petition that he be declared in the state of suspension of payments by the court of the province or city in which he has reside!'> for six (6) months prior to the filing of his petition. (FLSP Hules, Rule 3, Sec. 1) Petition for Suspension of Payments The petition shall indicate the names of at least 3 nominees to the position of cornrnissloner and shall include, as minimum attachments, the following: a. Schedule of debts and liabilities, including a list of creditors with their addresses, amount of claims and collaterals, if any; b. Inventory of all the debtor's assets, including receivables and claims against third parties; c. Schedule of current income and expenditures within three (3) months prior to the filing of the petition; ct. Income tax return of the debtor for the immediately preceding year; e. List of all properties acquired by the debtor in the immediately preceding two (2) years; t. List of all properties sold, disposed of, or donated by the debtor in the immediately preceding two (2) years; g. Schedule of the debtor's executory contracts and unexpired leases; and h. Proposed aqreement with the creditors. (FLSP Rules, Rule 3, Sec. 1)

Court Action in Suspension of Payments If the court finds the petition sufficient in form and substance, it shall, within 5 working days from the filing of the petition, issue a Suspension of Payments Order: a. Prohibiting creditors from suing or instituting proceedings for collection against the debtor, except (i) creditors having claims for personal labor, maintenance, expense of last illness and funeral of the wife or children of the debtor incurred within 60 days trnrneoiately prior to the filing of the petition; and (ii) secured creditors; ... b. Calling a meeting of all the creditors named in the schedule of debts and liabilities at such time not less than 15 days nor more than 40 days from the date of such Order and desighating the date, time and place of the meeting; c. Directing such creditors to prepare and present written evidence of their claims before the scheduled creditors' meeting; d. Directing the publication of the said order in a newspaper of qenerat circulation published in the province or city in which the petition is filed once a. week for 2 consecutive weeks, with the first publication to be made within seven 7 days from the time of the issuance of the Order; e. Directing the clerk of court to cause the sending of a copy of the Order by registered mail, postage prepaid, to all creditors named in the · schedule of debts and liabilities; f. Forbiddinq the individual debtor from selling, transferring, encumbering or disposing in any manner. of his property, except those used in the ordinary operations of commerce· or· of industry in which. the petitio11ing individual debtor is engaged so long as the . proceedings relative to the suspension of payments are pending; g. Prohibiting the ir.dividual debtor from making any payment outside of the necessary or legitimate·. expenses of his business or industry, so 16ng as the proceedings relative to the suspension of payments are pending; and h. Appolntinq a commissioner to preside over . the : creditors' meeting. (FLSP Rules, Rule 3, Sec. 2) Actions Suspended by a Suspension Order Upon motion filed by the individual debtor, the court may issue an order suspending any pending execution against . · the individual debtor. Properties held as security by secured creditors shall not be the subject of such suspension order.

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BAR OPERATIONS 2019 The suspension order shall lapse when three (3) months shall have passed without the proposed agreement being accepted by the creditors or as soon as such agreement is denied. (FLSP Rules, Rule 3, Sec. 3)

2. Voluntary Liquidation Party Applicant An individual debtor whose properties are not sufficient to cover his. liabilities, and owing debts exceeding Php500,00Q.OO, may apply to be discharged from his debts and liabilities by filing a verified petition with the court of the province or city in which he has resided for 6 months prior to the filing of such petition. (FLSP Rules, Rule 3, Sec. 11) Petition for Voluntary Liquidation The petition shall indicate the names of at least 3 nominees to the position of commissioner and shall include, as minimum attachments, the following: a. Schedule of debts and liabilities, including a list of creditors with their addresses, amount of claims and collaterals, if any; · b. Inventory, of all the debtor's assets, including receivables and claims against third parties; c. Schedule of current income and expenditures within three (3) months prior to the filing of the petition; d, lncorne tax return of the debtor for the immediately preceding year; e. List of all properties acquired by the debtor in the immediately preceding two (2) years; • . f. List of all properties sold, disposed of, or donated by the debtor in the. immediately preceding two (2) years; and g. Schedule of the debtor's executory contracts and unexpired leases. (FLSP Rules, Rule 3, Sec. 11). If the court finds the petition sufficient in form and · substance it shall, within five (5) working days issue the Liquidation Order (FLSP Rules, Rule 3, Sec. 12) Note: The ofticial copy of the FLSP Rules states Rule 3, Sec. 12 as Rule 3, Sec. 3. 3, Involuntary L..iquidation Party Applicant Any creditor or group of creditors with a claim of, or with claims aggregating at ieast Php500,000.00 may file a verified petition for liquidation with the court of the province or city in which the individual debtor resides. (FLSP Rules, Rule 3, Sec. '/3)

Acts of Insolvency The following shall be considered acts of insolvency, and the petition for liquidation shall set forth or allege at least one of such acts: a. Such person is about to depart or has departed from · the Republic of the Philippines, with intent to defraud his creditors; b. Being absent from the Republic of the Philippines, with intent to defraud his creditors, he remains absent; c. He conceals himself to avoid the service of legal process for the purpose of hindering or delaying the liquidation or of defrauding his creditors; d. He conceals, or is removing, any of his property to avoid its being attached or taken on leqal process; e. He has suffered his property to remain under attachment or legal process for 3 days for the purpose of hindering or delaying the liquidation or of defrauding his creditors; -, f. He has confessed or offered to allow judgment in favor of any creditor or claimant for the purpose of hindering er delaying the liquidation or of defrauding any creditors or claimant; g. . He has willfully suffered judgment to be taken against him by default for the purpose of hindering or delaying the liquidation or of defrauding his creditors; h. He has suffered or procured his property to be taken on legal process with intent to give a preference to one or more of his creditors and thereby hinder or delay the liquidation or defraud any one of his creditors; i. He has made any assignment, gift, sale, conveyance or transfer of his estate; property, rights or credits with intent to hinder or delay the liquidation or defraud his creditors; j. He has, in contemplation of insolvency, made any payment, gift, grant, sale, conveyance or transfer of his estate, property, rights or credits; k. Being a merchant or tradesman, he has generally defaulted in the payment of his current obligations for a period of 30 days; I. For a period of 30 days, he has failed, after demand, to pay any moneys deposited with him or received by him in a fiduciary; and m. An execution having been issued against him on final judgment for money, he shall have been found to be without sufficient property subject to execution to satisfy the judgment. (FLSP Rules, Rule 3, Sec. 13) Court Action in Involuntary Liquidation The court shall issue ai1 Order requiring the individual debtor to show cause, at a time and place to be fixed by the said court, why he should not be adjudged an insolvent. (FLSP Rules, Rule 3, Sec. 15)

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Upon good cause shown, the court may issue an Order forbidding the individual debtor from making payments of any of his debts, and transferring any property belonging to him. However, nothing contained herein shall affect or impair the rights of a secured creditor to enforce hls lien in accordance with its terms. 2. Procedure

i.

Conversion of Rehabilitation Proceedings to Liquidation Proceedings During the pendency of court-supervised or pre-negotiated rehabilitation proceedings, the court may order the conversion of rehabilitatior. proceedings to liquidation proceedings pursuant to: a. Section 25(c) of the FRIA which states that conversions can be done when the debtor is insolvent and there is no substantial likelihood for the debtor to be successfully rehabilitated; or b. Section 72 of the FRIA or if no Rehabilitation Plan is confirmed within 1 year from the date of the filing of a petition to confirm the rehabilitation plan, the proceedings may, upon motion or motu proprlo, be converted into one for the liquidation of the debtor; or c. Section 75 of the FRIA or if termination of proceedings is due to failure of rehabilitation or dismissal of the petition for reasons other than technical grounds, the proceedinqs shall be immediately converted to liquidation; or d. Section 90 of the FRIA or if during the pender.cy of court-supervised or pre-negotiated rehabilitation proceedings, the debtor may also initiate liquidation proceedings by filing a motion in the same court where'· the rehabilitation proceedings are pending to convert the rehabilitation proceedings into liquidation proceedings. e. At any other time upon the recommendation of the rehabllttatlon receiver that the rehabilitation of the debtor is not feasible. Motion to Convert Rehabilitation Proceedings Into Liquidated Proceedings, At any time during the pendency of or after a rehabilitation court-supervised or pre-negotiated rehabilitation proceedings, creditors may compel a debtor who is undergoing rehabilitation to liquidate instead. The following are the requisites: The applicants must be made up of 3 or more creditors whose claim(s) is/are: a. At least P1 ,000,000; or

At least 25% .'.)f the subscribed capital stock or partners' contributions

The motion shall be verified & shall contain/set forth the same matters mentioned in the FL$P Rules, Sec. 4. (FLSP Rules, Rule 2, Sec. 6) Action on the Petition or Motion If the petition or motion is sufficient in form and substance, the court shall issue an Order: • Directing the publication of the petition or .rnotion in c: . newspaper of general circulation once a week for 2 consecutive weeks; · • Directing the debtor and all creditors who are not the petitioners to file their comment on the petition or motion within 15 days from the date of last publication; and • Directing that a copy of the petition or motion be served on the debtor and on all known creditors. unless they exceed 20 in number, in which case, service shall be made on at least the first 20 largest known creditors of the debtor in terms of credits held. However, if there are more than 20 known creditors (who are not petitioners) and one or more Of them acquired their crediUs within the s-rnonth period immediately preceding the filing of the petition, the number of creditors to be served copies of the petition shall be . increased by the same number. If, after considering the comments. filed, the court determines that the petition or motion is meritorious, it shall issue the Liquidation Order. (FLSP Rules, Rule 2, Sec. 8) After notice and hearing, the court where rehabilitation proceedings are pending may also order the conversion of rehabilitation proceedings into liquidation proceedings in those cases authorized by law, or at any other time upon the recommendation of the rehabilitation receiver · or manaqernent committee that the rehabilitation of the debtor is no longer feasible. (FLSP Rules, Rule 2, Sec. 9) Thereupon, the court shall issue the Liquidation Order. ii. Liquidation Order The Liquidation Order shall: a. Declare the debtor insolvent; b. Order the liquidation of the debtor and, in the case of a juridical debtor, declare it as dissolved; c. Order the sheriff 10 take possession and control of all the property of the debtor, except those that may be .· exempt from execution;

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d.

Order the publication of the petition or motion in a newspaper of general circulation once a week for 2 consecutive weeks; e. Direct payments of any claims and conveyance of any property due the debtor to the liquidator; f. · Prohibit payments by the debtor and the transfer of any property by the debtor; . g. Direct all creditors to file their claims with the liquidator within the period set by the rules of procedure h. Authorize the payment of administrative expenses as they become due; i. State that the debtor and creditors who are not petitioner/s may submit the names of other nominees to the position of liquidator; and j. Set the case. for hearing for the election and appointment of the liquidator, which date shall not be less than 30 days nor more than 45 days from the date · of the last publication. (FLSP Rules, Rule 4, Sec: 2)

i.

·,,

-=j

iii. Effects ot the Liquidation Order Upon issuance of the Liquidation Order: · a. Juridical debtor shall be deemed dissolved and its corporate or juridical existence terminated; . b .. Legal title to and control of all the assets of the debtor, except those that may be exempt from execution, shall be deemed vested in the liquidator or, pending his election or appointment, with the court; c. All contracts of the debtor shall be deemed terminated and/or breached, unless the liquidator, within 90 days from the date of his assumption of office, declares otherwise. and the contracting party agrees; d, No separate action for the collectlon of an unsecured claim shall be allowed. Such actions already pending will be transferred to the Liquidator for him to accept and settle or contest. If the liquidator contests or disputes the claim, the court shall allow, hear and resolve such contest except when the case is already on appeal. In such a case, the suit may proceed to judgment, and any final and executor judgment therein for a claim against the debtor shall be filed and allowed in court; and e. No foreclosure proceeding shall be allowed for a period of 180 days. (FLSP Rules, Rule 4, Sec. 3) iv. Rights of Secured Creditors The Liquidation Order shall not affect the right of a secured creditor to enforce his lien in accordance with the applicable contract or law, unless he waives his right. (FLSP Rules, Rule 4, Sec. 4) ·

a.

b.

Waive his right under the security or lien, prove his claim in the liquidation proceedings and share in the distribution of the assets of the debtor; or Maintain his rights under the security or lien.

Failure to file a manifestation means that the secured creditor is deemed to have opted to maintain his right under the security or lien (FLSP Rules, Rule 4, Sec. 5) Nature of Waiver A secured creditor shall not be deemed to have waived his right under the security or lien unless the waiver is made in a public document, in unequivocal language, and with full knowledge of the consequences of his action. If a secured creditor waives his right, he shall be entitled to participate in the liquidation proceedings as an unsecured creditor. (FLSP Rules, Rule 4, Set. 6) If the secured creditor maintalns his rights under the security or lien: a. The value of the property may be fixed in a manner agreed upon by the creditor and the liquidator. When the value of the property is Jess than the claim it secures, the liquidator may convey the property to the secured creditor andthe latter will be admitted in the liquidation proceedings as a creditor for the balance. If its value exceeds the claim secured, the liquidator may convey the property to the creditor and waive the debtor's right of redemption upon receiving the excess from the creditor; b. Liquidator may sell the property and satisfy the secured creditor's entire claim from the proceeds of the sale; or c. Secure creditor may enforce the lien or foreclose on the property pursuant to applicable Jaws. (FLSP Rules, Rule 4, Sec. 7) Powers, Duties, and Responsibilities of the Liquidator The Liquidator The Liquidator is a natural person or juridical entity appointed as such by the court and entrusted with such powers and duties. If the liquidator is a juridical entity, it must designated o natural person who possesses all the qualifications and none of the disqualifications as its representative, it being understood that the juridical entity and. the representative 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: Page 247 of 250

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Election of a Liquidator The creditors entitled to vote v,ill elect the liquidator in open court. The nominee receiving the highest number of votes cast in terms of amount of claims and who is qualified shall be appointed as the liquidator. Only creditors who have filed their claims within the r:~riod set by the court, and whose claims are not barred by the statute of limitations, will be allowed to vote in the election

of the liquidator. A secured creditor will not be allowed to vote unless: a.

' ::-

He waives his security or lien; or

b. Has the value of the property subject of his security or lien fixed by agreement with the liquidator, and is admitted for the balance of his claim. (FLSP Rules, Rule 4, Sec. 9) Appointment of a Liquidator The court may appoint the liquidator if: a. On the date set for the election of the liquidator, the creditors do not attend; b. Creditors who attend, fail or refuse to elect a liquidator; c. After be'nq elected, the liquidator fails to qualify ; or d. Vacancy occurs for any reason whatsoever, In any of the cases provided herein, the court may instead set another heating of the election of the liquidator. Qualifications of a Liquidator The liquidator shall have the same qualifications as the rehabilitation receiver: • Citizen of the Philippines or a resident of the Philippines in the 6months immediately preceding his nomination; • Good moral character and with acknowledged integrity, impartiality and independence; • Has the requisite knov-ledqe of insolvency and other relevant commercial laws, rules and procedures, as well as the relevant training and/or experience that may be necessary to enable him to properly discharge the duties and obligations of a rehabilitation receiver; and • Has no conflict of interest: Provided, That such conflict of interest may be waived, expressly or impliedly, by a party who may be prejudiced thereby. (FLSP Rules, Rule 4, Sec. 8) Powers, Duties and Responsibilities of a Liquidator The liquidator shall be deemed an officer of the court with the principal duly of preserving and maximizing the value

and recovering the assets of the debtor, with the end of liquidating them and discharging to the extent possible all the claims against the debtor. The powers, duties and responsibilities of the liquidator shall include, but not limited to: a. Sue and recover all the assets, debts and claims, belonging or due to the debtor; b. Take possession of all the property of the. debtor except property exempt by law from execution; c. Sell, with the approval of the court, any property of the debtor which has.come into his possession or control; d. · Redeem all mortgages and pledges, and so satisfy any judgement which may be an encumbrance on any property sold by him; e. Settle all accounts between the debtor and his creditors, subject to the approval of the court; f. Recover any property or its value, fraudulently conveyed by the debtor: g. Recommend to the court ~he creation of a creditors' committee which will assist him in the discharge of the functions and which shall have powers as the court deems just, reasonable and necessary; and h. Upon approval of the court, to engage -such professlonal as may be necessary and reasonable to · assist him in the discharge of his duties. In addition to the rights ar.d duties of a rehabilitation receiver, the liquidator, shall have the right and duty to take all reasonable steps to manage and dispose of the debtor's assets with a view towards maximizing the proceedings therefrom, to pay creditcrs and stockholders, and to terminate the debtor's legal existence. Other duties of the liquidator in accordance with this section may . be established by procedural rules. (FLSP Rules, Rule 4, Sec. 12) Removal of Liquidator The liquidator may be removed at any time by the court either motu proprio or upon motion by the debtor or any creditor or creditors on any of the following grounds: a. He did not actually receive the highest number of votes during the election for liquidator, b. Incompetence, gross negligence, failure to perform or exercise the proper degree of care in the performance of his duties and powers; c. Lack of a particular or specialized competency required by the specific case; . d. Illegal acts or conduct in the performance of his duties and powers; e. Lack of any of the qualifications stated under Section 8 of the rLSP Rules or · presence of any disqualification;

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Conflict of interest, unless, waived, expressly or impliedly, by a party who may be prejudiced thereby;' Partiality or lack of independence; or Any other ground analogous to the foregoing. (FLSP Rules, Rule 4, Sec. 13)

3. Determlnation of Claims Registry of Claims Within 20 days from his assumptior, into office the liquidator shall prepare a preliminary registry of claims of secured and unsecured creditors. Secured creditors who have waived their security or lien, or ~c1ve fixed thE; value of the property subject of t'reir security or lien by agreementwith the liquidator and is admitted as a creditor for the balance, shall be considered as unsecured . creditors. The liquidator shall make the registry available for public inspection and provide publication notice to creditors, individual debtors owner/s of the sole proprietorshipdebtor, the partners of the partnership-debtor and shareholders or members of the corporation-debtor, on where and when they may inspect it All claims must be duly proven before being paid. (FLSP Rules, Rule 4, Sec. · 17) .

't_

:r._

Challenging/Opposing Claims Within thirty 30 days from the expiration of the period for filing of application's for recognition of claims: 1. creditors, 2, individual debtors, 3. owner/s of the sole proprietorship-debtor. 4. partners of the partnership-debtor and 5. shareholders or members of the corporation-debtor ~d . 6.

'f. t'

·.,t ·~ ·.

other interested parties

may submit a challenge to claim or claims to the court, serving a certified copy on the liquidator and the creditor hold;ng the challenged claim. · Upon the expiration of the 30 day period. the rehabilitation receiver shall submit to the court the registry of claims · containing the undisputed claims that have not been subject to challenge. Such claims shall become final upon the filling of the register and may be subsequently set aside only on grounds or fraud, accident, mistake or inexcusable neglect. (FLSP Rules, Rule 4, Sec. 19)

If the debtor and creditor ~re mutually debtor and creditor of each other, one debt shall be set off against the other and only the balance, if any, shall be allowed in the liquidation proceedings. (FLSP Rules, Rule 4, Sec. 18) vii. Liquidation Plan Within 3 months from his assumption into office, the Liquidator shall submit a Llquidatlcn Plan to the court. The Liquidation Plan shall, as a minimum enumerate all the assets of the debtor and a schedule of liquidation of the assets and payment of the claims. (FLSP Rules, Rule 4, Sec. 23) Properties Exempt from Liquidation It shall be the duty of the court, upon petition and after hearing, to exempt and set apart, for the use and benefit of the said insolvent, such real and personal property as is by law exempt from execution, and also a homestead. However, no such petition shall be heard as aforesaid until it is first proved that notice of the hearing of the application therefor has been duly given by the clerk, by causing such notice to be posted it at least 3 public places in the province or city at least 10 days prior to the time of such hearing, which notice shall set forth the name of the said insolvent debtor, and the time and place appointed for the hearing of such application, and shall briefly indicate the homestead sought to be exempted or the property sought to be set aside; and the decree must show that such proof was made to the satisfaction of the court, and shall be -, conclusive evidence of that fact. Preference of Credit The Liquidation Plan and its lrnplementation shall ensure that the concurrence and · preference of credits as enumerated in the Civil Code and other relevant laws shall be observed, unless a preferred creditor voluntarily waives his preferred right. For purposes of this chapter, credits for services rendered by employees or laborers to the debtor shall enjoy first preference under Article 2244 of the Civil Code, un'ess the claims constitute legal liens under Article 2241 and 2242 thereof. (FLSP Rules, Rule 4, Sec. 25) Court Action upon Completion of Liquidation -· Removal from Registry of Legal Entries and Termination of Liquidation Proceeding Upon determining that the liquidation has been completed, the· court shall issue an Order approving the report and ordering the SEC to remove the debtor from the registry of legal entities.

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ATENEO CENTRAL

COMMERCIAL LAW

BAR OPERATIONS 2019 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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