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Davis v. Elmira Savings Bank,
1
of 7
Bankr. L. Rep. P 70,937 in Re
10000013216
Search document
CREDIT PART 2
# 33 Tan, Tan, Tiong, Tick vs. American Hypothecary Co., G.R. No. L-43!" arch 3$, $%3! - &'NGLA(AN In Re Liquidation of Mercantile Bank of China. TAN TAN TION TIC!" clai#ant$a%%ellant" clai#ant$a%%ellant" &'. AMERICAN APOT(ECARIE) CO." CO." ET AL." clai#ant'$a%%ellee'. .R. No. L$*+,-2 March +" /+-
DOCTRINE)0 .The 1ank can #ake u'e a' it' on the #one3 de%o'ited. 2.Current account and 'a&in4' de%o't' are not %referred credit' in ca'e of in'ol&enc3 and liquidation. +.The 1ank can o5'et the de%o'it of the client ho ha' a de1t ith the 1ank. *.De%o'it' 'hould not earn intere't fro# the ti#e the 1ank cea'e to do 1u'ine''. IMPERIAL" 6.0 7act'0
In the %roceedin4' for the liquidation of the Mercantile Bank of China" the a%%ella %re'ented %re'ented a ritten clai# alle4in40 that hen thi' 1ank cea'ed to o%erate on )e%te#1er /" /+" hi' current account in 'aid 1ank 'hoed a 1alance of P/",89.8: in hi' fa∨ that on the 'a#e date hi' 'a&in4' account in the 'aid 1an al'o 'hoed a 1alance in hi' fa&or of P2:"::: %lu' intere't then due a#ountin4 t P/*.9-; that on the other hand" he oed the 1ank in the a#ount of P+"2,2.8the a#ount of the tru't recei%t' hich he 'i4ned 1ecau'e of hi' ithdraal fro# 1ank of certain #erchandi'e con'i4ned to hi# ithout %a3in4 the draft' dran u hi# 13 the re#ittor' thereof; that the credit' thu' de'cri1ed 'hould 1e 'et o5 a4ain't each other accordin4 to la" and on 'uch 'et o5 1ein4 #ade it a%%eared that he a' 'till the creditor of the 1ank in the 'u# of P,"8-/.9:. And he a'ked that the court order the Bank Co##i''ioner to %a3 hi# the afore'aid Read Free For 30this Days Sign up to vote on title1alance an that the 'a#e 1e declared a' %referred credit. The clai# a' referred Not useful to the Useful anytime. co##i''ioner a%%ointed a%%ointed 13 the court" ho at the 'a#eCancel ti#e acted a' referee" an Special offer for students: Only $4.99/month. thi' o
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Davis v. Elmira Savings Bank,
1
of 7
Bankr. L. Rep. P 70,937 in Re
10000013216
Search document
o%erate. R>LIN0
.The )C ruled that" the'e de%o'it' are e''entiall3 #erchantile contract' and 'hould" therefore" 1e 4o&erned 13 the %ro&i'ion' of the Code of Co##erce. In accordance ith article +:/" the 'o$called current account and 'a&in4' de%o'it' ha&e lo't the character of de%o'it' %ro%erl3 'o$called" and are con&erted into 'i# co##ercial loan'" 1ecau'e the 1ank di'%o'ed of the fund' de%o'ited 13 the clai#ant for it' ordinar3 tran'action' and for the 1ankin4 1u'ine'' in hich it a en4a4ed. That the 1ank had the authorit3 of the clai#ant to #ake u'e of the #o de%o'ited on current and 'a&in4' account i' deduci1le fro# the fact that the 1an ha' 1een %a3in4 intere't on 1oth de%o'it'" and the clai#ant hi#'elf a'k' that he alloed intere't u% to the ti#e hen the 1ank cea'ed it' o%eration'. Moreo&er accordin4 to 'ection 28 of the Cor%oration La and / of Act No. +8*" 'aid 1ank authori@ed to #ake u'e of the current account" 'a&in4'" and ed de%o'it' %ro&i it retain' in it' trea'ur3 a certain %ercenta4e of the a#ount' of 'aid de%o'it'.
2.It a%%ear' that e&en after the enact#ent of the In'ol&enc3 La there a' no la in thi' =uri'diction 4o&ernin4 the order or %reference of credit' in ca'e of in'ol&en and liquidation of a 1ank. But the Phili%%ine Le4i'lature 'u1'equentl3 enacted Ac You're of Reading a Preview No. +8/" a#ended &ariou' 'ection' the Re&i'ed Ad#ini'trati&e Code" hich t e5ect on 7e1ruar3 2:" /2/" and 'ection ,* of thi' latter Code. a' a#ended 1 Unlock full access with a free trial. 'aid Act %ro&ide'0
Download With Free )EC. ,*. Di'tri1ution of a''et'. In the ca'e ofTrial the liquidation of a 1ank or 1ankin4 in'titution" after %a3#ent of the co't' of the %roceedin4" includin4 rea'ona1le e%en'e'" co##i''ion' and fee' of the Bank Co##i''ioner" to 1e alloed 13 the court" the Bank Co##i''ioner 'hall %a3 the de1t' of the in'titutio under of the court in the order of their le4al %riorit3.
Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title 7ro# thi' 'ection ,* e deduce that the intention of the Phili%%ine Le4i'lature & The New York Times Useful Not useful %ro&idin4 that the Bank Co##i''ioner 'hall %a3 the de1t' of the co#%an3 13 Special offer for students: Only $4.99/month.
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of an order of the court in the order of their %riorit3" a' to enforce the %ro&i'ion 'ection *-" */ and 8: of the In'ol&enc3 La in the 'en'e that the3 are #ade
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Davis v. Elmira Savings Bank,
1
of 7
Bankr. L. Rep. P 70,937 in Re
10000013216
Search document
the 1ank #a3 a%%l3 the de%o'it" or 'uch %ortion thereof a' #a3 1e nece''ar3 the %a3#ent of the de1t due it 13 the de%o'itor" %ro&ided there i' no e%re'' a4ree#ent to the contrar3 and the de%o'it i' not '%eciall3 a%%lica1le to 'o#e %articular %ur%o'e'. G9 A#. 6ur." %ar. ,2/" %.*88; >nited )tate' &'. Butterorth$ 6ud'on Cor%." 2,9 >.)." +-9; National Bank &'. Mor4an" 2:9 Ala.." ,8; Bank of unter'&ille &'. Cra3ter" // Ala." ,//; Tatu# &'. Co##ercial Bank H T. Co." /+ Ala." 2:; De'ha Bank H T. Co. &'. uillin4" - Ark." *; (olloa3 &'. 7ir't Nat. Bank" *8 Idaho" 9*,; ?3#an &'. 7t. Dear1orn Nat Bank" - Ill." 29/; Ni1lack &'. Park Nat. Bank" ,/ Ill." 89; 7ir't Nat Bank &'. )ta%f." ,8 Ind." ,2; Bedford Ban &'. Acoa#" 28 Ind." 8-*.J The 'ituation referred to 13 the a%%ellee' i' ine&ita1le 1ecau'e 'ection ,+/ of the Re&i'ed Ad#ini'trati&e Code" a' a#ended 13 Act No +8/" %ro&ide' that the Bank Co##i''ioner 'hall reduce the a''et' of the 1ank i ca'h and thi' cannot 1e done ithout r't liquidatin4 indi&iduall3 the account' o the de1tor' of 'aid 1ank" and in #akin4 thi' indi&idual liquidation the de1tor' are entitled to 'et o5" 13 a3 of co#%en'ation" their clai#' a4ain't the 1ank.
*. >%on thi' %oint a di'tinction #u't 1e #ade 1eteen the intere't hich the de%o'it' 'hould earn fro# their ei'tence until the 1ank cea'ed to o%erate" and t hich the3 #a3 earn fro# the ti#e the 1ankF' o%eration' ere 'to%%ed until the date of %a3#ent of the de%o'it'. A' to the r't cla''" it 'hould 1e %aid 1ecau'e ' intere't ha' 1een earned in the ordinar3 cour'e of the 1ankF' 1u'ine'' and 1efor You're a PreviewMoreo&er" the 1ank 1ein4 the latter ha' 1een declared in a 'tateReading or liquidation. authori@ed 13 la to #ake u' of the de%o'it'" ith the li#itation 'tated" to in&e' Unlock full access with a free trial. the 'a#e in it' 1u'ine'' and other o%eration'" it #a3 1e %re'u#ed that it 1ound it'elf to %a3 intere't to the de%o'itor' a' in fact it %aid intere't %rior to the date o Download With Free Trial the 'aid clai#'.
A' to the intere't hich #a3 1e char4ed fro# the date the 1ank cea'ed to do 1u'ine'' 1ecau'e it a' declared in a 'tate of liquidation" )C held that the 'aid intere't 'hould not 1e %aid. >nder article' : and :- of the Ci&il Code" inter the i' alloed 13 a3 of inde#nit3 for da#a4e' 'u5ered" inFree theFor ca'e' herein Read 30this Days Sign up to vote on title o1li4ation con'i't' in the %a3#ent of #one3. In &ie of thi'" )C held that inthe Not useful Useful Code anytime. a1'ence of an3 e%re'' la or an3 a%%lica1le %ro&i'ion Cancel of the of Co##erce Special offer for students: Only $4.99/month. i' not %ro%er to %a3 thi' la't kind of intere't to the a%%ellant u%on hi' de%o'it' in the 1ank" for thi' ould 1e ano#alou' and un=u'tied in a liquidation or in'ol&en
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Davis v. Elmira Savings Bank,
1
of 7
Bankr. L. Rep. P 70,937 in Re
10000013216
Search document
No *8 K LOL
CREDIT PART * ,*
A dra4net clau'e o%erate' a' a con&enience and acco##odation to the 1orro a' it #ake' a&aila1le additional fund' ithout their ha&in4 to eecute additional 'ecurit3 docu#ent'.
Tra)ers Roya* +ank vs Norerto Castaares an) i*agros Castaares G.R. No. $"/"/ 0&ec. m, "/$/1 2onente . 5i**arama
6ACT(
)%ou'e' Ca'tanare' are e%orter' of 'hell craft' and handicraft'. To 'u'tain their 1u'ine''" the3 o1tained loan' and credit acco##odation' fro# Trader' Ro3al Ba You're Reading a Preview #ort4a4in4 their real e'tate' GREM'J. A' e&idenced 13 a %ro#i''or3 note" %etitio relea'ed onl3 the a#ount of P+8":::.:: althou4h Unlock full access with a freethe trial.#ort4a4e deed' indicated %rinci%al a#ount' a'P -,":::.:: andP ,:":::.::. Re'%ondent' ere further 4ranted additional fund' on &ariou' date'With under note' the3 eecuted Download Free%ro#i''or3 Trial fa&or of the %etitioner. Petitioner tran'ferred the a#ount of P"8:.:: fro# re'%ondent' current accoun their 'a&in4' account. The loan' 1e4an to #ature and the letter' of credit a4ain' hich the %ackin4 ad&ance' ere 4ranted 'tarted to e%ire. Petitioner" ithout notif3in4 the re'%ondent'" a%%lied to the %a3#ent of re'%ondent' out'tandin4 Read Free Forre'%ondent' 30this Days o1li4ation' the 'u# of P+:"/+:.*/ hich a' re#itted totothe thru Sign up vote on title tele4ra%hic tran'fer fro# AMROBAN!" A#'terda#. Useful Not useful
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Special offer for7or students: Onlyof$4.99/month. failure the re'%ondent' to %a3 their out'tandin4 loan' ith %etitioner" the
latter %roceeded ith the etra=udicial foreclo'ure of the real e'tate #ort4a4e'.
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Davis v. Elmira Savings Bank,
1
of 7
Bankr. L. Rep. P 70,937 in Re
10000013216
Search document
'((78
?hether or not the %a3#ent of *"22:.:: 13 the Bank 13 a3 of co#%en'ation i &alid.
H8L&
e'. A4ree#ent' for co#%en'ation of de1t' or an3 o1li4ation' hen the %artie' a #utuall3 creditor' and de1tor' are alloed under Art. 2-2 of the Ci&il Code e&e thou4h not all the le4al requi'ite' for le4al co#%en'ation are %re'ent. oluntar3 o con&entional co#%en'ation i' not li#ited to o1li4ation' hich are not 3et due. Th onl3 require#ent' for con&entional co#%en'ation are GJ that each of the %artie' can full3 di'%o'e of the credit he 'eek' to co#%en'ate" and G2J that the3 a4ree t the etin4ui'h#ent of their #utual credit'. Con'equentl3" no error a' co##itte 13 the trial court in holdin4 that %etitioner &alidl3 a%%lied" 13 a3 of co#%en'ati the *"22:.:: tele4ra%hic tran'fer re#itted 13 re'%ondent' forei4n client throu4 the %etitioner.
CREDIT PART 8 9/
You'res:stit:te) Reading a Preview C9L. 6RANC'(C9 &8LA 8RC8&, y his heirs name*y, L7'( C8(AR &8LA 8RC8&, +LAN;7'TA &8LA 8RC8& nee ACATANGA<, an) Unlock full access with a free trial. AR'A 9L'5'A . 2AR8&8(, 2etitioners, v. G958RN8NT (8R5'C8 'N(7RANC8 (<(T8 0G('(1 an) (po:ses 5'CT9R an) 'LAGR9( ANL9NGAT, Respon)ents. Download With Free Trial &8L CA(T'LL9, .
7ACT)0 Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title Thi' ca'e in&ol&e' &e re4i'tered %arcel' of land located ithin the Antonio & The New York Times Useful Not useful )u1di&i'ion" Pa'i4 Cit3 Lot' ," 9" -" and : of Block 2 and Lot - of Block - G'u1=ec Special offer for students: Only $4.99/month.
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%ro%ertie'J. The'e lot' ere ori4inall3 oned 13" and titled in the na#e of" 6o'e C ulueta GuluetaJ" a' e&idenced 13 Tran'fer Certicate of Title GTCTJ No. 2,:8
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Davis v. Elmira Savings Bank,
1
of 7
Bankr. L. Rep. P 70,937 in Re
10000013216
Search document
2 and Lot - of Block -J on the 4round that he" not the ulueta'" a' the oner of the'e lot' at the ti#e of the foreclo'ure. Dela Merced al'o i#%leaded ictor and Mila4ro' Manlon4at" ho ere clai#in4 Lot ," Block 2 13 &irtue of a 'ale eecute 13 the )I) in their dau4hter' GEli@a1eth Manlon4atJ fa&or. Dela Merced ar4ued that" due to the nullit3 of )I)' foreclo'ure o&er the 'u1=ect %ro%ertie'" it had no oner'hi% ri4ht that could 1e tran'ferred to Eli@a1eth Manlon4at.
After a %rotracted liti4ation" the )C rendered a Deci'ion in the %etitioner' fa&or a nullied )I)' foreclo'ure of the 'u1=ect %ro%ertie' 1ecau'e the'e lot' ere ne&e %art of it' #ort4a4e a4ree#ent ith the ulueta '%ou'e'. Pur'uant to the nalit3 the Deci'ion" %etitioner' led a Motion for Eecution hich )I) o%%o'ed on the 1a'i' of )ection +/ of the )I) Act of //9 GRA -2/ hich alle4edl3 ee#%t' ) fund' and %ro%ertie' fro# attach#ent" 4arni'h#ent" eecution" le&3 and other c %roce''e'. A rit of eecution a' nall3 i''ued" hoe&er" r't 13 the RTC and th 13 the CA. The )I) led a %etition for re&ie 1efore the )C hich a' denied 13 the latter.
After the re'olution of the i''ue of )I)' ee#%tion" %etitioner' encountered #o %ro1le#' ith the eecution of the Deci'ion. Accordin4 to the RD of Pa'i4 Cit3" Policar%io E'%ene'in" he could not cancel the title' of )I) o&er Lot' 9 and 1ecau'e it no lon4er had title o&er the'e to lot' and had alread3 con&e3ed the You're Reading a Preview 'a#e to to other %er'on'. (ence" the RD clai#ed that the rit of eecution #u r't 1e #odied to include the cancellation of deri&ati&e title' of the )I) title. Unlock full access with a free trial.
ISSUES:
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I. Whether the GSIS can still raise the issue of exemption II. Whether a nal and executory judgment against GSIS and Manlongat can e enforced against their successors!in!interest or holders of deri"ati"e titles
Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title to III. Whether an order to cancel title to a particular property includes an order & The New York Times Useful Not useful pro"ide technical descriptions and segregate it from its mother title Special offer for students: Only $4.99/month.
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Davis v. Elmira Savings Bank,
1
of 7
Bankr. L. Rep. P 70,937 in Re
10000013216
Search document
gam*es on the res:*t o= the *itigation over the sai) property. It i' not di'%uted that %etitioner' cau'ed the annotation of li' %enden' on TCT No. 2+88* the lot' in que'tion. The current holder' of the deri&ati&e title' to the'e lot' ere aare of 'uch annotation hen the indi&idual title' ere i''ued to the#. Inelucta1l3" 1oth ere 1ound 13 the outco#e of the liti4ation.
G+J The or)er containe) in the &ecision in G.R. No. $4/3%! is =or the R& cance* G('(s tit*es over Lot $/, +*ock " an) Lot !, +*ock !, inter a*ia. ?hether the'e title' are indi&idual or contained in a #other title i' of no con'equence. The RD ha' to cau'e their cancellation. If the cancellation can onl3 carried out 13 requirin4 )I) or the Bureau of Land' to %ro&ide the nece''ar3 infor#ation" then the3 can 1e co#%elled to do 'o. Otheri'e" the Court' deci'ion ould 1e rendered ine
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