Академический Документы
Профессиональный Документы
Культура Документы
By
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RATIONALE:
To protect underprivileged mortgagors against the
rapacity of the mortgagees.
Letter of credit
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CODE OF COMMERCE
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UNFAIR COMPETITION
Passing of ones good for
another
not Fraudulent intent required
Fraudulent
intent
required
Registration required
Goods must be of similar kind
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banking laws
POWERS OF MONETARY BOARD (BSP): RAMOS
a. Regulate foreign currency transactions;
b. Appointment of receiver or conservator;
c. Maintain stability of price;
d. Obtain information and data;
e. Supervise and examine banks.
Coins are considered legal tender up to the following maximum amounts:
1,000
P1.00; P5.00; P10.00
100 1 centavo; 5 centavos; 10 centavos; and 25 centavos
Receiver
90 days from take over to recommend rehabilitation or
resumption.
Conservator
1 year from take over
DOSRI can obtain loans and other financial accommodations upon
approval of the majority of directors provided that:
a. it does not exceed 5% of the capital and surplus of the bank;
b. waiver of secrecy of bank deposit law
Foreclosure of Real Estate Mortgage (extrajudicial or judicial).
a. Individual
1 year
b. Juridical
90 days
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Code)
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Reasons:
1. MIAA has capital stock but it is not divided into shares of stock.
MIAA has no stockholders or voting shares. Hence, MIAA is not a
stock corporation.
2. MIAA is not a non-stock corporation because it has members.
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Treasury stocks
a. not entitled to dividends
b. no voting rights
c. can be disposed of at a reasonable price
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Contracts entered into by promoters are mere continuing
offers. These are not binding upon the corporation.
These may be
approved or disapproved by the
corporation. Promoters are liable for
secret profits. They are not entitled to
compensation.
Remedies in case of mismanagement of corporate affairs: DRID
a. Dissolution
b. Receivership
c. Injunction
d. Derivative Suit
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WATERED STOCK one which is issued less than the par value
(TRICK: It shall be determined at the time of issuance NOT
discovery)
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Corporate Liquidation
MODES:
a. Board
b. Receiver
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c. Trustee
3-year liquidation period applies to the appointment of the
receiver or trustee. It may apply as long as the appointment or
designation is within the 3 year period. The corporate affairs may be
wound up beyond the 3 year period.
Decided Case:
The stockholders and the creditors of a corporation have the right to
file a petition for corporate liquidation in case the board fails to liquidate the
same and there is no such receiver or trustee appointed for that purpose.
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Decided Cases:
1. Test in determining whether the corporation is doing business
or not It is the intention to continue the body or substance of
the business of the foreign corporation, and not by the number of
business activities or transactions of such corporation. If this is not in
line with the business of foreign corporation, corporation cannot be
considered as doing business.
2. An essential condition to be considered as doing business in
the Philippines is the actual performance of specific commercial acts
within the territory of the Philippines for the plain reason that the
Philippines has no jurisdiction over commercial acts performed in
foreign territories.
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Voting Trustee has all the rights over that shares of stock. The
term of the voting trust agreement is five (5) years.
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Exception:
The five (5) year term does not apply if it is made as a
condition in a loan contract.
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EXECUTIVE COMMITTEE
Composition:
1. Not less than three members of the Board
2. It can only act on matters delegated by the Board
3. It may be created by the by-laws of the corporation
4. It cannot act on the so-called fundamental changes such as the
Filling of vacancies in the Board, Adoption/amendment of by-laws,
declaration of Cash dividend, Irrepealable resolutions of the Board
and those transactions requiring Stockholders approval. FACIS
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of
negotiable
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Holder in due course must acquire title to the instrument thru
negotiation.
Most PROBABLE BAR QUESTIONS:
1. Forged signature
indorsers
2. Materially altered
indorsers
wholly
instrument
INOPERATIVE
EXCEPT
EXCEPT
AVOIDED
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f.
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Holder of a crossed bank check must inquire into the indorsers title,
otherwise he is not qualified as a holder in due course
EFFECTS OF CROSSING CHECK: NOW
a. Not for encashment, but is for deposit
b. Negotiated only once
c. Warning
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INSURANCE
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PRINCIPLES
A Contract of Adhesion, because the ambiguity shall be liberally
construed in favor of the insured.
G Good faith
I Contract of Indemnity
P Personal Contract
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BENEFICIARY
RULES:
a. He/she must be a qualified donee
b. Not a common law wife, because a common law wife is disqualified
c. Legal wife, the one entitled thereto
d. 1st wife, 2nd wife: if the 2nd wife is in good faith and not aware of
the existence of the first marriage, the court ruled 50/50% - 1 st wife
50%; 2nd wife 50%.
e. In property insurance, the beneficiary must have insurable interest
but in life insurance, the beneficiary need not have insurable
interest
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PREMIUM
RULE: No premiums paid, no insurance, consequently, no recovery of
claims may be had
EXCEPTIONS:
a. acknowledgment of receipt of such premium
b. in the case of life and industrial life policies, because of the onemonth or 30-day grace period
c. installment payment
d. 60 to 90 day credit term
RETURN OF PREMIUMS
a. Surrender of policy
b. Voidable on account of insurers fraud or misrepresentation
c. Over insurance
d. Not exposed to the risk
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DOUBLE INSURANCE
DIR IS
D Different insurers
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the same insured
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the same insurable interest
S the same subject matter
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NO FAULT CLAUSE
Requisites: NO need to prove such negligence or fault
a.
Amount P5,000.00
b.
Police report
c.
Death or medical certificate
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SUICIDE CLAUSE
There can be recovery EXCEPT in one case, and that is if there
is NO SUICIDE CLAUSE and the insured is SANE and the life
insurance has been contested.
TRANSPORTATION LAW
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Common carriers are not liable under the ff. instance: PONEDO
P ublic enemy (act)
O rder of competent authority
N atural calamity
E xercised extra ordinary diligence
D efect in the packing
O mission of the shipper
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HIJACKING, EXPLOSION OF NEW TIRE, the common carrier is still
liable.
Exception in hijacking, if there is IRRESISTIBLE FORCE, common
carrier is relieved from liability
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BILL OF LADING
a. Commercial document
b. Receipt of goods
c. Evidence of the existence of the contract of carriage of goods
Rules:
a. no liability arising from negligence of the agent valid stipulation
b. unqualified limitation void stipulation
c. qualified liability valid stipulation
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16. Arrivals under distress may occur under the following instances:
LAW
a. Lack of provisions
b. Accident in the sea
c. Well founded fear of seizure
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Negligence
Death
Insured (vessel)
Repairs
19. Heirs of crew of the vessel have preferential right over the proceeds of
the vessel.
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Maritime protest
Conditions: CATA
a. It must be made in writing by the Captain/master
b. Accident, in the nature of collision or allision
c. Within Twenty hours
d. Lodged before competent Authority
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Jettison PSC
Conditions:
a. Proper formalities must be complied with
b. deliberate Sacrifice of goods
c. presence of Common danger
COGSA
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Requirements CPP
a. Citizen or corporation 60% owned by citizens of the Philippines
b. Public necessity
c. Public interest
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TRUST RECEIPT
Failure to turn over to the entrustor the proceeds of the sale covered
by delivery trust receipt constitutes estafa. The Supreme Court said it is an
offense malum prohibitum. The purpose is to punish dishonesty and abuse
of confidence. Hence, the constitutional prohibition against imprisonment for
non-payment of debt is not applicable.
The entrustee is liable for loss of the goods because he is obligated to
insure the same. The doctrine of res perit domino does not apply. Transfer
of goods by the entrustee confers ownership upon the buyer. This is an
exception to the rule that no one can dispose of the thing which he does
not own.
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To protect
concealment
a debtor
from
the effects of
misrepresentation
or
Requirements: CARD
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b.
c.
d.
Cash price;
Amount credited if on installment;
Recital of finance charges;
Difference between cash and installment price
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