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What is Tayag v. Benguet: Stock Certificate Dispute about?

Benguet Consolidated is a Philippine corporation subject to local court jurisdiction. When a court ordered CTC-NY to turn over stock certificates of BCI to Tayag, and CTC-NY refused, the court declared the stocks lost to allow Tayag to receive replacement certificates from BCI. BCI argued it could only issue replacements according to its bylaws, but the court held that as a corporation under Philippine law, BCI must obey valid court orders, and its bylaws cannot override the court

Author

gherold benitez

Language

EN