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Final Ruling on Insolvent Bank Claims by rengie is a document available to read on EtoBox.
What is Final Ruling on Insolvent Bank Claims about?
The Central Bank of the Philippines appealed a lower court ruling that granted two couples, the Padillas and Elizes, preferred creditor status for judgments obtained against the now insolvent Fidelity Savings Bank for recovery of their time deposits. The Supreme Court ruled that fixed, savings, and current bank deposits are considered simple loans under Philippine law rather than true deposits. As such, judgments obtained after a bank is declared insolvent for recovery of deposits cannot be considered prefe
- Author
- rengie
- Language
- EN