Let us say you borrowed money from someone else. On the date set for its payment, you offered a check instead of cash. Because the creditor prefers to be paid in cash, he right away refused to accept the check. And so you compelled him to accept it. When compelled to accept payment by check … Continue reading Can we compel a creditor to accept payment by check?
I once spoke with someone who claims to be a shareholder of a certain corporation. To prove it to me, he presented a GIS that was submitted to the Securities and Exchange Commission in which he was named as a shareholder. But to be sure that he is really a shareholder, I asked him to … Continue reading Is the mere inclusion as a shareholder in the General Information Sheet (GIS) of a corporation sufficient to prove that one is a shareholder?
Whenever I have no court hearings, I spend most of my time, except on weekends and holidays, in my law office, either researching or drafting legal documents. Oftentimes, while in the office, clients would drop by to consult me about their legal problems. But, as a matter of office procedure, before allowing clients to speak … Continue reading Payment of interest for the loan of money
If you are a depositor with an observant eye, you will surely see signs in your bank that say it is a member of the Philippine Deposit Insurance Corporation (PDIC). These signs also say that deposits are insured with PDIC and that the maximum deposit insurance for each depositor is Five Hundred Thousand Pesos (PhP. … Continue reading On Philippine bank deposit insurance (Part I)
Although termed deposits, bank deposits, whether fixed, savings, or current, are really loans, with banks as borrowers and depositors as lenders. Why? Because banks can use them and they earn interest. And banks have no obligation to return the very money deposited. All they have to do is to pay the same amount deposited plus … Continue reading Bank deposits are loans
When a person issues a bouncing check, he may be held liable for two crimes: one, for violation of Batas Pambansa Blg. 22 (BP 22); and, two, for estafa through bouncing checks under the Revised Penal Code. Also known as worthless, rubber, or bum check, a bouncing check is a check that has insufficient or … Continue reading Bouncing checks
There are several reasons why drawee banks dishonor checks upon presentment for payment. Among these reasons are DAUD and DAIF. Between DAUD and DAIF, there are various significant distinctions that needs to be pointed out. And this is primarily for the benefit of those who, at one point or another, were issued, or were the … Continue reading On banks and checks: DAUD and DAIF, distinguished
The question that is frequently asked, as far as credit cards are concerned, is whether one may be imprisoned for failure to pay credit card debts. This has often been posed by no less than the credit card holders, who, for some reasons, failed to pay their credit card debts. In order to obtain the desired … Continue reading Non-imprisonment for credit card debts