secrecy of bank deposits and unclaimed balances law

7/25/2019 Secrecy of Bank Deposits and Unclaimed Balances Law

1/22

Polytechnic University of the Philippines

Sta. Mesa, Manila

LAW ON SECRECY O !AN" #EPOS$%S AN# UNCLA$ME# !ALANCES LAW

GROUP 2Masipag, MonicaCabug, Jissa Mae

Del Corro, KimberlyDela Cruz, MarielleFrancisco, Jona Tea

Gallar!o, "eanJoa#uin, $ira Jean%igui!, Mary JoyPagsuyoin& JasminTamayo, Josenico

REPU!L$C AC% NO.&'()


2/22

SECRECY O !AN" #EPOS$%S

AN AC% PRO*$!$%$N+ #$SCLOSURE O OR $NU$RY $N%O, #EPOS$%S

W$%* ANY !AN"$N+ $NS%$%U%$ON AN# PRO-$#$N+ PENAL%Y %*EREOR

Section &.'( is ereby !eclare! (o be (e policy o) (e Go*ernmen( (o gi*e encouragemen( (o (epeople (o !eposi( (eir money in ban+ing ins(i(u(ions an! (o !iscourage pri*a(e oar!ing so (a((e same may be properly u(ilize! by ban+s in au(orize! loans (o assis( in (e economic!e*elopmen( o) (e coun(ry&

Section .$ll !eposi(s o) a(e*er na(ure i( ban+s or ban+ing ins(i(u(ions in (e Pilippinesinclu!ing in*es(men(s in bon!s issue! by (e Go*ernmen( o) (e Pilippines, i(s poli(icalsub!i*isions an! i(s ins(rumen(ali(ies, are ereby consi!ere! as o) an absolu(ely con)i!en(ialna(ure an! may no( be e-amine!, in#uire! or loo+e! in(o by any person, go*ernmen( o))icial,bureau or o))ice, e-cep( en (e e-amina(ion is ma!e in (e course o) a special or generale-amina(ion o) a ban+ an! is speci)ically au(orize! by (e Mone(ary .oar! a)(er being sa(is)ie!

(a( (ere is reasonable groun! (o belie*e (a( a ban+ )rau! or serious irregulari(y as been or isbeing commi((e! an! (a( i( is necessary (o loo+ in(o (e !eposi( (o es(ablis suc )rau! orirregulari(y, or en (e e-amina(ion is ma!e by an in!epen!en( au!i(or ire! by (e ban+ (ocon!uc( i(s regular au!i( pro*i!e! (a( (e e-amina(ion is )or au!i( purposes only an! (eresul(s (ereo) sall be )or (e e-clusi*e use o) (e ban+, or upon ri((en permission o) (e!eposi(or, or in cases o) impeacmen(, or upon or!er o) a compe(en( cour( in cases o) bribery or!erelic(ion o) !u(y o) public o))icials, or in cases ere (e money !eposi(e! or in*es(e! is (esub/ec( ma((er o) (e li(iga(ion& 0$s amen!e! by PD 1o&342, January 5, 467

Section /.'( sall be unla)ul )or any o))icial or employee o) a ban+ing ins(i(u(ion (o !isclose (oany person o(er (an (ose men(ione! in "ec(ion (o ereo) any in)orma(ion concerning sai!

!eposi(s&

Section '.$ll $c(s or par(s o) $c(s, "pecial Car(ers, 8-ecu(i*e Or!ers, Rules an! Regula(ionsic are inconsis(en( i( (e pro*isions o) (is $c( are ereby repeale!&

Section ).$ny *iola(ion o) (is la ill sub/ec( o))en!er upon con*ic(ion, (o an imprisonmen( o)no( more (an )i*e years or a )ine o) no( more (an (en(y (ousan! pesos or bo(, in (e!iscre(ion o) (e cour(&

Section 0.Tis $c( sall (a+e e))ec( upon i(s appro*al&

$ppro*e!9 "ep(ember 4, 4::

Te purpose o) (is la is (o encourage !eposi( in ban+ing ins(i(u(ions; an! !iscourage pri*a(e

oar!ing so (a( ban+s may len! suc )un!s an! assis( in (e economic !e*elopmen( o) (e

coun(ry& 0"ec& Rep& $c( 1o&


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PRO*$!$%E# AC%S1

&8-amina(ion>in#uiry>loo+ing in(o all !eposi(s o) a(e*er na(ure i( ban+s or ban+ing

ins(i(u(ions in (e Pilippines 0inclu!ing in*es(men( in bon!s issue! by (e go*ernmen(7 by anyperson, go*ernmen( o))icial or o))ice 0"ec& 27

0i7 Deposi(s re)er (o money or )un!s place! i( a ban+ (a( can be i(!ran on (e !eposi(or?s

or!er or !eman!, suc as !eposi( accoun(s in (e )orm o) sa*ings, curren( an! (ime !eposi(s&

Deposi(s are carac(erize! as being in (e na(ure o) a simple loan& Te placing o) !eposi(s in a

ban+ crea(es a cre!i(or@!eb(or rela(ionsip be(een (e !eposi(or an! (e ban+& $s suc, (e

ban+, being (e !eb(or, as (e obliga(ion (o pay a cer(ain sum o) money (o (e !eposi(or, being

(e cre!i(or&

0ii7 'n*es(men(s in Go*ernmen( .on!s re)er (o in*es(men(s in bon!s issue! by (e Go*ernmen(

o) (e Pilippines, i(s poli(ical sub!i*isions an! i(s ins(rumen(ali(ies& Go*ernmen( bon!s are !eb(

securi(ies ic are uncon!i(ional obliga(ions o) (e "(a(e, an! bac+e! by i(s )ull (a-ing poer&

Go*ernmen( bon!s inclu!e (reasury bills, (reasury no(es, re(ail (reasury bon!s, !ollar lin+e! peso

no(es, an! o(er ris+@)ree bon!s&

2& Disclosure by any o))icial or employee o) any ban+ing ins(i(u(ion (o any au(orize! person o)

any in)orma(ion concerning sai! !eposi(& 0"ec& A7

%*E OLLOW$N+ ARE L$A!LE UN#ER %*$S LAW1

0i7 $ny person or go*ernmen( o))icial o, or any go*ernmen( bureau or o))ice (a(, e-amines,

in#uires or loo+s in(o a ban+ !eposi( or go*ernmen( bon! in*es(men( in any o) (e ins(ances no(

alloe! in "ec(ion 2;

0ii7 $ny o))icial or employee o) a ban+ing ins(i(u(ion o ma+es a !isclosure concerning ban+

!eposi(s (o ano(er in any ins(ance no( alloe! by la 0Sec. 3, Rep. Act No. 14057; an!

0iii7 $ny person o commi(s a *iola(ion o) any o) (e pro*isions o) (e la 0Sec. 5, Rep. Act

No. 14057& $ny ban+ o))icial, !irec(or, employee or agen( o !iscloses in)orma(ion rela(i*e (o

)un!s or proper(ies in (e cus(o!y o) (e ban+ may also be el! liable un!er (e applicablepro*isions o) (e General .an+ing %a, Tri)( .an+s $c( an! Rural .an+s $c(&

E2CEP%$ONS UN#ER %*E LAW ON SECRECY O !AN" #EPOS$%S


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"ec(ion 2 o) Republic $c( 1o&


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2& $ as P=,=== in is sa*ings accoun(, P2=,=== in is cec+ing accoun(, PA=,=== in is

money mar+e( placemen( an! P


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0A7 Upon ri((en permission o) (e !eposi(or,

0


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5& Te cos(s o) sui( ic inclu!es )iling )ee in a!!i(ion (o li(iga(ion e-penses ic sall bepro*en in (e course o) arbi(ra(ion&

3& "uc o(er !amages (ey may be aar!e! by (is Tribunal& E2

Terea)(er, Union .an+ )ile! in (e Regional Trial cour( 0RTC7 o) Ma+a(i a pe(i(ion )or (ee-amina(ion o) $ccoun( 1o& @=6:boo+s o) accoun( o) $llie! Cec+ing $ccoun( 1o& @=6:


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con)i!en(ial na(ure an! may no( be e-amine!, in#uire! or loo+e! in(o by any person, go*ernmen(o))icial, bureau or o))ice an! corollary, (a( i( is unla)ul )or any o))icial or employee o) a ban+(o !isclose (o any person any in)orma(ion concerning !eposi(s&

1oere in pe(i(ioner collec(ing ban+s complain( )ile! be)ore (e PCC !oes i( men(ion o) (e

amoun( i( see+s (o reco*er )rom $ccoun( 1o& =@=6:


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by being el! or recor!e! in (e name o) persons o(er (an (e one responsible )or (e illegalac#uisi(ion&

Clearly,!ellon "#n$in*ol*e! a case ere (e money !eposi(e! as (e sub/ec( ma((er o)(e li(iga(ion since (e money so !eposi(e! as (e *ery (ing in !ispu(e& Tis, oe*er, is no(

(e case ere&Pe(i(ioners (eory is (a( pri*a(e respon!en( $llie! .an+ soul! a*e in)orme! pe(i(ioner o)

(e un!er@enco!ing pursuan( (o (e pro*isions o) "ec(ion 2:&A& o) (e PCC an!boo+, ics(a(es9

2:&A&& Te Recei*ing .an+ soul! in)orm (e erring .an+ abou( (e un!er@enco!ing o) amoun(no( la(er (an =9== $&M& o) (e )olloing clearing !ay&

Failing in (a( !u(y, pe(i(ioner ol!s pri*a(e respon!en( *irectlliable )or (e

P444, ===&== an! o(er !amages& '( !oes no( appear (a( pe(i(ioner is see+ing reimbursemen(

)rom (e accoun( o) (e !raer& Tis muc is e*i!en( in pe(i(ioners? complain( be)ore (e$rbicom&

Plain(i))s cause o) ac(ion agains( !e)en!an( arose )rom !e)en!an(s !elibera(e *iola(ion o) (epro*isions o) (e PCC Rule .oo+, "ec& 2:&A, speci)ically on Un!er@8nco!ing o) cec+amoun(ing (o P,===,===&== !ran upon !e)en!an(s Ton!o .ranc ic as !eposi(e! i(plain(i)) erein some(ime on May 2=, 44=& From (e cec+ amoun( o) P,===,===&==, i( asins(ea! erroneously enco!e! a( P,===&== ic !e)en!an( as (e recei*ing ban+ (ereo), ne*ercalle! nor no(i)ie! (e plain(i)) o) (e error commi((e! (us causing ac(ual losses (o plain(i)) in(e principal amoun( o) P444,===&== e-clusi*e o) oppor(uni(y losses an! in(eres( (ereona(soe*er& ---E6

Pe(i(ioner e*en re#ues(e! pri*a(e respon!en(s .ranc Manager )or reimbursemen(ro- pri%#terespon*ents #ccont (roug (e au(oma(ic !ebi(ing sys(em&

2&3& On May 5, 44, plain(i))s "enior Bice@Presi!en(, Ms& 8R%'1D$ B& B$%81TO1 ro(e!e)en!an(s Ton!o .ranc Manager, Mr& RODO%FO JO"8 on (e inci!en( an! re#ues(e!assis(ance in )acili(a(ing correc(ion o) (e erroneous co!ing i( re#ues( )or reimbursemen( (ru(e in!us(ry?s au(oma(ic !ebi(ing o) !e)en!an(s accoun(&E4

Fur(er, pe(i(ioner re/ec(e! pri*a(e respon!en(s proposal (a( (e !raer issue pos(!a(e! cec+s in)a*or o) pe(i(ioner since (e i!en(i(y an! cre!i( s(an!ing o) (e !eposi(or ere un+non (o

pe(i(ioner&

2&4& On May 2A, 44, !e)en!an(s .ranc Manager, (e same Mr& Ro!ol)o Jose ro(e plain(i))sMs& 8rlin!a Balen(on again insis(ing on (e e-ecu(ion o) (e Lui(claim an! Release in )a*or o)!e)en!an( as (e .ranc as en!ea*ore! (o nego(ia(e i( i(s clien( )or (e collec(ion o) sucamoun(& Upon a rea!ing o) (e (erms o) (e Lui(claim an! Release being propose! by !e)en!an(,(e unmis(a+able )ac( lies (a( again !e)en!an( a((emp(s )or (e secon! (ime (o (a+e a!*an(age o)plain(i))s plig( by in!ica(ing (a( (e (erms o) (e paymen( o) (e principal amoun( o)
http://sc.judiciary.gov.ph/jurisprudence/1999/dec99/134699.htm#_edn8http://sc.judiciary.gov.ph/jurisprudence/1999/dec99/134699.htm#_edn9http://sc.judiciary.gov.ph/jurisprudence/1999/dec99/134699.htm#_edn8http://sc.judiciary.gov.ph/jurisprudence/1999/dec99/134699.htm#_edn9


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P444,===&== is by ay o) se*eral personal pos(!a(e! cec+s up (o Marc 2, 442 )rom a personose i!en(i(y is no( e*en !isclose! (o plain(i))&

To an or!inary person aggrie*e! alrea!y by a*ing been (a+en a!*an(age o) )or 52= !ays more orless, (e proposal o) !e)en!an( coul! no( be accep(able )or (e reason (a( asi!e )rom (e in(eres(

los( alrea!y )or (e use o) i(s money by ano(er par(y, no assurance is ma!e as (o (e ac(ualcollec(ion (ereo) )rom a par(y ose cre!i( s(an!ing, (e recipien( is no( a( all aare o)&E=

Pe(i(ioner also belie*e! (a( i( a! no pri*i(y i( (e !eposi(or9

2&2& Plain(i)) (en replie! (o !e)en!an(s le((er by re#ues(ing (a( in lieu o) (e pos(@!a(e! cec+s)rom !e)en!an(s clien( i( om plain(i)) as no pri*i(y a(soe*er, i) (e !e)en!an( coul!(en!er (e )ull paymen( o) (e amoun( o) P444,===&== in !e)en!an(s on Managers cec+ an!(a( plain(i)) is illing (o )orego i(s )ur(er claims )or in(eres( an! losses )or a perio! o) 52= !ays,more or less&E

Te )olloing argumen( a!!uce! by pe(i(ioner in (e $rbicom case lea*es no !oub( (a(pe(i(ioner is ol!ing pri*a(e respon!en( i(sel) liable )or (e !iscrepancy9

De)en!an( by i(s accep(ance (ru (e clearing e-cange o) (e cec+ !eposi( )rom i(sclien( canno( be sai! (o be )ree )rom any liabili(y )or (e unpai! por(ion o) (e cec+ amoun(consi!ering (a( !e)en!an( as (e !raee ban+, is remiss in i(s !u(y o) *eri)ying possible(ecnicali(ies on (e )ace o) (e cec+&

"ince (e pro*isions o) (e PCC Rule .oo+ as so impose! upon (e !e)en!an( being (eRecei*ing .an+ o) a !iscrepan( cec+ i(em (o gi*e (a( (imely no(i)ica(ion an! !e)en!an( )ailing(o comply i( suc re#uiremen(, (en i( can be sai! (a( !e)en!an( is guil(y o) negligence& e

o is guil(y o) negligence in (e per)ormance o) i(s Esic !u(y is liable )or !amages& 0$r(& 3=,1e Ci*il Co!e&7

$r(& 32 o) (e Ci*il Co!e pro*i!es (a(9

Responsibili(y arising )rom negligence in (e per)ormance o) e*ery +in! o) obliga(ion is also!eman!able, bu( suc liabili(y may be regula(e! by (e cour(s, accor!ing (o (e circums(ances&EE2

Pe(i(ioner poin(s (o i(s prayer in i(s complain( (o so (a( i( soug( reimbursemen( )rom (e!raers accoun(& Te prayer, oe*er, !oes no( speci)ically s(a(e (a( i( as see+ing reco*ery o)

(e amoun( )rom (e !eposi(ors accoun(& Pe(i(ioner merely as+e! (a( /u!gmen( be ren!ere! in)a*or o) plain(i)) agains( !e)en!an( sen(encing i( (o pay plain(i))9 & Te sum o) 1'18U1DR8D 1'18TH@1'18 TOU"$1D P8"O" 0P444,===&==7& EA

On (e o(er an!, (e pe(i(ion be)ore (is cour( re*eals (a( (e (rue purpose )or (ee-amina(ion is (o ai! pe(i(ioner in pro*ing (e e-(en( o) $llie! .an+s liabili(y9

ence, (e amoun( ac(ually !ebi(e! )rom (e sub/ec( accoun( becomes *ery ma(erial an! germane(o pe(i(ioners claim )or reimbursemen( as i( is only upon e-amina(ion o) sub/ec( accoun( can i( be
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pro*e! (a( in!ee! a !iscrepancy in (e amoun( cre!i(e! (o pe(i(ioner as commi((e!, (ereby,ren!ering respon!en( $llie! .an+ liable (o pe(i(ioner )or (e !e)iciency& Te money !eposi(e! ina)oresai! accoun( is un!eniably (e sub/ec( ma((er o) (e li(iga(ion since (e issue in (e $rbicomcase is e(er respon!en( .an+ soul! be el! liable (o pe(i(ioner )or reimbursemen( o) (eamoun( o) money cons(i(u(ing (e !i))erence be(een (e amoun( o) (e cec+ an! (e amoun(

cre!i(e! (o pe(i(ioner, (a( is, P444,===&==, ic as remaine! !eposi(e! in a)oresai! accoun(&

On (op o) (e allega(ions in (e complain(, ic can be *eri)ie! only by e-amining (e sub/ec(ban+ accoun(, (e !e)ense o) respon!en( $llie! .an+ (a( (e reimbursemen( canno( be ma!esince clien(s accoun( is no( su))icien(ly )un!e! a( (e (ime pe(i(ioner sen( i(s Carge "lip, bols(erspe(i(ioners con(en(ion (a( (e money in sub/ec( accoun( is (e *ery sub/ec( ma((er o) (e pen!ing$rbicom case&

'n!ee!, (o pro*e (e allega(ions in i(s Complain( be)ore (e PCC $rbi(ra(ion Commi((ee, an! (orebu( pri*a(e respon!en(s !e)ense on (e ma((er, pe(i(ioner nee!s (o !e(ermine9

& o long respon!en( $llie! .an+ a! ill)ully or negligen(ly alloe! (e !i))erence o)P444,===&== (o be main(aine! in (e sub/ec( accoun( i(ou( remi((ing (e same (o pe(i(ioner;

2& e(er in!ee! (e sub/ec( accoun( as no longer su))icien(ly )un!e! en pe(i(ioner sen( i(scarge slip )or reimbursemen( (o respon!en( ban+ on May 3, 44; an!

A& e(er or no( respon!en( $llie! .an+s ac(ua(ions in re)using (o imme!ia(ely reimburse (e!iscrepancy as a((en!e! by goo! or ba! )ai(&

'n o(er or!s, only a !isclosure o) (e per(inen( !e(ails an! in)orma(ion rela(ing (o (e(ransac(ions in*ol*ing sub/ec( accoun( ill enable pe(i(ioner (o pro*e i(s allega(ions in (e

pen!ing $rbicom case& ---

E


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RA /3/0

UNCLA$ME# !ALANCES LAW

8%8M81T" OF U1C%$'M8D .$%$1C8" 9

&. $ncl45e cre5its or 5eposits of1a& Moneyb& .ullionc& "ecuri(y!& O(er e*i!ence o) in!eb(e!ness


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. %he cre5it or 5eposit 64st 7e 8ith the 7an9, 74il5in: an5 loan association, or tr4stcorporation, an5

/. %he cre5it or 5eposit is in favor of a person1a& Knon (o be !ea!, orb& o as no( ma!e )ur(er !eposi(s or i(!raals !uring (e prece!ing = years

or more "uc unclaime! balances, (oge(er i( (e increase an! procee!s (ereo), sall be

!eposi(e! i( (e Treasurer o) (e Pilippines (o (e cre!i( o) (e Go*ernmen( o) (e

Republic o) (e Pilippines, an! (o be use! as (e 1a(ional $ssembly may !irec( a)(er

)olloing (e reclassi)ica(ion an! proce!ures pro*i!e! by la&

1OT89 Deman! !ra)(s canno( be escea(e!, bu( T8%8GR$P'C 1OT8" can be escea(e!&

%8G$% CO1"8LU81C89 (e unclaime! balances may be sub/ec( o) escea( procee!ings, a)(er

proper publica(ion an! (e !eposi(ors s(ill !o no( lay claim (o (em&

JUR'"PRUD81C89

RP %s CA

F$CT"9 Te Republic o) (e Pilippines )ile! a complain( )or escea( agains( se*eral ban+s& Te

respec(i*e managers o) (e ban+s submi((e! (o (e Treasurer o) (e RP separa(e s(a(emen(s

prepare! un!er oa( ic lis(e! all !eposi(s an! cre!i(s el! by (em in )a*or o) !eposi(ors an!

cre!i(ors ei(er +non (o be !ea!, a*e no( been ear! )rom, o) a*e no( ma!e !eposi(s or

i(!raals )or (en years or more& RP praye! (a( (e publica(ion o) (e lis( o) unclaime!

balances be !ispense! i(& '( asser(e! (a( (e only re#uiremen( un!er (e U.% is (e

publica(ion o) summons an! no(ice (o all persons an! (a( (o publis (e names an! lis( o)unclaime! balances oul! only resul( in a!!i(ional an! unnecessary e-penses (o (e go*ernmen(&

'""U89 e(er or no( (e publica(ion o) (e names an! lis( o) unclaime! balances ius

necessary&

8%D9 H8"& Te publica(ion o) (e lis( o) unclaime! balances is in(en!e! (o sa)eguar! (e rig(

o) (e !eposi(or, (eir eirs an! successors (o !ue process& o oul! o(er persons o may

a*e in(eres( in any o) (e unclaime! balances +no a( (is case is all abou( an! e(er (ey

a*e an in(eres( in (is case i) (e amen!e! complain( an! (e sai! lis( are no( publise! "uc

o(er persons may be eirs o) (e ban+ !eposi(ors name! in (e lis(& Te )ac( (a( (e go*ernmen(is in a (ig( )inancial si(ua(ion is no( a /us(i)ica(ion )or (e Cour( (o !ispense i( (e elemen(ary

rule o) !ue process&

MALACA;AN+M a n i l a


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PRES$#EN%$AL #ECREE No. 0


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cre!i(s an! !eposi(s el! by (em in )a*or o) persons +non (o be !ea!, or o a*e no( ma!e

)ur(er !eposi(s or i(!raals !uring (e prece!ing (en years or more, arrange! in alpabe(ical

or!er accor!ing (o (e names o) cre!i(ors an! !eposi(ors, an! soing9

0a7 Te names an! las( +non place o) resi!ence or pos( o))ice a!!resses o) (e persons in

ose )a*or suc unclaime! balances s(an!;

0b7 Te amoun( an! (e !a(e o) (e ou(s(an!ing unclaime! balance an! e(er (e same is in

money or in securi(y, an! i) (e la((er, (e na(ure o) (e same;

0c7 Te !a(e en (e person in ose )a*or (e unclaime! balance s(an!s !ie!, i) +non, or

(e !a(e en e ma!e is las( !eposi( or i(!raal; an!

0!7 Te in(eres( !ue on suc unclaime! balance, i) any, an! (e amoun( (ereo)&

$ copy o) (e abo*e sorn s(a(emen( sall be pos(e! in a conspicuous place in (e premises o)

(e ban+, buil!ing an! loan associa(ion, or (rus( corpora(ion concerne! )or a( leas( si-(y !ays)rom (e !a(e o) )iling (ereo)9 Pro*i!e!, Ta( imme!ia(ely be)ore )iling (e abo*e sorn

s(a(emen(, (e ban+, buil!ing an! loan associa(ion, an! (rus( corpora(ion sall communica(e i(

(e person in ose )a*or (e unclaime! balance s(an!s a( is las( +non place o) resi!ence or

pos( o))ice a!!ress&

'( sall be (e !u(y o) (e Treasurer o) (e Pilippines (o in)orm (e "olici(or General )rom (ime

(o (ime (e e-is(ence o) unclaime! balances el! by ban+s, buil!ing an! loan associa(ions, an!

(rus( corpora(ions&

"ec& A& ene*er (e "olici(or General sall be in)orme! o) suc unclaime! balances, e sall

commence an ac(ion or ac(ions in (e name o) (e People o) (e Republic o) (e Pilippines in

(e Cour( o) Firs( 'ns(ance o) (e pro*ince or ci(y ere (e ban+, buil!ing an! loan associa(ion

or (rus( corpora(ion is loca(e!, in ic sall be /oine! as par(ies (e ban+, buil!ing an! loan

associa(ion or (rus( corpora(ion an! all suc cre!i(ors or !eposi(ors& $ll or any o) suc cre!i(ors

or !eposi(ors or ban+s, buil!ing an! loan associa(ion or (rus( corpora(ions may be inclu!e! in one

ac(ion& "er*ice o) process in suc ac(ion or ac(ions sall be ma!e by !eli*ery o) a copy o) (e

complain( an! summons (o (e presi!en(, casier, or managing o))icer o) eac !e)en!an( ban+,

buil!ing an! loan associa(ion or (rus( corpora(ion an! by publica(ion o) a copy o) suc summons

in a nespaper o) general circula(ion, ei(er in 8nglis, in Filipino, or in a local !ialec(,

publise! in (e locali(y ere (e ban+, buil!ing an! loan associa(ion or (rus( corpora(ion issi(ua(e!, i) (ere be any, an! in case (ere is none, in (e Ci(y o) Manila, a( suc (ime as (e cour(

may or!er& Upon (e (rial, (e cour( mus( ear all par(ies o a*e appeare! (erein, an! i) i( be

!e(ermine! (a( suc unclaime! balances in any !e)en!an( ban+, buil!ing an! loan associa(ion or

(rus( corpora(ion are unclaime! as ereinbe)ore s(a(e!, (en (e cour( sall ren!er /u!gmen( in

)a*or o) (e Go*ernmen( o) (e Republic o) (e Pilippines, !eclaring (a( sai! unclaime!

balances a*e escea(e! (o (e Go*ernmen( o) (e Republic o) (e Pilippines an! comman!ing


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sai! ban+, buil!ing an! loan associa(ion or (rus( corpora(ion (o )or(i( !eposi( (e same i(

(e Treasurer o) (e Pilippines (o cre!i( o) (e Go*ernmen( o) (e Republic o) (e Pilippines (o

be use! as (e 1a(ional $ssembly may !irec(&

$( (e (ime o) issuing summons in (e ac(ion abo*e pro*i!e! )or, (e cler+ o) cour( sall also

issue a no(ice signe! by im, gi*ing (e (i(le an! number o) sai! ac(ion, an! re)erring (o (ecomplain( (erein, an! !irec(e! (o all persons, o(er (an (ose name! as !e)en!an(s (erein,

claiming any in(eres( in any unclaime! balance men(ione! in sai! complain(, an! re#uiring (em

(o appear i(in si-(y !ays a)(er (e publica(ion or )irs( publica(ion, i) (ere are se*eral, o) suc

summons, an! so cause, i) (ey a*e any, y (e unclaime! balances in*ol*e! in sai! ac(ion

soul! no( be !eposi(e! i( (e Treasurer o) (e Pilippines as in (is $c( pro*i!e! an!

no(i)ying (em (a( i) (ey !o no( appear an! so cause, (e Go*ernmen( o) (e Republic o) (e

Pilippines ill apply (o (e cour( )or (e relie) !eman!e! in (e complain(& $ copy o) sai! no(ice

sall be a((ace! (o, an! publise! i( (e copy o), sai! summons re#uire! (o be publise! as

abo*e, an! a( (e en! o) (e copy o) suc no(ice so publise!, (ere sall be a s(a(emen( o) (e

!a(e o) publica(ion, or )irs( publica(ion, i) (ere

are se*eral, o) sai! summons an! no(ice& $ny person in(eres(e! may appear in sai! ac(ion an!

become a par(y (ere(o& Upon (e publica(ion or (e comple(ion o) (e publica(ion, i) (ere are

se*eral, o) (e summons an! no(ice, an! (e ser*ice o) (e summons on (e !e)en!an( ban+s,

buil!ing an! loan associa(ions or (rus( corpora(ions, (e cour( sall a*e )ull an! comple(e

/uris!ic(ion in (e Republic o) (e Pilippines o*er (e sai! unclaime! balances an! o*er (e

persons a*ing or claiming any in(eres( in (e sai! unclaime! balances, or any o) (em, an! sall

a*e )ull an! comple(e /uris!ic(ion (o ear an! !e(ermine (e issues erein, an! ren!er (e

appropria(e /u!gmen( (ereon&

"ec&


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SAMPLE CASE

81 .$1C

+.R. No. L=&0&(0 #ece67er /(, &30&

REPU!L$C O %*E P*$L$PP$NES,plain(i))@appellan(,@*ersus@

P*$L$PP$NE NA%$ONAL !AN", E% AL.,!e)en!an(s,%*E $RS% NA%$ONAL C$%Y !AN" O NEW YOR", !e)en!an(@appellee&

ice o the Solicitor ener#l or pl#inti#ppell#nt.Pic#:o, ich#co #n* A&c#oili or *een*#nt#ppellee.

!AU%$S%A AN+ELO, J.:

Te Republic o) (e Pilippines )ile! on "ep(ember 2:, 4:3 be)ore (e Cour( o) Firs( 'ns(ance o)Manila a complain( )or escea( o) cer(ain unclaime! ban+ !eposi(s balances un!er (e pro*isionso) $c( 1o& A4A5 agains( se*eral ban+s, among (em (e Firs( 1a(ional Ci(y .an+ o) 1e Hor+& '(is allege! (a( pursuan( (o "ec(ion 2 o) sai! $c( !e)en!an( ban+s )orar!e! (o (e Treasurer o)(e Pilippines a s(a(emen( un!er oa( o) (eir respec(i*e managing o))icials o) all (e cre!i(s an!!eposi(s el! by (em in )a*or o) persons +non (o be !ea! or o a*e no( ma!e )ur(er!eposi(s or i(!raals !uring (e perio! o) = years or more& ere)ore, i( is praye! (a( sai!cre!i(s an! !eposi(s be escea(e! (o (e Republic o) (e Pilippines by or!ering !e)en!an( ban+s(o !eposi( (em (o i(s cre!i( i( (e Treasurer o) (e Pilippines&

'n i(s anser (e Firs( 1a(ional Ci(y .an+ o) 1e Hor+ claims (a(, ile i( a!mi(s (a( *arioussa*ings !eposi(s, pre@ar inac(i*e accoun(s, an! sun!ry accoun(s con(aine! in i(s repor(submi((e! (o (e Treasurer o) (e Pilippines pursuan( (o $c( 1o& A4A5, (o(aling more (anP==,===&==, ic remaine! !orman( )or = years or more, are sub/ec( (o escea( oe*er, i(as ina!*er(en(ly inclu!e! in sai! repor( cer(ain i(ems amoun(ing (o P6,:64&64 ic, properlyspea+ing, are no( cre!i(s or !eposi(s i(in (e con(empla(ion o) $c( 1o& A4A5& ence, i( praye!(a( sai! i(ems be no( inclu!e! in (e claim o) plain(i))&

$)(er earing (e cour( # ;oren!ere! /u!gmen( ol!ing (a( casierNs is or managerNs cec+san! !eman! !ra)(s as (ose ic !e)en!an( an(s e-clu!e! )rom (e complain( come i(in (epur*ie o) $c( 1o& A4A5, bu( no( (e (elegrapic (rans)er paymen( ic or!ers are o) !i))eren(


18/22

ca(egory& Conse#uen(ly, (e complain( as !ismisse! i( regar! (o (e la((er& .u(, a)(er a mo(ion(o reconsi!er as )ile! by !e)en!an(, (e cour( # ;ocange! i(s *ie an! el! (a( e*en sai!!eman! !ra)(s !o no( come i(in (e pur*ie o) sai! $c( an! so amen!e! i(s !ecisionaccor!ingly& Plain(i)) as appeale!&

"ec(ion , $c( 1o& A4A5, pro*i!es9

"ec(ion & Unclaime! balances i(in (e meaning o) (is $c( sall inclu!e cre!i(s or!eposi(s o) money, bullion, securi(y or o(er e*i!ence o) in!eb(e!ness o) any +in!, an!in(eres( (ereon i( ban+s, as ereina)(er !e)ine!, in )a*or o) any person unear! )rom)or a perio! o) (en years or more& "uc unclaime! balances, (oge(er i( (e increasean! procee!s (ereo), sall be !eposi(e! i( (e 'nsular Treasure (o (e cre!i( o) (eGo*ernmen( o) (e Pilippine 'slan!s (o be as (e Pilippine %egisla(ure may !irec(&

'( oul! appear (a( (e (erm unclaime! balances (a( are sub/ec( (o escea( inclu!e cre!i(s or!eposi(s money, or o(er e*i!ence o) in!eb(e!ness o) any +in! i( ban+s, in )a*or o) any person

unear! )rom )or a perio! o) = years or more& $n! as correc(ly s(a(e! by (e (rial cour(, (e (ermcre!i( in i(s usual meaning is a sum cre!i(e! on (e boo+s o) a company (o a person oappears (o be en(i(le! (o i(& '( presupposes a cre!i(or@!eb(or rela(ionsip, an! may be sai! (oimply abili(y, by reason o) proper(y or es(a(es, (o ma+e a promise! paymen( 0 In reFor!, < F& 2!6


19/22

On (e o(er an!, a bill o) e-cange i(in (e meaning o) our 1ego(iable 'ns(rumen(s %a0$c( 1o& 2=A7 !oes no( opera(e as an assignmen( o) )un!s in (e an!s o) (e !raee o is no(liable on (e ins(rumen( un(il e accep(s i(& Tis is (e clear impor( o) "ec(ion 23& '( says9 $ billo) e-cange o) i(sel) !oes no( opera(e as an assignmen( o) (e )un!s in (e an!s o) (e !raeea*ailable )or (e paymen( (ereon an! (e !raee is no( liable on (e bill unless an! un(il e

accep(s (e same& 'n o(er or!s, in or!er (a( a !raee may be liable on (e !ra)( an! (enbecome obliga(e! (o (e payee i( is necessary (a( e )irs( accep(s (e same& 'n )ac(, our lare#uires (a( i( regar! (o !ra)(s or bills o) e-cange (ere is nee! (a( (ey be presen(e! ei(er)or accep(ance or )or paymen( i(in a reasonable (ime a)(er (eir issuance or a)(er (eir las(nego(ia(ion (ereo) as (e case may be 0"ec(ion 3, $c( 2=A7& Failure (o ma+e suc presen(men(ill !iscarge (e !raer )rom liabili(y or (o (e e-(en( o) (e loss cause! by (e !elay 0"ec(ion65,I


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a)(er en!orsemen(, an! as (e same legal e))ec(s as a cer(i)ica(e !eposi( or a cer(i)ie!cec+ 0al+er *& "ellers, 33 "o& 3:, 2= $la& 647&

$ !eman! !ra)( is no( (ere)ore o) (e same ca(egory as a casierNs cec+ ic soul! comei(in (e pur*ie o) (e la&

Te case, oe*er, is !i))eren( i( regar! (o (elegrapic paymen( or!er& '( is sai! (a( as (e(ransac(ion is )or (e es(ablismen( o) a (elegrapic or cable (rans)er (e agreemen( (o remi(

crea(es a con(rac(ual obliga(ion as been (erme! a purcase an! sale (ransac(ion 04 C&J&"& A567&Te purcaser o) a (elegrapic (rans)er upon ma+ing paymen( comple(es (e (ransac(ion inso)aras e is concerne!, (oug inso)ar as (e remi((ing ban+ is concerne! (e con(rac( is e-ecu(ory

un(il (e cre!i( is es(ablise! 0I&us(ci*illa&com>Jurispru!ence>45>grl@5=545&pp


21/22


22/22

secrecy of bank deposits and unclaimed balances law

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