57205524 Banking Laws Reviewer
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BANKING LAWS
GOVERNING LAW
Banking Institution are governed by the following laws: A. General banking laws
General Banking Law (R.A. No. 8791)
.
New Central Bank Act (R.A. No.
7653)
B. Special banking laws
New Rural Banks Act (R.A. No. 7353)
Private Development Banks Act
(R.A. No. 4093)
Savings and Loan Association Act
(R.A. No. 3779)
. Thrift Banks Act (R.A. No. 7906)
C. Other laws affecting banks
Secrecy of Bank Deposits Law
(R.A. No. 1405)
Unclaimed Balances Law (Act No. 3936)
Philippine Deposit Insurance Corporation Act
(R.A. No. 3591)
The general banking laws above mentioned are applicable to government banks like DBP and PNB.
The Al- Amanah Islamic Bank is subject to all banking and pertinent laws.
(Bar Review Materials
Miravite, 2002 ed.) in Commercial Law, Jorge
T HREE KINDS OF ENTITIES THAT INTRODUCE FUNDS
INTO THE ECONOMY :
1.
2.
3.
banks : entities that obtains funds from the public in the form of deposits and re-lend it to the public; quasi-banks : those that obtain funds in the form of deposit substitutes and re-lend the same and not from the public or depositors.
Finance companies and other financial intermediaries: those that lend funds from their own assets.
FIVE PERSONS PRIMARILY INTERESTED IN THE
BUSINESS OF BANKING
1.
2.
3.
4.
5.
Government
Depositors
Investors
Creditors
Borrowers
BAR QUESTION:
JOINT ACCOUNT VS. PARTNERSHIP (2000)
Distinguish joint account from partnership. (3%)
SUGGESTED ANSWER
The following are the distinctions between joint account and partnership:
1) A partnership has a firm name while a joint account has none and is conducted in the name of the ostensible partner.
2) WHILE A PARTNERSHIP HAS JURIDICAL
PERSONALITY AND MAY SUE OR BE SUED
UNDER ITS FIRM NAME, A JOINT ACCOUNT
HAS NO JURIDICAL PERSONALITY AND CAN
SUE OR BE SUED ONLY IN THE NAME OF THE
OSTENSIBLE PARTNER.
3) While a partnership has a common fund, a joint account has none.
4) While in a partnership, all general partners have
BANKING LAWS
GOVERNING LAW
Banking Institution are governed by the following laws: A. General banking laws
General Banking Law (R.A. No. 8791)
.
New Central Bank Act (R.A. No.
7653)
B. Special banking laws
New Rural Banks Act (R.A. No. 7353)
Private Development Banks Act
(R.A. No. 4093)
Savings and Loan Association Act
(R.A. No. 3779)
. Thrift Banks Act (R.A. No. 7906)
C. Other laws affecting banks
Secrecy of Bank Deposits Law
(R.A. No. 1405)
Unclaimed Balances Law (Act No. 3936)
Philippine Deposit Insurance Corporation Act
(R.A. No. 3591)
The general banking laws above mentioned are applicable to government banks like DBP and PNB.
The Al- Amanah Islamic Bank is subject to all banking and pertinent laws.
(Bar Review Materials
Miravite, 2002 ed.) in Commercial Law, Jorge
T HREE KINDS OF ENTITIES THAT INTRODUCE FUNDS
INTO THE ECONOMY :
1.
2.
3.
banks : entities that obtains funds from the public in the form of deposits and re-lend it to the public; quasi-banks : those that obtain funds in the form of deposit substitutes and re-lend the same and not from the public or depositors.
Finance companies and other financial intermediaries: those that lend funds from their own assets.
FIVE PERSONS PRIMARILY INTERESTED IN THE
BUSINESS OF BANKING
1.
2.
3.
4.
5.
Government
Depositors
Investors
Creditors
Borrowers
BAR QUESTION:
JOINT ACCOUNT VS. PARTNERSHIP (2000)
Distinguish joint account from partnership. (3%)
SUGGESTED ANSWER
The following are the distinctions between joint account and partnership:
1) A partnership has a firm name while a joint account has none and is conducted in the name of the ostensible partner.
2) WHILE A PARTNERSHIP HAS JURIDICAL
PERSONALITY AND MAY SUE OR BE SUED
UNDER ITS FIRM NAME, A JOINT ACCOUNT
HAS NO JURIDICAL PERSONALITY AND CAN
SUE OR BE SUED ONLY IN THE NAME OF THE
OSTENSIBLE PARTNER.
3) While a partnership has a common fund, a joint account has none.
4) While in a partnership, all general partners have