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ANS. Yes, the lawyer for the company is correct. Pursuant to Sec. 416 of ICP, the
Insurance Commission's jurisdictional amount is limited to 100,000 or less and only
if subject is incapable of pecuniary estimation, otherwise, jurisdiction is vested with
first level courts.
ANS. No, this is not an insurance contract because no indemnification for the death
of the vendee is being made and no insurance company within the contemplation of
the law is involved.
II
WHAT ARE THE EXEMPT SECURITIES UNDER THE LAW?
ANS. The following are securities exempt from the requirement of registration:
1. any security issued or guaranteed by the Govt. of the PHL or its political
subdivisions;
2. any security issued or guaranteed by the govt. in any country with which
the PHL maintains diplomatic relations, or by any state, province or political
subdivision thereof on the basis of reciprocity;
3. certificates issued by a receiver or by a trustee in bankruptcy duly approved
by the proper adjudicatory body;
4. any security or its derivatives the sale or transfer of which, by law, is under
the supervision and regulation of the Office of Insurance Comm., HLURB, BIR;
5. any security issued by a bank except its own shares of stock.
ANS. No, M cannot claim against the policy because he has no insurable interest in
the house owned by A. In fire insurance, the claimant must have an insurable interest
in the property at the time of the loss of the subject property.
III
WHEN CAN THER BE COMPULSORY LICENSING BY THE IPO?
ANS. It is the power of the Monetary Board to pass rules providing for the
qualifications and disqualifications of individuals elected or appointed bank directors
or officers and to disqualify those found unfit after due notice (Sec. 16, GBL).
IV
X TOOK VERMAR BUS, ON HIS TRIP TO ORMOC CITY FROM TACLOBAN
AND PLACED HIS HAND CARRIED BAG IN THE BAGGAGE COMPARTMENT
COMMON TO ALL PASSENGERS. WHEN X GOT OFF, HE COULD NOT FIND
HIS BAG. COULD VELMAR BUS BE LIABLE FOR THE LOSS OF HIS BAG?
WHY?
ANS. Yes, Velmar Bus can be held liable for the loss of X's bag since as a common
carrier, it is responsible for the loss, destruction or deterioration of the goods it is
transporting unless the cause is any of the following:
ANS. Corporate rehabilitation is intended to ensure that the interests of juridical and
natural persons are collectively and realistically resolved and seeks to improve the
viability of the corporation.
Insolvency law is a method to protect only the interests of a debtor unable to honor
his obligations.
V
B WAS INDEBTED TO A FOR PHP 10,000. TO SECURE HIS PAYMENT B
DELIVERED AND INDORSED A WAREHOUSE RECEIPT ISSUED TO HIM BY
D. WHEN A, NOW TRIED TO WITHDRAW SAID GOODS FROM THE
WAREHOUSEMAN, SAID GOODS DO NOT EXIST AT ALL. WOULD B BE
LIABLE FOR HIS INDORSEMENT OF THIS WAREHOUSE RECEIPT TO D?
WHY? IF IT WAS A NEGOTIABLE PROMISSORY NOTE WOULD YOUR
ANSWER BE THE SAME?
ANS. B would be liable liable since a warehouse receipt is a negotiable instrument
where it is stated that the goods received will be delivered to the bearer or to the
order any person person named therein (Sec. 5, WRL). Since the receipt is for the
order of B, B's indorsement and delivery is needed to transfer ownership to A, which
is attendant in this case. B then is liable for is indorsement.
ANS.
1. in infringment of trademark, there is unauthorized use of a trademark, while
in unfair competition under the IPC involves passing off one's goods as those of
another and giving one's goods the appearance of that of another;
2. it is not necessary to establish fraudulent intent in a case for infringement
of trademark while it is necessary to establish fraudulent intent in unfair competition
case;
3. registration of the trademark is necessary for the filing of an action for
infringement of trademark while prior registration of a trademark is not necessary
in unfair competition;
4. unfair competition is broader as it includes cases that are covered not only
by the IPC but also by Art. 27 of NCC.
VI
IN A LETTER OF CREDIT IN BANKING TRANSACTIONS, WHAT ARE THE
LIABILITIES OF CONFIRMING BANK AND NOTIFYING BANK IF ANY? HOW
MANY TRANSACTIONS ARE NORMALLY INVOLVED IN MODERN TYPES OF
LETTER OF CREDIT? DISCUSS BRIEFLY SAID TRANSACTIONS.
ANS. The confirming bank must make sure that the terms and conditions of the
Letter of Credit are strictly complied with and will be directly liable to pay the seller-
beneficiary.
The notifying bank has no liability since it merely conveys to the seller the existence
of the credit.
The issuing bank, unless otherwise indicated, is solidarily liable with the buyer-
applicant.
ANS. No, this is not a negotiable instrument because the requirement under Sec. 1
(b) of the NIL is not fulfilled, viz: "Must contain an unconditional promise or order to
pay a sum certain in money." In the case at bar, the marriage of A to M is a contingent
event that may or may not happen.
VII
WHAT IS A FAIR USE DOCTRINE? WHEN CAN THIS BE NOT APPLICABLE?
ANS. Fair use is a judicial doctrine that refers to a use of copyrighted material that
does not infringe or violate the exclusive rights of the copyright holder.
2. Particular Average Loss = includes all damages and expenses caused to the
vessel or to her cargo which have not inured to the common benefit and profit of all
persons interested in the vessel or cargo. The loss of the entity whose cargo was
sacrificed will be equally borne by all those who benefited from the former's loss.
VIII
WHAT GOVERNMENTAL AGENCIES TOOK OVER THE FUNCTIONS OF THE
PUBLIC SERVICE COMMISSION?
ANS.
1. author with regard his literary, dramatic, historical, legal, philosophical,
scientific or other work;
2. composer as to his musical composition;
3. painter, sculptor or other artist with regard his product;
4. scientist or technologist with regard his invention.
IX
UNDER WHAT CONDITION MAY STOCK CORPORATIONS BE EMPOWERED
TO ACQUIRE ITS OWN STOCK. DISCRUSS BRIEFLY ITS PROCEDURE.
X
WHAT IS TRUST FUND DOCTRINE. WHO HAS THE RIGHT TO THIS FUND?
COULD IT BE SET ASIDE BY VIRTUE OF A CORPORATE RESOLUTION?