Table of Contents
BRIEF HISTORY OF THE LAW:
Act No.2031, the Negotiable Instruments Law, took effect on June 2,1911, and is patterned after the U.S Uniform Negotiable Law, which in turn is copied from the English Bill of Exchange Act of 1882.
Negotiable
Check
INCIDENTS IN THE LIFE OF A NI:
(SEC. 1):
PAYABLE IN MONEY
PAYABLE ON DEMAND (Sec. 7, NIL)
COMPARISON OF SECTIONS 14, 15 AND 16
Section 14
Section 15
Section 16
COMPLETENESS
DELIVERY
WHEN ENFORCEABLE
KIND OF DEFENSE
RIGHTS OF HOLDER
II. CORPORATION CODE
Distinctions :
Requisites:
Obligations of a Stockholder:
LIQUIDATION:
Close Corporations
Non-Stock Corporations
Religious Corporations
SECURITIES AND EXCHANGE COMMISSION REORGANIZATION DECREE (P.D. 902-A)
Purposes of Securities Act
CORPORATE ACT
IV. Indemnity
Insurable Interest – interest which the law requires a person making a contract of insurance to have in the person or thing insured to prevent the contract from becoming a wagering contract.
when a policy is so framed that it will inure to the benefit of whomsoever, during the continuance of the risk, may become the owner of the interest insured (Sec. 57);
when is an express prohibition against alienation in the policy, in case of alienation, the contract of insurance is not merely suspended but avoided (Art. 1306, NCC).
DISTINCTIONS:
Insurable interest in Life Insurance
WARRANTY
statement or promise set forth in the policy or by reference incorporated therein, the untruth or non-fulfillment of which in any respect, and without reference to whether insurer was in fact prejudiced by such untruth or non-fulfillment, renders the policy voidable.
REQUISITES FOR
INCONTESTABILITY CLAUSE:
Defenses not barred by incontestabILITY clause:
Reinsurance
(Sec. 95)
IV. TRANSPORTATION LAWS
DISTINCTIONS :
NEW CIVIL CODE PROVISIONS ON COMMON CARRIERS
ACTS OF PUBLIC ENEMY
A stipulation in the bill of lading limiting the liability of the carrier to an agreed valuation unless the shipper declares a higher value and pays a higher rate of freight is valid (Org. vs. CA and PAL, 91 SCRA 223).
MARITIME COMMERCE
CLASSES:
PROCEDURE FOR RECOVERY:
COGSA is suppletory to the Civil Code and the Code of Commerce in the Carriage of goods from foreign parts to the Philippines (Eastern Shipping vs. IAC, 150 SCRA 463).
Prescriptive periods – suit for loss or damage to the cargo should be brought within one year after.
NOTICE OF DAMAGE
PUBLIC SERVICE LAW
PUBLIC SERVICE -
GROUNDS FOR THE REVOCATION OF THE CERTIFICATE:
POWERS REQUIRING PRIOR NOTICE AND HEARING:
PRIOR OPERATOR RULE
V. INTELLECTUAL PROPERTY
Intellectual Property
LAW ON COPYRIGHT
Copyright
Constitutional Basis
Civil Code Provisions
Subsistence of the Rights
Conferment of rights
EXPRESSION-there must be "Fixation"; to be "fixed" a work must be embodied in a medium sufficiently:
The Subject of Copyright
B. DERIVATIVE WORKS
The Rights of Copyright
A. Copyright or Economic Rights
B. Moral Rights
Limitations On Copyright:
Fair Use
The Ownership of Copyright
Deposit and Notice
Notice of Copyright
Infringement
Related issues
Performer's Rights
Moral rights OF PERFORMERS
LAW ON TRADEMARKS
TRADEMARKS
TRADE NAME
DISTINCTIONS :
TRADEMARKS
LABEL
ACQUISITION OF RIGHT/GOODWILL THROUGH USE
INFRINGEMENT OF TRADEMARK
UNFAIR COMPETITION
EFFECTS OF NON-USE
TESTS OF TRADEMARK INFRINGEMENT
HOLISTIC TEST
TRANSLATIONS
DOCTRINE OF SECONDARY MEANING
RIGHTS CONFERRED
STANDING TO SUE AND JURISDICTION
Patent
PATENTABILITY
PRODUCT-is broad enough a term to include every output of human ingenuity, every tangible result of craftsmanship or partnership. It is to be noted that not all products are patentable because not all process the requirements of patentability.
IMPROVEMENTS- to be patentable, the improvement should be non-obvious to one skilled in the art of the original invention and is truly novel. If it is merely a consequence of technical configuration of the original invention and is thus “suggested” by the invention itself, the improvement is still within the dominion of the original invention.
REQUIREMENTS FOR PATENT:
FIRST TO FILE RULE
OWNERSHIP OF PATENT RIGHTS:
TERM OF A PATENT
INFRINGEMENT- the making, using, offering for sale , selling or importing a patented product or a product obtained directly or indirectly from a patented process, or the use of a patented process without the authorization of the patentee (Sec. 76.1).
UTILITY MODELS - are models of implement or tools of any industrial product even if not possessed of the quality of invention but which is of “practical utility.”
MANDATORY PROVISIONS
Section 23- Single Borrower’s Limit or SBL- 25% of unimpaired capital and surplus of the bank under present BSP regulations.
“LIABILITIES” - includes the direct liability of the maker, acceptor, endorser, drawer or guarantor; in case of a partnership, the liabilities of the members; and in case of a corporation, all the liabilities of all subsidiaries thereof in which such corporation owns or controls a majority interest.
Section 57
Section 64 Real estate acquired by a trust company shall be governed by Section 25, RA 337.
REPUBLIC vs. COURT OF APPEALS (65 SCRA 186) the Supreme Court ruled that since the relation between the depositor and the bank is that of creditor and debtor, a depositor has every right to apply his credit with the bank against his loans. When all the elements necessary for set-off are present, compensation takes place ipso-jure, without need of any conscious intent on the part of the parties.
THRIFT BANKS ACT, RA No. 7906
RA 7353 RURAL BANKS ACT
RA 6938 COOPERATIVE BANKS
RA 3936 UNCLAIMED
BALANCES LAW
PD 1034 OFFSHORE BANKING SYSTEM
BULK SALES LAW
PURPOSE
FORMALITIES REQUIRED BY LAW
CHATTEL MORTGAGE
RIGHT OF REDEMPTION
The following may redeem:
RECTO LAW
DISTINCTION :
PLEDGE
ACTS OF COMMERCE
INSOLVENCY LAW
REMEDIES OF A DEBTOR:
DOUBLE MAJORITY
CANNOT PARTICIPATE
ACTS OF INSOLVENCY:
SUSPENSION OF PAYMENTS
INSOLVENCY
INVOLUNTARY INSOLVENCY
SUSPENSION OF PAYMENTS
DEBTOR CORPORATION
TRUST RECEIPT LAW
trust receipt
No agency relationship is established; an entrustee’s breach of trust, however, subjects him to criminal and civil liability to estafa. As held by the Supreme Court in People vs. Cuervo (104 SCRA 312), the enactment of P.D. 115 with its penal sanction is, in reality, merely confirmatory of existing jurisprudence on situations covered by Article 315 of the Revised Penal Code. Thus, the court ruled, an entrustee in a trust receipt who failed to account for the proceeds of the goods sold or to return the goods, as the case maybe, is guilty of estafa even where the offense was committed before the promulgation of P.D. 115 on June 29, 1973. But unlike the old rule, P.D. 115 now expresses a criminal liability on the part of responsible officers of corporation and judicial entities.
SCHEME OF THE LAW
WAREHOUSE RECEIPTS LAW
WAREHOUSE RECEIPT
MEANING OF NEGOTIABLE UNDER THE ACT
WAREHOUSEMAN
TO WHOM DELIVERED
FOREIGN EQUITY PARTICIPATION
CONSUMER GOODS
END-USE DOCTRINE
