Commercial Law, 2010 Bar — Question XII

ESSAY

When OCCIDENTAL Bank folded up due to insolvency, Manuel had the following separate deposits in his name: P200,000 in savings deposit; P250,000 in time deposit; P50,000 in a current account; P1 million in a trust account; and P3 million in money market placement. Under the Philippine Deposit Insurance Corporation Act, how much could Manuel recover? Explain.

You can write freely without an account. Sign in to reveal the suggested answer and track your progress.