Commercial Law, 2012 Bar — Question 10

MULTIPLE CHOICE

X is the President of AAA Products Corporation. X signs all the Trust Receipts documents for certain importations of the company. In the event of failure to deliver the proceeds of the sale of the goods to the bank, which statement is most accurate? A) The criminal liability will not attach to X as President because of separate juridical personality. B) For violation of Trust Receipts Law, the law specifically provides for the imposition of penalty upon directors and officers of the corporation. C) The officer will not be held criminally accountable because he is just signing the trust receipt for and in behalf of the corporation. D) The officer of the corporation will be held liable provided it is clear that the officer concerned participated in the decision not to pay.

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