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    Banking Law-Assignments Class 8

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    Leyton Mister
    This document summarizes Philippine laws regarding the secrecy of bank deposits and garnishment of deposits. It outlines that bank deposit secrecy is established by the Bank Secrecy Law and Constitution but also lists several statutory exceptions allowing disclosure, such as for anti-graft, plunder and money laundering investigations. The document also describes the procedure for garnishing deposits according to the Rules of Civil Procedure and exemptions under laws like the Foreign Currency Deposits Act. Relevant case law is cited regarding the interpretation and application of these laws.

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    Banking Law-Assignments Class 8

    Uploaded by

    Leyton Mister
    12 views2 pages
    This document summarizes Philippine laws regarding the secrecy of bank deposits and garnishment of deposits. It outlines that bank deposit secrecy is established by the Bank Secrecy Law and Constitution but also lists several statutory exceptions allowing disclosure, such as for anti-graft, plunder and money laundering investigations. The document also describes the procedure for garnishing deposits according to the Rules of Civil Procedure and exemptions under laws like the Foreign Currency Deposits Act. Relevant case law is cited regarding the interpretation and application of these laws.

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    This document summarizes Philippine laws regarding the secrecy of bank deposits and garnishment of deposits. It outlines that bank deposit secrecy is established by the Bank Secrecy Law and Constitution but also lists several statutory exceptions allowing disclosure, such as for anti-graft, plunder and money laundering investigations. The document also describes the procedure for garnishing deposits according to the Rules of Civil Procedure and exemptions under laws like the Foreign Currency Deposits Act. Relevant case law is cited regarding the interpretation and application of these laws.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    12 views2 pages

    Banking Law-Assignments Class 8

    Uploaded by

    Leyton Mister
    This document summarizes Philippine laws regarding the secrecy of bank deposits and garnishment of deposits. It outlines that bank deposit secrecy is established by the Bank Secrecy Law and Constitution but also lists several statutory exceptions allowing disclosure, such as for anti-graft, plunder and money laundering investigations. The document also describes the procedure for garnishing deposits according to the Rules of Civil Procedure and exemptions under laws like the Foreign Currency Deposits Act. Relevant case law is cited regarding the interpretation and application of these laws.

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
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    Banking Law I

    Secrecy of Deposits/Garnishment of Deposits

    Scope

     Secrecy of Bank Deposits Republic Act No. 1405 as amended.


     Philippine Constitution (Article III, Sections 2, 3 and 7, Article II, Section 28)
     General Banking Law, Sections 55.1(b) and 55.4

     Republic v. Eugenio (545 SCRA 384)


     Intengan v. Court of Appeals (377 SCRA 63)
     Ejercito v. Sandiganbayan (509 SCRA 190)

    Certain Statutory Exceptions1

     Bank Secrecy Law – Section 2


     BSP Group Inc. v. Go (612 SCRA 596)
     Mellon Bank, N.A.v. Magsino, 190 S.C.R.A. 633 [1990]

     Anti-Graft and Corrupt Practices Act – Section 8


     Philippine National Bank v. Gancayco (15 SCRA 91)
     Banco Filipino Savings and Mortgage Bank v. Purisima (161 SCRA
    576)

     Ombudsman Act – Section 15(8)


     Marquez v. Desierto (359 SCRA 772)
     Ejercito v. Sandiganbayan (509 SCRA 190)

     Plunder Law – Sections 1(d) and 4


     Ejercito v. Sandiganbayan (509 SCRA 190)

     Anti-Money Laundering Act – Section 11


     Republic v. Eugenio (545 SCRA 384)

     PDIC Charter – Section 8

     Human Security Act – Sections 27-43

     National Internal Revenue Code – Section 6(f)

     Unclaimed Balances Law – Section 2

     Foreign Currency Deposit Act – Section 8 and 10


     Van Twest vs. Court of Appeals (230 SCRA 42)
     China Banking Corporation v. Court of Appeals (511 S.C.R.A. 110
    [2006])

    Garnishment of Deposits

     Procedure – 1997 Rules of Civil Procedure, Section 9(c), Rule 39

    1
    You must read the latest version of each statute.
     Exemptions
     Foreign Currency Deposits Act, Section 8
     Salvacion v. Central Bank (278 SCRA 27)
     1997 Rules of Civil Procedure, Section 13, Rule 39

     Relevant jurisprudence
     China Bank v. Ortega (49 SCRA 356)
     Philippine Commercial and Industrial Bank v. Court of Appeals
    (193 SCRA 452)
     Rizal Commercial Banking Corporation v. De Castro (168 SCRA
    49)

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