2013 Jurisprudence

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    19-Dec-2015

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Mercantile law

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<ul><li><p> COMMERCIAL LAW JURISPRUDENTIAL DOCTRINES Recoletos Review Center 2013 </p></li><li><p>Page 1 of 24 </p><p> Table of Contents Trust Receipts Law ............................................................................................................................................................... 4 Two obligations in a trust receipt transaction: entregarla and devolvera ............................................. 4 When intent to defraud is presumed in a trust receipts transaction ........................................................ 4 Alternative obligations of the trustee ..................................................................................................................... 4 Elements of estafa under Art. 315 of the RPC in relation to Sec. 13 of the Trust Receipts Law .... 4 Negotiable Instruments Law ............................................................................................................................................ 4 Issuance of check not an assignment of any part of funds in the bank to the drawers credit ....... 5 Managers or cashiers checks .................................................................................................................................... 5 Accommodation party ................................................................................................................................................... 5 Relation between accommodation party and party accommodated, one of surety and principal .................................................................................................................................................................................................. 5 Liability of accommodation party ............................................................................................................................. 5 Insurance Law ........................................................................................................................................................................ 6 Insurance cases, when burden of evidence shifts to insurer ........................................................................ 6 Burden of an insurer who seeks to defeat a claim because of a policy exception or limitation .... 6 Fraud and misrepresentation established when false invoices are submitted to adjusters ........... 6 Construction of insurance contracts ........................................................................................................................ 6 Insured persons may accept policies without reading them, and that this is not negligence per se; exception. ...................................................................................................................................................................... 7 Incontestability clause precludes the insurer from disowning liability under the policy it issued on the ground of concealment or misrepresentation ...................................................................................... 7 Requisites for double insurance to arise ............................................................................................................... 7 Third Party Liability ........................................................................................................................................................ 8 Suretyship ........................................................................................................................................................................... 8 Extent of suretys liability ............................................................................................................................................. 8 Surety agreement merely a collateral contract to be read and interpreted with the principal contract ................................................................................................................................................................................. 8 Suretyship contract imports entire good faith and confidence between the parties in regard to the whole transaction .................................................................................................................................................... 9 Transportation Laws ........................................................................................................................................................... 9 Common carrier distinguished from private carrier ........................................................................................ 9 Extent of private carriers obligation ...................................................................................................................... 9 Proof of actual shortage of shipment required before burden is shifted to the common carrier . 9 Said to weigh and analogous declarations in the bill of lading is only prima facie evidence of amount or quantity of goods in the container .................................................................................................. 10 Coverage of Carriage of Goods by Sea Act (COGSA) ....................................................................................... 10 Relevant terms in COGSA ........................................................................................................................................... 10 Period covered by the term carriage of goods .............................................................................................. 10 Prescriptive period for filing action for loss/damage of goods under COGSA ................................... 11 Extension of prescriptive period to file a claim under COGSA .................................................................. 11 </p></li><li><p>Page 2 of 24 </p><p>Corporation Code ............................................................................................................................................................... 11 Unlicensed foreign corporations do not have the capacity to sue before local courts ................... 11 Meaning of doing business .................................................................................................................................... 12 Appointment of local distributor insufficient to constitute doing business, except when it is under full control of the foreign corporation .................................................................................................... 12 When an unlicensed foreign corporation doing business in the Philippines may sue before the local courts ....................................................................................................................................................................... 12 Public policy denying foreign corporations access to courts must never be used to frustrate ends of justice ................................................................................................................................................................. 12 Corporate powers and business transactions exercised through board of directors and through officers and agents when authorized by a board resolution or bylaws ................................................ 13 Definition of intra-corporate disputes ................................................................................................................. 13 Intra-corporate controversy defined ................................................................................................................... 13 SEC jurisdiction over corporations with religious nature ........................................................................... 14 Separate juridical personality ................................................................................................................................. 14 In illegal dismissal cases, corporate officers may only be held solidarily liable with the corporation if the termination was done with malice or bad faith ......................................................... 14 What must be established to pierce the veil of corporate fiction ............................................................ 14 Condition sine qua non for derivative suit to prosper .................................................................................. 15 Requisites for filing a derivative suit .................................................................................................................... 15 Power of a corporation to sue and be sued in any court is lodged with the board of directors . 15 Only individuals authorized by a valid board resolution may sign the certificate of non-forum shopping on behalf of a corporation ..................................................................................................................... 15 Corporation that purchases assets of another not generally liable for the debts of the selling corporation; exceptions. ............................................................................................................................................ 15 Piercing the veil of corporate fiction .................................................................................................................... 16 Instances when the doctrine of piercing the corporate veil applies ....................................................... 16 Rehabilitation, Defined. .......................................................................................................................................... 16 Rehabilitation Plan, an indispensable requirement ...................................................................................... 17 When rehabilitation plan may be approved ...................................................................................................... 17 Approved rehabilitation plan is binding upon the debtor and all persons who may be affected by it ...................................................................................................................................................................................... 17 Essential function of corporate rehabilitation ................................................................................................. 17 The justification for the suspension of actions or claims ............................................................................ 18 Rationale of P.D. No. 902-A ....................................................................................................................................... 18 Rehabilitation is available to a corporation who, while illiquid, has assets that can generate more cash if used in its daily operations than sold ........................................................................................ 18 Factors for a successful corporate rehabilitation ........................................................................................... 19 Nature of rehabilitation proceedings ................................................................................................................... 19 Securities Regulation Code ............................................................................................................................................ 19 Investment contract, defined ................................................................................................................................... 19 Howey Test: conditions for investment contracts to arise ......................................................................... 19 </p></li><li><p>Page 3 of 24 </p><p>Banking Laws ....................................................................................................................................................................... 20 Extraordinary diligence required before approving loan application ................................................... 20 Nothing short of extraordinary diligence is required of banks whose business is impressed with public interest ...................................................................................................................................................... 20 Nature of banks liability as an obligor ................................................................................................................ 20 Banks under liquidation retain their legal personality ................................................................................ 21 Liability for a debt of a branch ultimately rests upon the parent bank ................................................. 21 Both Section 75 of R.A. No. 8791 and Section 5 of R.A. No. 7221 require the head office of a foreign bank to guarantee the prompt payment of all the liabilities of its Philippine branch .... 21 The head office of a bank and its branches are considered as one under the eyes of the law .... 22 Purpose of the Philippine Deposit Insurance Corporation (PDIC) .......................................................... 22 Intellectual Property Law ............................................................................................................................................... 22 Elements of trademark infringement ................................................................................................................... 22 Gravamen of trademark infringement ................................................................................................................. 22 Dominancy Test ............................................................................................................................................................. 23 Holistic Test ..................................................................................................................................................................... 23 Dominancy test and holistic or totality test, distinguished ........................................................................ 23 Ordinary purchaser, defined .................................................................................................................................... 23 Susceptibility to registration of a trademark device ..................................................................................... 23 When a mark cannot be registered ....................................................................................................................... 24 </p></li><li><p>Page 4 of 24 </p><p>Trust Receipts Law Two obligations in a trust receipt transaction: entregarla and devolvera There are two obligations in a trust receipt transaction. The first is covered by the provision that refers to money under the obligation to deliver it (entregarla) to the owner of the merchandise sold. The second is covered by the provision referring to merchandise received under the obligation to return it (devolvera) to the owner. [Land Bank of the Philippines vs. Perez, 672 SCRA 117(20...</p></li></ul>