Scribd
Upload
105 views6 pages

Effect of Payment of Insured Deposit (Sec. 15) : - Upon The Payment of Any Depositor, PDIC Shall Be

Upon payment of an insured deposit by PDIC to a depositor of a closed bank, PDIC shall be subrogated to the rights of the depositor to the extent of payment. Payment of an insured deposit by PDIC, a new bank, or other insured bank discharges them from liability to the same extent as if the closed bank had made the payment. Payments by PDIC of insured deposits in closed banks are considered preferred credits similar to taxes owed to the national government.

Uploaded by

Veronica Chan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
105 views6 pages

Effect of Payment of Insured Deposit (Sec. 15) : - Upon The Payment of Any Depositor, PDIC Shall Be

Upon payment of an insured deposit by PDIC to a depositor of a closed bank, PDIC shall be subrogated to the rights of the depositor to the extent of payment. Payment of an insured deposit by PDIC, a new bank, or other insured bank discharges them from liability to the same extent as if the closed bank had made the payment. Payments by PDIC of insured deposits in closed banks are considered preferred credits similar to taxes owed to the national government.

Uploaded by

Veronica Chan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

EFFECT OF PAYMENT OF INSURED

DEPOSIT (SEC. 15)


• Upon the payment of any
depositor, PDIC shall be
subrogated to all rights
of the depositor against a
closed bank to the extent
of such payment.
EFFECT OF PAYMENT OF INSURED
DEPOSIT (SEC. 16 b)
• Payment of an insured deposit to any
person shall discharge PDIC, and
payment of a transferred deposit to
any person by the new bank or by an
insured bank in which a transferred
deposit has been made available shall
discharge PDIC and such new bank or
other insured bank, to the same
extent that payment to such person
by the closed bank would have
discharged it from liability for the
insured deposit
PREFERRED CREDIT (Sec. 15)
• Section 15:
“x x x All payments by the
Corporation of insured deposits in closed
banks partake of the nature of public
funds, and as such, must be considered
a preferred credit similar to taxes due to
the National Government in the order
of preference under Article 2244 of the
New Civil Code: Provided, further, That
this preference shall be likewise effective
upon liquidation proceedings already
commenced and pending as of the
approval of this Act, where no
distribution of assets has been made.”
PREFERRED CREDIT (Sec. 15)
• Article 2244 not only enumerates
the preferred credits with respect
to other property, real, and
personal, of the debtor, but also
gives order of preference “in the
order named.”
• Note that in this article, taxes and
assessments are mentioned only
as Nos. 9, 10, and 11.
• If the property is specific, duties,
and taxes (not fees) on said
property are placed as No. 1 in the
order of preferrence
FAILURE TO SETTLE CLAIM OF INSURED
DEPOSITOR (Sec. 14)
• Failure to settle the claim, within six (6) months
from the date of filing of claim for insured
deposit, where such failure was due to grave
abuse of discretion, gross negligence, bad faith, or
malice, shall, upon conviction, subject the
directors, officers or employees of PDIC
responsible for the delay, to imprisonment from
six (6) months to one (1) year.
• The period shall not apply if the validity of the
claim requires the resolution of issues of facts and
or law by another office, body or agency or by the
PDIC together with such other office, body, or
agency.
FAILURE OF DEPOSITOR TO CLAIM
INSURED DEPOSIT (Sec. 16 E)
• Unless otherwise waived by PDIC, if the depositor in the
closed bank shall fail to claim his insured deposits
within two (2) years from actual takeover of the closed
bank by the receiver, or does not enforce his claim
within two (2) years or after the two-year period to file
a claim, all rights of the depositor with respect to the
insured deposit shall be barred.
• However, all rights of the depositor against the closed
bank and its shareholders or the receivership estate to
which PDIC may have become subrogated, shall
thereupon revert to the depositor. Thereafter, PDIC
shall be discharged from any liability on the insured
deposit.

You might also like