Practice question
AMLC preserves and manages assets pursuant to a valid order under Section7(16). Before turnover to the national government, how does the amended paragraph treat expenses incurred in those duties?
- They are deducted from the amount to be turned over as the statute provides
- They automatically authorize seizure of unrelated private deposits
- They are always paid by an unrelated depositor
- They eliminate the need for the underlying order
- They convert every custodian into the owner of the assets
Legal references
- RA11521: https://lawphil.net/statutes/repacts/ra2021/ra_11521_2021.html Section3, AMLA Section7(16).
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