Practice question
A conservator has received six monthly installments. Conservatorship is then terminated because continuing business would probably cause loss to depositors, and Section 30 proceedings follow. The conservator claims the other six installments as an automatic annual guarantee. Is the claim supported?
- Yes, all termination grounds are identical
- No; termination on a ground other than independent operation does not confer the remaining balance
- Yes, if a borrower requests it
- Yes, because closure creates a bonus
- No remuneration was lawful even for the first six months
Legal references
- RA 7653, Section 29 (conservatorship): https://lawphil.net/statutes/repacts/ra1993/ra_7653_1993.html
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