Practice question
After notification of closure, an owner seeks registration of a transaction affecting a closed bank’s asset without receiver consent. What must the relevant registry do under Section 16(d)(1)?
- Treat closure as irrelevant
- Automatically approve
- Not allow the transaction without receiver consent
- Ask only the former president
- Destroy the title
Legal references
- RA 10846, Sections 26-29, PDIC Charter Sections 13-16, read with RA 11840: https://lawphil.net/statutes/repacts/ra2016/ra_10846_2016.html
- RA 11840, Sections 4 and 11, amended PDIC Charter Sections 5 and 13: https://lawphil.net/statutes/repacts/ra2022/ra_11840_2022.html
Answer this question in flashcards to review your response and continue practicing.