Practice question
The receiver gathers bank records and assets and represents the closed bank in recovery activity. A former officer says only the old management can act for the bank. Which is correct under section 13?
- Only old management has that power forever
- Only depositors can collect assets
- Records are outside the receiver’s functions
- The receiver can never represent the bank
- The receiver expressly may represent the closed bank and gather and administer its assets, records, and affairs
Legal references
- https://lawphil.net/statutes/repacts/ra2019/ra_11211_2019.html — RA 11211, section 13 replacing RA 7653 section 30
- https://lawphil.net/statutes/repacts/ra2022/ra_11840_2022.html — RA 11840, section 11 amending PDIC Charter section 13
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