Practice question
A natural person and a corporation jointly hold a qualifying deposit. Under Section 5(k), to whom is the maximum insured deposit presumed to belong?
- Equally to all shareholders
- Entirely to the natural person
- To neither holder
- Entirely to the corporation
- Automatically to the bank president
Legal references
- RA 11840, Sections 4 and 11, amended PDIC Charter Sections 5 and 13: https://lawphil.net/statutes/repacts/ra2022/ra_11840_2022.html
- PDIC official notice: maximum deposit insurance coverage increased to P1 million per depositor per bank effective March 15, 2025: https://www.pdic.gov.ph/files/ccd/Notice%20to%20the%20Public%20on%20the%20New%20MDIC.pdf
Answer this question in flashcards to review your response and continue practicing.