Practice question
A corporation and an individual jointly hold a deposit. Under the PDIC Charter's coverage presumption, to whom does the maximum insured deposit belong?
- One half to each automatically in all cases.
- Entirely to the juridical person or entity.
- Entirely to the individual.
- Entirely to the bank manager.
- To no one because corporations can never be depositors.
Legal references
- RA 11840, Section 4 amending PDIC Charter Section 5(k): https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/95626
- PDIC official 2025 guidance, PHP1 million coverage effective March 15, 2025: https://www.pdic.gov.ph/files/ccd/PR-038-25%20New%20maximum%20deposit%20insurance%20coverage%20of%20P1%20Million%20takes%20effect%20on%20March%2015.pdf
- PDIC, Understanding Deposit Insurance brochure: https://www.pdic.gov.ph/files/Understanding%20Deposit%20Insurance%20Brochure.pdf
Answer this question in flashcards to review your response and continue practicing.