Practice question
Three natural persons jointly hold PHP1 million with documented shares of 60%, 25% and 15% in a bank closing in 2026. One co-owner says every account must be divided into equal thirds for insurance even when valid deposit documents say otherwise. Resolve, ignoring other accounts and adjustments.
- The documented unequal shares govern, yielding PHP600,000, PHP250,000 and PHP150,000.
- Equal thirds are mandatory despite the documents.
- The largest shareholder alone receives PHP1 million.
- Each receives PHP1 million because three names are listed.
- The bank's closure cancels every sharing stipulation.
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
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