Practice question
For funds of a minor’s estate held in the specified trust capacity, Section 88 refers to investment limits prescribed by whom, absent contrary direction of the trust instrument?
- Only a private broker
- Only the borrower
- Only a relative’s text message
- Only the local newspaper
- Law, the Monetary Board or a competent court
Legal references
- General Banking Law, RA 8791, Sections 3, 55, 87-88 and 92-93: https://lawphil.net/statutes/repacts/ra2000/ra_8791_2000.html
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