Practice question
A bank invokes Article 1980 to say that because it is a debtor it owes no special integrity or performance duties at all. Which RA 8791 principle answers?
- Only private promises regulate banks.
- All banking duties end after a deposit.
- The public has no legitimate interest in banking.
- Banks are outside financial regulation.
- Section 2 recognizes banking's fiduciary nature and high standards of integrity and performance.
Legal references
- Civil Code, Articles1953 and1980: https://lawphil.net/statutes/repacts/ra1949/ra_386_1949.html
- RA8791, General Banking Law, Sections2 and55: https://lawphil.net/statutes/repacts/ra2000/ra_8791_2000.html
- BDO Unibank v. People, GR255367, October2 2024, main decision: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/1/69675
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