Practice question
A customer places money in an ordinary savings account and says the account necessarily makes the customer a co-owner of every loan the bank later grants. Is that correct?
- Yes, all depositors become partners in every loan.
- Yes, each bank loan transfers land to every depositor.
- Yes, every deposit is an equity subscription.
- No; the ordinary deposit creates a debt owed by the bank, not automatic ownership of each bank asset.
- Yes, ownership depends only on the passbook's color.
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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