Practice question
A shareholder asserts full payment of a subscription by check. She produces only the corporation’s aggregate tax return, which does not identify payment or clearance of her check. The creditor’s recourse conditions are proved. She says filing that return conclusively proves her individual payment. Which answer best follows Halley?
- The tax filing does not by itself prove realization of that particular subscription payment
- Every corporate return conclusively proves every shareholder’s payment
- Aggregate tax reporting automatically cancels subscriptions
- Only the return’s page count matters
- The creditor must abandon all inquiry once any return exists
Legal references
- Halley v. Printwell, GR157549, May30 2011, main opinion: https://lawphil.net/judjuris/juri2011/may2011/gr_157549_2011.html Payment proof and limit of unpaid-subscription recovery.
- Enano-Bote v. Alvarez, GR223572, November10 2020, main opinion: https://lawphil.net/judjuris/juri2020/nov2020/gr_223572_2020.html Recognized grounds for creditor recourse.
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