Practice question
During its section 139 period, a dissolved corporation conveys all property in trust for shareholders, creditors and other persons in interest. Explain the legal and beneficial interests following that conveyance and why it cannot be treated as a personal gift to the trustees.
Legal references
- Revised Corporation Code, RA 11232, sections 136 and 139, https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463
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