Practice question
After an effective statutory consolidation, a constituent’s equipment is claimed to remain ownerless until a fresh ordinary sale deed is signed. No special property-law issue is stipulated. Which is correct?
- Every asset requires a new private sale
- Section 79’s vesting operates without further act or deed, so the stated ordinary-sale premise is incorrect.
- The former chair personally owns the equipment
- The equipment becomes government property automatically
- A press release alone determines title
Legal references
- Revised Corporation Code, RA 11232, Section 79: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463
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