Practice question
How does RR7-2003 Section2(b) classify real property acquired by a bank through foreclosure?
- As an ordinary asset of the bank
- Always as a personal residence of its directors
- Always as a capital asset merely because acquired involuntarily
- As property automatically outside all asset classification
- As an intangible copyright
Legal references
- NIRC RA8424, relevant provisions as amended: https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html Section39(A)(1).
- RR7-2003: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/10/40237 Sections2(b),3(b)–(g).
- RA12214 CMEPA: https://lawphil.net/statutes/repacts/ra2025/ra_12214_2025.html Section9 amending NIRC34(E)(2).
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