Practice question
What does the receipt used for constructive distraint under 206 require concerning the listed personal property?
- Preserve it intact and unaltered and do not dispose of it without express authority.
- Sell it immediately for personal use.
- Transfer title to a customer automatically.
- Destroy all inventory records.
- Distribute it to shareholders without restriction.
Legal references
- NIRC Sections204,206-208,222-223 and248-249, as applicable and amended: https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
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