Practice question
What period does Section 2 give after receiving the required notice of dishonor for the statutory payment or full-payment arrangement?
- Five banking days.
- Five minutes.
- Thirty calendar days in every case.
- One year.
- No period at all.
Legal references
- BP 22, Sections 1–3, elements, knowledge and notice: https://lawphil.net/statutes/bataspam/bp1979/bp_22_1979.html
- Administrative Circular No. 13-2001, February 14, 2001, clarifying AC 12-2000 fine preference: https://lawphil.net/courts/supreme/ac/ac_13_2001.html
- Carlos v People and Tire Star, G.R. No. 277047, April 15, 2026, en banc MAIN decision, notice of dishonor service guidelines: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/1/70562
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