Practice question
A professional claims that every item in a multimillion-peso equipment business is exempt merely because the owner holds a professional license. The creditor points out that Section13(g) has a stated professional-library-and-equipment value limit. Which is best?
- A license makes all business assets exempt forever
- The court may ignore every value limit
- The claimed category and its statutory value and use conditions must be established; professional status alone does not create unlimited immunity
- No professional equipment can ever qualify
- The creditor automatically owns the professional’s license
Legal references
- Rule39 Section13(g): https://lawphil.net/courts/rules/rc_1-71_civil.html
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