Bar Reminders Mercantile Law

Embed Size (px)

Citation preview

  • 8/12/2019 Bar Reminders Mercantile Law

    1/10

    BAR REMINDERSAtty. Maria Zarah R. Villanueva-Castro

    INSURANCEWhat is an All-Risk oli!y"

    An All-Risk Policy insures against all causes of conceivable loss or damage except when otherwiseexcluded or when the loss or damage was due to fraud or intentional misconduct committed by theinsured. The policy covers all losses during the voyage whether or not arising from a marine

    peril. (New World International Development [Phils.], Inc. v. Nyk-Filapan !hippin" #orp., et al.$NewWorld International Development[Phils.], Inc. v. !ea%oard-&astern Ins'rance #o., Inc., .). Nos.*+*$*+/*, 0'"'st /, /1**2

    Is non-#resentation o$ the #oli!y $atal to an insuran!e !lai%"Non-presentation of the insurance contract or policy is not necessarily fatal. n !elsan Transport"ines# nc. v. $ourt of Appeals# the $ourt stated that the presentation of the insurance policy was notfatal because the loss of the cargo undoubtedly occurred while on board the petitioner%s vessel.

    And even though it was not offered in evidence# it still can be considered by the court as long as theyhave been properly identified by testimony duly recorded and they have themselves beenincorporated in the records of the case.(0sian 3erminals, Inc. v. 4alayan Ins'rance, #o., Inc., .).

    No. *+*1, 0pril , /1**2

    Elain the nature o$ Suretyshi#.A contract of suretyship is an agreement whereby a party called the surety# guarantees theperformance by another party# called the principal or obligor# of an obligation or undertaking in favorof another party called the obligee. &y its very nature# under the laws regulating suretyship# theliability of the surety is 'oint and several but is limited to the amount of the bond# and its terms aredetermined strictly by the terms of the contract of suretyship in relation to the principal contractbetween the obligor and the obligee.

    Although the contract of suretyship is# in essence# secondary only to a valid principal obligation# the

    surety%s liability to the creditor is direct# primary# and absolute( he becomes liable for the debt andduty of another although he possesses no direct or personal interest over the obligations nor does hereceive any benefit therefrom. (American Home Insurance co. of New York V. F.F. Cruz & Co.,Inc., G.R. No. 17!"#, Au$us% 1, "11'

    NE'()IAB*E INS)RUMEN)SElain the #resu%#tion o$ !onsi+eration in ne,otiale instru%ents.)nder the Negotiable nstruments "aw# it is presumed that every party to an instrument ac*uires thesame for a consideration or for value. t devolved upon the party who claims that there is noconsideration to present convincing evidence to overthrow the presumption and prove that the checkswere in fact issued without valuable consideration.(n$r. )ose . Ca*anan +. Nor% -%ar

    In%erna%iona /ra+e, Inc. G.R. No. 17"!0, c%o2er 0, "11'

    Who is an a!!o%%o+ation #arty" What is his liaility to the hol+er"An accommodation party is one who meets all the three re*uisites# vi+, / he must be a party to theinstrument# signing as maker# drawer# acceptor# or indorser( 0/ he must not receive value therefor(and 1/ he must sign for the purpose of lending his name or credit to some other person. Anaccommodation party lends his name to enable the accommodated party to obtain credit or to raisemoney( he receives no part of the consideration for the instrument but assumes liability to the otherparty2ies thereto. The accommodation party is liable on the instrument to a holder for value eventhough the holder# at the time of taking the instrument# knew him or her to be merely anaccommodation party# as if the contract was not for accommodation. (use2io Gonzaes +.

    3ii44ine Commercia & In%erna%iona 5ank, e% a., G.R. No. 16"07, Fe2ruar* ", "11'

  • 8/12/2019 Bar Reminders Mercantile Law

    2/10

    )RANS(R)A)I(NDoes the a!uittal o$ the +river in the !ri%inal !ase $or re!kless i%#ru+en!e e&!use the !arrier$ro% liaility"No. The action for the recovery of damages arising from breach of contract of carriage is anindependent civil action arising from contract which is separate and distinct from the criminal actionfor reckless imprudence resulting in homicide against the driver by reason of the same incident.

    3ence# regardless of the driver%s ac*uittal or conviction in said criminal case# same has no bearing inthe resolution of the case for damages. (Heirs of )ose 8arcia 9. coa, name*: Ru2* 5. coa,e% a. +. G & - /rans4or% Cor4ora%ion ; G & - /ran4or% Cor4ora%ion +. Heirs of )ose 8arcia 9.coa, name*: Ru2* 5. coa, e% a., G.R. Nos. 1771;171"0, 8arc !, "11'

    Elain the Re,istere+ (/ner Rule.n accordance with the law on compulsory motor vehicle registration# with respect to the public andthird persons# the registered owner of a motor vehicle is directly and primarily responsible for theconse*uences of its operation regardless of who the actual vehicle owner might be. 4ell-settled isthe rule that the registered owner of the vehicle is liable for *uasi-delicts resulting from its use. Thus#even if the vehicle has already been sold# leased# or transferred to another person at the time the

    vehicle figured in an accident# the registered vehicle owner would still be liable for damages causedby the accident. The sale# transfer or lease of the vehicle# which is not registered with the "andTransportation 5ffice# will not bind third persons aggrieved in an accident involving the vehicle. (F5

  • 8/12/2019 Bar Reminders Mercantile Law

    3/10

    The term ?capital@ in

  • 8/12/2019 Bar Reminders Mercantile Law

    4/10

    *uestion that is the sub'ect of the controversy must be considered in determining whether the disputeinvolves corporate matters so as to regard them as intra-corporate controversies. (8arc II8arke%in$, Inc. an=

  • 8/12/2019 Bar Reminders Mercantile Law

    5/10

    When a !o%#any has se!ure+ a sus#ension or+er4 is $ore!losure o$ #ro#erties elon,in, toits sto!khol+ers0o$$i!ers /hi!h /ere %ort,a,e+ to se!ure the +et o$ the !o%#any alsosus#en+e+"N5. These properties are not under the purview of the $

  • 8/12/2019 Bar Reminders Mercantile Law

    6/10

    suspension of proceedings referred to in the law uniformly applies to ?all actions for claims@ filedagainst a corporation# partnership or association under management or receivership# withoutdistinction# except only those expenses incurred in the ordinary course of business. (0"ripino 7.4olina v. Paci6ic Plans, Inc., .). No. *8+, 0'"'st *8, /1**2

    A sto!khol+er +e%an+s a!!ountin, o$ asso!iation +ues $ro% a !on+o%iniu% !or#oration. Isthis intra-!or#orate in nature" Will $ore!losure sale #revent su!h sto!khol+er $ro%uestionin, the assess%ents"

    Hes# this case involves an intra-corporate dispute. Gust because the property has already been soldextra-'udicially does not mean that the *uestioned assessments have now become legal and valid orthat they have become immaterial. n fact# the validity of the foreclosure depends on the legality of theassessments and the issue must be determined by the court if only to insure that the owner was notdeprived of her property without having been heard. (Ca%eu =e 5aie Con=ominium Cor4. +.-4s. Ra*mon= an= 8a. Rosario 8oreno, G.R. No. 16#"71, Fe2ruar* ", "11'

    4hat is the applicable term of office of the trustees of an educational stock corporationF

  • 8/12/2019 Bar Reminders Mercantile Law

    7/10

    Payments of monetary obligations# sub'ect to certain exceptions# shall be discharged in the currencywhich is the legal tender in the Philippines. &ut since R.A. No. 908 does not provide for the rate ofexchange for the payment of foreign currency obligations incurred after its enactment# the $ourt heldin a number of cases that the rate of exchange for the conversion in the peso e*uivalent should bethe prevailing rate at the time of payment. (Commissioner of Cus%oms +. A$fa Incor4ora%e=,G.R. No. 167"0, 8arc "6, "11'

    When is there an i%#ro#er +is!losure o$ ank a!!ount +etails"

    A mere discussion of his functions as an account officer of the bank and identification of a person asthe one who had guaranteed the payment or obligations of the importers under a

  • 8/12/2019 Bar Reminders Mercantile Law

    8/10

    partaking of the nature of a contract of adhesion# is void. (3ii44ine -a+in$s 5ank +. -4s. Afre=o8. Cas%io an= iza2e% C. Cas%io, e% a.G.R. No. 1!176, 8a* , "11'

    What i$ the #arties have a,ree+ that the interest rate %ay e in!rease+ ase+ on the #revailin,%arket rate" Is this allo/e+"The $ourt has previously upheld as valid the proviso in loans that the interest rate would be made todepend on the prevailing market rate.

  • 8/12/2019 Bar Reminders Mercantile Law

    9/10

    both petitioner and respondent manufacture rubber shoes. (!kechers, 9.!.0., Inc. v. Inter Paci6icInd'strial 3radin" #orp., et al., .). No. *:/*, 4arch /:, /1**2

    Is a!tual sale o$ the !ounter$eit ,oo+s essential to tra+e%ark in$rin,e%ent")nder the P $ode# preparatory steps necessary to carry out the sale of any goods or services on orin connection with which such use is likely to cause confusion# or to cause mistake# or to deceivea"man, .). No. *8+, 'ly *:, /1**2

    C9A))E* M(R)'A'EWhat is the e$$e!t o$ an unnotari;e+ Chattel Mort,a,e"

    An unnotari+ed $hattel 6ortgage does not bind third parties. 3owever# the lender can still sue theborrower for payment.(9nion =ank o6 the Philippines v. 0lain 'niat, et al., .). No. *+*8

  • 8/12/2019 Bar Reminders Mercantile Law

    10/10

    it contain any provision expressly or impliedly prohibiting recovery. f the legislature had intended todeny the creditor the right to sue for any deficiency resulting from the foreclosure of a security givento guarantee an obligation# the law would expressly so provide. Absent such a provision in Act No.119# as amended# the creditor is not precluded from taking action to recover any unpaid balance onthe principal obligation simply because he chose to extra'udicially foreclose the real estate mortgage.(=PI Family !avin"s =ank, Inc. v. 4a. 0rlyn 3. 0venido @ Paci6ico 0venido, .). No. *+8*,Decem%er +, /1**2

    A mortgage action prescribes after ten years from the time the right of action accrued.(Philippine&Aport and Forei"n >oad 'arantee #orporation [now 3rade and Investment Development#orporation o6 the Philippines] v. 0mal"amated 4ana"ement and Development #orporation, et al.,.). No. *+++/