A.Absolute Timber Co. (ATC) has been engaged in the logging business in Isabela. To secure one of its shipments of logs to be transported by Andok Shipping Co., ATC purchased a marine policy with an all-risk provision. Because of a strong typhoon then hitting Northern Luzon, the vessel sank and the shipment of logs was totally lost. ATC filed its claim, but the insurer denied the claim on several grounds, namely: (1) the vessel had not been seaworthy; (2) the vessel’s crew had lacked sufficient training; (3) the improper loading of the logs on only one side of the vessel had led to the tilting of the ship to that side during the stormy voyage; and (4) the extremely bad weather had been a fortuitous event. ATC now seeks your legal advice to know if its claim was sustainable. What is your advice? Explain your answer. (3%) Suggested Answer: The insurance claim is sustainable. An all risk insurance policy covers all causes of conceivable loss or damage, except as otherwise excluded in the policy or due to fraud or intentional misconduct on the part of the insured. Since there was no stipulation as to what losses are excluded from the coverage, the insured can recover. Source: Handbook on Insurance Law by Rocille Aquino-Tambasacan, pages 194-195, citing Choa Tiek Seng vs. CA, G.R. No. 84507, March 15, 1990 B. The newly restored Ford Mustang muscle car was just released from the car restoration shop to its owner, Seth, an avid sportsman. Given his passion for sailing, he needed to go to a round-the- world voyage with his crew on his brand-new 180-meter yacht. Hearing about his coming voyage, Sean, his bosom friend, asked Seth if he could borrow the car for his next roadshow. Sean, who had been in the business of holding motor shows and promotions, proposed to display the restored car of Seth in major cities of the country. Seth agreed and lent the Ford Mustang to Sean. Seth further expressly allowed Sean to use the car even for his own purposes on special occasions during his absence from the country. Seth and Sean then went together to Bayad Agad Insurance Co. (BAIC) to get separate policies for the car in their respective names. BAIC consults you as its lawyer on whether separate policies could be issued to Seth and Sean in respect of the same car. a. What is insurable interest? (2%) Suggested Answer: There is insurable interest in property when he derives a benefit from its existence or would suffer a loss from its destruction. Source: Handbook on Insurance Law by Rocille Aquino-Tambasacan, page 64, citing Gaisano Cagayan vs. Insurance Company of Northern America, 490 SCRA 286 b. Do Seth and Sean have separate insurable interests? Explain briefly your answer. (3%) citing Section 14 of the Insurance Code. Source: Handbook on Insurance Law by Rocille Aquino-Tambasacan. Dennis. Sean has no interest in the car as he does not own it. and Mary covering certain goods deposited by the latter with the former. The risk of loss in a trust receipt agreement shall be borne by the entrustee. or (3) an expectancy coupled with an existing interest in that out of which the expectancy arises. with Morgan as entruster and Dennis as entrustee.Suggested Answer: Only Seth has insurable interest in it. B. received a lot of diving and other water sports equipment as payment of his professional fees by Dennis. II. his client in a child custody case. unidentified thieves destroyed the padlocks of the establishment of Dennis. page 64-65. Is the justification of Dennis warranted? Explain your answer. A. Paul. Anilao and other parts of Batangas experienced power outage. . and Mary then negotiated and endorsed the warehouse receipts to Cyrus. and Charles upon payment by the latter of valuable consideration for the warehouse receipts. Batangas. Loss of goods. (2) an inchoate interest founded on an existing interest. (Safe) issued on various dates negotiable warehouse receipts to Peter. 5 in Trust Receipts. but the latter refused on the ground that he also had suffered from the effects of the typhoon. Insurable interest in property consists of either an (1) existing interest. Cyrus. a lawyer. nor were they parties to any irregularity or infirmity affecting the title or the face of the warehouse receipts. Inc. Source: Section 10. Sana naalala mo ang jokes ko. Taking advantage of the total darkness. Magnus. Last Minute/Pre- Week Lecture Note: Sa last minute lecture ko. being the owner. Peter. powerpoint slide no. shall not extinguish his obligation to the entruster. even if he is being benefited by its existence. Safe Warehouse. Magnus. Dennis owned a diving and water sports dealership in Anilao. They executed a trust receipt agreement. and Charles were not aware of. Before the sports equipment could be sold. Trust Receipts Law. a strong typhoon hit Batangas. Paul. Morgan. ito yung sinabi kong yung mga paninda mong bra at panty na kinuha mo sa Boardwalk tapos hinoldap sa yo pero liable ka pa din. Seth. and carted off the equipment inside. irrespective of whether or not it was due to the fault or negligence of the entrustee. has an existing interest. Morgan demanded that Dennis pay the value of the stolen equipment. and insisted that the cause of the loss was fortuitous event or force majeure. (4%) Suggested Answer: No. Morgan decided to name Dennis as entrustee because he did not have any experience in selling such specialized sports equipment. III. A. including his house and lot in Makati. b. Meantime. filed a petition for voluntary rehabilitation. Is Safe’s refusal to surrender the goods to Cyrus. Magnus. Source: Section 16. for all lawful charges for storage and preservation of the goods. suspension of all actions to enforce any judgment. Merto. D&E moved in the trial court for the issuance of a writ of execution. (D&E). attachment or other provisional remedies against the debtor. Inc. The trial court also happened to be the rehabilitation court. considering there is no issuance yet of any Commencement Order which necessarily includes a Stay or Suspension Order which results to. also for all lawful claims for money advanced.. Last Minute/Pre-Week Lecture . Magnus. Source: Section 27. and Mary. transportation. Are the garnishment and levy of Matteo’s assets lawful and proper? Explain your answer. Matteo was also the President and Chairman of the Board of Directors. Warehouse Receipts Act. Trying to beat the consequences of rehabilitation proceedings. insurance. and Charles refused to pay. (3%) Suggested Answer: Yes. weighing. DRI and D&E engaged in an expensive litigation that eventually led to a money judgment being rendered in favor of D&E. Source: Section 29. and insisted that such claim was the liability of Peter. another realty developer. Serving the writ of execution. the court sheriff who had just passed his Credit Transactions subject in law school. also for all reasonable charges and expenses for notice. Cyrus. Inc. Magnus. Safe refused because its warehouseman’s claim must first be paid. 10 in FRIA. Paul. a. and advertisements of sale.On due dates of the warehouse receipts. labor. The family of Matteo owned 100% of the capital stock of DRI. and Charles legally justified? Explain your answer. What is a warehouseman’s claim? (3%) Suggested Answer: It refers to the warehouseman’s lien. garnished Matteo’s bank accounts. facing inability to pay its liabilities as they fall due but still holding substantial assets. (DRI) was engaged in realty development. Other members of Matteo’s family held the major positions in DRI. for the control of a smaller realty company with vast landholdings. powerpoint slide no. and Charles demanded that Safe surrender the goods to them. among others. A warehouseman loses his lien upon goods by surrendering possession thereof. Because of a nasty takeover fight with D&E Realty Co. FRIA. Cyrus. The writ of execution was issued. and levied his real properties. coopering and other charges and expenses in relation to such goods. (4%) Suggested Answer: Yes. Data Realty. or lien on goods deposited or on the proceeds thereof in his hands. DRI. Warehouse Receipts Act. interest. (Meridian). Last Minute/Pre-Week Lecture. vs. b. whether there has been mismanagement. the burden of proof is upon the corporation to show that the purpose of the shareholder is improper. to obtain information in aid of litigation with the corporation or its officers as to corporate transactions.To ascertain the financial condition of the company or the propriety of dividends. Sid used to be the majority stockholder and President of Excellent Corporation (Excellent). Left out and ignored by the management. thereby making Excellent virtually the only beverage manufacturer in the country. was charged along with other company officials with several counts of estafa in connection with the non-remittance of SSS premiums the company had collected from its employees. Sid thus became a minority stockholder and a minority member of the Board of Directors. 2015. The management refused to comply. Bersamin. August 5. Procopio. it brought along its team of officers. Source: Terelay Investment and Development Corpo. During the pendency of the cases.. 37 in 110 Questions in Merc 1 IV. (Parisian). J. the value of the shares of stock for sale or investment. questioning during the Board meetings the direction being pursued by Excellent’s officers. finding the petition to be sufficient in form and substance. The court. issued a commencement order together with a stay or suspension order. d. c. being the leading beverage manufacturer in the country. Yulo. Sid demanded the inspection of the books and other corporate records of Excellent. (3%) Suggested Answer: The following are the valid purposes to justify a demand for inspection: a. Ultimately. took over control and ownership of Excellent.. 36 in Corpo. e. Explain your answer. by way of defense. powerpoint slide no.in anticipation of shareholders' meetings to obtain a mailing list of shareholders to solicit proxies or influence voting. Inc. Inc. State under what conditions may Sid properly assert his right to inspect the books and other corporate records of Excellent. became the monopoly when Meridian’s own beverage business was merged with Excellent’s. a local conglomerate. Question no. If the right is to be denied on Sid.B. . Parisian filed a petition for rehabilitation. Excellent. When Meridian Co. saying that his right as a minority stockholder has been much reduced. Sid became a fiscalizer of sorts. Mockbar Question in Academicus Review Center and Recoletos Review Center. a Director and the CEO of Parisian Hotel Co.. Any criminal action against the individual debtor or owner.Where the purchasing corporation is merely a continuation of the selling corporation (business enterprise transfer). powerpoint slide no. FRIA. Inc. partner. et al. Source: Section 16. 13 in FRIA. FRIA. and what is the effect of its issuance? Explain your answer. c. (4%) Suggested Answer: No. director or officer of a debtor shall not be affected by any proceeding commenced under this Act. the same: (1) suspends all actions or proceedings. Last Minute/Pre-Week Lecture James Rael Podador Baguio V. (15 SCRA 415). Under the Nell Doctrine. the latter is not liable for the debts and liabilities of the transferor.Where the purchaser expressly or impliedly agrees to assume such debts. so called because it was first pronounced by the Supreme Court in the 1965 ruling in Nell v. State the exceptions to the Nell Doctrine. and (4) prohibit the debtor from making any payment of its liabilities outstanding as of the commencement date except as may be provided herein .Where the transaction amounts to a consolidation or merger of the corporations.What is a commencement order. (2) suspend all actions to enforce any judgment. will you grant the motion to suspend of Procopio. a. . Pacific Farms. Generally.Suppose you are the trial judge. and d. encumbering. Procopio and the other officers facing the criminal charges moved to suspend the proceedings in the estafa cases. attachment or other provisional remedies against the debtor.Where the transaction is entered into fraudulently in order to escape liability for such debts. 10 in FRIA. for the enforcement of claims against the debtor. Last Minute/Pre-Week Lecture b. A. b. the general rule is that where one corporation sells or otherwise transfers all of its assets to another corporation.? Explain your answer. in court or otherwise. transferring or disposing in any manner any of its properties except in the ordinary course of business.Citing the commencement order. Source: Section 18. (3)prohibit the debtor from selling. (4%) Suggested Answer: The rehabilitation proceedings formally commences upon issuance of a commencement order. (4%) Suggested Answer: Nell Doctrine states the general rule that the transfer of all the assets of a corporation to another shall not render the latter liable to the liabilities of the transferor except: a. powerpoint slide no. His brother. 55 in 110 Questions in Merc 1 B. (4%) Suggested Answer: Considering that it is a case of merger. Erica can oppose the same being a stockholder. (2) SBL (Single Borrower’s Limit rule) – a single borrower cannot obtain more . powerpoint slide no. vs. the leading company in their line of business. Samito is the President and a Director of Lucky Bank (Lucky). Corporation Code. If the loan is secured by chattel mortgage and intangibles. strongly opposed the merger and takeover. . The matter of the merger and takeover by Proficient was included in the agenda of the next meeting of Santorini’s Board of Directors. wrote to the Board of Directors and the management of Lucky questioning the loan on the ground of conflict of interest due to Samito and Othello being brothers. issued postdated checks. However. a commercial bank holding its main office in Makati. Last Minute/Pre-Week Lecture. Source: Section 77. and submitted all other requirements prescribed by Lucky. BG Company. Othello followed the ordinary banking procedures in all the stages of the processing of his application. Last Minute/Pre-Week Lecture C. 39 in Corpo. Othello executed a joint and solidary suretyship.. in addition to the real estate mortgage. powerpoint slide no. When the loan application was about to be approved and the proceeds released. 2015. it agreed to entertain the merger and takeover offer of Proficient Corporation (Proficient).Source: Y-I Leisure Phils. owing to Erica’s serious illness that required her to seek urgent medical treatment and care in Singapore. the loan should not bemore than 75%. Othello. stockholders or their related interests. (DOSRI). September 8. Thus. officers. Santorini had been in the red for a number of years owing to its recurring business losses and reverses. he made the necessary arrangements to guarantee the loan. Othello applied for a loan of P50 million with Lucky. only the Board of Directors had approved the merger. In order to firm up its financial standing. The Board of Directors approved the merger and takeover. Erica. Under the facts presented. At the time of the meeting. Inc. Mockbar question in Academicus Review Center and Recoletos Review Center. citing the legal restriction against bank exposure of directors. she failed to attend the meeting and was consequently unable to cast her vote. Question no. When required. Erica seeks your legal advice regarding her right as a stockholder opposed to the corporate action. a. Explain your answer. the major stockholder of Santorini. a keen competitor of Othello in the fishing industry. Yu. What are the three restrictions imposed by law on DOSRI transactions? (4%) Suggested Answer: These are: (1) ratio of networth to total risk assets. When a loan is secured by realty. as action or approval by 2/3 of the outstanding capital stock is required. Santorini Corporation (Santorini) was in dire straits. the loan should not be more than 75% of appraised value of realty + 60% of appraised value of improvements. owned a big fishing business based in Malabon. 41 in Corpo. as basis for compliance with the loan ceilings. Michael Medical Center. but the amount can be increased by additional 10% if secured by trust receipts. A. What will you advise him to do to resolve his dire financial condition? Explain your answer. 70 in 71 Questions in Merc 2 B. Source: Sec. General Banking Law. except if it is a fringe benefit plan approved by BSP. powerpoint slides no. now faces a situation where he is unable to pay his liabilities as they fall due in the ordinary course of business. (5%) Suggested Answer: He can file a petition for rehabilitation. (4%) Suggested Answer: It depends whether or not there was compliance with the aforementioned requirements. 4-5 in FRIA. The problem only indicated that Othello followed the normal banking procedures in the processing of his loan. March 25. Source: Sec. he remained afloat only because of the properties inherited from his parents who had both come from landed families in Laguna. FRIA. 2015. whether a natural or juridical one. Question no. he executed a real estate mortgage with a dragnet clause involving his family’s assets worth several millions of pesos. Wyatt. His main creditor was Puresilver Company (Puresilver). Hortencio owned a modest grocery business in Laguna. an internet entrepreneur. His main job was being an IT consultant at Futurex Co. 36. rehabilitation is possible considering that FRIA covers an insolvent debtor. General Banking Law. he incurred huge financial liabilities. To secure his credit with Puresilver. a local computer company. but there were no amounts indicated as reference. excluding DOSRI concerned. powerpoint slide no.than 25% of bank networth. Because of the economic downturn. save for the P50M loan. Hortencio. Corporate rehabilitation contemplates a continuance of business life and activities in an effort to restore and reinstate the corporation to its former position of successful operation and solvency. Is BG Company’s opposition based on conflict of interest and violation of the restrictions on DOSRI transactions legally and factually correct? Explain your answer. powerpoint slide no. the principal supplier of the merchandise sold in his store. warehouse receipts or shipping documents and (3) DOSRI cannot borrow nor become guarantor for loans except if there is written approval of majority of all directors.. BPI Family Savings Bank vs. St. while generally in the black. the purpose being to enable the debtor to gain a new lease on life and allow its creditors to be paid their claims out of its earnings. Though Hortencio is a natural person and not a corporation. engaged in a sideline business of creating computer programs for selected clients on a per project basis and for servicing basic computer problems of his friends and family members. Nonetheless. 36. 5. Source: Sec. Because of his ill-advised investments in the stock market and the fraud perpetrated . 9-10 in Banking Law b. 10 in Banking Law VI. health or the development of other sectors. he had far more liabilities than his entire assets.000. Source: Sec. national security. (1)The public interest. It applies when the individual debtor has properties are not sufficient to cover his liabilities. Suspension of payments is not feasible considering it applies only if he possesses sufficient property to cover all his debts but foresees the impossibility of meeting them when they respectively fall due. Here. A. scholarship. What legal recourse remained available to Wyatt? Explain your answer. 57 in Intel Prop Code B. and owing debts exceeding P500. The fair use of a copyrighted work for criticism. Wyatt has more liabilities than assets thus voluntary liquidation is the only remedy available to him. or . When she heard the musical works of Virtucio. 24 in FRIA VII. research. in particular. citing the huge costs and expenses incurred for research and development. Assuming you are asked your opinion as the legal consultant of DOH. nutrition. there is no violation. among others. (5%) Suggested Answer: He can apply for voluntary liquidation. news reporting. so requires. Intel Prop Code. Source: Section 94 and 103 FRIA. (4%) Suggested Answer: A government agency or third person authorized by the government may exploit the invention even without agreement of the patent owner where. Wyatt was already drowning in debt. Did Pascuala thereby infringe Virtucio’s copyright? Explain your answer. comment. Super Biology Corporation (Super Biology) invented and patented a miracle medicine for the cure of AIDS. Being the sole manufacturer. Super Biology sold the medicine at an exorbitant price. she purchased a CD of his works. She copied the CD and sent the second copy to her Music class with instructions for the class to listen to the CD and analyze the works of Virtucio.against him by his trusted confidante. as determined by the appropriate agency of the government. Super Biology. Because of the sudden prevalence of AIDS cases in Metro Manila and other urban areas. Pascuala is a professor of music in a local university with special focus on indigenous music. 185. the Department of Health (DOH) asked Super Biology for a license to produce and sell the AIDS medicine to the public at a substantially lower price. Virtucio was a composer of Ilocano songs who has been quite popular in the Ilocos Region. discuss how you will resolve the matter. that is. refused. and similar purposes is not an infringement of copyright. (4%) Suggested Answer: No. powerpoint slide no. teaching including limited number of copies for classroom use. powerpoint slide no. may Flora be successfully prosecuted for money laundering? Explain briefly your answer. in coordination with the counterpart group from the PDEA and the NBI. there is a national emergency or other circumstance of extreme urgency requiring the use of the invention. Source: Sec. Flora. 74. were related to money laundering. It handles the banking requirements of thousands of clients. the predicate crime or unlawful activity referred to is qualified theft. Under AMLA. On her return from her travels. Here. Prosperous Bank is a domestic bank with head office in Makati. She then deposited the entire amount in her checking account with Metro Bank. 3(i) AMLA as amended. gathered ample evidence establishing Lorenzo’s unlawful drug activities. Given that her appropriation was theft. To test the appraisal. and instead to keep it. found a purse concealed between the cushions of a large sofa inside the VIP lounge in NAIA while she was waiting for her flight to be called. Intel Prop Code. 11 in Intel Prop Code James Rael Podador Baguio VIII. Is Prosperous Bank’s refusal justified? Explain your answer. No court order is required if the predicate crime is violation of the Dangerous Drugs Act. she had a dependable jeweller appraise the necklace. She decided not to turn over the purse to the airport management.(2)In the case of drugs and medicines. not plain theft. 38 in Banking Laws B. and the latter told her that the necklace was easily worth at least P5 million in the open market. but Prosperous Bank refuses the demand. a suspected drug trafficker based in Naga City. she cannot be prosecuted for money laundering. The AMLC initiated a discreet investigation of the financial transactions of Lorenzo. Promptly. . Metro Bank reported the transaction to the Anti-Money Laundering Council (AMLC). (4%) Suggested Answer: No. The AMLC may inquire into or examine any particular deposit or investment with any banking institution when it has been established that there is probable cause that the deposits or investments are related to an unlawful activity. powerpoint slide no. Source: Sec. including Prosperous Bank. she pawned the necklace for P2 million. powerpoint slide no. The AMLC had probable cause that his deposits and investments in various banks. (4%) Suggested Answer: No. the AMLC now transmits to Prosperous Bank a formal demand to allow its agent to examine the banking transactions of Lorenzo. the prevalence of AIDS could fall under national emergency. Inside the purse was a very valuable diamond-studded necklace. A. The intelligence group of the AMLC. Accordingly. a frequent traveller. the bank cannot refuse. A stale check is one which has not been presented for payment within a reasonable time after its issue. should not be paid.000 on the check. on Alfred. 11 AMLA. 21 in Banking Laws Note: Natandaan nyo ba yung KDHAM sa enumeration dun sa lecture ko? IX. a dormmate of Cesar.000 only. Negotiable Instruments Law in a Nutshell by Rocille Aquino- Tambasacan citing Section 66. powerpoint slide no. February 12. Yaasmin misplaced the check. However. Rhodora negotiated the check and delivered it to Yaasmin. Solar Bank acted as an indorser and thus warrants. 351 SCRA 506 . 125 Negotiable Instruments Law B. As collecting bank. Negotiable Instruments in a Nutshell by Rocille Aquino-Tambasacan. as payment for an electronic gadget. Under the negotiable instruments law. his friend. (4%) Suggested Answer: The check is considered a stale one already.000 and forged Cesar’s indorsement by way of a blank indorsement in favor of Felix. page 18. 124. Solar Bank stamped “all previous indorsements guaranteed” on the check. Discuss and explain the rights of Yaasmin on the check. when she found the check inside a diary kept in her vault in her Hollywood. Bank vs. Donald. It was only 11 years later on. Good Bank paid the amount of P91. 186 Nego Instruments Law.000 to Benjamin. a check must be presented for payment within a reasonable time after its issue. Benjamin then indorsed the check specially in favor of Cesar. that is 6 months from issue date. considering that there was an indorsement by Solar Bank. Seeing such stamp of the collecting bank. the genuineness of the instrument. the instrument can be enforced according to its original tenor. However. Source: pages 99 and 169. Alfred issued a check for P1. (4%) Suggested Answer: The figure being a material alteration. May Good Bank claim reimbursement from Alfred? Explain your answer. found the check. can collect from Solar Bank the sum of P91. International Corp. and Yaasmin cannot expect payment on it. a Filipina socialite who frequently travelled locally and internationally. altered its amount to P91. A. Gueco. Source: Sec.000 drawn against Wells Fargo Bank with offices in San Francisco. in case of dishonor of the check by Alfred. California. Dexter. California house. Felix then caused the deposit of the check in his account with Solar Bank. therefore. among others. The check was drawn against Alfred’s account with Good Bank.Source: Sec. Cesar misplaced the check. In 2006. issued to Rhodora a check for $50. It is valueless and. which is P1. in 2017. a known jeweler. Good Bank. Failure of a payee to encash a check for more than ten years undoubtedly resulted in the check becoming stale. Because of her frequent travels. 2001. In banking parlance.000. an American temporarily residing in Cebu City. senior citizen at holdaper? XI. unless it was proven that it observed extraordinary diligence. just stole a ride in the bus by hiding in the on-board toilet of the bus. It only refers to those with voting shares. During the trip. already penniless after spending all of his money on beer the night before. being a boyhood friend of the bus driver. Source: Roy III vs. Thus. a. the bus collided with another bus coming from the opposite direction. The carrier then is not liable. Forgery is a real defense but may only be raised against a holder not in due course. in so far as Jerome is concerned where there was gratuitous carriage. if any. (2%) Suggested Answer: FALSE. Florencio. the paying passenger. Question no. conductor. What are WTC’s liabilities. The three friends all suffered serious physical injuries. Jerome. namely: Aurelio. However. Inc. (2%) . and Florencio rode on the same WTC bus from Manila bound for Mindoro. Three friends. 6 in Trust Receipts Law b. dyowa na libre pamasahe. WTC is liable for his injuries considering common carriers like WTC are presumed to have been at fault. if there was no stipulation. Trust Receipts Law. However.A conviction under the Trust Receipts Law shall bar a prosecution for estafa under the Revised Penal Code. Jerome. in favor of Aurelio. he assumes all the risk attendant to the trip. November 22. 8 in Transpo Note: Naalala nyo ung chain question ko ng driver. 1758 Civil Code. if there was a stipulation limiting WTC’s liability for negligence. (2%) Suggested Answer: FALSE. (WTC) owned and operated an inter-island deluxe bus service plying the Manila-Batangas-Mindoro route. The restrictive application proposed might result to deprivation of capital if there were no Filipino takers. Art. Source: Article 1756. 2016. Source: Section 13. Wisconsin Transportation Co. was allowed a free ride by agreeing to sit during the trip on a stool placed in the aisle. The term capital in relation to public utilities under Sec. 11. 1 in 110 Questions in Merc 1 c. TRUE or FALSE – Explain briefly your answer.. (4%) Suggested Answer: In so far as Aurelio is concerned. that is valid but not for gross negligence. for a stowaway like Florencio. Jerome. Herbosa. then the carrier’s liability is the same as that of Aurelio’s. Violation of the Trust Receipts Law constitutes estafa.X. XII of the 1987 Constitution refers to the total outstanding capital stock comprising both common and non-voting preferred shares. Aurelio purchased a ticket for himself. powerpoint slide no. and Florencio? Explain your answer. powerpoint slide no. News of the day however is not copyrightable. Insurable interest in life is unlimited. (3%) Suggested Answer: Considering that Go-Green was the one who operated the vessel with its own crew. Inc. 2015.Suggested Answer: FALSE. Negotiable Instruments in a Nutshell by Rocille Aquino-Tambasacan citing Section 23. Gozon. Mockbar question in Academicus Review Center and Recoletos Review Center e. The law on life insurance prohibits double insurance. March 11. Explain briefly your answer. Thus. In a charter by demise or bareboat charter. powerpoint slide no. (2%) Suggested Answer: FALSE. in effect. an NGO affiliated with Greenpeace. In line with its vision and mission to protect the environment. what was taken then by the parties was a bareboat or demise charter. News reports are copyrightable. (Onassis) operated passenger vessels and cargo trucks. Go- Green Asia (Go-Green). the whole vessel is let to the charterer with a transfer to him of its entire command and possession and consequent control over its navigation. it can be raised even against a holder in due course. question no. including the master and the crew. the owner for the voyage or service stipulated and hence liable for damages or loss sustained by the goods transported. News reports are not copyrightable. Onassis Shipping. which is present in double insurance. Discuss the liabilities of Onassis and Go-Green to the passengers of the M/V Dolphin. 28 in 71 Questions in Merc 2. . 46 in Intel Prop Law. who are his servants. The charterer mans the vessel with his own people and becomes. Source: page 177. Source: ABS-CBN vs. the same is allowed. Handbook in Insurance Law by Rocille Aquino Tambasacan XII. (2%) Suggested Answer: FALSE. It falls under the category of audiovisual works and cinematographic works and works produced by a process analogous to cinematography. Being a real defense. is not present in life insurance. Source: page 67. an ocean-going passenger vessel of Onassis. The danger of overinsuring. the M/V Dolphin encountered high waves and strong winds caused by a typhoon in the West Philippine Sea. The concept of owner pro hac vice applies making Go-Green solidarily liable for the injuries. The rough seas led to serious physical injuries to some of the guests. While on its way to Palawan carrying Go-Green’s invited guests who were international and local observers desirous of checking certain environmental concerns in the area. and offered its services to the general public. entered into a contract with Onassis whereby Go-Green would operate with its own crew the M/V Dolphin. Nego Instruments Law d. powerpoint slide no.. Philam Insurance vs. July 23.Source: Question no. 25 in 110 Questions in Merc 1. 2014. 19 in Transpo Law . Heung-A Shipping and Wallem Phils.