LETTERS OF CREDIT 1. 2. 3. 4.

Definition Applicable laws Parties to a letter of credit Transactions involved in a letter of credit (See: Independence Principle; ra!d "#ception Principle and $!le of Strict %o&pliance' (. T)pes of letters of credit a. irrevocable letter of credit b. confir&ed letter of credit c. standb) letter of credit d. ot*ers CASES: +an, of t*e P*ilippine Islands vs. De $en) abric Ind!stries- Inc.- ..$. /o. 0124221- 13 4ctober 1567-; +an, of A&erica- /T vs. %o!rt of Appeals- ..$. /o. 17(35(-17 Dece&ber 1553; eati +an, 8 Tr!st %o&pan) vs. %o!rt of Appeals- ..$. /o. 54275- 37 April 1551; Transfield P*ilippines- Inc. vs. 0!9on :)dro %orp.- ..$. /o. 143616-22 /ove&ber 2774; ;<SS vs. :on. Dawa)- ..$. /o. 137632- 21 =!ne 2774 TRUST RECEIPTS 1. 2. 3. 4. (. 3. 6. Tr!st receipt transaction (Sec. 4- T$0' or& of tr!st receipt (Sec. (- T$0' Parties to a tr!st receipt transaction $i>*ts of t*e entr!ster (Sec. 6- 2- 8 12 T$0' 4bli>ations?0iabilities of t*e entr!stee (Sec. 5 8 17- T$0' $i>*ts of p!rc*aser (Sec. 11- T$0' Penalties (Sec. 13'

CASES: People vs. /itafan- ..$. /os. 21((5137- 73 April 1552; $osario Te#tile ;ills %orp.- et al. vs. :o&e +an,ers Savin>s 8 Tr!st %o.- ..$. /o. 136232- 25 =!ne 277(; 0andl %o&pan) vs. ;etroban,- ..$. /o. 1(5322- 37 =!l) 2774; @intola vs. Ins!lar +an,- ..$. /o. 63261- 25 ;a) 1526; Pilipinas vs. 4n>- ..$. /o. 133163- 2 A!>!st 2772' WAREHOUSE RECEIPTS LAW 1. %oncept of ware*o!sin> b!siness 2. D!ties of a ware*o!se&an 3. <are*o!se receipts a. !nctions b. or& of receipts (Sec. 2- <$0' c. ,inds of ware*o!se receipts 1. ne>otiable 2. non1ne>otiable 4. /e>otiation of receipts a. bearer and order receipts (Sec. 36 8 32- <$0' b. effects of ne>otiation (Sec. 41- 45 and 2(- <$0' c. inco&plete ne>otiation (Sec. 43- <$0' d. ne>otiation b) fra!d- &ista,e or d!ress (Sec. 46- <$0 co&pare wit* Art. 1(12- /%%' (. Transfer of receipts and effects t*ereof (Sec. 35 and 42- <$0' 3. 0iabilities of indorser or transferor (Sec. 44 8 4(- <$0' 6. <are*o!se&anAs lien and its enforce&ent (Sec. 26- 25- 33- 34 and 3(- <$0' 2. Adverse clai&s (Sec. 16- 12 and 15- <$0'