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DEPOSITS is a Central Bank measure to cut off excess

currency liquidity which would create


a. In general
inflationary pressure
A deposit is constituted from the moment a
person receives a thing belonging to another,
f. Voluntary Deposits
with the obligation of safely keeping it and of
Voluntary deposit is that wherein the delivery
returning the same.
is made by the will of the depositor.
- If the safekeeping of the thing delivered
Deposit may also be made by two or more
is not the principal purpose of the
persons each of whom believes himself
contract, there is no deposit but some
entitled to the thing deposited with a third
other contract.
person, who shall deliver it in a proper case to
Deposit itself is not perfected until delivery
the one to whom it belongs.
of the thing
- Agreement to constitute deposit is
g. Forms
binding
Contract of deposit may be entered into
Deposit may be constituted judicially or
orally or in writing.
extrajudicially.
- extrajudicial deposit is either voluntary
h. Legal Capacity
or necessary
If a person having capacity to contract
Deposit is a gratuitous contract except:
accepts a deposit made by one who is
- when there is an agreement to the
incapacitated, the former shall:
contrary
- be subject to all the obligations of a
- the depositary is engaged in the business
depositary
of storing goods.
- compelled to return the thing by the
Only movable things may be the object of a
a. guardian
deposit.
b. administrator
An extrajudicial deposit is either voluntary or
c. by the latter himself if he should
necessary.
acquire capacity.

b. Deposits Defined
i. Right of depositor
In a contract of deposit, a person receives an
If the deposit has been made by a
object belonging to another with the
capacitated person with another who is not,
obligation of safely keeping it and of
the depositor shall:
returning the same.
- only have an action to recover the thing
deposited while it is still in the possession
c. How is deposit constituted
of the depositary,
A deposit is constituted from the moment a
- to compel the latter to pay him the
person receives a thing belonging to another,
amount by which he may have enriched or
with the obligation of safely keeping it and of
benefited himself with the thing or its
returning the same.
price.
- If deposit not the principal purpose of
if a third person who acquired the
the contract, there is no deposit but some
thing acted in bad faith, the depositor
other contract.
may bring an action against him for its
recovery.
d. Time deposit and demand deposit
Time Deposits- one the payment of which
j. Obligations of Depositary
cannot legally be required within such a
Depositary is obliged to keep the thing safely
specified number of days
and to return it, when required
Demand Deposits- all those liabilities of the
Depositary cannot deposit the thing with a
BSP and other banks which are denominated
third person except:
in Philippine currency and are subject to
- If there is stipulation that it is allowed,
payment in legal tender upon demand by the
Depositary is liable for the loss if he
presentation of depositors checks.
deposited the thing with a person who
is manifestly careless or unfit and for
e. Marginal Deposit
the negligence of his employees.

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Depositary may change the way of the deposit or if the loss arises from the character of
if depositor would consent to the change the things brought into the hotel. (n)
- However, he shall notify the depositor
thereof and wait for his decision o. Other important laws involving hotel keepers
Unless delay would cause danger Article 1999. The hotel-keeper is liable for
Depositary holding certificates, bonds, the vehicles, animals and articles which have
securities or instruments which earn interest been introduced or placed in the annexes of
shall the hotel. (n)
- Be bound to collect the latter when it Article 2000. The responsibility referred to
becomes due in the two preceding articles shall include the
- Take such steps as may be necessary in loss of, or injury to the personal property of
order that the securities may preserve the guests caused by the servants or
their value and the rights corresponding employees of the keepers of hotels or inns as
to them well as strangers; but not that which may
Does not apply to contracts for the proceed from any force majeure. The fact
rent of safety deposit boxes. that travellers are constrained to rely on the
vigilance of the keeper of the hotels or inns
k. When will deposit be characterized as shall be considered in determining the degree
commodatum? of care required of him. (1784a)
When the depositary has permission to use Article 2001. The act of a thief or robber,
the thing deposited who has entered the hotel is not deemed
- Except where safekeeping is still the force majeure, unless it is done with the use
principal purpose of the contract. of arms or through an irresistible force. (n)
Permission shall not be presumed Article 2002. The hotel-keeper is not liable
for compensation if the loss is due to the acts
l. Where deposit is necessary: of the guest, his family, servants or visitors,
1. When it is made in compliance with legal or if the loss arises from the character of
obligation the things brought into the hotel. (n)
2. When it takes place on the occasion of any Article 2003. The hotel-keeper cannot free
calamity, such as fire, storm, flood, pillage, himself from responsibility by posting notices
shipwreck, or other similar events to the effect that he is not liable for the
articles brought by the guest. Any stipulation
m. Rules governing necessary deposit between the hotel-keeper and the guest
Rule 1- governed by the provision of the law whereby the responsibility of the former as
establishing it, and supplemented by the rules set forth in articles 1998 to 2001 is
on voluntary deposit suppressed or diminished shall be void. (n)
Rule 2- regulated by provisions concerning Article 2004. The hotel-keeper has a right to
voluntary deposit and by Article 2168 retain the things brought into the hotel by
the guest, as a security for credits on
n. Deposit of effects, necessary in hotels account of lodging, and supplies usually
Article 1998. The deposit of effects made by furnished to hotel guests. (n)
travellers in hotels or inns shall also be
regarded as necessary. The keepers of hotels p. Sequestration or Judicial Deposits
or inns shall be responsible for them as Article 2005. A judicial deposit or
depositaries, provided that notice was given sequestration takes place when an attachment
to them, or to their employees, of the or seizure of property in litigation is ordered.
effects brought by the guests and that, on (1785)
the part of the latter, they take the Article 2006. Movable as well as immovable
precautions which said hotel-keepers or their property may be the object of sequestration.
substitutes advised relative to the care and (1786)
vigilance of their effects. (1783) Article 2007. The depositary of property or
Article 2002. The hotel-keeper is not liable objects sequestrated cannot be relieved of
for compensation if the loss is due to the acts his responsibility until the controversy which
of the guest, his family, servants or visitors, gave rise thereto has come to an end, unless
the court so orders. (1787a)

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Article 2008. The depositary of property If money is deposited with a person and the
sequestrated is bound to comply, with respect latter is authorized by depositor to use and
to the same, with all the obligations of a good dispose it, agreement is of a loan
father of a family. (1788)
Article 2009. As to matters not provided for u. Deposits in bank is in the nature of loan
in this Code, judicial sequestration shall be
governed by the Rules of Court. (1789a) v. What is a certificate of deposit
Sequestration defined in general A written acknowledgement by a bank or
- The process by which property or funds banker of the receipt of a sum of money on
are attached pending the outcome of deposit which the bank or banker promises to
litigation pay to the depositor, to the order of the
Sequestration defined pursuant to law depositor, or to some other person or his
creating PCGG (Presidential Commission on order, whereby the relation of debtor and
Good Governance) creditor between the bank and depositor is
- Taking into custody or placing the created
Commissions control or possession any For of a certificate of deposit need not be in
asset, fund or other property in order to a specific form
prevent their concealment, destruction, - What is controlling is the nature or
impairment or dissipation pending meaning conveyed by the certificate
determination of the question whether
the said asset, fund or property is ill w. In action against the depositary, the burden of
gotten wealth. proof is on the plaintiff
Due process is required in sequestration cases
PCGG has power to sequester property x. Contracts for safety deposit box is a special
claimed to be ill gotten kind of deposit
Sandiganbayan has exclusive jurisdiction to
hear ill-gotten wealth cases y. What is a provident fund
Type of retirement plan where both the
q. Liability of person who deposits trust funds in employer and employee make fixed
his personal accounts contributions out of the accumulated fund
Does not assume obligation different from and its earnings, employees receive benefits
that under which he would have lain if such upon their retirement, separation from
deposit had not been made service or disability.
Does not become liable to repay the money at
all hazards
Where such funds are taken from bank by
fuerza mayor, he is relieved from
responsibility

r. What is Trust Fund


Refers to money or property set aside as a
trust for the benefit of another and held by a
trustee

s. Stipulation exempting depository from liability


on account of fraud is void
Depositary is liable if found guilty of fraud,
negligence, delay or contravention of tenor of
agreement
Diligence of a good father of a family is to be
observed

t. Instance where there is no contract of deposit

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to all the legal remedies against the debtor
except:
- Where a pledge or mortgage has been
given as a special security

f. When will excussion not take place


Article 2059. The excussion shall not take
place: (1) If the guarantor has expressly
renounced it; (2) If he has bound himself
GUARANTY AND SURETYSHIP solidarily with the debtor; (3) In case of
insolvency of the debtor; (4) When he has
a. Guaranty defined absconded, or cannot be sued within the
Article 2047. By guaranty a person, called the Philippines unless he has left a manager or
guarantor, binds himself to the creditor to representative; (5) If it may be presumed
fulfill the obligation of the principal debtor in that an execution on the property of the
case the latter should fail to do so. principal debtor would not result in the
If a person binds himself solidarily with the satisfaction of the obligation. (1831a)
principal debtor, the provisions of Section 4, What is excussion
Chapter 3, Title I of this Book shall be - Diligent prosecution of a remedy against a
observed. In such case the contract is called debtor
a suretyship. (1822a) - The exhausting of a remedy against a
principal debtor before resorting to his
b. Who is a surety sureties
The same party as the debtor in relation to Excussion is not a prerequisite to secure
whatever is adjudged touching the obligation judgment against guarantor
of the latter, and their liabilities are - Guarantor can still demand deferment
interwoven as to be inseparable. after assets of principal debtor shall have
exhausted
c. Surety and Guaranty defined and distinguished - Benefit of excussion may be waived
Guaranty Suretyship How must excussion be set up by the
Obligation Secondary Primary guarantor
Undertaking To pay if To pay if - Article 2060. In order that the guarantor
principal principal may make use of the benefit of exclusion,
debtor cannot debtor does he must set it up against the creditor
pay not pay upon the latter's demand for payment
Benefit Excussion None from him, and point out to the creditor
(creditor must
available property of the debtor within
proceed first
Philippine territory, sufficient to cover
to the principal
the amount of the debt. (1832)
before the
secondary Guarantor of a guarantor enjoys benefits of
debtor) excussion
Insurance Insures the Insures the
solvency of the debt g. Obligations of creditor in relation to the
debtor guarantor
Liability Subsidiarily Solidarily Article 2061. The guarantor having fulfilled
all the conditions required in the preceding
d. Provisions on solidarily obligations apply to article, the creditor who is negligent in
surety contracts exhausting the property pointed out shall
suffer the loss, to the extent of said
e. Effects of Guaranty between guarantor and property, for the insolvency of the debtor
creditor resulting from such negligence. (1833a)
Guarantor cannot be compelled to pay the Article 2062. In every action by the creditor,
creditor unless the latter has exhausted all which must be against the principal debtor
the property of the debtor, and has resorted alone, except in the cases mentioned in article
2059, the former shall ask the court to notify

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the guarantor of the action. The guarantor unless the payment has been ratified by the
may appear so that he may, if he so desire, debtor. (1841a)
set up such defenses as are granted him by Article 2070. If the guarantor has paid
law. The benefit of excussion mentioned in without notifying the debtor, and the latter
article 2058 shall always be unimpaired, even not being aware of the payment, repeats the
if judgment should be rendered against the payment, the former has no remedy whatever
principal debtor and the guarantor in case of against the debtor, but only against the
appearance by the latter. (1834a) creditor. Nevertheless, in case of a
Article 2063. A compromise between the gratuitous guaranty, if the guarantor was
creditor and the principal debtor benefits the prevented by a fortuitous event from advising
guarantor but does not prejudice him. That the debtor of the payment, and the creditor
which is entered into between the guarantor becomes insolvent, the debtor shall reimburse
and the creditor benefits but does not the guarantor for the amount paid. (1842a)
prejudice the principal debtor. (1835a)
Article 2065. Should there be several i. Instances when the guarantor may sue the
guarantors of only one debtor and for the debtor
same debt, the obligation to answer for the Article 2071. The guarantor, even before
same is divided among all. The creditor cannot having paid, may proceed against the principal
claim from the guarantors except the shares debtor: (1) When he is sued for the payment;
which they are respectively bound to pay, (2) In case of insolvency of the principal
unless solidarity has been expressly debtor; (3) When the debtor has bound
stipulated. himself to relieve him from the guaranty
The benefit of division against the co- within a specified period, and this period has
guarantors ceases in the same cases and for expired; (4) When the debt has become
the same reasons as the benefit of excussion demandable, by reason of the expiration of
against the principal debtor. (1837) the period for payment; (5) After the lapse
of ten years, when the principal obligation has
h. Effects of guaranty between Debtor and no fixed period for its maturity, unless it be
Guarantor of such nature that it cannot be extinguished
Article 2066. The guarantor who pays for a except within a period longer than ten years;
debtor must be indemnified by the latter. (6) If there are reasonable grounds to fear
The indemnity comprises: (1) The total amount that the principal debtor intends to abscond;
of the debt; (2) The legal interests thereon (7) If the principal debtor is in imminent
from the time the payment was made known danger of becoming insolvent. In all these
to the debtor, even though it did not earn cases, the action of the guarantor is to obtain
interest for the creditor; (3) The expenses release from the guaranty, or to demand a
incurred by the guarantor after having security that shall protect him from any
notified the debtor that payment had been proceedings by the creditor and from the
demanded of him; (4) Damages, if they are danger of insolvency of the debtor. (1834a)
due. (1838a) Article 2072. If one, at the request of
Article 2067. The guarantor who pays is another, becomes a guarantor for the debt of
subrogated by virtue thereof to all the rights a third person who is not present, the
which the creditor had against the debtor. guarantor who satisfies the debt may sue
If the guarantor has compromised with the either the person so requesting or the debtor
creditor, he cannot demand of the debtor for reimbursement. (n)
more than what he has really paid. (1839)
Article 2068. If the guarantor should pay j. Effects of guaranty as between co-guarantors
without notifying the debtor, the latter may Article 2073. When there are two or more
enforce against him all the defenses which he guarantors of the same debtor and for the
could have set up against the creditor at the same debt, the one among them who has paid
time the payment was made. (1840) may demand of each of the others the share
Article 2069. If the debt was for a period which is proportionally owing from him. If any
and the guarantor paid it before it became of the guarantors should be insolvent, his
due, he cannot demand reimbursement of the share shall be borne by the others, including
debtor until the expiration of the period the payer, in the same proportion. The

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provisions of this article shall not be
applicable, unless the payment has been made
by virtue of a judicial demand or unless the
principal debtor is insolvent. (1844a)
Article 2074. In the case of the preceding
article, the co-guarantors may set up against
the one who paid, the same defenses which
would have pertained to the principal debtor
against the creditor, and which are not purely
personal to the debtor. (1845)

k. Distinction between guaranty and suretyship as


to liability
a. Guaranty insures the solvency of the debtor
while a surety is an insurer of the debt itself
b. Guaranty gives rise to subsidiary obligation
while in surety he is principally liable
c. The principle of excussion is available to
guaranty and not available to surety
d. Surety is directly, equally and absolutely
bound with the principal debtor for the
payment of debt and is deemed as principal
debtor
Surety distinguished from joint and solidary
debtor
- Surety does not bind to the creditor, only
a legal tie between the surety and
principal debtor
Performance bond is a kind of surety
agreement
- Surety agreement- agreement whereby
the surety guarantees the performance
of the obligor of an obligation or
undertaking in favor of another party
called the creditor.

l. Nature of suretyship
Guaranty may be given to future debts, the
amount of which may not be known at the time
the guaranty is executed
- Continuing guaranty- one which covers all
transactions, including those arising in the
future, until the expiration or termination
thereof

m. Use of word guaranty does not make contract


one of guaranty

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