Banking Law I

Secrecy of Deposits/Garnishment of Deposits

Scope

 Secrecy of Bank Deposits Republic Act No. 1405 as amended.

 Philippine Constitution (Article III, Sections 2, 3 and 7, Article II, Section 28)
 General Banking Law, Sections 55.1(b) and 55.4

 Republic v. Eugenio (545 SCRA 384)

 Intengan v. Court of Appeals (377 SCRA 63)
 Ejercito v. Sandiganbayan (509 SCRA 190)

Certain Statutory Exceptions1

 Bank Secrecy Law – Section 2

 BSP Group Inc. v. Go (612 SCRA 596)
 Mellon Bank, N.A.v. Magsino, 190 S.C.R.A. 633 [1990]

 Anti-Graft and Corrupt Practices Act – Section 8

 Philippine National Bank v. Gancayco (15 SCRA 91)
 Banco Filipino Savings and Mortgage Bank v. Purisima (161 SCRA
576)

 Ombudsman Act – Section 15(8)

 Marquez v. Desierto (359 SCRA 772)
 Ejercito v. Sandiganbayan (509 SCRA 190)

 Plunder Law – Sections 1(d) and 4

 Ejercito v. Sandiganbayan (509 SCRA 190)

 Anti-Money Laundering Act – Section 11

 Republic v. Eugenio (545 SCRA 384)

 PDIC Charter – Section 8

 Human Security Act – Sections 27-43

 National Internal Revenue Code – Section 6(f)

 Unclaimed Balances Law – Section 2

 Foreign Currency Deposit Act – Section 8 and 10

 Van Twest vs. Court of Appeals (230 SCRA 42)
 China Banking Corporation v. Court of Appeals (511 S.C.R.A. 110
[2006])

Garnishment of Deposits

 Procedure – 1997 Rules of Civil Procedure, Section 9(c), Rule 39

1
You must read the latest version of each statute.
 Exemptions
 Foreign Currency Deposits Act, Section 8
 Salvacion v. Central Bank (278 SCRA 27)
 1997 Rules of Civil Procedure, Section 13, Rule 39

 Relevant jurisprudence
 China Bank v. Ortega (49 SCRA 356)
 Philippine Commercial and Industrial Bank v. Court of Appeals
(193 SCRA 452)
 Rizal Commercial Banking Corporation v. De Castro (168 SCRA
49)