This case has been cited 1 times or more.
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2015-09-21 |
PEREZ, J. |
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| The instant case involves a disputed claim of sum of money against a closed financial institution. After the Monetary Board has declared that a bank is insolvent and has ordered it to cease operations, the Board becomes the trustee of its assets for the equal benefit of all the creditors, including depositors.[13] The assets of the insolvent banking institution are held in trust for the equal benefit of all creditors, and after its insolvency, one cannot obtain an advantage or a preference over another by an attachment, execution or otherwise.[14] Towards this end, the PDIC, as the statutory receiver/liquidator of the bank, is mandated to immediately gather and take charge of all the assets and liabilities of the institution and administer the same for the benefit of its creditors.[15] | |||||