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Course Outline (.PDF 167kb)
I. REMEDIES OF THE DEBTOR-MORTGAGOR
II. 6 REMEDIES OF DEBTOR AGGRIEVED BY FORECLOSURE UNDER ACT NO. 3135
III. 4 REMEDIES AGAINST PETITION FOR EX-PARTE ISSUANCE OF A WRIT OF POSSESSION
IV. IN ANTICIPATION OF A NEW SPECIAL PURPOSE VEHICLE LAW*
– SPV Law based on RA 9182 (SPV Act of 2002)
– SPV amended by RA 9343 July 25, 2005
RIGHTS OF THE DEBTORS WHOSE DEBTS ARE SOLD
OR ASSIGNED TO
A SPECIAL PURPOSE VEHICLE CORPORATION
1. Mandatory Opportunity to negotiate for the restructuring or amicable settlement for not more than 90 days
before the sale of non-performing loans.
2. The transfer price and the issues of: --Unjust enrichment; Barratry
3. The extra-ordinary fiduciary duty of the assigning bank towards the borrower under the New General Banking
Act and Special Purpose Vehicle Law.
4. The equitable right of redemption of the Borrower under Article 1634 of the New Civil Code
5. The mandatory requirement of the Truth and Lending Act for a Disclosure Statement in case of Assignment of Credit.
(a) Significance of the coverage of assignment of credit under the law (b) Penal Sanction for non-compliance
6. Substantive and procedural legal requirements to perfect the assignment. Is mere notice to the debtor sufficient?
7. Distinction between assignment under the New Civil Code and negotiation under the Negotiable Instruments Law of
Deposit Substitutes in the Secondary Market
V. CORPORATE SUSPENSION OF PAYMENTS AND REHABILITATION
A. Automatic stay of all proceedings
B. “Equality in Equity” between secured and unsecured creditors
C. Ordinary and Extra-ordinary suspension of payments
D. Periods of stay or suspension of actions
F. Termination and lifting of suspension order
VI. REMEDIES OF THE BANKS
*Optional: Add P450 for a printed copy of a certificate of attendance inclusive of delivery charge