Trust Receipt Agreement Sample Form Philippines

A: The Entrustee. A confirmation of trust has two functions, credit and security functions. The loan is obtained by the fact that the pet financed the importation or purchase of the goods under TR. Until and until this loan is paid, the obligation to pay exist. If the agent were to appear as an owner, it was only an artificial utility, more of legal fiction than the fact, because if that were really the case, he could throw away the goods in one way or another that he wants, which he cannot do. Considering the Entrustee as a true owner at the beginning of the transaction would not take into account the loan function. (Rosario Textile Mills Corp. v. Home Bankers Savings and Trust Company, G.R. No. 137232. June 29, 2005) A: The Receipts Law Trust recognizes that it is impossible to impose a prison sentence on a company. Therefore, if the Entruste is an entity, the law makes officers or employees or others responsible for the offence to pay the prison sentence.

The reason is obvious: companies, partnerships, associations and other legal institutions cannot be imprisoned. Therefore, the human agent responsible for the breach of Trust Receipts Law rests with the criminal liability. [Ong vs CA, G.R. Nr. 119858, April 29, 2003] A. If the agent and agent have entered into an agreement with conditions inconsistent with the trust deposit contract, the obligation expires from receipt of the trust. Violation of the endorsement therefore does not entail criminal liability within the meaning of A.D. 115, but only civil liability. (Philippine Bank v. Ong, G.R. No.

133176, August 8, 2002) The Bank`s duly accredited bank or representative is free to repossess the documents or take possession of the goods without reference or consent from us, and to remove the same or part of the place where they were stored in another location that the bank may choose (and the bank and its duly accredited representative have the right to do so. The bank can place them under the tutelage of the one it can choose and dispose of the goods on demand or elsewhere. 15. We undertake to return to the bank a whole series of documents and were, for the transaction from which the bank did not receive the proceeds, at the bank`s first request. The bank or its duly accredited representative is free to repossess any set of documents or to take possession of the goods without reference or consent from us, and to remove the same or part of the place where they were stored in another place that the bank may choose (and the bank and its duly accredited representative have the right to do so. — to enter all premises where it is surrounded or taken to cause such incense or at such a distance) and the bank may place it under the tutelage of persons it can choose and discard the goods by sale or other means, if necessary at such a price or such consideration without our consent and without any reference to us. which, at its sole discretion, is deemed appropriate by the bank. 16. We undertake to insure, at our own expense, all goods against all insurable risks, including fires and floods, in their entirety and against risks related to the sea, and policies and revenues for the Bank and, in the event of loss or deterioration of goods that have been incentivized to be paid to the Bank , immediately or by other means with respect to these losses or damages. The merchandise is and will be at our risk. We also undertake to take all necessary measures to absorb losses or damage to the Bank in relation to goods, including if requested by the Bank, and to initiate proceedings on our own or in the common name of the Bank and ourselves.