I'm posting the entire syllabus of SCL as a gift to my students. Please take note that cases for study will be identified later. In addition, we will study several other special commercial laws if time permits. Included in the list is the pertinent provisions of the Code of Commerce. If we don't have time, we will just include them in our exams. Peace.
I. Letters of Credit
A. Definition/concept
B. Governing laws
C. Nature of letter of credit
D. Parties to a letter of credit
1. Rights and obligations of parties
E. Basic principles of letter of credit
1. Doctrine of independence
2. Fraud exception principle
3. Doctrine of strict compliance
II. Warehouse Receipts Law
A. Nature and functions of a warehouse receipt
1. To whom delivered
2. Kinds
3. Distinctions between a negotiable instrument and a negotiable warehouse receipt
4. Rights of a holder of a negotiable warehouse receipt as against a transferee of a nonnegotiable warehouse receipt
B. Duties of a warehouseman
C. Warehouseman’s lien
III. Trust Receipts Law
A. Definition/concept of a trust receipt transaction
1. Loan/security feature
2. Ownership of the goods, documents and instruments under a trust receipt
B. Rights of the entruster
1. Validity of the security interest as against the creditors of the entrustee/innocent purchasers for value
C. Obligations and liability of the entrustee
1. Payment/delivery of proceeds of sale or disposition of goods, documents or instruments
2. Return of goods, documents or instruments in case of sale
3. Liability for loss of goods, documents or instruments
4. Penal sanction if offender is a corporation
D. Remedies available
IV. The Chattel Mortgage Law (Act 1508 in rel. to Arts. 1484, 1485, 2140 and 2141 of the Civil Code)
A. Essential requisites
B. Formal requisites
C. Registration, when and where
E. After-acquired property
F. After-incurred obligation
G. Right of junior mortgagee
H. Foreclosure procedure
I. Redemption
J. Claim for deficiency
1. General rule
2. Exception
3. Article 1484
V. Real Estate Mortgage Law (Act 3135, as amended by R.A. 4118)
A. Coverage
B. Remedies available to mortgagee upon default of the mortgagor
C. Need for special power of attorney
D. Authority to foreclose extrajudicially
E. Procedure
1) Where to file
2) Where to sell
3) Posting requirement
4) Publication requirement
a. Sufficiency of newspaper publication
b. Need for republication in case of postponement
c. Personal notice to the mortgagor when and when not needed
F. Possession by purchaser of foreclosed property
G. Remedy of debtor if foreclosure is not proper
H. Redemption
a. Who may redeem
b. Amount of redemption price
c. Period for redemption
d. Effect of pendency of action for annulment of sale
I. Writ of possession
a. Ministerial duty of the court
b. Enforcement against third parties
c. Pendency of action for annulment of sale
J. Annulment of sale
VI. Truth in Lending Act (R.A. 3765)
A. Purpose
B. Obligation of creditors to person to whom credit is extended
C. Covered and excluded transactions
D. Consequences of non-compliance with obligation
VII. Anti-money Laundering Law (R.A. 9160, as amended by R.A. 9194)
A. Policy of the law
B. Covered institutions
C. Obligations of covered institutions
D. Covered transactions
E. Suspicious transactions
F. When is money laundering committed
G. Unlawful activities or predicate crimes
H. Anti-money laundering council
I. Functions
J. Freezing of monetary instrument or property
K. Authority to inquire into bank deposits
VIII. Foreign Investments Act (R.A. 7042)
A. Policy of the law
B. Definition of terms
a) Foreign investment
b) “Doing business” in the Philippines
c) Export enterprise
d) Domestic market enterprise
C. Registration of investments of non-Philippine nationals
D. Foreign investments in export enterprises
E. Foreign investments in domestic market enterprises
F. Foreign investment negative list
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