Professional Documents
Culture Documents
of Deposits
B. Garnishment
Section 9 (c), Rule 39 Rules of Court
The garnishee shall make a written report to the court
within five (5) days from the service of the notice of
garnishment stating whether or not the judgement
obligor has sufficient funds or credits to satisfy the
amount of the judgment. If not, the report shall state how
much funds or credits the garnishee holds for the
judgment obligor
H. Preliminary Attachment
Section 10, Rule 57 of the 1997 Rules of Court
Examination of paty whose property is attached and
persons indebted to him or controlling his property;
delivery of property to sheriff.
Not incompatible with the law on secrecy of bank deposits
- in cases where the money deposited or invested is subject matter of the
litigation
K. Waiver by DOSRI
Section 26 of the New Central Bank Act:
Any Director, officer or stockholder who, together with
his related interest, contracts a loan or any form of
financial accomodation from: (1) his bank; or (2) from a
bank shall be required by the lending bank to waive the
secrecy of his deposits of whatever nature in all banks in
the Philippines.