Article 127p. 127

COMMERCIAL LAWS NEGOTIABLE INSTRUMENTS, CORPORATION, INSURANCE, TRANSPORTATION, BANKING

2. That of the vessel in her actual condition, according to a

statement of experts.

3. The 50 per cent of the amount of the freight, deducting

the remaining 50 per cent for wages and maintenance of

the crew.

After

the

amount

of

the

gross

average

has

been

determined in accordance with the provisions of this

Code, it shall be distributed pro rata among the goods

which are to cover the same.

ARTICLE 859. The underwriters of the vessel, of the

freight, and of the cargo shall be obliged to pay for the

indemnity of the gross average in so far as is required of

each one of these objects respectively.

ARTICLE 860. If, notwithstanding the jettison of the

merchandise, breakage of masts, ropes, and equipment,

the

vessel

should

be

lost

running

said

risk,

no

contribution whatsoever by reason of gross average shall

be proper.

The owners of the goods saved shall not be liable for the

indemnity of those jettisoned, lost, or damaged.

ARTICLE 861. If, after the vessel having been saved from

the risk which gave rise to the jettison, she should be lost

through

another

accident

taking

place

during

the

voyage, the goods saved and existing from the first risk

shall continue liable to contribution by reason of the gross

average according to their value in their condition at the

time, deducting the expenses incurred in saving them.

ARTICLE 862. If, notwithstanding the saving of the vessel

and of her cargo in consequence of the cutting down of

masts or of any other damage deliberately done to the

vessel

for

said

purpose,

the

merchandise

should

subsequently be lost or stolen, the captain can not

demand

of

the

shippers

or

consignees

that

they

contribute to indemnity for the average unless the loss

should occur by an act of the owner or consignee.

ARTICLE 863. If the owner of the jettisoned goods should

recover them after having received the indemnity for

gross average, he shall be obliged to return to the captain

and to other persons interested in the cargo the amount

he may have received, deducting the damage caused by

the jettison and the expenses incurred in their recovery.

In

the

latter

case,

the

amount

returned

shall

be

distributed

between

the

vessel

and

the

persons

interested in the cargo in the same proportion in which

they contributed to the payment of the average.

ARTICLE 864. If the owner of the goods jettisoned should

recover them without having demanded any indemnity

he shall not be obliged to contribute to the payment of

the gross average which may have been suffered by the

rest of the cargo after the jettison.

ARTICLE 865. The distribution of the gross average shall

not be final until it has been agreed to, or in the absence

thereof, until it has been approved by the judge or court

after an examination of the liquidation and a hearing of

the persons interested who may be present, or of their

representatives.

ARTICLE 866. After the liquidation has been approved it

shall be the duty of the captain to collect the amount of

the distribution, and he shall be liable to the owners of

the goods averaged for the losses they suffer through his

delay or negligence.

ARTICLE 867. If the contributors should not pay the

amount of the assessment within the third day after

having been requested to do so, the goods saved shall be

attached, at the request of the captain, and shall be sold

to cover the payment.

ARTICLE 868. If the persons interested in receiving the

goods saved should not give security sufficient to answer

for the amount corresponding to the gross average, the

captain may defer the delivery thereof until payment has

been made.

SECTION III Liquidation of Ordinary Averages

ARTICLE 869. The experts which the judge or court or the

persons interested may appoint, according to the cases,

shall proceed with the appraisement and examination of

the averages in the manner prescribed in Article 853 and

in Article 854, Rules 2 to 7, in so far as they are applicable.

RA No 1405 | Secrecy of Bank Deposits

Act

As amended by PD No 1792

September 9, 1955

AN ACT PROHIBITING DISCLOSURE OF OR INQUIRY

INTO, DEPOSITS WITH ANY BANKING INSTITUTION

AND PROVIDING PENALTY THEREFOR

SECTION 1. It is hereby declared to be the policy of the

Government to give encouragement to the people to

deposit

their

money

in banking institutions and to

discourage private hoarding so that the same may be

properly utilized by banks in authorized loans to assist in

the economic development of the country.

SECTION 2. All deposits of whatever nature with banks or

banking

institutions

in

the

Philippines

including

investments in bonds issued by the Government of the

Philippines,

its

political

subdivisions

and

its

instrumentalities,

are

hereby

considered

as

of

an

absolutely confidential nature and may not be examined,

inquired

or looked into by any person, government

official, bureau or office, except when the examination is

made in the course of a special or general examination of

a bank and is specifically authorized by the Monetary

Board

after

being satisfied that there is reasonable

ground to believe that a bank fraud or serious irregularity

has been or is being committed and that it is necessary to

look

into

the

deposit

to

establish

such

fraud

or

irregularity, or when the examination is made by an

independent auditor hired by the bank to conduct its

regular audit provided that the examination is for audit

purposes only and the results thereof shall be for the

exclusive use of the bank, or upon written permission of

the depositor, or in cases of impeachment, or upon order

of a competent court in cases of bribery or dereliction of

duty of public officials, or in cases where the money

deposited

or

invested

is

the subject matter of the

litigation. (as amended by PD No 1792)

SECTION

3.

It

shall

be

unlawful

for

any

official or

employee of a bank to disclose to any person other than

those

mentioned

in

Section

Two

hereof,

or

for an

independent auditor hired by a bank to conduct its

regular audit to disclose to any person other than a bank

director, official or employee authorized by the bank, any

information concerning said deposits. (as amended by

PD No 1792)

SECTION 4. All Acts or parts of Acts, Special Charters,

Executive

Orders,

Rules

and

Regulations

which

are

inconsistent with the provisions of this Act are hereby

repealed.

SECTION 5. Any violation of this law will subject offender

upon conviction, to an imprisonment of not more than

five years or a fine of not more than twenty thousand

pesos or both, in the discretion of the court.

SECTION 6. This Act shall take effect upon its approval.

Approved, September 9, 1955.

Published in the Official Gazette, Vol. 51, No. 10, p. 4976 in

October 1955

(Secrecy of Bank Deposits Act, Republic Act No. 1405,

[September 9, 1955])

RA No 7653 | The New Central Bank Act

© Compiled by RGL

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