Republic Acts1 min read
Section 9Sec./Art. 9
Personal notes Saved on this device
0 / 5,000 charactersReport page issue
Answer First
Primary Text
Liability for Failure to Temporarily Hold Funds. - An Institution that fails to temporarily hold funds subject of a disputed transaction, as required under this Act and relevant BSP rules and regulations, shall be liable for loss or damage arising from such failure, including the restitution of the disputed funds to the Account Owner.
Use With Care
Definitions and exceptions often appear before or after this text.
Court decisions may interpret, limit, or apply this provision.
Confirm amendment, repeal, effectivity, and official publication.