Security Transactions

The Concept of Security

A.  General Concepts

1.  Distinguished from Securities

R. A. No. 8799, Sec. 3.1

     2.  Distinguished from Securitization
B.  Events of Default

C.  Kinds of Security Transactions

     1.  Personal Security Transactions

     2.  Real Security Transactions

     3.  In the Context of Insolvency

            R.A. No. 10142, Sec. 4 (p) (ll) (kk) (jj) (qq) (pp) (t)

Letters of Credit

A.  General Concepts

Code of Commerce, Art. 567, Art. 568, Art. 2

Transfield Philippines, Inc. v. Luzon Hydro Corporation Australia, et al., G.R. No. 146717, November 22, 2004, 443 SCRA 307.

B. Kinds of Letters of Credit

     1.  Commercial Letters of Credit

     2. Standby Letters of Credit

C.  Rule of Strict Compliance

D.  Independence Principle

Trust Receipts

A.  General Concepts

      P.D. No. 115, Sec. 3, Sec. 4

B.  Form of Trust Receipts

Sec. 5, Sec. 6   

C.  Rights of Entruster

Sec. 7, Sec. 8.   

D.  Obligations of Entrustee

Sec. 9 to 13

E.  Rights of Purchaser

Sec. 11

Colinares & Veloso v. Court of Appeals, G.R. No. 90828, September 5, 2000, 339 SCRA 609.