1. What is the prescriptive period for depositors to file their 8.

8. V offered to sell for P12,000,000 her house and lot to DD

deposit insurance claims to PDIC from date of takeover by who was interested in buying the same. In her letter to DD,
PDIC of a closed bank? V stated that she is giving DD a period of one month within
a. Within 2 years from PDIC’s takeover of the closed bank which to raise the amount and that as soon as DD is ready,
b. Within 1 years from PDIC’s takeover of the closed bank they will sign the deed of sale. Five days before the
c. Within 3 years from PDIC’s takeover of the closed bank expiration of the one month period. V went to DD and told
d. Within 4 years from PDIC’s takeover of the closed bank her that she is no longer willing to sell the property unless
2. Warranty against hidden defects is the price in increased to P15,000,000. Which is correct?
A. An essential element C. An accidental element A. DD may compel V to accept the P12,000,000 first
B. A natural element D. An artificial element offered.
3. When a sale of a piece of land or any interest therein is B. V may compel DD to pay P15,000,000
through an agent, the authority of the agent shall be in C. V and DD should shoulder the P3,000,000 difference
writing, otherwise the sale is D. DD cannot compel V to accept the P12,000,000 first
A. Valid C. Unenforceable offered
B. Voidable D. Void 9. All deposits of any bank are insured with the:
4. Which is false about Foreign Currency Deposit Act also A. BSP C. PDIC
known as R.A. No. 6426? B. Insurance Commission D. Monetary Board
a. The foreign currency deposits maintained abroad by 10. Insured deposit means the net amount due to any
Filipino citizens are not covered by the provisions of this depositor for deposits in an insured bank but should not
act. exceed:
b. Depositary banks which have been qualified by the A. P1,000,000 C. P250,000
Monetary Board to function under expanded foreign B. P500,000 D. P300,000
currency deposit system are exempt in maintain the fifteen 11. Under the PDIC Law, a joint account held by a juridical
percent (15%) foreign currency cover for their liabilities in person or entity jointly with a natural person shall be
the form of foreign currency deposit with BSP. presumed to belong to the:
c. Foreign currency deposits are of absolutely confidential A. Juridical person
nature, except upon the written permission of the B. Natural person
depositor. C. Both the juridical and natural persons
d. Foreign currency deposits are subject to attachment, D. One who first files the claim
garnishment, or any other order or process of the court. 12. The claim must be filed within how many years from the
5. Which type of bank deposit of impeachable officer may be actual takeover by the receiver?
examined by impeachment court without consent of the A. 5 B. 3 C. 2 D. 1
impeachable officer? 13. All deposits of whatever nature with banks or banking
a. Philippine Peso Bank Deposit institutions in the Philippines including investments in
b. Foreign Currency Bank Deposit bonds issued by the Government of the Philippines, its
c. Both A and B political subdivisions and its instrumentalities, are
d. Neither A nor B considered __ and may not be examined, inquired or
6. They include credits or deposits of money, bullion, security looked into by any person, government official, bureau or
or other evidence of indebtedness of any kind, and interest office.
thereon with banks in favor of any person known to be A. Totally confidential C. Definitely confidential
dead or who has not made further deposits or withdrawal B. Generally confidential D. Absolutely confidential
during the preceding ten (10) years or more. 14. In order for a depositor or investor to waive the secrecy of
a. Dormant accounts c. Dead accounts his deposits and/or investments, his waiver must be:
b. Unclaimed balances d. Closed deposits A. In writing
7. Which of the following institutions is not covered by Act B. Made orally or in writing
No. 3936 also known as unclaimed balances law? C. Communicated as soon as possible to the bank
a. Banks manager
b. Trust companies D. Made orally only
c. Mutual building and loan association
d. Nonstock savings and loans association
15. Who may inquire into the bank deposits and investment 24. A freeze order shall be effective immediately for a period
for the purpose of determining the net estate of a not to exceed:
deceased depositor and investor? A. 6 months B. 3 months C. 1 month D. 20 days
A. Commissioner of Internal Revenue 25. A freeze order may be extended for a period not
B. Assistant Commissioner of Internal Revenue exceeding:
C. BIR Regional Director A. 6 months B. 3 months C. 1 month D. 1 year
D. BIR Examiner 26. Who serves as Chairman of the AMLC?
16. I. If the animal sold should die within three (3) days after A. SEC Chairman C. Insurance Commission Chairman
its purchase, the vendor shall be liable to the vendee. B. BSP Governor D. DOF Secretary
II. The fixing of the price can never be left to the discretion 27. AMLC may conduct an examination of bank accounts
on one of the contracting parties. However, if the price without a court order in cases involving:
fixed by one of the parties is accepted by the other, the A. Kidnapping for ransom C. Plunder
sale is perfected. B. Drug possession D. Robbery and extortion
A. First statement is true, second statement is false. 28. As a general rule, in case of excess of the proceeds of the
B. First statement is false, second statement is true. foreclosure sale over the creditor’s claim, the excess shall
C. Both statements are true. belong to the creditor in
D. Both statements are false A. Chattel mortgage C. Conventional pledge
17. If the price of the sale of the thing pledged is more than B. Real mortgage D. Antichresis
the obligation due, who is entitled to the excess? 29. The debtor/pledgor has the following rights, except
A. Debtor, unless it is otherwise agreed A. To ask for the return of the thing pledged after he has
B. Creditor, unless it is otherwise agreed paid the debt, its interests, and with expenses in a proper
C. Creditor, notwithstanding any stipulation to the contrary case
D. Debtor, notwithstanding any stipulation to the contrary B. To continue to be the owner of the thing pledged unless
18. Alimar borrowed from Hamza P20,000. This was secured it is expropriated
by a negotiable promissory note made by Noor in favor of C. To require the deposit of the thing with a third person if
Alimar to the amount of P30,000. The negotiable it is in a danger of being impaired or lost through the
promissory note was endorsed by Alimar in Hamza’s negligence or willful act of the pledgee
favor. If the note becomes due before it is redeemed and D. To alienate the thing pledged without the consent of the
Hamza collects from Noor, how much can Hamza keep? pledgee
A. P20,000 C. P10,000 30. The creditor/pledgee has the following rights, except
B. P30,000 D. None A. To retain the thing in his possession until the debt is
19. If a mortgaged property is sold to a buyer, what happens paid
to the mortgage? B. To use the thing pledged without authority if such use
A. Continues to exist is necessary for its preservation
B. Extinguished upon sale C To demand reimbursement of the expenses made for
C. Extinguished upon transfer of possession the preservation of the thing
D. Binds the personal properties of the buyer D. To automatically appropriate the thing pledged upon
20. In contract of sale, if the price is absolutely simulated, the the default of the debtor in the payment of his debt
sale is 31. One of the following may not be the object of a real
A. Unenforceable C. Void mortgage
B. Voidable D. Rescissible A. Land, buildings, roads and construction of all kinds
21. Deposits that have become dormant for a period of __ adhered to the soil
years may be escheated in favor of the B. Fertilizer actually used on a piece of land
22. government. C. Animal houses, pigeon houses or other breeding places
A. 5 B. 10 C. 15 D. 20 intended by the owner to the permanently attached to the
23. Banks with dormant deposits are required to report to the land, including the animals therein
__ of the Philippines the existence of such deposits. D. Growing fruits that have been gathered from trees
A. Treasurer C. President planted on land
B. Solicitor General D. DBM Secretary 32. The following is required in order that a real mortgage will
bind third persons
 A. The real mortgage must be accompanied by an affidavit B. Special Savings
of good faith and recorded with the Register of Deeds C. Telegraphic notes or Telegram notes
B. The real mortgage must be in a public instrument D. Negotiable Order of Withdrawal
showing a description of the thing mortgaged and the date 40. Which of the following is insured by PDIC?
of the real mortgage A. Investment in bonds issued by government
C. It is sufficient that the real mortgage be in writing, public B. Investment in stocks of a private corporation
or private C. Trust account
D. The real mortgage must be recorded in the Registry of D. Demand or Checking account
Property 41. Which of the following deposits is not insured by PDIC?
33. What is the period for the exercise of right of redemption A. Certificate of Time Deposit in Philippine National Bank
in case the mortgagee is a bank while the mortgagor is a Makati Branch
juridical person? B. Bank Deposit in Japan Bank Tokyo Branch
A. Within three months from the foreclosure sale C. Savings Deposit in Metrobank Manila Branch
B. Within a period not less than 90 days but not more than D. Special Savings in Bank of Philippine Islands Taguig
120 days from the foreclosure sale Branch
C. Within 1 year from the foreclosure sale 42. What is the prescriptive period for depositors to file their
D. Within 30 days from the foreclosure sale deposit insurance claims to PDIC from date of takeover by
34. They refer to money or funds place with a bank that can PDIC of a closed bank?
be withdrawn on the depositor’s order or demand A. Within 1 year from PDIC’s takeover of the closed bank
A. Deposits C. Money market placements B. Within 2 years from PDIC’s takeover of the closed bank
B. Trust funds D. Deposit substitutes C. Within 3 years from PDIC’s takeover of the closed bank
35. All deposits of whatever nature with banks or banking D. Within 4 years from PDIC’s takeover of the closed bank
institutions in the Philippines may not be examined, 43. What is the maximum period for payment by PDIC to
inquired or looked into by any person, government official, depositors of their claims from a closed bank in order not
bureau or office except to make PDIC’s office liable for failure to pay due to grave
A. Upon written permission of the depositor abuse of discretion, gross negligence, bad faith or malice?
B. In cases of impeachment A. Within 3 months from the date of filing of deposit
C. Upon order of a competent court in cases of bribery or insurance claim to PDIC
dereliction of duty of public officials B. Within 6 months from the date of filing of deposit
D. All of the above insurance claim to PDIC
36. Which type of a bank deposit of impeachable officer may C. Within 1 year from the date of filing of deposit insurance
be examined by impeachment court without consent of the claim to PDIC
impeachable officer? D. Within 2 years from the date of filing of deposit
A. Philippine Peso Bank Deposit C. Both A and B insurance claim to PDIC
B. Foreign Currency Bank Deposit D. Neither A nor B 44. Which of the following is a predicate crime of Money
37. As a general rule, which type of bank deposit may not be Laundering Offense?
subject to attachment, execution or garnishment? A. Violation of BP 22 a.k.a. Bouncing Check Law
A. Philippine Peso Bank Deposit C. Both A and B B. Violation of Electronic Commerce Act of 2000 a.k.a. RA
B. Foreign Currency Bank Deposit D. Neither A nor B No. 8792
38. The following are the composition of the board of directors C. Violation of RA 11232 a.k.a the Revised Corporation
of the Philippine Deposit Insurance Corporation (PDIC) Code of the Philippines
except D. Violation of Data Privacy Act
A. Secretary of Finance 45. The following are predicate crimes that may authorize
B. President of the PDIC, who shall be appointed by the Anti-Money Laundering Council to inquire bank accounts
President of the Philippines even without court order from Court of Appeals, except
C. Four (4) members from the private sector to be A. Murder
appointed by the President of the Philippines B. Financing of Terrorism, Terrorism and conspiracy to
D. None of the above commit terrorism
39. Which of the following deposits is not insured by PDIC? C. Destructive arson
A. Savings Deposit D. Plunder
46. It refers to a type of transaction that shall be reported by a C. They are exempted from any type of inquiry.
covered person to the Anti-Money Laundering Council D. None of the above
because the transaction breaches the quantitative 52. Which of the following cannot be the object of a contract
threshold of reporting purposes of sale?
A. Suspicious transaction C. Exempted transaction a. Sale of credit
B. Reportable transaction D. Covered transaction b. Young animal not yet conceived at the time of perfection
47. This principle means that no administrative, criminal or c. Land which the seller expects to buy
civil proceedings shall lie against any person for having d. Future inheritance
made a covered transaction report in the regular 53. I. If the animal sold should die within three (3) days after
performance of his duties in good faith, whether or not its purchase, the vendor shall be liable to the vendee.
such reporting results in any criminal prosecution under II. The fixing of the price can never be left to the discretion
the AMLA or any other Philippine law on one of the contracting parties. However, if the price
A. Immunity from suit C. Safe harbor provision fixed by one of the parties is accepted by the other, the
B. Tax exemption D. Privity of interest sale is perfected.
48. What is the period allowed by AMLA to Court of Appeals a. First statement is true, second statement is false.
to resolve the verified ex parte petition filed by the AMLC b. First statement is false, second statement is true.
for the issuance of freeze order on bank accounts related c. Both statements are true.
to proceeds of any unlawful activity? d. Both statements are false
A. Within 12 hours from the filing of the petition 54. A contract of sale between husband and wife entered into
B. Within 24 hours from the filing of the petition after a judicial separation of properties has been decreed
C. Within 36 hours from the filing of the petition is:
D. Within 48 hours from the filing of the petition a. Valid c. Unenforceable
49. What is the penalty provided by law for violation of RA b. Void d. Voidable
1405 a.k.a. Philippine Peso deposit secrecy law? 55. For a right to be a valid subject matter, it must be:
A. Imprisonment of not more than five years or fine of not a. Transmissible c. Intransmissible
more than P20,000 or both imprisonment and fine. b. Encumbered d. Levied upon
B. Imprisonment of not more than ten years or fine of not 56. If there is mere inadequacy of the price, the contract is:
more than P200,000 or both imprisonment and fine. a. Void c. Voidable
C. Imprisonment of not more than twenty years or fine of b. Valid d. Unenforceable
not more than P2,000,000 or both imprisonment and fine. 57. The pledgor may alienate the thing pledged provided:
D. Imprisonment of not more than one year or fine of not a. The pledgee consents to the sale
more than P2,000 or both imprisonment and fine. b. The owner consents to the sale
50. A government employee, purchased DBP Bonds with a c. The loan has been fully paid
total value of P100,000 and receive annual interest d. The price is not less than the amount of the loan
income from his investment. Under Bank Secrecy Law, the 58. If the pledgor or mortgagor is not the owner of the thing
investment of the government employee may be inquired pledged or mortgaged, the contract of pledge or mortgage
into even without need of a court order by the is:
A. Public prosecutor handling estafa case against the a. Void c. Voidable
government employee b. Valid d. Unenforceable
B. BIR officer auditing the VAT of the government 59. If the price of the sale of the thing pledged is more than
employee the obligation due, who is entitled to the excess?
C. Credit investigator of a lending institution where the a. Debtor, unless it is otherwise agreed
government employee applied for the loan b. Creditor, unless it is otherwise agreed
D. None of the foregoing c. Creditor, notwithstanding any stipulation to the contrary
51. Under Republic Act No. 1405, what is the nature of bank d. Debtor, notwithstanding any stipulation to the contrary
deposit and investment in government bonds? 60. Oliver borrowed from Ryan P10,000. This was secured by
A. As a general rule, they are absolutely confidential in a negotiable promissory note made by Roald in favor of
nature. Oliver to the amount of P15,000. The negotiable
B. As a general rule, they are generally subject to any type promissory note was endorsed by Oliver in Ryan’s favor.
of inspection.
 If the note becomes due before it is redeemed and Ryan c. Only first statement is true.
collects from Roald, how much can Ryan keep? d. None of the statements is true.
a. P8,000 c. P18,000 67. If the movable as a security for the performance of an
b. P10,000 d. None obligation, is delivered to the creditor or a third person, the
61. First Statement: The mortgage secures only the amount contract is a:
stated in the mortgage deed which may be less than the a. Chattel mortgage c. Pledge
amount of the principal obligation b. Guaranty d. Deposit
Second Statement: A building can be separately 68. When should a chattel mortgage registered in two
mortgaged from the land where it stands. registries?
a. Both statements are true. a. When the mortgagor and mortgagee stipulate such
b. Only first statement is true. arrangement.
c. Only second statement is true. b. When the property is not where the chattel mortgage is
d. None of the statements is true. executed.
62. In order to affect third persons, a real estate mortgage c. When the mortgagor resides in one province and the
must be registered with the Register of Deeds: property is in another.
a. Where the mortgagor resides d. When the mortgagee resides in one province and the
b. Where the mortgagee resides property is in another.
c. Where the subject property is located 69. Where the proceeds from the sale of mortgaged property
d. Where both the mortgagor and mortgagee reside (chattel mortgage) do not fully satisfy the secured debt, is
63. If one mortgages his property to guaranty another’s debt, the mortgagee entitled to recover the deficiency from the
when can he be compelled to pay the deficiency remaining mortgagor?
after the mortgage has been foreclosed? a. No, the rule on pledge applies to chattel mortgage.
a. When the creditor files an action against him b. No, the chattel satisfies the obligation in full.
b. When he mortgaged his property, he already c. No, notwithstanding any stipulation to the contrary.
guaranteed the whole debt d. Yes, the mortgagee is entitled to recover.
c. When he expressly assumes personal liability for such 70. When a chattel mortgage is entered into as security for the
debt purchase of personal property payable in installments, no
d. No mortgagor can ever be held liable for the deficiency deficiency judgment can be asked. Any agreement to the
64. What distinguishes pledge from mortgage? contrary shall be:
a. Pledge is an accessory contract. a. Valid c. Void
b. The pledgor must be the absolute owner of the thing b. Voidable d. Unenforceable
pledged. 71. What is the government instrumentality created in 1963 by
c. The pledgor must have free disposal. virtue of Republic Act 3591 to insure the deposits of all
d. The thing pledged must be placed in the possession of banks which are entitled to the benefits of insurance and
the creditor, or of a third person by common agreement. considered as an an attached agency of the Department
65. If a mortgaged property is sold to a buyer, what happens of Finance?
to the mortgage? a. Development Bank of the Philippines (DBP)
a. Continues to exist b. Landbank of the Philippines (LBP)
b. Extinguished upon sale c. Philippine Deposit Insurance Corporation (PDIC)
c. Extinguished upon transfer of possession d. Bangko Sentral ng Pilipinas (BSP)
d. Binds the personal properties of the buyer 72. Which of the following deposits is not insured by PDIC?
66. First Statement: The chattel mortgage over a building is a. Savings Deposit
considered valid as between the parties on the basis of b. Special Savings
estoppel but not against third persons. c. Negotiable Order of Withdrawal
Second Statement: Chattel mortgage shall be deemed to d. Certificate of Time Deposits
cover only the property described therein and not like or e. Telegraphic notes or Telegram notes
substituted property thereafter acquired but such rule does 73. Which of the following is insured by PDIC?
not apply to stores open to the public. a. Demand or Checking account
a. Both statements are true. b. Investment in bonds issued by government
b. Only second statement is true. c. Investment in stocks of a private corporation
 d. Trust account Ana and ABC Partnership Checking Account – BDO-
e. Money market placement Pasay City branch, 500,000
74. Which of the following is insured by PDIC? Ana and Ana Corporation Checking Account – BDO-
a. Savings deposit c. Telegraphic notes Makati City branch, 200,000
b. Demand draft d. Telegram notes Ana’s loan payable to BDO – Quezon City Branch,
75. What is the possible maximum deposit insurance (100,000)
coverage if a depositor has several valid single accounts What is the maximum deposit insurance coverage by
in a closed bank? PDIC in so far as Ana is concerned?
a. P1,000,000 c. P750,000 a. P525,000 c. P800,000
b. P500,000 d. P1,500,000 b. P625,000 d. P1,000,000
76. What is the possible maximum deposit insurance 80. A maintained the following deposits at BPI Bank:
coverage if a depositor has several valid single accounts P600,000 – savings deposit in the name of A and/or B
and valid joint accounts in a closed bank? P200,000 – time deposit in the name ABC Partnership
a. P1,000,000 c. P750,000 P300,000 – current account in the name of A
b. P500,000 d. P1,500,000 How much can A personally recover from PDIC if BPI
77. Ellen Adarna has the following deposit accounts in a Bank was liquidated by BSP?
closed bank (BDO): a. P900,000 c. P550,000
Ellen Adarna and John Lloyd Cruz Savings Deposit BDO- b. P600,000 d. P300,000
Lipa City branch, P600,000 81. In case of joint account between a juridical person and a
Ellen Adarna and Tom Cruz Time Deposit BDO-Manila natural person, who shall be entitled to the maximum
City branch, 800,000 insured deposit of P500,000 in such joint account?
Ellen Adarna and Mark Cruz Checking Account – BDO- a. Juridical person
Pasay City branch, 900,000 b. Natural person
What is the maximum deposit insurance coverage by c. Both juridical person and natural person equally
PDIC in so far as Ellen Adarna is concerned? d. Neither juridical person nor natural person
a. P1,000,000 c. P500,000 82. What petition may be filed by the Office of Solicitor
b. P1,200,000 d. P800,000 General in behalf of the Republic of the Philippines in order
78. Kim Domingo has the following deposit accounts in a to forfeit unclaimed balances of a person who, dying
closed bank (BDO): intestate and leaving no heir entitled to his estate?
Kim Domingo’s Modeling Business (Sole Proprietorship) a. Petition for escheat
Checking Account – BDO-Pasay City branch, P300,000 b. Petition for quo warranto
Kim Domingo Savings Deposit – BDO-Taguig City branch, c. Petition for mandamus
400,000 d. Petition for certiorari
Kim Domingo and John Santos Time Deposit BDO-Manila 83. Which of the following is not considered offense
City branch, 600,000 punishable as money laundering?
Kim Domingo and Rey Langit Savings Deposit BDO-Lipa a. Transacting known proceeds of any unlawful activity.
City branch, 800,000 b. Converting, transferring, disposing of, acquiring,
What is the maximum deposit insurance coverage by possessing, moving, or using known proceeds of any
PDIC in so far as Kim Domingo is concerned? unlawful activity.
a. P1,000,000 c. P500,000 c. Concealing, disguising the true nature, source, location,
b. P1,200,000 d. P800,000 movement, or ownership of known proceeds of any
79. Ana is a partner of ABC Partnership. She is also a unlawful activity.
stockholder of Ana Corporation Ana has the following d. Mere knowledge of proceeds of any unlawful activity.
deposit accounts in a closed bank (BDO): 84. Which of the following is not considered offense
Ana’s Business (Sole Proprietorship) Checking Account – punishable as money laundering?
BDO-Pasig City branch, P350,000 a. Attempting or conspiring to commit money laundering
Ana Savings Deposit BDO-Taguig City branch, 400,000 offenses punishable by Anti-Money Laundering Law.
Ana and Bea and Carla and Dana Time Deposit BDO- b. Aiding, abetting, assisting or counseling the
Manila City branch, 600,000 commissions of money laundering offenses punishable by
Anti-Money Laundering Law.
 c. Performing or failing to perform any act as a result of a. Anti-Money Laundering Council
which facilitates the commission of money laundering b. Monetary Board of Bangko Sentral ng Pilipinas
offenses punishable by Anti-Money Laundering Law. c. Insurance Commission
d. Failing to report suspicious or reportable transactions to d. Securities and Exchange Commission
Anti-Money Laundering Council by a covered institution of 91. Who among the following is not part of Anti-Money
Anti-Money Laundering Law. Laundering Council?
e. Mere employment in a covered institution required to a. BSP Governor as chairperson of AMLC
report suspicious or reportable transactions to Anti-Money b. Insurance Commissioner as member of AMLC
Laundering Council. c. SEC Chairperson as member of AMLC
85. Which of the following is not a predicate crime of Money d. BIR Commissioner as member of AMLC
Laundering Offense? 92. Which court has jurisdiction to issue an order authorizing
a. Swindling c. Fencing the AMLC to inquire or examine any particular deposit or
b. Adultery d. Illegal recruitment investment account including related accounts with a
86. Which of the following is a predicate crime of Money banking institution or non-bank financial institution based
Laundering Offense? on the ex parte application by AMLC in cases of violation
a. Smuggling of AMLA?
b. Rape a. Court of Appeals
c. Act of Lasciviousness b. Municipal Trial Court
d. Sexual harassment c. Regional Trial Court
87. Which of the following is a predicate crime of Money d. Court of Tax Appeals
Laundering Offense? 93. In case the Anti-Money Laundering Council decides to
a. Jueteng and masiao change period for reporting all covered transactions or
b. Sedition suspicious transactions by a covered person to Anti-
c. Libel Money Laundering Council, what is the maximum period it
d. Trespassing may extend the period for reporting?
88. Which of the following is exempted from reporting covered a. Within a period of (5) five working days from the
transaction or suspicious transaction to Anti-Money occurrence thereof
Laundering Council? b. Within a period of (15) fifteen working days from the
a. Law firm or auditing firm if acting as independent legal occurrence thereof
professionals in relation to information concerning their c. Within a period of (5) five calendar days from the
clients or where disclosure of information would occurrence thereof
compromise client confidences or the attorney-client d. Within a period of (15) fifteen calendar days from the
relationship occurrence thereof
b. Jewelry dealers, dealers of precious metals or dealers 94. Which of the following statements is true?
of precious stones a. Pledge and mortgage are accessory contracts because
c. Casino they cannot exist by themselves
d. Land Registration Authority or Registry of Deeds b. In both pledge and mortgage, the creditor is entitled to
89. This principle means that No administrative, criminal or deficiency judgment
civil proceedings shall lie against any person for having c. Where an obligation is secured by a pledge or mortgage
made a covered transaction report in the regular and it is not paid when due, the pledge or mortgagee may
performance of his duties and in good faith, whether or not dispose of the thing pledged or mortgaged if there is an
such reporting results in any criminal prosecution under agreement to that effect between the parties
the AMLA or any other Philippine law. d. Unless otherwise agreed upon by the parties, the sale
a. Safe harbor provision of the mortgage property extinguishes in full the obligation
b. Immunity from suit of the mortgagor to the mortgagee
c. Tax exemption 95. To bind third persons, the following contracts must comply
d. Privity of interest with certain formalities/requirements
90. It refers to the financial intelligence unit of the Republic of I. A contract of pledge must be in a public instrument
the Philippines which is entrusted with the implementation showing the date of the pledge and a description of the
of Anti-Money Laundering Law. thing pledged and recorded with the Registry of Property
 II. A contract of real estate mortgage must be recorded as many equal shares as there are individuals, juridical
with the Register of Deeds persons or entities, unless a different sharing is stipulated
III. A contract of chattel mortgage must contain an affidavit in the document of deposit
of good faith and be recorded in the Chattel Mortgage Statement II: If the account is held by a juridical person or
Register entity jointly with one or more natural persons, the
a. All statements are true maximum insured deposit shall be presumed to belong
b. I and III are true entirely to such juridical person or entity
c. I and II are true a. Only Statement I is true c. Both are true
d. II and III are true b. Only Statement II is true d. Both are false
96. This refers to the right of a person to retain a thing until he 101.
receives payment of his claim in the cases provided by law X has the following deposit accounts in a closed bank
such as one who has executed work on a movable (BPI):
a. Conventional pledge X Bakery Business (Sole Proprietorship) Checking
b. Legal pledge Account– BPI-Mandaluyong Branch, P300,000
c. Voluntary pledge X Savings Deposit – BPI-Taguig City Branch, P400,000
d. Chattel Mortgage X and Y Time Deposit – BPI-Pasig Branch, P600,000
97. Under Republic Act No. 1405 a.k.a. Philippine Peso X and Z Savings Deposit – BPI-Quezon City Branch,
Deposit Secrecy Law, the bank deposits and investment P800,000
in government bonds may be inquired into in the following What is the maximum deposit insurance coverage by
exceptional instances, except PDIC in so far as X is concerned?
a. Upon written permission or consent in writing by the a. P1,000,000 c. P500,000
depositor b. P1,200,000 d. P800,000
b. In cases of impeachment of the President, Vice
President, members of the Supreme Court, members of
the Constitutional Commission (Commission on Elections,
Civil Service Commission and Commission on Audit) and
the Ombudsman for culpable violation of the Constitution,
treason, bribery, graft and corruption, other high crimes or
betrayal of public trust (Art. XI, Sec. 2, 1987 Philippine
Constitution)
c. Upon order of a competent court in cases of bribery or
dereliction of duty of public officials
d. In cases of tax evasion cases filed by BIR
Commissioner against a taxpayer
98. Which of the following is not a function of the PDIC?
a. Insurance c. Receivership of closed banks
b. Corporate rehabilitation d. Bank examination
99. Statement I: A joint account regardless of whether the
conjunction ‘and’, ‘or’, ‘and/or’ is used, shall be insured
separately from any individually-owned deposit account
Statement II: That the aggregate of the interest of each co-
owner over several joint accounts, whether owned by the
same or different combinations of individuals, juridical
persons or entities, shall likewise be subject to the
maximum insured deposit of P500,000
a. Only Statement I is true c. Both are true
b. Only Statement II is true d. Both are false
100. Statement I: If the account is held jointly by two or more
natural persons, or by two or more juridical persons or
entities, the maximum insured deposit shall be divided into