Reference no: EM132945477

Problem1 : Atty. Braga has four Accounts with Golden Savings Bank, a newly established bank. 1) A Savings Account for P2,000,000.00; 2) A Current Account for P 500,000.00 ; 3) A Time Deposit Account for P 5,000,000.00 ; and 4) A US Dollar Time Deposit Account for US$50,000.00. Because of Golden Savings Bank's interest with Crypto Finance, Inc. sustained heavy loss due to the fall of Crypto Currency, it sustained liquidity problem. Aggravated by bank run from heavy withdrawals, it was placed under receivership by the BSP with the appointment of Cunanan and Associates as Receiver. Seeing the impossibility of rehabilitating Golden Savings Bank, the receiver recommended for its Bankruptcy and liquidation to be taken-over by PDIC.

Choices:

Option 1: Atty. Braga is entitled to recover P 500,000.00 and US$ 50,000.00 for Foreign Currency Deposit is not covered by PDIC;
Option 2: Atty. Braga cannot recover from PDIC not being privy with the latter;
Option 3: Atty. Braga is entitled to recover all for they are all obligations by Golden Savings Bank to him;
Option 4: Atty. Braga is entitled to recover P 500,000.00 only from the PDIC for the insurance coverage is Per Head and not Per Account;