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4 Ateneo L.J. 1 (1954-1955)

handle is hein.journals/ateno4 and id is 1 raw text is: ATENEO LAW JOURNAL PHILIPPINE TRUST RECEIPTS: AN EXAMINATION OF PHILIPPINE NATIONAL BANK v. VIUDA e HIJOS de ANGEL JOSE by SIMEON N. FERRER * I. Nature, Forms and Validity of the Trust Receipt Transaction. What is a trust receipt? The present writer recalls that this was the first question in the Commercial Law Bar examination of 1951. He recalls too that as soon as the examinees read the question, a great many were shak- ing their heads, indicating that the term trust receipt was strange to them. Some thought it was some form of technical trust. Many equated it with the corporation voting trust. Despite the fact that the trust receipt agreement as a security device has been used by our business and bank- ing community since the twenties,' it has been hardly, if at all, discussed in our law classrooms or in commercial law and credit transactions textbooks. To be sure, there is not a piece of trust receipt legislation in our country. Whatever law we have on the subject may -be gleaned from the reported cases. Resort to case law in a country * L1.B., Ateneo de Manila, 1951. 1 People v. Yu Chai Ho, 53 Phil. 874, is a 1928 criminal case involving the use of a trust receipt. 1 Digitized from Best Copy Available SEPTEMBER VOLUME IV NUMBER 1