Q: If the developer fails to develop the subdivision or condominium project, can you ask for a full refund of the amount you paid?
A: Yes. Section 23 of the Subdivision and Condominium Buyers' Protective Decree provides that the buyer may be reimbursed the total amount paid including amortization interests if the owner or developer fails to develop the subdivision or condominium project according to the approved plans within the time limit for complying with the same.
Friday, September 11, 2015
Liability of drawee bank for forged check
Q: Can my bank recover the amounts they paid to a forged check?
A: No. Banks are precluded from recovering the amount they paid because a forged signature is wholly inoperative and payment made through or under such signature is ineffectual or does not discharge the instrument (Section 23, Negotiable Instruments Law). Banks are in a superior position to detect the forgery considering that they have your signature card on file from which they can compare the signature appearing in the check. However, if you are guilty of contributory negligence, the loss can be apportioned between you and the bank. Furthermore, if the proximate cause of the forgery can be attributed solely to your own negligence (e.g. completely entrusting your checkbooks and verification of statement of accounts to your secretary), you are precluded from setting up the forgery and the bank can recover the amount it paid through or under such forged signature.
A: No. Banks are precluded from recovering the amount they paid because a forged signature is wholly inoperative and payment made through or under such signature is ineffectual or does not discharge the instrument (Section 23, Negotiable Instruments Law). Banks are in a superior position to detect the forgery considering that they have your signature card on file from which they can compare the signature appearing in the check. However, if you are guilty of contributory negligence, the loss can be apportioned between you and the bank. Furthermore, if the proximate cause of the forgery can be attributed solely to your own negligence (e.g. completely entrusting your checkbooks and verification of statement of accounts to your secretary), you are precluded from setting up the forgery and the bank can recover the amount it paid through or under such forged signature.
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