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Central Bank of the Philippines vs. J. Morfe

CENTRAL BANK OF THE PHILIPPINES as Liquidator of the FIDELITY SAVINGS BANK, petitioner, vs. HONORABLE JUDGE JESUS P. MORFE, as Presiding Judge of Branch XIII, Court of First Instance of Manila, Spouses AUGUSTO and ADELAIDA PADILLA and Spouses MARCELA and

G.R. No. L-38427 | 1975-03-12

D E C I S I O N


AQUINO, J:

This case involves the question of whether a final judgment for the payment of a time deposit in a savings bank, which judgment was obtained after the bank was declared insolvent, is a preferred claim against the bank. The question arises under the following facts:

On February 18, 1969 the Monetary Board found the Fidelity Savings Bank to be insolvent. The Board directed the Superintendent of Banks to take charge of its assets, forbade it to do business, and instructed the Central Bank Legal Counsel to take appropriate legal actions (Resolution No. 350).

On December 9, 1969 the Board resolved to seek the...