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Central Bank of the Phil etal vs Court of Appeals

CENTRAL BANK OF THE PHILIPPINES, CARLOTA P. VALENZUELA, and ISLAND SAVINGS BANK, petitioners, vs. COURT OF APPEALS and GREGORIO M. FLORES, respondents.

G.R. No. L-37859 | 1988-07-26

D E C I S I O N


NARVASA, J.:

The question presented in the instant appeal by certiorari is not new. It is whether or not an ordinary action for the recovery of a time deposit may be maintained against a savings bank, independently of the proceedings instituted in another court by the Central Bank for judicial assistance and supervision in the liquidation of said bank in accordance with Section 29 of its Charter. 1 To the question, this Court has already thrice given a negative answer. 2

The bank involved was the Island Savings Bank, hereafter simply, Island; and the time deposit in question was made at its branch office at Bustillos,...