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RP vs CA and PCI Bank

REPUBLIC OF THE PHILIPPINES, petitioner, vs. COURT OF APPEALS and PHILIPPINE COMMERCIAL AND INTERNATIONAL BANK (Santa Ana Branch Davao City),* respondents.

G.R. No. 95533 | 2000-11-20

D E C I S I O N

YNARES-SANTIAGO, J.:

On December 28, 1988, a complaint for escheat[1]was filed by petitioner, Republic of the Philippines, with the Regional Trial Court of Davao City against several banks which had branches within the jurisdiction of the said court.[2]

The complaint alleged that pursuant to Act No. 3936 as amended by P.D. 679,[3] the respective managers of the defendant banks submitted to the Treasurer of the Republic of the Philippines separate statements prepared under oath which listed all deposits and credits held by them in favor of depositors or creditors either known to be dead, have not been heard from, or have...