Trust receipt transactions are governed by the provisions of PD 115 which defines such a transaction as follows:
In 1973, Lirag Textile Mills, Inc. (Litex) opened an irrevocable commercial letter of credit with respondent Prudential Bank for US$498,000. This was in connection with its importation of 5,000 spindles for spinning machinery with drawing frame, simplex fly frame, ring spinning frame and various accessories, spare parts and tool gauge. These were released to Litex under covering trust receipts it executed in favor of Prudential Bank. Litex installed and used the items in its textile mill located in Montalban, Rizal.
Bank of the Philippine Islands (BPI) moves for reconsideration of the Supreme Court’s Decision dated August 10, 2010, holding that former employees of the Far East Bank and Trust Company (FEBTC) “absorbed” by BPI pursuant to the two banks’ merger in 2000 were covered by the Union Shop Clause in the then existing collective bargaining agreement (CBA) of BPI with respondent BPI Employees Union-Davao Chapter-Federation of Unions in BPI Unibank (the Union).
On June 3, 1986, private respondent Associated Labor Union (ALU)-TUCP, a legitimate labor organization, filed a petition for direct certification as the sole and exclusive bargaining agent of all the rank and file employees/workers of Belyca Corporation, a duly organized, registered and existing corporation, employing approximately 205 rank and file employees/workers.
On January 24, 2000, KFWU filed with DOLE Regional Office No. IV, a Petition for Certification Election to be conducted in the bargaining unit composed of 145 rank-and-file employees of respondent.
An information was filed charging A of illegal use of dangerous drugs. The information, however, failed to indicate the MCLE Compliance No. of B, the prosecutor who signed it. Mindful of such ommission, A filed a Motion to Dismiss the Information. B, on the other hand, filed its comment/opposition to the motion, alleging, among others, that lack of proof of MCLE compliance by the prosecutor who prepared and signed the Information should not prejudice the interest of the State in filing charges against persons who have violated the law. If you were the judge, would you grant or deny said motion? Explain.