RA 8791
enshrines the fiduciary nature of banking that requires high standards of
integrity and performance. The statute now reflects jurisprudential holdings
that the banking industry is impressed with public interest requiring banks to
assume a degree of diligence higher than that of a good father of a family.
Thus, all banks are charged with extraordinary diligence in the handling and
care of its deposits as well as the highest degree of diligence in the
selection and supervision of its employees.
The foregoing
obligation of banks is absolute and deemed written into every deposit agreement
with its depositors.
Allied Bank
cannot obliquely repudiate the resulting banking relationship with the Spouses
Mario Macam and the fiduciary nature thereof when it accepted the spouses'
initial deposit of P1,590,000.00, the very same funds it now claims as its own.
It cannot belatedly claim ignorance of its performance of a core banking
function, i.e., accepting or creating demand deposits.
"A
certificate of deposit is defined as a written acknowledgment by a bank or
banker of the receipt of a sum of money on deposit which the bank or banker
promises to pay to the depositor, to the order of the depositor, or to some
other person or his order, whereby the relation of debtor and creditor between
the bank and the depositor is created. " It is presumed that the money
deposited in a bank account belongs to the person in whose name the deposit
account is opened.
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