Banco Filipino Savings and Mortgage Bank v. Bangko Sentral ng Pilipinas, G.R. No. 200642

 

When a bank is ordered closed and placed under the receivership of PDIC by the Monetary Board, PDIC is mandated to proceed with the takeover and liquidation of the closed bank. It shall immediately gather and take charge of all the assets and liabilities of the bank, administer the same for the benefit of its creditors, and exercise the general powers of a receiver under the Revised Rules of Court. In its capacity as the receiver of the closed bank, the PDIC is authorized to perform several functions in its behalf, including bringing suits to enforce liabilities to or recoveries of the closed banks, hiring or retaining private counsels as may be necessary, and exercising such other powers as are inherent and necessary for the effective discharge of the duties of the corporation as a receiver. The powers and functions of the directors, officers, and stockholders of a closed bank under receivership are deemed suspended upon takeover by the PDIC.