It is
settled jurisprudence that a banking institution which has been declared
insolvent and subsequently ordered closed by the Central Bank of the
Philippines cannot be held liable to pay interest on bank deposits which
accrued during the period when the bank is actually closed and non-operational.
In The Overseas
Bank of Manila vs. Court of Appeals and Tony D. Tapia, we held that:
It is a matter
of common knowledge, which We take judicial notice of, that what enables a bank
to pay stipulated interest on money deposited with it is that thru the other
aspects of its operation it is able to generate funds to cover the payment
of such interest. Unless a bank can lend money, engage in international
transactions, acquire foreclosed mortgaged properties or their proceeds and
generally engage in other banking and financing activities from which it can
derive income, it is inconceivable how it can carry on as a depository
obligated to pay stipulated interest. Conventional wisdom dictates this
inexorable fair and just conclusion. And it can be said that all who deposit
money in banks are aware of such a simple economic proposition. Consequently,
it should be deemed read into every contract of deposit with a bank that the
obligation to pay interest on the deposit ceases the moment the operation of
the bank is completely suspended by the duly constituted authority, the Central
Bank.
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