This case has been cited 1 times or more.
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2005-06-29 |
SANDOVAL-GUTIERREZ, J. |
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| In Vintola vs. Insular Bank of Asia and America,[7] we elucidated further that "a trust receipt, therefore, is a security agreement, pursuant to which a bank acquires a 'security interest' in the goods. It secures an indebtedness and there can be no such thing as security interest that secures no obligation."[8] Section 3 (h) of the Trust Receipts Law (P.D. No. 115) defines a "security interest" as follows:"(h) Security Interest means a property interest in goods, documents, or instruments to secure performance of some obligation of the entrustee or of some third persons to the entruster and includes title, whether or not expressed to be absolute, whenever such title is in substance taken or retained for security only." | |||||