This case has been cited 1 times or more.
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2014-08-27 |
LEONARDO-DE CASTRO, J. |
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| Among the requirements of a contract of pledge is that the pledgor is the absolute owner of the thing pledged.[37] Based on the provisions of the ARDA, ownership of the PPC shares of stock had passed on to PIC, hence, enabling PIC to pledge the very same shares to PMO. In accordance with Section 2.07(a)(1) and 2.07(a)(2) of the ARDA, PMO had transferred to PIC all rights, title, and interests in and to the PPC shares of stock, and delivered to PIC the certificates for said shares for cancellation and replacement of new certificates already in the name of PIC. In addition, Section 2.07(b) of the ARDA explicitly declares that PIC as buyer shall exercise all the rights, including the right to vote, of a shareholder in respect of the PPC shares of stock. | |||||