August 2010 - Philippine Supreme Court Resolutions
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[A.M. No. 10-4-04-O : August 24, 2010] RE: APPLICATION OF BF GENERAL INSURANCE COMPANY, INC. FOR SUPREME COURT CLEARANCE IN THE ISSUANCE OF JUDICIAL BONDS :
[A.M. No. 10-4-04-O : August 24, 2010]
RE: APPLICATION OF BF GENERAL INSURANCE COMPANY, INC. FOR SUPREME COURT CLEARANCE IN THE ISSUANCE OF JUDICIAL BONDS
Sirs/Mesdames:
Please take notice that the Court en banc issued a Resolution dated AUGUST 24, 2010, which reads as follows:
"A.M. No. 10-4-04-O (Re: Application of BF General Insurance Company, Inc. for Supreme Court Clearance in the Issuance of Judicial Bonds). - The Court Resolved to ADOPT and APPROVE the recommendation of the Office of the Court Administrator that BF General Insurance Company, Inc. (BF General) be allowed to transact business after its initial payment of Twelve Million Pesos (P12,000,000.00) of its Thirty Million Pesos (P30,000.000.00) obligation and upon compliance with the other requirements set forth under A.M. No. 04-7-02-SC (Guidelines on Corporate Surety Bonds). However, the balance of Eighteen Million Pesos (P18,000,000.00), which will be secured by a Surety Bond issued by an accredited surety bonding company, shall be paid by postdated checks in twenty-four (24) equal monthly installments of Seven Hundred Fifty Thousand Pesos (P750,000,000.00) each. In case any of the check bounces, the permit to transact business of BF General shall be automatically revoked and the entire obligation shall be demandable."
"A.M. No. 10-4-04-O (Re: Application of BF General Insurance Company, Inc. for Supreme Court Clearance in the Issuance of Judicial Bonds). - The Court Resolved to ADOPT and APPROVE the recommendation of the Office of the Court Administrator that BF General Insurance Company, Inc. (BF General) be allowed to transact business after its initial payment of Twelve Million Pesos (P12,000,000.00) of its Thirty Million Pesos (P30,000.000.00) obligation and upon compliance with the other requirements set forth under A.M. No. 04-7-02-SC (Guidelines on Corporate Surety Bonds). However, the balance of Eighteen Million Pesos (P18,000,000.00), which will be secured by a Surety Bond issued by an accredited surety bonding company, shall be paid by postdated checks in twenty-four (24) equal monthly installments of Seven Hundred Fifty Thousand Pesos (P750,000,000.00) each. In case any of the check bounces, the permit to transact business of BF General shall be automatically revoked and the entire obligation shall be demandable."
Very truly yours,
(Sgd.) FELIPA B. ANAMA
Assistant Clerk of Court
(Sgd.) FELIPA B. ANAMA
Assistant Clerk of Court