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    Tayag Vs Benguet

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    john ryan anatan
    Tayag is the ancillary administrator of the estate of a deceased foreign national, Idonah Slade Perkins, who owned shares of stock in a Philippine corporation. The court ordered the domestic administrator to deliver the stock certificates to Tayag to pay local creditors, but the administrator refused. The court then ordered the corporation to issue new stock certificates, but the corporation refused, claiming it would violate its bylaws. The summary examines whether the corporation's refusal was valid, given that ancillary administration is required when a foreign national owns local assets, and corporations must obey court orders as creations of law.

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    Tayag Vs Benguet

    Uploaded by

    john ryan anatan
    102 views1 page
    Tayag is the ancillary administrator of the estate of a deceased foreign national, Idonah Slade Perkins, who owned shares of stock in a Philippine corporation. The court ordered the domestic administrator to deliver the stock certificates to Tayag to pay local creditors, but the administrator refused. The court then ordered the corporation to issue new stock certificates, but the corporation refused, claiming it would violate its bylaws. The summary examines whether the corporation's refusal was valid, given that ancillary administration is required when a foreign national owns local assets, and corporations must obey court orders as creations of law.

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    Corporation Law

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    Tayag vs Benguet

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    Tayag is the ancillary administrator of the estate of a deceased foreign national, Idonah Slade Perkins, who owned shares of stock in a Philippine corporation. The court ordered the domestic administrator to deliver the stock certificates to Tayag to pay local creditors, but the administrator refused. The court then ordered the corporation to issue new stock certificates, but the corporation refused, claiming it would violate its bylaws. The summary examines whether the corporation's refusal was valid, given that ancillary administration is required when a foreign national owns local assets, and corporations must obey court orders as creations of law.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    102 views1 page

    Tayag Vs Benguet

    Uploaded by

    john ryan anatan
    Tayag is the ancillary administrator of the estate of a deceased foreign national, Idonah Slade Perkins, who owned shares of stock in a Philippine corporation. The court ordered the domestic administrator to deliver the stock certificates to Tayag to pay local creditors, but the administrator refused. The court then ordered the corporation to issue new stock certificates, but the corporation refused, claiming it would violate its bylaws. The summary examines whether the corporation's refusal was valid, given that ancillary administration is required when a foreign national owns local assets, and corporations must obey court orders as creations of law.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    TAYAG VS BENGUET CONSOLIDATED

    Tayag is the ancillary administrator of the late IDONAH SLADE PERKINS. The
    latter has also a domiciliary administrator in America. The deceased left a
    property here in the Philippines in the form of shares of stocks in the RC. The
    court ordered the DA to deliver the stocks certificates to Tayag to satisfy the
    legitimate claims of local creditors. The DA refused or didnt act on the order
    of the court which precipitated the latter to issue an order directing the RC to
    consider the SC lost and to furnish another SC and deliver it to the court. PC
    didnt adhere to the order claiming that to follow the order would violate
    their by laws and the SC are not lost but in the possession of the DA.
    Whether or not the contention of PC is tenable
    The ancillary administration is proper, whenever a person dies, leaving in a
    country other than that of his last domicile, property to be administered in
    the nature of assets of the deceased liable for his individual debts or to be
    distributed among his heirs (Johannes v. Harvey, 43 Phil. 175). Ancillary
    administration is necessary or the reason for such administration is because
    a grant of administration does not ex proprio vigore have any effect beyond
    the limits of the country in which it is granted. Hence, an administrator
    appointed in a foreign state has no authority in the Philippines.
    A corporation is an artificial being created by operation of law (Sec. 2, Act
    No. 1459). A corporation as known to Philippine jurisprudence is a creature
    without any existence until it has received the imprimatur of the state acting
    according to law. It is logically inconceivable therefore that it will have rights
    and privileges of a higher priority than that of its creator. More than that, it
    cannot legitimately refuse to yield obedience to acts of its state organs,
    certainly not excluding the judiciary, whenever called upon to do so. A
    corporation is not in fact and in reality a person, but the law treats it as
    though it were a person by process of fiction, or by regarding it as an
    artificial person distinct and separate from its individual stockholders

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