Banking Laws - 2024 Bar Flashcards by JULIUS HENRY BALTEZA

Q

What is a bank?

A

A bank is an entity engaged in the lending of funds obtained from the public in the form of deposits.

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Q

What are the elements of a bank?

A

It is engaged in the lending of funds;
The funds are obtained from the public, which means 20 or more lenders;
The funds are obtained from the public in the form of deposits.

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Q

A

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