legal Free Legal Advice

[pol22366]

Thank you for your reply.

 

Would like to clarify the mode of transfer:

 

1. My uncle signs at the back of the stock certificates to be transferred, naming the new owners/transferees therein

questions: can the transferees be multi and named in an and/or manner, ie Juana Santos and/or Jose Santos?

2. Does signed stock certificate have to be notarized?

3. Bring signed (notarized?) stock certifictaes to the respective corporate secretaries for annotation in the corporation's

books and request for issuance of new certificates

4. Any fees to be paid? How much if any?

1. It can be on an and/or manner, but this will entail further controversy as to the particular shares of each transferees, hence I would advice against it;

 

2. The stock certificate does not need to be notarized, but some corporations might still ask for deeds of assignments just the same;

 

3. Yup

 

4. Ser Bonito says the taxes, don't forget the taxes. This depends on the amount and current par value of the shares. And lastly, there may be transfer fees charged by the corporations for the transfers.

Edited November 3, 2008 by pol22366

[yellowjacket]

Mga Bro. pag terminated ka ba kelangan my separation pay?

[Roubaix]

Mga Bro. pag terminated ka ba kelangan my separation pay?

 

It all depends. The law only requires severance pay under certain conditions. The general rule is that if the termination was a just cause (firing - employees' fault), then NO separation (except if sickness) pay.

 

Authorized causes are those there the employers wants to let go employees to save money or cut costs. The law provides a minimum of 1/2 month or 1 month (or multiplied by years of service, whichever is higher) severance pay.

 

Hope that helps.

[azayco]

Good morning, would like your legal opinion on how best to handle shares of stocks my widower uncle has in his name.

 

My uncle is is 85 years old, childless and became a widower five years ago. He has substantial shares of stocks of various bluchip companies (PLDT, Ayala, etc). The market value of the shares in this bear market is still over P1M. He wants to transfer ownership of said shares to his surviving brothers and sisters.

 

How could this be done?

 

Thanks.

 

 

Thank you for your reply.

 

Would like to clarify the mode of transfer:

 

1. My uncle signs at the back of the stock certificates to be transferred, naming the new owners/transferees therein

questions: can the transferees be multi and named in an and/or manner, ie Juana Santos and/or Jose Santos?

2. Does signed stock certificate have to be notarized?

3. Bring signed (notarized?) stock certifictaes to the respective corporate secretaries for annotation in the corporation's

books and request for issuance of new certificates

4. Any fees to be paid? How much if any?

 

I would like to add to the earlier posts. I note that the shares are publicly-listed.

 

It may be worthwhile to check whether the shares are lodged with the Philippine Depositary and Trust Corporation (PDTC). If they are lodged with the PDTC, then there may be no physical stock certificates and the shares may be in the name of a broker/ trading participant under a "jumbo certificate."

 

If you wish to withdraw the shares from the PDTC System, the PDTC has a procedure for upliftment. Under the procedure, the broker will transfer to you the legal title to the shares by surrendering the jumbo certificate of the broker to a stock transfer agent, which then issues a new stock certificate in the name of the shareholder. The expenses for upliftment are for your account.

Edited November 4, 2008 by azayco

[disorder1666]

Nagpabody repair and paint ako ng oto then after 6 months of unsatisfactory of work i decided to pullout the car and transfer it sa isang shop para macorrect and maayus yung repair and paint... Nagkaroon kami ng hand written agreement na both parties agreed to pullout the car for body works and paint total damage is 40k...

 

Question anong habol ko when it comes to legallity? Kasi to our surprise sobrang backjob ng oto considering na 40k na yung bayad ko... Sabi ko sa owner na tignan yung oto ko at isama nya yung gumawa para makita nila both... Your suggestion is greatly appreciated... Thank you...

[yellowjacket]

It all depends. The law only requires severance pay under certain conditions. The general rule is that if the termination was a just cause (firing - employees' fault), then NO separation (except if sickness) pay.

 

Authorized causes are those there the employers wants to let go employees to save money or cut costs. The law provides a minimum of 1/2 month or 1 month (or multiplied by years of service, whichever is higher) severance pay.

 

Hope that helps.

 

thank you sir. more power!

[spadon]

Thank you again to Sirs pol22366, bonito99 and azayco for your advice. More power to you sirs. Have a nice day.

[rapturousone]

I would like to add to the earlier posts. I note that the shares are publicly-listed.

 

It may be worthwhile to check whether the shares are lodged with the Philippine Depositary and Trust Corporation (PDTC). If they are lodged with the PDTC, then there may be no physical stock certificates and the shares may be in the name of a broker/ trading participant under a "jumbo certificate."

 

If you wish to withdraw the shares from the PDTC System, the PDTC has a procedure for upliftment. Under the procedure, the broker will transfer to you the legal title to the shares by surrendering the jumbo certificate of the broker to a stock transfer agent, which then issues a new stock certificate in the name of the shareholder. The expenses for upliftment are for your account.

 

I agree.

 

For that matter, assuming that your uncle has an account with a stock brokerage firm, he might want to check with the firm if it is possible to add his brothers and sisters as his joint account holders and if he can withdraw from the account at a later date leaving his siblings as the beneficial owners of all the shares held in that account. This will avoid having to go through the upliftment procedure and corresponding costs. It will also avoid all the associated fees and expenses of assigning the shares.

 

As with many transfers of this nature, the sooner the better.

[serolf]

anyone who could help me? my wife and i have a checking account (and/or). my wife who is already deceased has issued pdcs until 2009 as payment for her personal loan. since feb 2008 i have been funding these checks monthly. pag pinasara ko ba ang account liable pa rin ako? pls enlighten me. tia

[rocco69]

dahil hindi naman ikaw ang nag-issue ng cheke, wala kang liability under the Bouncing Checks Law. In other words, walang criminal liability pag sinara mo ang account. Kaya lang, ang utang ng asawa mo ay sagutin ng mga ari-arian na iniwan niya. Kung may mga ari-arian ang asawa mo na minana mo at ng inyong mga anak, ito ay pwedeng habulin ng nagpautang sa asawa mo. Sa madaling salita, pwedeng papanagutin ang mga ari-ariang iniwan ng asawa mo sa utang na iniwan nya, pero ito ay hindi criminal case kundi civil case lamang. (Note: sa karaniwan, kalahati ng mga ari-arian nyo ng mamatay ang asawa mo ay pag-aari ng asawa mo at ito ay minana mo at ng mga anak ninyo )

 

anyone who could help me? my wife and i have a checking account (and/or). my wife who is already deceased has issued pdcs until 2009 as payment for her personal loan. since feb 2008 i have been funding these checks monthly. pag pinasara ko ba ang account liable pa rin ako? pls enlighten me. tia

[moed]

As soon as the bank finds out your wife passed away it will not honor the checks as these checks show they have been signed when she was already dead. You should settle the estate of your wife since part of the funds of the account which belong to her have been transmitted to heirs or others either by her will or if wihtout one by operation of law. The funds in the account would have to be included in her estate for determination of the estate tax and then the ownership of the amount deemed to be her property disposed of in accordance with her will or through intestate succession. You will not be allowed to issue checks yourself until determination of the ownership of the account. Actually, there is a provision in joint accounts stating that both the account holders should be alive whenever withdrawals or checks are issued.

Edited November 5, 2008 by moed

[serolf]

maraming salamat bros- moed and rocco69. at least i know what to do.again. salamat

[erick_dcruz]

Hi Team,

 

I need your help,,may question lang ako pag dating sa pag-papagawa ng Bahay....kc meron kming loteng nabili d2 sa QC banda....then balak na namin patayuan ng bahay.....ano ano ba ang mga requirements na kelangan namin before mag patayo ng bahay,,saka pag dating sa building permit mga mag kano kya ang magagastos namin.....?

 

 

Another question...

 

 

Isa pa may nabili kming lote jan sa may bandang bulacan total of 150 square meter na with total amount of more or less 600k ...then nkapag hulog na kmi ng mga 100k then kaso prang gusto na namin i-atras ang pag huhulog kc prang hindi na nmin kayang bayaran kc mga more or less 15k sya per month.....may chance pa ba kmi na ma-i-refund yung na ihulog namin na 100k?

 

 

Mga kapatid please give me some idea nman.....HELP nman po...please....

 

wait ko nlang mga reply nyo ha.....

 

 

 

Advance thanks for your help.............

[rocco69]

1. ano ano ba ang mga requirements na kelangan namin before mag patayo ng bahay

 

pera! pera! pera!

 

seriously, ayon sa buidling permit form ng QC, kailangan mo ng

 

SITE DEVELOPMENT & LOCATION PLAN

ARCHITECTURAL PLAN & SPECIFICATIONS

STRUCTURAL DESIGN & COMPUTATIONS

SANITARY/PLUMBING PLANS & SPECIFICATIONS

ELECTRICAL PLANS & SPECIFICATION

MECHANICAL PLANS & SPECIFICATIONS

LOGBOOK (1COPY)

 

mangangailanagn ka rin ng:

 

1. LOCATIONAL CLEARANCE from the City Planning and Development Office, 10th floor, Quezon City Hall Building;

2. After securing the Locational Clearance, secure FIRE SAFETY INSPECTION SHEET from the Quezon City Fire Protection Office, Quezon City Hall Compound.

 

 

2. pag dating sa building permit mga mag kano kya ang magagastos namin.....?

 

nasa ordinance ng QC ang rates for building permit, pinakamaganda tumawag ka at magtanong sa:

 

Engineering Department 8th Floor QC Hall Main Building (this office takes charge of the issuance of Building Permit/ Repair/ Renovation/ Permit/ Certificate of Occupancy)

 

Engr. Joselito B. Cabungcal

Officer-in-Charge

928-47-92

434-08-77

924-16-61

 

Siyempre, kung gagamit ka ng fixer o taga-lakad, me patong na yun

 

3. ...may nabili kming lote... then nkapag hulog na kmi ng mga 100k then kaso prang gusto na namin i-atras ang pag huhulog kc prang hindi na nmin kayang bayaran... may chance pa ba kmi na ma-i-refund yung na ihulog namin na 100k?

 

ayun sa RA6552:

 

where the buyer has paid at least two years of installments, the buyer is entitled to the following rights in case he defaults in the payment of succeeding installments:

 

xxx xxx xxx

 

( If the contract is canceled, the seller shall refund to the buyer the cash surrender value of the payments on the property equivalent to fifty per cent of the total payments made, and, after five years of installments, an additional five per cent every year but not to exceed ninety per cent of the total payments made: Provided, That the actual cancellation of the contract shall take place after thirty days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act and upon full payment of the cash surrender value to the buyer.

 

Lumalabas, kung mga dalawang taon na kayong naghuhulog ng 15K, mababawi nyo ang 50% ng nahulog niyo + additional 5% ng naihulog for every additional year.

 

Kaya lang, lumalabas sa kwento mo na wala pang dalawang taon kayong naghuhulog at 100K pa lang ang naibabayad nyo. Pag di nyo na itinuloy, wala kayong mababawi, ayun sa RA6552.

 

Ngunit, subalit, datapwat - tingnan mo rin ang kontratang pinirmahan nyo sa pagbili ng lote, baka sakali kasing may nakasaad dun na may makukuha kayo pag kayo ay umatras sa kontrata. Kaya lang, kung walang nakasaad, sorry na lang.

 

 

 

Hi Team,

 

I need your help,,may question lang ako pag dating sa pag-papagawa ng Bahay....kc meron kming loteng nabili d2 sa QC banda....then balak na namin patayuan ng bahay.....ano ano ba ang mga requirements na kelangan namin before mag patayo ng bahay,,saka pag dating sa building permit mga mag kano kya ang magagastos namin.....?

 

 

Another question...

 

 

Isa pa may nabili kming lote jan sa may bandang bulacan total of 150 square meter na with total amount of more or less 600k ...then nkapag hulog na kmi ng mga 100k then kaso prang gusto na namin i-atras ang pag huhulog kc prang hindi na nmin kayang bayaran kc mga more or less 15k sya per month.....may chance pa ba kmi na ma-i-refund yung na ihulog namin na 100k?

 

 

Mga kapatid please give me some idea nman.....HELP nman po...please....

 

wait ko nlang mga reply nyo ha.....

 

 

 

Advance thanks for your help.............

[erick_dcruz]

hi SIr...

 

With regards sa Lupang nkuha nmin kaso hndi na namin kayang i-continue yung bayarin...actually 100k plang yung naihulog namin kung baga yun yung downpayment...then hindi pa kmi nakakapaghulog ulet....may chance pba kmi na ma-refund yun?

 

wait ko nlang ulet yung reply nyo...

 

Advance thanks for your help...........