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Free Legal Advice Philippines » GENERAL PRINCIPLES, UPDATES » LEGAL MATTERS, GEN PRINCIPLES, DOCTRINES, UPDATES » Commercial Law » General Bonded Warehouse Act » BOND REQUIRED TO BE PUT UP BY THE WAREHOUSEMAN

BOND REQUIRED TO BE PUT UP BY THE WAREHOUSEMAN

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barrister

barrister
Reclusion Perpetua

1. The bond may either be a cash bond or a bond secured by real estate, or a bond issued by a duly authorized bonding company.
2. The amount of the bond must not be less than 33 1/3 % of the market value of the maximum quantity of the commodity to be received by the warehouseman.
3. It shall be so conditioned as to respond for the market value of the commodity actually delivered and received at any time by the warehouseman in case the latter is unable to return the commodity or to pay its
value. (Sec. 4)

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Free Legal Advice Philippines » GENERAL PRINCIPLES, UPDATES » LEGAL MATTERS, GEN PRINCIPLES, DOCTRINES, UPDATES » Commercial Law » General Bonded Warehouse Act » BOND REQUIRED TO BE PUT UP BY THE WAREHOUSEMAN

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