A claim of at least p1000000 or at least 25 of

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A. Claim of at least P1,000,000 or at least 25% of subscribed capital stock, whichever is higher B. Claim of at least P500,000 or at least 10% of subscribed capital stock, whichever is higher C. Claim of at least P10,000,000 or at least 15% of subscribed capital stock, whichever is higher D. Claim of at least P5,000,000 or at least 20% of subscribed capital stock, whichever is higher 39. What is the required vote by the creditors affected by the rehabilitation of a corporation for the approval of the proposed rehabilitation plan? A. Approval by at least 2/3 of all classes of creditors whose rights are affected. B. Approval by at least 1/3 of all classes of creditors whose rights are affected. C. Approval by all classes of creditors whose rights are affected. D. Approval by at least ¼ of all classes of creditors whose rights are affected. 40. It is a type of rehabilitation wherein the insolvent debtor and its creditors already negotiated and prepared the rehabilitation plan before they file a verified petition to the court for the approval of such plan. A. Voluntary court-supervised rehabilitation B. Involuntary court-supervised rehabilitation C. Out-of court or informal rehabilitation D. Pre-negotiation rehabilitation Page 10
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NEGOTIABLE INSTRUMENTS LAW 41. Which of the following is not a warranty of a qualified indorser of negotiable instrument? A. That all prior parties had capacity to contract. B. That the instrument, is at the time of his indorsement, is valid and subsisting. C. That the instrument is genuine and in all respects what it purports to be. D. That he has good title to the instrument. 42. Which of the following is a defense that is available against a holder in due course? A. Fraud in factum B. Acquisition of instrument by force or duress C. Illegality of consideration D. Absence of delivery of complete instrument 43. Which of the following is not a requisite of a holder in due course? A. He holds an instrument that is complete and regular upon its face. B. He becomes the holder of the instrument after it is overdue, and with notice that it had been previously dishonored if such was the fact. C. He takes the instrument in good faith and for value. D. At the time the instrument is negotiated to him, he has no notice of infirmity in the instrument or defect in the title of the person of the person negotiating it. 44. Which type of indorsement may prohibit the further negotiation of a negotiable instrument? A. Conditional indorsement B. Qualified indorsement C. Restrictive indorsement D. Facultative indorsement Page 11
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BOUNCING CHECKS LAW 45. Which of the following is not an element of criminal violation of Batas Pambansa Bilang 22 for issuance of worthless checks? A. There must be making, drawing, and issuance of any check to apply for account or for value. B. There must be knowledge of the maker, drawer, or issuer that at the time of issue he does not have sufficient funds in or credit with the drawee bank for the payment of the check in full upon its presentment.
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