Lex Rex Ph

Lex rex simply means “the law is the king.” It’s another way of saying that we must be a government of laws and not of men; that no one is above the law, and anyone who stands before the law find himself on level ground. This is a repository of law school notes that strives to reflect that principle.

Unrestricted Retained Earnings (URE)

Unrestricted Retained Earnings (URE) are the accumulated profits and gains realized out of the normal and continuous operations of the company after deducting therefrom the distributions of stockholders (legal capital) and transfers to capital stock (creditors) or other accounts (Memorandum Circular No. 11 Series of 2009); and which are not subject to restrictions such as: Not appropriated by directors for corporate expansion projects or programs; Not restricted by loan agreements; Not required to be retained under special circumstances  What interests


Precarium is a specie of commodatum where the bailor can demand the return of the thing at will. This is a contractual relationship. (Art. 1947) The original word for precarium is precarious

Res Judicata

is a rule that a final judgment on the merits by a court of competent jurisdiction is conclusive of the rights of the parties or their privies in all subsequent suits on

Rebus Sic Stantibus

The contract can only be valid if the conditions prevailing at the time of contracting continue to exist at the time of performance. If the conditions have changed that it becomes manifestly

Marcos II vs. CA Digest

Facts The BIR filed criminal charges against the Estate of Marcos Sr. and caused the filing of P23B+ ETR, and P184M ITR in relation to its estate tax assessments. Notices were then

Medicard vs. CIR Digest

Facts CIR found discrepancies in the ITR of Medicard. It then issued a Letter of Notice (LN) to Medicard, then PAN, then FAN. No issuance of LOA to the revenue officer. Arguments CIR:

Associated Insurance Surety vs. Isabel Iya Digest

Facts • Spouses Valino possess a house of strong materials which they bought from Ph Realty Corp (PRC). In 1951, they allegedly executed a chattel mortgage on such house with Associated Insurance

Love the process. Not just the outcome.
Do not rush things. Great things take time.
Decide the type of person you want to be. Prove it to yourself with small wins. - James Clear
If you love something, you will always be willing to do the difficult things. - Bernice Piñol
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RCCP Sec. 35 vs. Sec. 41 Corporate Investment

Section 35 Section 41 What may be exercised General and implied powers Investment only, not under implied power Investment of funds For primary purpose (an implied power under 35[k]) In another corporation,

Stocks vs. Bonds

Stocks Bonds Nature A unit of ownership of the company A loan to the company Profits over time Intended to appreciate in value through time (not guaranteed) Pays fixed interest over time

Actions in rem vs. in personam

In rem proceeding In personam proceeding Object of the action To bar all who might make an objection against a right, and anyone in the world has a right to be heard

Persons and Family Relations Quiz

Persons is a sub-topic under the Civil Code, particularly that of the Family Code. This is usually taken during the first year of law school.

Maritime Zones under UNCLOS

The different maritime zones can be defined by first determining the baseline. The baseline is the low-water line or low-tide elevation along the coast which includes its islands at the highest tide


a bailee is a person who receives a non-consumable thing for the purpose of using it for a certain period of time and with the obligation of returning it. If there are

Gross Negligence

From the Court’s standpoint, the defendant’s casual manner, insouciance and nonchalance, nay, indifference, to the predicament of the distressed corporation glaringly exhibited a lackadaisical attitude from a top office of a corporation,

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