RFB 301 (Business-Related Crimes & Offenses) : Atty. Arnold V. de Castro
RFB 301 (Business-Related Crimes & Offenses) : Atty. Arnold V. de Castro
RFB 301 (Business-Related Crimes & Offenses) : Atty. Arnold V. de Castro
(Business-Related
Crimes & Offenses)
Trust receipt transaction- any transaction by and between entruster, and entrustee, whereby the
entruster, who owns or holds absolute title or security interests over certain specified goods,
releases the same to the possession of the entrustee upon the latter's execution and delivery to
the entruster of a signed document called a "trust receipt" wherein the entrustee binds himself
to hold the designated goods in trust for the entruster and to sell or otherwise dispose of the
goods, with the obligation to turn over to the entruster the proceeds thereof to the extent of the
amount owing to the entruster or as appears in the trust receipt or the goods, documents or
instruments themselves if they are unsold or not otherwise disposed of.