- Prohibition Against Allowing Staggered Payments in Favor of Surety Companies
- OCA Circular No. 142-03
October 10, 2003
OCA CIRCULAR NO. 142-03
|TO||:||All Executive Judges, Presiding Judges, Clerks of Court and Branch Clerks of Court in the Regional Trial Courts, Metropolitan Trial Courts, Municipal Trial Courts in Cities, Municipal Trial Courts, Municipal Circuit Trial Courts Including the Shari'a District Courts and Shari'a Circuit Courts|
|SUBJECT||:||Prohibition Against Allowing Staggered Payments in Favor of Surety Companies|
Most surety companies with outstanding obligations with the trial courts have consistently failed to settle their obligations. Notwithstanding the staggered payment approved by the courts, surety companies remain to be delinquent in the payment of their liabilities. Henceforth, staggered payments on these obligations shall no longer be allowed. EDCTIa
Orders allowing staggered payments on forfeited/confiscated bonds' issued before 16 October 2003, shall remain to be effective; provided that any default in payment shall render the whole obligation due and demandable and the liability shall be paid in full.
For strict compliance.
(SGD.) PRESBITERO J. VELASCO, JR.