Amendments to A.M. No. 04-7-02-SC (Re: Guidelines on Corporate Surety Bonds)

July 23, 2015

OCA CIRCULAR NO. 155-15

 

In accordance with the Resolution dated 21 April 2015 of the Court in A.M. No. 04-7-02-SC (Re: Guidelines on Corporate Surety Bonds), all concerned justices, judges, court officials and personnel are hereby informed of the following amendments/clarifications to the said guidelines:

(a) That the obligation on the part of the accused/defendant to pay the annual premium necessary for the renewal of the surety bond previously approved by the court REMAINS;

(b) The phrase "Unless and until the Supreme Court directs otherwise" appearing in the first paragraph of Section VII of A.M. No. 04-7-02-SC is AMENDED to read as "Unless and until the court concerned directs otherwise;" and

(c) The second paragraph of Section VII of A.M. No. 04-7-02-SC is AMENDED to include the following statement: "If the surety company seeks to be discharged from its obligation because of the failure/refusal of the accused/defendant to pay the premiums, it shall make the same notice within ten (10) days from the occurrence of such fact and the court shall decide accordingly."

This Circular supersedes prior circulars/memoranda inconsistent herewith and shall remain in force until further orders from the Court.

Strict compliance is hereby enjoined. aDSIHc

 

(SGD.) JOSE MIDAS P. MARQUEZCourt Administrator

ATTACHMENT

A.M. No. 04-7-02-SCApril 21, 2015