May 28, 1982
CBP CIRCULAR NO. 877-82
The Monetary Board, in its Resolution No. 981 dated May 28, 1982, approved the amendment of Circulars No. 739, 740, 741 and 742, as amended, as follows:
SECTION 1. Section 64 of Circular No. 739, as amended, is hereby amended by adding the following after paragraph (g) thereof to read as follows:
"(h) Secured loan, borrowing, or credit accommodation shall refer to:
"(1) any loan, discount, credit or advance, or portion thereof referred to in Section 65 which is secured by real estate mortgage; chattel mortgage on tangible assets; standby letters of credit issued by foreign banks; assignment of or hold-out on deposits or deposit substitutes maintained in the lending bank; cash margin deposits; or assignment or pledge of government securities or readily marketable bonds and other high grade debt securities except those issued by the lending entity; digest
"(2) customer's liability under import bills outstanding for not more than thirty (30) days from date of original entry;
"(3) sales contract receivable arising from sale of real property on credit where title to the property...
