"x xx.
Nature of bank relationship with depositors; fiduciary nature does not convert the contract from a simple loan to a trust agreement; bank must observe high standards of integrity and performance. Contrary to the petitioner’s position, UCPB did not become a trustee by the mere opening of the ACCOUNT. While this may seem to be the case, by reason of the fiduciary nature of the bank’s relationship with its depositors, this fiduciary relationship does not “convert the contract between the bank and its depositors from a simple loan to a trust agreement, whether express or implied.” It simply means that the bank is obliged to observe “high standards of integrity and performance” in complying with its obligations under the contract of simple loan. Per Article 1980 of the Civil Code, a creditor-debtor relationship exists between the bank and its depositor. The savings deposit agreement is between the bank and the depositor; by receiving the deposit, the bank impliedly agrees to pay upon demand and only upon the depositor’s order. Joseph Goyanko, Jr., as administrator of the Estate of Joseph Goyanko, Sr. vs. United Coconut Planters Bank, Mango Avenue Branch, G.R. No. 179096. February 6, 2013
(Hector thanks Patrick Henry D. Salazar for his assistance to Lexoterica.)
x x x."
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