Purchase of assets and assumption of liabilities

Purchase of assets and assumption of liabilities refers to a transaction where an insured bank purchases any or all assets and assumes any or all liabilities of another bank under resolution or liquidation, as provided in R.A. No. 3591 as amended. (Sec. 5(o), R.A. No. 3591, as renumbered and amended by R.A. No. 10846)