Dollie B. took out a toan from CHKNJY Bank in order to start her fast food restaurant business. In her contract with the bank, she obliged herself to pay PHP 50,000.00 per month to the bank. After a while, she missed two instances of installment payments. The bank demanded that she pay her now installment payments, but she did not do so. Her total pending installment payments is PHP 100,000.00 while her total outstanding debt is PHP 500,000.00. When Dollie B. missed her installment payment for the third time, CHKNJY Bank deducted her total debt of PHP 500,000.00 from her account containing PHP 1,000,000.00 as a means of offset. Was the action of the bank valid in this case? Select the correct response: No. The Commercial Law prohibits offsetting of bank debts from the bank accounts of depositors as this tarnishes the concept of faith and confidence in banks. Yes. The bank, as creditor, has the right to collect what is due to it in whatever means possible. Yes. The action of the bank is valid as Civil Law permits the offsetting of debts between two persons who are creditor and debtor of each other. No. The bank may offset the her debt with her bank account, but not the whole PHP 500,000.00. 130069 'Mckwa M cal \\pnsed 1 - -- 51 ___ '0' mwl meow \"360611 a folk