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Bank Delta, a BSP-supervised bank, is placed under receivership by the BSP due to severe liquidity pressures. The BSP appoints Atty. Miguel Rivera as Receiver, authorized to take possession of and manage Bank Delta’s assets and liabilities and to perform acts necessary to preserve the bank and protect depositors and creditors. After appointment, the Receiver signs a PHP 180,000,000 bridge loan with Pacifica Credit Corp. to fund payroll and essential vendor payments for four months, stating that the bank’s obligations under this loan shall be binding upon Bank Delta. The bank continues to operate under the Receiver’s control. A depositor seeks withdrawal of funds; a vendor asserts a claim against Bank Delta arising from a pre-receivership contract. The bank’s board contends that any acts outside the routine preservation of assets require prior BSP or Monetary Board approval and cannot bind Bank Delta without proper authorization. Which of the following statements best describes (a) the controlling doctrine and the Receiver’s authority, including who appointed him and the scope of his powers; (b) whether incurring a new loan is within the ordinary course of business during receivership, and what rule governs the authority to incur new indebtedness; (c) apply the doctrine to the facts: Is the PHP 180,000,000 loan binding on Bank Delta? What are the effects on depositors and creditors?