Cases in Credit Transactions. Chattel Mortgage, Antichresis, these cases are not mineFull description
antichresisFull description
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mortgageFull description
CONTRACT OF PLEDGEFull description
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PLEDGE MORTGAGE AND ANTICHRESIS (Articles 2058-2141 NCC C!"#ter 1$ Pr%&isi%'s C%%' t% Ple)*e "') M%rt*"*e (Arts$ 2058-20+2 NCC Credit security Involves tangible security – mas gusto ng bank (Personal/Real property) Personal – as security - do it in a form a pledge or chattel mortgage Immovable – R! real estate mortgage • • • •
"rt# $%&'# he folloing re*uisites are essential to the contracts of pledge and mortgage+ , mortgage+ , ."I01 ."I01 (2) hat they be constituted to secure the ful3llment of a #ri'ci#"l %,li*"ti%'4 !56 ."I0 P, ",s%lte %.'er %.'er ("t #rese't of the ($) hat the pledgor pledgor or mortga mortgagor gor be the ",s%lte thing pledged or mortgaged4 7rd Party pledge/mortgage pede – pledgor not debtor kaya pede1 Cannot mortgage future property111 • •
(7) hat the persons constituting the pledge or mortgage have the /ree )is#%s"l %/ t!eir #r%#ert8 and in the absence thereof8 that they be le*"ll "t!%rie) for the purpose# –6P" agent1 hird persons ho are not parties to the principal obligation may secure the latter by pledging or mortgaging their on property# (2&'9) 6": In case of default the creditor may run after the principal borroer by ay of collection suit or foreclosure of pledge or mortgage Rights of creditor are e;clusive8 e;clude the other hen e;ercise one "rt# $%&<# he provisions of "rticle $%'$ are applicable to a pledge or mortgage# (n) •
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"rt# "rt# $%&9# $%&9# It is also also of the essence essence of these these contra contracts cts that hen the princip principal al obligation becomes due8 the things in hich the pledge or mortgage consists may be alienated for the payment to the creditor# (2&'&) "rt# $%&&# he creditor cannot appropriate the things given by ay of pledge or mortgage8 or dispose of them# "ny stipulation to the contrary is null and void# (2&'=a) (P"ct ct C% C%iss% iss%ri ri against 6tip 6t ipul ulat atio ion n au auto toma mati tic c o one nerr (P" public publ ic policy1 policy1 – the cre)it%r ho is the mortgagee has ,>? 2 right after the event of default – RIGHT TO 3ORECLOSE I: @"> , "CA5IR PR,PR? C">>, ? 6IP5"I,>4 C"> ? "5CI,> 6"# Creditor is declared oner at the e;piration of redemption period •
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"rt# $%&=# " pledge or mortgage is indivisible8 even though the debt may be divided among the successors in interest of the debtor or of the creditor# Contract of pledge/mortgage is I>0I.I6I1111 "lays taken as 2 or hole1111 ;ample – 2 real estate mortgage – subBect of many real estate Cannot give partial release of real estate mortgage •
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Cancel old R! and constitute ne R! for remaining parcels of land – if not that is unsafe unsound anking practice – I>0I.I6I1111 Dasi1111 oth spouses must sign R! if not .,I01 Pirma dapat sa harapan mo1
