Documentos de Académico
Documentos de Profesional
Documentos de Cultura
L----------- B 10 m
2------------12M
-------Guaranty
-----------antichresis
Default : Creditor goes after the anti-chresis ; if there’s a deficiency ,separate aciom
DEFAULT RULE: Foreclose by judicial foreclosure ; motion for deficiency judgment executed in some
other property ; notarial sale of the pledged property ::
MAXIMUM RECOVERY
- Personal property is recorded in the chattel mortgage register as a security for the performance
of an obligation
ART 2141 : The provisions of this code on pledge insofar as they are not in conflict with the Chattel
Mortgage law shall be applicable to chattel mortgage
- IF THOSE ARE NECESSARY FOR THE BUSINESS OFF DEBTOR SO HE CAN PAY
- YOU CANNOT TAKE THE NECESSARY IMPLEMENTS
- Farm
- It covers the crops : (415) attached to the property
- Including the improvements, the accessions and accessories therein
- EQUIPMENTS NECESSARY FOR BUSINESS
- Non-compliance : form : assuming there are all other requisites : mortgage binding on parties
- NON-COMPLIANCE affects its binding effect to 3 rd persons
- In writing
- Affidavit of good faith –; even If registered shall not bind 3 rd parties
L----------- B 10M
-------P + I
----------- 15m CM
Chattel mortgage registered but no affidavit of GF: will this bind 3ps? NO
X cannot challenge because L is going after B not as mortgagee, but he’s only using the CM that B owes L
the principal + interest
Public auction –foreclosure. Posting and personal notice. Sheriff or notary public authorized to
conduct the auction
DEFICIENCY : general rule on mortgage where u can recover deficiency unless there is a law
prohibiting it
RECTO LAW
General Rule: If availed of, the unpaid seller cannot anymore choose other remedies;
2. Rescission: Cancel the sale if buyer fails to pay 2 or more installments Deemed chosen when:
General Rule: Actual foreclosure is necessary to bar recovery of balance - Extent of barring effect:
purchase price
Exception: Mortgagor refuses to deliver property to effect foreclosure; expenses incurred in attorneys
fees, etc
MACEDA LAW
- REAL PROPERTY
- We severally swear that the foregoing mortgage is made for the purpose of securing the
obligation specified in the conditions thereof and for no other purpose and the same is a just
and valid obligation and one not entered for the purpose of fraud
- Signed by both parties
2 locations of cars: register to both locations of cars + the place of residence of the debtor
- GR: NO
- Exception : department store inventory ; impede trade ; impossible to use chattel mortgage
- Publication
- Posting on public places lang
- 10 days prior to selling
- 30 days from default : MINIMUM
- NO MAX
- If you have a situation : seller sells prop to buyer, buyer mortgages, for balance
- In case of non-payment : resolution (x) –instead seller must go to foreclosure
MULTIPLE SECURITIES
SURETY
PLEDGE
CM
REM
REMEDIES: