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    LTD

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    Norr Mann
    The document discusses mortgages and leases of registered land in the Philippines. Key points include: 1) Mortgages and leases must be registered to take effect on the title. Duplicate certificates are no longer issued and existing ones must be surrendered. 2) A mortgage is a real right constituted to secure an obligation on real property, regarded as a lien rather than title. 3) If the obligation is unpaid, the mortgagee can foreclose and have the property seized and sold to pay the debt.

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    LTD

    Uploaded by

    Norr Mann
    54 views2 pages
    The document discusses mortgages and leases of registered land in the Philippines. Key points include: 1) Mortgages and leases must be registered to take effect on the title. Duplicate certificates are no longer issued and existing ones must be surrendered. 2) A mortgage is a real right constituted to secure an obligation on real property, regarded as a lien rather than title. 3) If the obligation is unpaid, the mortgagee can foreclose and have the property seized and sold to pay the debt.

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    The document discusses mortgages and leases of registered land in the Philippines. Key points include: 1) Mortgages and leases must be registered to take effect on the title. Duplicate certificates are no longer issued and existing ones must be surrendered. 2) A mortgage is a real right constituted to secure an obligation on real property, regarded as a lien rather than title. 3) If the obligation is unpaid, the mortgagee can foreclose and have the property seized and sold to pay the debt.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    54 views2 pages

    LTD

    Uploaded by

    Norr Mann
    The document discusses mortgages and leases of registered land in the Philippines. Key points include: 1) Mortgages and leases must be registered to take effect on the title. Duplicate certificates are no longer issued and existing ones must be surrendered. 2) A mortgage is a real right constituted to secure an obligation on real property, regarded as a lien rather than title. 3) If the obligation is unpaid, the mortgagee can foreclose and have the property seized and sold to pay the debt.

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    MORTGAGE and LEASES

     Under Section 60. Mortgage or lease of registered land. – Mortgage and leases shall be
    registered in the manner provided in Section 54 of this Decree. The owner of the registered
    land may mortgage or lease it by executing the deed in a form sufficient in law. Such deed of
    mortgage or lease and all instruments which assign, extend, discharge or otherwise deal
    with the mortgage or lease shall be registered, and shall take effect upon the title only from
    time of registration.
     No mortgagee’s or lessee’s duplicate certificate of title shall hereafter be issued by the
    Registers of Deeds, and those issued prior to the effectivity of this Decree are hereby
    deemed cancelled and the holders thereof shall immediately surrender the same to the
    Register of Deed concerned.

     A mortgage is a real right constituted to secure an obligation upon real property or rights.
     A mortgage is regarded as a mere lien, and not as creating a title or estate.
     The essence of a contract of mortgage indebtedness is that a property has been identified or set
    apart from the mass of the property of the debtor-mortgagor as a security for the payment of
    money or fulfillment of an obligation to answer the amount of indebtedness, in case of default
    of payment.
     In Real estate mortgage when the obligation is not paid when due the mortgagee has the right
    to foreclose the mortgage and to have the property seized and sold in view of applying the
    proceeds to the payment of the obligation.

    PARTIES TO A MORTGAGE

     Mortgagor - is the one who constitute a mortgage.


     Mortgagee – is the one in whose favor a mortgage is constituted.

    OBJECTS OF MORTGAGE

    Immovable
    Alienable real rights in accordance with the laws imposed upon immovable.

    ESSENTIAL REQUISITES OF MORTGAGE

     Needed for VALIDITY:


    1. That they be constituted to secure the fulfillment of a principal obligations;
    2. That the mortgagor be the absolute owner of the thing mortgaged;
    3. That the mortgagor constituting the mortgage have the free disposal of their property,
    and the absence thereof, that they be legally authorized for the purpose;
    4. It cannot exist without a valid obligation. Nevertheless, it could be constituted to
    guarantee the performance of a voidable or unenforceable contract. It may also
    guarantee a natural obligation. (Art. 2052,NCC)

     Needed for ENFORCEABILITY:


    5. It must be recorded in the Registry of Property
     Effects of failure to register:
    o Failure does not invalidate the mortgage
    o The mortgage is nevertheless binding between the parties only, but not
    to the third persons who does not have notice of such mortgage
    CHARACTERISTICS OF MORTGAGE

    1. It is a real right
    2. It is an accessory contract
    3. It is indivisible
    4. It is inseparable

    ESSENCE OF A CONTRACT OF MORTGAGE

     When the principal obligation becomes due, the things in which the mortgage consists may be
    alienated for the payment to the creditor. The property mortgaged cannot be appropriated by
    the creditor, as in the case of pactum commissorium, but must be sold at the public auction in
    accordance with the procedure prescribed by law for the satisfaction of the obligation.

    EFFECTIVITY

    o A mortgage is effective only from the time of registration, as provided for by Sec 60 of
    PD No. 1529

    PRESCRIPTIVE PERIOD

     Since a mortgage is a written contract, an action for could be brought within 10 years from the
    time the right of action accrues or from the default in payment of the loan amortizations. The
    prescription is interrupted when:
    o The action is filed in the court
    o There is a written extrajudicial demand by the creditors, and
    o When there is any written acknowledgement of the debt by the debtor.

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