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    Chattel Mortgage Real (Estate) Mortgage

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    Alexis Nieves
    This document compares and contrasts chattel mortgages and real (estate) mortgages in the Philippines across several criteria in 3 sentences or less: Chattel mortgages cover personal property while real mortgages cover real property. Extrajudicial foreclosure is allowed for chattel mortgages without a right of redemption, whereas real mortgages allow for either extrajudicial or judicial foreclosure with a right of redemption. Registration requirements differ and affect enforceability for chattel mortgages but affect validity for real mortgages.

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    © All Rights Reserved
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    Chattel Mortgage Real (Estate) Mortgage

    Uploaded by

    Alexis Nieves
    37 views1 page
    This document compares and contrasts chattel mortgages and real (estate) mortgages in the Philippines across several criteria in 3 sentences or less: Chattel mortgages cover personal property while real mortgages cover real property. Extrajudicial foreclosure is allowed for chattel mortgages without a right of redemption, whereas real mortgages allow for either extrajudicial or judicial foreclosure with a right of redemption. Registration requirements differ and affect enforceability for chattel mortgages but affect validity for real mortgages.

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    real-vs-chattel

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    This document compares and contrasts chattel mortgages and real (estate) mortgages in the Philippines across several criteria in 3 sentences or less: Chattel mortgages cover personal property while real mortgages cover real property. Extrajudicial foreclosure is allowed for chattel mortgages without a right of redemption, whereas real mortgages allow for either extrajudicial or judicial foreclosure with a right of redemption. Registration requirements differ and affect enforceability for chattel mortgages but affect validity for real mortgages.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    37 views1 page

    Chattel Mortgage Real (Estate) Mortgage

    Uploaded by

    Alexis Nieves
    This document compares and contrasts chattel mortgages and real (estate) mortgages in the Philippines across several criteria in 3 sentences or less: Chattel mortgages cover personal property while real mortgages cover real property. Extrajudicial foreclosure is allowed for chattel mortgages without a right of redemption, whereas real mortgages allow for either extrajudicial or judicial foreclosure with a right of redemption. Registration requirements differ and affect enforceability for chattel mortgages but affect validity for real mortgages.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    CHATTEL MORTGAGE REAL (ESTATE) MORTGAGE

    Object Personal property Real property


    Scope Existing and valid obligations; Includes future obligations
    Includes voidable, unenforceable, rescissible and natural obligations
    Foreclosure Extrajudicial only EJ or Judicial
    EJ Foreclosure No right of redemption Right of Redemption

    Registration RD of mortgagor’s residence + RD


    location of property + LTO (motor
    vehicles)
    Affects enforceability not validity
    Affects validity
    Return of Excess Not required Required
    Claim for Deficiency - No recovery under the Recto Law Upon court order / deficiency
    (NCC 1484 on installment sale of judgment
    personal property where the Usually on the principal debtor (not
    mortgage is constituted over the on the third person in possession
    object of sale to secure the of the mortgage property)
    payment of the purchase price).
    For Recto Law to be applied,
    mortgage must be constituted over
    the object of the installment sale.

    - Recovery if not under the Recto


    Law
    FROM: Principal Debtor
    E: Obligation is solidary with the
    Mortgagor
    Redemption Equity of redemption only (before Equity (before foreclosure) and/or
    sale) Right of redemption (after
    foreclosure)
    (NOTE: law is silent as to right of
    redemption) Note: Right of Redemption
    Judicial Foreclosure – if sale is
    confirmed by court, no more
    redemption except for banks

    EJ Foreclosure – one yr from


    registration of sale with RD

    Property of juridical persons


    (corporations, partnerships etc) –
    before registration of sale or
    3 months after foreclosure
    (whichever is earlier)

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