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    Pledge Real Estate Mortgage Chattel Mortgage: Object

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    patrick adem
    This document compares and contrasts pledges, real estate mortgages, and chattel mortgages. Pledges involve personal property transferred to the creditor, while real estate and chattel mortgages retain possession with the debtor but provide the creditor security over real or personal property. Perfection, notice requirements, rights to excess sale proceeds or deficiencies, and redemption periods differ between these security instruments.

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    © All Rights Reserved
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    Pledge Real Estate Mortgage Chattel Mortgage: Object

    Uploaded by

    patrick adem
    18 views3 pages
    This document compares and contrasts pledges, real estate mortgages, and chattel mortgages. Pledges involve personal property transferred to the creditor, while real estate and chattel mortgages retain possession with the debtor but provide the creditor security over real or personal property. Perfection, notice requirements, rights to excess sale proceeds or deficiencies, and redemption periods differ between these security instruments.

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    law

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    This document compares and contrasts pledges, real estate mortgages, and chattel mortgages. Pledges involve personal property transferred to the creditor, while real estate and chattel mortgages retain possession with the debtor but provide the creditor security over real or personal property. Perfection, notice requirements, rights to excess sale proceeds or deficiencies, and redemption periods differ between these security instruments.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    18 views3 pages

    Pledge Real Estate Mortgage Chattel Mortgage: Object

    Uploaded by

    patrick adem
    This document compares and contrasts pledges, real estate mortgages, and chattel mortgages. Pledges involve personal property transferred to the creditor, while real estate and chattel mortgages retain possession with the debtor but provide the creditor security over real or personal property. Perfection, notice requirements, rights to excess sale proceeds or deficiencies, and redemption periods differ between these security instruments.

    Copyright:

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

    OBJECT Personal property susceptible of Real property but extends to the Personal property subject thereof
    possession including incorporeal natural accessions, improvements,
    rights growing fruits, and the rents or
    income not yet received when the
    obligation becomes due, and to the
    amount of indemnity from
    insurance or from expropriation
    And may include after acquired
    properties as per stipulation

    PERFECTION Delivery Consensual but covered by the Formal


    Public instrument required to bind statute of frauds Affidavit of Good Faith
    third parties Public instrument that is registered registered in the Chattel
    in the Registry of deeds is required Mortgage Registry in the Registry
    to bind third parties of Deeds required to bind third
    parties.
    For vessels – registration is with
    the MARINA
    For motor vehicles - + report to
    the LTO

    POSSESSION Transferred to the pledgee Retained by the mortgagor Retained by the mortgagor
    Return of the thing pledged by the
    pledgee to the pledgor shall result in
    extinguishment of the contract of
    pledge.
    PRINCIPAL That which is existing at the time of Generally, covers only that which is Those indicated in the Affidavit
    OBLIGATION COVERED the pledge stated in the deed even if less than of Good Faith unless there is
    the amount of loan. Exception: if stipulation as to increase in
    there is stipulation to cover future coverage which will be binding
    advancements. but the security itself arises only
    after amending the old contract.
    SALE OF THE THING Valid as long as with consent of the Valid – any stipulation to the Mortgagor-owner cannot sell the
    DURING THE PENDENCY creditor/pledgee who shall continue contrary is void. property mortgaged otherwise he
    OF THE CONTRACT in possession even if the ownership can be criminally liable under
    is transferred to the buyer. Art. 319 of the RPC: Removal of
    Mortgaged Property.

    SALE OF THE THING TO Done by notary public – public Extrajudicial (Act No. 3135) or Extrajudicial (Act No. 1508)
    ANSWER FOR THE DEBT auction – always extrajudicial – no judicial (Rule 68)
    intervention of the courts.

    NOTICE OF SALE TO THE Required – stating the amount due Extrajudicial – not required, unless Required 10 days prior to sale
    MORTGAGOR/PLEDGOR In a legal pledge, a demand for the stipulated. Posting in two or more public
    amount is required and foreclosure Judicial Posting in 3 public places at places 10 days before auction
    must be made within 1 month from least 20 days prior to sale and
    such demand. publication of the notice of sale in a
    newspaper of general circulation

    CREDITOR’S RIGHT TO The creditor is entitled to the excess Creditor is not entitled to the excess Creditor is not entitled to the
    EXCESS OF SELLING EXCEPT: excess
    PRICE OVER UNPAID 1. There is stipulation to the
    OBLIGATION contrary; and
    2. In case of legal pledges

    CREDITOR’S RIGHT TO The creditor is NOT entitled to Creditor can recover deficiency Creditor can recover deficiency
    RECOVER DEFICIENCY recover any deficiency unless covered by the RECTO
    LAW (i.e., sale of personal
    property on installment)
    REDEMPTION No right of redemption EXTRAJUDICIAL FORECLOSURE: No right of redemption after
    1 year from date of foreclosure, foreclosure sale.
    except:
    1. Creditor is a bank
    2. Debtor is a juridical person
    In which case the redemption
    period is until the registration of the
    foreclosure sale, not exceeding 3
    months.
    JUDICIAL FORECLOSURE:
    90-120 days or until the court
    confirms the sale

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