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Kinds of real guaranty! Governing laws!

Pledge (2121)! 1. Legal! 2. Voluntary!

Chattel mortgage!

Real Estate Mortgage!

Property! Ownership/risk ofFree Disposal! >Principal! >Consensual! >Unilateral! Right to Use! Right to Appropriate! Indvisiblity! >Movable! >Accessory! >real! >Bilateral! ( P a c t u m loss! ! >Immovable! >solemn or formal! Commissorium)! (Extent/Coverage)! NCC! Only the consent of theTo secure the fulfilmentAs to the creditor, sameMovables! Pledgor must be theT h a t t h e p e r s o nA l l a r e a c c e s s o r yReal (Art. 1316, ArtUnilateral! None, unless! The creditor cannotA pledge or mortgage Upon its perfection, it creditor/mortgagor isof a principal obligationcause that supports the(Art. 2094)! absolute owner of theconstituting the pledgecontracts (Art. 20862093)! appropriate the thingsis indivisible, even 1. Authorized! Incorporeal Rights (Art.thing pledged at theor mortgage have theand 2052)! required. But the TPby an encumbrance ofprincipal contract. ! B u t a p r o m i s e t ocreates an obligation 2. Necessary for theg i v e n b y w a y o fthough the debt may preservation ofpledge or mortgage, orbe divided among the pledger/mortgagor willproperty placing of MPA s t o t h e p l e d g o r /2095, 2118)! time of the constitutionfree disposal of theirA pledge/mortgageconstitute a pledgesolely on the part of the thing (Art.dispose of them.! not be subrogated in thein the possession of themortgagor is the debtor, successors in interest 1. The thing pledged!of the pledge. (Art.property, and in thecannot exist without ag i v e s r i s e t o athe creditor to return 2104)! Any stipulation to theof the debtor or of the rights of the creditor ifcreditor. (Art. 2085)! 2085, 2103)! absence thereof, thatv a l i d o b l i g a t i o n .p e r s o n a l a c t i o nthe thing upon the same cause that 2. Fruits, Income! contrary is null andcreditor. From these the contract was entered supports the principal t h ef u l f i l m e n t o f t h e 3. O ff s p r i n g ( A r t .Creditor is liable for itst h e y b e l e g a l l yN e v e r t h e l e s s , ab e t w e e n 2102)! void (Art. 2088, 2137)! provisions is excepted into without the contract.! loss or deterioration, ina u t h o r i z e d f o r t h epledge/mortgae maycontracting partiesprincipal obligation! If pledgor/ mortgagor is However, in pledge, ifthe case in which, knowledge or consent, b e c o n s t i t u t e d t o(Art. 2092). Must be a c o n f o r m i t y w i t hpurpose! not the debtor, at first auction thethere being several or against the will of the g u a r a n t e e t h epublic instrument to provisions of NCC (Art. consideration may be thing is not sold, at h i n g s g i v e n i n principal debtor.! p e r f o r m a n c e o f aaffect third persons 2099)! (Art. 2067 & 2050 , liberality or second one with themortgage or pledge, v o i d a b l e o r a n(Art. 2096)! 2120)! compensation received. same formalities shalleach one of them unenforceable (Art. 1350)! be heldm and if at theguarantees only on a contract. It may also second auction theredeterminate portion of guarantee a natural is not sale either, thethe credit.! obligation. A creditor m a yThe debtor, in this conditional obligation appropriate the thingcase, shall have a may also be secured (Art. 2053, 2091, to the pledged. In this caser i g h t he shall be obliged toextinguishment of the 2139)! give an acquittance ofpledge or mortgage as his entire claim (Art.the portion of the debt for which each thing is 2112)! E n c a s h m e n t o f aspecially answerable d e p o s i t c e r t i f i c a t eis satistfied. (art. 2089, given as security not2139)! PC ! The indivisibility of a pledge or mortgage is not affected by the fact that the debtor are not solidary liable (Art. 2092)! To secure the fulfilment! Movables (Art. 2124)! Mortgagor must be the! Solemn or Formal (DeUnilateral! Not applicable unless! 1. NCC on CM! ! ! ! of a principal obligation Leon v Vitug)! However, an immovableabsolute owner of the Upon its perfection, itstipulated! 2. CML Act. 1508! may be the subject matterthing mortgaged at the by an encumbrance of Registration in thecreates an obligation 3. NCC on Pledge (Art. 2141)! if it is considered astime of the constitution CMR is indispensablesolely on the part of property- by the personalty by ! recording of a personal of the mortgage (Art. (Art. 2140, Sec. 4, Actthe creditor to free the thing from the property in the CMR 1508)! 1. Provisions of the2085)! law growing (Art. 2085, 2140)! However, if the CM isencumbrance upon not recorded, it isthe fulfilment of the crops, cattles! nevertheless bindingprincipal obligation.! 2. Agreement of the parties but this bet. parties ! But a promise to shall not prejudice constitute a mortgage third persons! gives rise to a personal action between the contracting parties (Art. 2092)! Must have an affidavit of good faith. If none, binding only between the parties.! NCC! To secure the fulfilment Immovable ! Mortgagor must be the Solemn (Vitug)! Unilateral! Not applicable unless! ! ! ! ! ! of a principal obligation absolute owners of the Act No. 3135! (Art. 2124)! Must be recorded inSame as in Chattelstipulated! Rules of Court! The mortgage extends tothing mortgaged at the by an encumbrance of t h e R e g i s t r y o fMortgage! Mortgage ! the natural accessions, totime of the constitution property by the Property. If not,still Law! the improvements, growingof the mortgage (Art. recording in the ROP binding between Property Reg. Decree! fruits, and the rents or2085) But an IPV of the document in which parties (Art. 2125)!



Cause! >Gratuitous! >Onerous!

PD 1529!

the mortgae appears. (Art. 2085, 2125)!

income not yet receivedr e g i s t e r e d l a n d i s w h e n t h e o b l i g a t i o nprotected (PD 1509, becomes due (Art. 2127)! RB of Soriaga v Yacon, 5 July 1989)!


NCC! Rules of Court! (Art. 2137)!

To secure the fulfilment! of a principal obligation by an encumbrance of property by execution of a written instrument (Arts. 2132, 2139)!

Immovables! (Art. 2132)!

Debtor/ TP must be the! absolute owner of the thing at the time of the constitution of the antichresis!

But a promise to constitute mortgage gives rise to a personal action between the contracting parties (Art. 2092)! Solemn! Bilateral! Only right to receive the! Amount of principalB o t h c r e d i t o r a n dfruits unless stipulated! and interest must be inantichretic debtor will writing. If not, void.! have obligations upon perfection!