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The document compares different types of security interests: pledge vs real mortgage, real mortgage vs chattel mortgage, and pledge vs chattel mortgage. A pledge is a security interest in movable property where possession is transferred to the creditor. A real mortgage is secured by immovable property. A chattel mortgage is similar but for movable property. Key differences include requirements for registration, recovery of deficiencies, treatment of surplus proceeds, and the ability to secure future obligations.
The document compares different types of security interests: pledge vs real mortgage, real mortgage vs chattel mortgage, and pledge vs chattel mortgage. A pledge is a security interest in movable property where possession is transferred to the creditor. A real mortgage is secured by immovable property. A chattel mortgage is similar but for movable property. Key differences include requirements for registration, recovery of deficiencies, treatment of surplus proceeds, and the ability to secure future obligations.
The document compares different types of security interests: pledge vs real mortgage, real mortgage vs chattel mortgage, and pledge vs chattel mortgage. A pledge is a security interest in movable property where possession is transferred to the creditor. A real mortgage is secured by immovable property. A chattel mortgage is similar but for movable property. Key differences include requirements for registration, recovery of deficiencies, treatment of surplus proceeds, and the ability to secure future obligations.
1. Constituted on movables. 1. Constituted on immovables.
2. Thing is delivered to the creditor 2. Thing is not required to be or a third person by common delivered to the creditor. agreement. 3. Must be in a public instrument 3. Must be registered to take effect showing a description of the thing against third person. pledged and the date of the pledge to bind third persons.
4. Deficiency cannot be recovered 4. Deficiency can be recovered.
even if there is a stipulation. 5. Excess of the proceeds of sale is 5. Excess of the proceeds of sale retained by the pledgee unless belongs to the mortgagor even if there is a stipulation giving it to the there is no stipulation to that effect. pledgor. 6. Pledgee may appropriate the 6. Mortgagee cannot appropriate thing pledged if the same is not the thing mortgaged. sold in two public auctions.
Real Mortgage Chattel Mortgage
1. Constituted on immovables. 1. Constituted on movables.
2. Must be registered to take effect 2. Must be registered and
against third persons. accompanied by an affidavit of good faith to take effect against third persons.
3. It may secure future obligations. 3. It cannot secure future
obligations. Pledge Chattel Mortgage
1. Thing is delivered to the creditor 1. Thing is not required to be
or a third person by common delivered to the creditor. agreement.
2. Must be in a public instrument 2. Must be registered and
showing a description of the thing accompanied by an affidavit of pledge and the date of the pledge good faith to take effect against to bind third persons. third persons.
3. Deficiency cannot be recovered 3. Deficiency can be recovered
even if there is a stipulation. except in the case of personal property sold on installment.
4. Excess of the proceeds of the 4. Excess of the proceeds of sale
sale is retained by the pledgee belongs to the mortgagor even if unless there is a stipulation giving there is no stipulation to that it to the pledgor and in case of effect. legal pledge.
5. Pledgee may appropriate the 5. Mortgagee cannot appropriate
thing pledge if the same is not sold the thing mortgaged. in two public auctions.