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Possession and Care of Object of Pledge Art. 2104.

The creditor cannot use the thing pledged,


without the authority of the owner, and if he should do so,
or should misuse the thing in any other way, the owner may
ask that it be judicially or extrajudicially deposited. When the
Art. 2110. If the thing pledged is returned by the pledgee to preservation of the thing pledged requires its use, it must be
the pledgor or owner, the pledge is extinguished. Any used by the creditor but only for that purpose.
stipulation to the contrary shall be void.
Art. 2105. The debtor cannot ask for the return of the thing
If subsequent to the perfection of the pledge, the thing is in pledged against the will of the creditor, unless and until he
the possession of the pledgor or owner, there is a prima facie has paid the debt and its interest, with expenses in a proper
presumption that the same has been returned by the case
pledgee. This same presumption exists if the thing pledged is
in the possession of a third person who has received it from Art. 2107. If there are reasonable grounds to fear the
the pledgor or owner after the constitution of the pledge. destruction or impairment of the thing pledged, without the
fault of the pledgee, the pledgor may demand the return of
Art. 2098. The contract of pledge gives a right to the creditor the thing, upon offering another thing in pledge, provided
to retain the thing in his possession or in that of a third the latter is of the same kind as the former and not of inferior
person to whom it has been delivered, until the debt is paid. quality, and without prejudice to the right of the pledgee
under the provisions of the following article.
Art. 2109. If the creditor is deceived on the substance or
quality of the thing pledged, he may either claim another The pledgee is bound to advise the pledgor, without delay,
thing in its stead, or demand immediate payment of the of any danger to the thing pledged. (n)
principal obligation. (n)
Art. 2108. If, without the fault of the pledgee, there is danger
Art. 2100. The pledgee cannot deposit the thing pledged with of destruction, impairment, or diminution in value of the
a third person, unless there is a stipulation authorizing him thing pledged, he may cause the same to be sold at a public
to do so. sale. The proceeds of the auction shall be a security for the
principal obligation in the same manner as the thing
The pledgee is responsible for the acts of his agents or originally pledged. (n)
employees with respect to the thing pledged. (n)
Art. 2109. If the creditor is deceived on the substance or (3) Forces of nature which are brought under control by
quality of the thing pledged, he may either claim another science; and
thing in its stead, or demand immediate payment of the
principal obligation. (n) (4) In general, all things which can be transported from place
to place without impairment of the real property to which
Art. 2110. If the thing pledged is returned by the pledgee to they are fixed. (335a)
the pledgor or owner, the pledge is extinguished. Any
stipulation to the contrary shall be void. Art. 417. The following are also considered as personal
property:
If subsequent to the perfection of the pledge, the thing is in (1) Obligations and actions which have for their object
the possession of the pledgor or owner, there is a prima facie movables or demandable sums; and
presumption that the same has been returned by the
pledgee. This same presumption exists if the thing pledged is (2) Shares of stock of agricultural, commercial and industrial
in the possession of a third person who has received it from entities, although they may have real estate. (336a)
the pledgor or owner after the constitution of the pledge.
Art. 418. Movable property is either consumable or
nonconsumable. To the first class belong those movables
which cannot be used in a manner appropriate to their
nature without their being consumed; to the second class
CHAPTER 2 belong all the others. (337)
MOVABLE PROPERTY
Art. 2125. In addition to the requisites stated in Article 2085,
Art. 416. The following things are deemed to be personal it is indispensable, in order that a mortgage may be validly
property: constituted, that the document in which it appears be
(1) Those movables susceptible of appropriation which are recorded in the Registry of Property. If the instrument is not
not included in the preceding article; recorded, the mortgage is nevertheless binding between the
parties.
(2) Real property which by any special provision of law is
considered as personal property; The persons in whose favor the law establishes a mortgage
have no other right than to demand the execution and the
recording of the document in which the mortgage is
formalized.

Art. 2126. The mortgage directly and immediately subjects


the property upon which it is imposed, whoever the
possessor may be, to the fulfillment of the obligation for
whose security it was constituted. (1876)

PPSA
Art. 2140. By a chattel mortgage, personal property is
recorded in the Chattel Mortgage Register as a security for
the performance of an obligation. If the movable, instead of
being recorded, is delivered to the creditor or a third person,
the contract is a pledge and not a chattel mortgage.
Personal Property Security Agreement b. Limited to amount
A. Introduction and General Concepts Civil Code Art. 2140 c. If balance is less – limited to lowest
amount of commingled funds…
Republic Act No. 11057,
Sec. 2. – declaration of policy; promote econ activity; Sec. 3 (f) - defn: proceeds – from collateral
access to least cost credit Civil Code, Art. 2126
Sec. 66, - repeal sec 1-15 of CM law; NCC prov; others
Sec. 60-62, Congressional oversight; Interpretation; 1. Creation
IRR R.A. No. 11057, Sec. 5 – Creation of a security interest: a. by
Sec. 67, - effectivity security agreement, b. in future properties
Sec. 68, - implementation conditioned on
establishment of registry a. Object
Sec. 65. – separability clause Sec. 4 – scope: movable collateral
Sec. 5 – includes future prop

Civil Code,
B. Scope of the PPSA Art. 416, Art. 417 – immovable prop
Sec. 4. – scope; obligation; security using movable
collateral; exceptions; CASES:
Makati Leasing & Finance Corporation v. Wearever
C. Security Interest Textile Mills, Inc. & Court of Appeals, G.R. No. L-58469,
Sec. 3. (j) - defn: security interest May 16, 1983, 122 SCRA 296.
Sec. 3 (c)- defn: grantor – 4 instances
Sec. 3 (i) - defn: secured creditor Manila Banking Corporation v. Teodoro, Jr. and
Sec. 9 – continuity of security interest – except: Teodoro, G.R. No. 53955, January 13, 1989, 169 SCRA
sec21(transfree in GF) or agreement 95.
Sec. 8 – right to proceeds; commigled funds
1. Security interest extends to
traceable/identifiable proceeds Yau Chu v. Court of Appeals et al., G.R. No. L-78519,
2. Money commingled September 26, 1989, 177
a. Extend to funds SCRA 793.
b. Form
Sec. 6 – written contract signed by parties; maybe 1 or R.A. No. 11057, Sec. 13 – Perfection by control:
more writings; language -any a. deposit account/investment property – 3
instances
Sec. 3 (k) – denf – “writing” includes electronic records Sec. 3. (b) – control agreement
Sec. 7 – Description of collateral – reasonably
identifies
a. Disposition of Perfected Security Interest
Sec. 9 – continuity of SI
c. Asset-Specific Rules - Accounts Receivable Sec. 21 – GF transferee exception
Sec. 10 – Contractual Limitation on creation of a Sec. 14 – Perfection in Proceeds of a collateral;
security interest; right of a grantor to create security interest Different means -> a. in money; b. not in money
Sec. 3 (f) – defn: proceeds
d. Disclosure of Information by Secured Creditor
Sec. 37 – Disclosure of information; creditor to supply
information; creditor may require payment of fee for b. Assignment of Security Interest
information Sec. 16. – Assignment of Security Interest: an
amendment notice may be registered

2. Perfection
Sec. 11 – perfection of a security interest: refers to D. The Registry
sec12; perfection -> effective against 3rd persons Sec. 26 – Est. Electronic Registry- by LRA
Sec. 25 – Fixtures, accessions, commingled goods – Sec. 64 – Funds: from funds collected by LRA
security continues if it can be reasonably traced Sec. 38 – Fees
Sec. 12 – means of perfection – registration, Sec. 27 – Public Record: info in registered notice
possession of collateral or control of property Sec. 35 – Duties of Registry; admin in nature
Sec. 15 - Change in means of perfection – remains Sec. 28-31 – Notice; *read more
perfected Sec. 44 – civil and criminal penalties-malicious
Civil Code, Art. 2125. - recording registration/search
Sec. 36.
Sec. 32-34
Sec. 39- 43

E. Priority of Security Interest


Sec. 17-22
Sec. 3 (g), Sec. 23
PCI Leasing & Finance, Inc. v. Trojan Metal Industries Inc., et
al., G.R. No. 176381, December 15, 2010, 638 SCRA 615.
Sec. 24
F. Enforcement of Security Interest Sec. 47, Sec. 63
Sec. 46, Sec. 48
Citibank, N.A. & Investors Finance Corporation v. Sabeniano,
G.R. No. 156132, October 12, 2006, 504 SCRA 378.
Sec. 49-51
Sec. 45
Paray & Espeleta v. Rodriguez, et al., G.R. No. 132287,
January 24, 2006, 479 SCRA 571.
Sec. 52-54
G. Transitional Provisions Sec. 55-59