exhaustion

Question 1

EXHAUSTION OF ALL PROPERTIES OF DEBTOR

Answer 1

EXHAUSTION OF ALL PROPERTIES OF DEBTOR - Applicable only when the obligation is originally monetary or pecuniary in nature (money or property) - The creditor has the right to look at the asset of the debtor for the satisfaction of the debt

Question 2

Article for EXHAUSTION OF ALL PROPERTIES OF DEBTOR

Answer 2

Art. 2236. The debtor is liable with all his property, present and future, for the fulfillment of his obligations, subject to the exemptions provided by law.

Question 3

Ways:

Answer 3

Ways:
1. Execution:
Subject to exempted property i.e. family home, support, 2. Attachment:
Property of debtor is reserved for satisfaction of pending judgment.

Only applicable if there is a pending litigation.
Writ of attachment can be issued by the court even before final judgment.

Question 4

Properties exempt from execution (Sec. 13, Rule 39 of ROC

Answer 4

1. The judgment obligor’s family home as provided by law, or the homestead in which he resides, and land necessarily used in connection therewith;
2. Ordinary tools and implements personally used by him in his trade, employment, or livelihood;
3. Three horses, or three cows, or three carabaos, or other beasts of burden, such as the judgment obligor may select necessarily used by him in his ordinary occupation;
4. His necessary clothing and articles for ordinary personal use, excluding jewelry
5. Household furniture and utensils necessary for housekeeping, and used for that purpose by the judgment obligor and his family, such as the judgment obligor may select, of a value not exceeding one hundred thousand pesos;
6. Provisions for individual or family use sufficient for four months;
7. The professional libraries and equipment of judges, lawyers, physicians, pharmacists, dentists, engineers, surveyors, clergymen, teachers, and other professionals, not exceeding three hundred thousand pesos in value;
8. One fishing boat and accessories not exceeding the total value of one hundred thousand pesos owned by a fisherman and by the lawful use of which he earns his livelihood;
9. So much of the salaries, wages, or earnings of the judgment obligor for his personal services within the four months preceding the levy as are necessary for the support of his family;
10. Lettered gravestones;
11. Monies, benefits, privileges, or annuities accruing or in any manner growing out of any life insurance;
12. The right to receive legal support, or money or property obtained as such support, or any pension or gratuity from the Government;
13. Properties specially exempted by law