Extinguisment of Sale Flashcards
Available when the seller reserves the
right to repurchase the thing sold in the
same instrument of sale as one of the
stipulations of the contract.
CONVENTIONAL REDEMPTION
Vendor reserves the right to ____________
the thing sold, with the obligation to
comply with the provisions of Article 1616
and other stipulations which may have
been agreed upon.
repurchase
Follow period stipulated in contract, but should not exceed ___ years.
10
If no period stipulated but the parties
intended a period, then it shall be___
years from the date of the contract.
10
If no period stipulated, then it shall be
__ years from the execution of the
contract.
4
But vendor may still exercise the right to
____________ within thirty days from the
time final judgment was rendered in a
civil action on the basis that the contract
was a true sale with right to repurchase
repurchase
The general rule in redemption is that it is
not sufficient that a person offering to
redeem manifests his desire to do so. The
statement of intention must be
accompanied by an actual and
simultaneous tender of payment for the
_____________ of the repurchase price.
full amount
EFFECT OF REDEMPTION
(1) The sale is __________________.
(2) The seller shall receive the thing ______ from all charges or mortgages constituted by the buyer BUT he shall respect leases executed by the buyer in good faith and in accordance with local
custom.
extinguished, free
EFFECT OF NON-REDEMPTION
Ownership is consolidated in the buyer BUT
the consolidation shall not be recorded in the
________________ without a judicial order,
after the vendor has been duly heard.
Registry of property
Right to Redeem
Not a separate Contract but ____ of a main contract of sale,
and cannot exist unless reserved at the time of the perfection of the main contract of sale.
part
Generally a _________________ and may be Created independent
of another contract.
principal contract
Option to purchase
Must have a consideration_____________________ from the purchase price to be valid and effective.
separate and distinct
The maximum period
for the exercise of the
right to repurchase
cannot exceed 10
years.
Right to redeem
The period of the
option contract may
be beyond the 10-
year period.
Option to purchase
An _________________________ is defined as one
which, although lacking in some formality, or
form or words, or other requisites demanded
by a statute, nevertheless reveals the
intention of the parties to charge real
property as security for a debt, and contains
nothing impossible or contrary to law.
equitable mortgage
