SECTRANDS Flashcards
DEF OF PLEDGE
it is a delivery of an movable to secure an obligation
DEF OF REM
it is a delivery of an immovable to secure an obligation
REQUISITE OF PLEDGE
Security, Free Disposal, Absolute Owner , Alienation, Public Instrument, Delivery (SOFA-PD)
REQUISITES OF REM
Security, Absolute Owner, Free Disposal, Alienation, Registration (Possession by the Mortgagee is not required)
NATURE OF PLEDGE
Real, Accessory, Unilateral, Subsidiary, Indivisible
NATURE OF REM
Real, Accessory, Subsidiary
FORM OF REM
No form for Validity but must be in writing to bind TP
FORM OF PLEDGE
No form for Validity but must be in writing to bind TP
SUBJ MATTER OF PLEDGE
MOVABLE: FUTURE PROPERTY NOT ALLOWED. THE PLEDGOR MUST BE THE ABSOLUTE OWNER
SUBJ MATTER OF REM
IMMOVABLE OR REAL RIGHTS: FUTURE PROPERTY IS NOT ALLOWED: EXCEPT FUTURE IMPROVEMENT
EXTENT OF PLEDGE
INTEREST, EARNINGS;OFFSPRING (EWS)
EXTENT OF REM
EXTENDS TO FRUITS, ACCESSORIES AND OFFSPRINGS
CONSIDERATION OF PLEDGE
PLDEGOR, DETOR; PRINCIPAL CONTRACT.
TP PLEDGOR: LIBERALITY
CONSIDERATION OF REM
SAME AS THE PRINCIPAL CONTRACT
PROCEDURE OF REM
- EXECUTE
2.NOTRAIZE - DOC STAMP TAX
4.REGISTRY OF THE DEEDS - ANNOTATE
PLEDGEE HAS NO RIGHT TO USE EXCEPT.
authorized and for preservation
RIGHTS OF PLEDGOR
- ALIENATE BIUT NO TRANSMISSION UNTIL CONSENT GIVEN BY THE PLEDGEE
- DEMAND DEPOSIT IN CASE OF WILLFUL IMPAIRMENT BY PLEDGEE
3.PREFERRED BIDDER
RIGHTS OF PLEDGEE
- RETENTION UNTIL FULL PAYMENT
- APPLY FRUITS TO INTEREST, PRINCIPAL
- IF DECIEVED AS TO QUALITY (SUBSTITUTE OR DEMAND IMMEDIATE PAYMENT)
4.PUBLIC SALE (DU-PA-NO-NO)
PEDGEE SALE
EXTINGUISHMENT
PLEDGE: DEFIENCY AND EXCESS
PLEDGEE IS NOT ENTITLE TO DEFIENCY; PLEDGOR NOT ENTITLED TO EXCESS (EWS) EXCEPT LEGAL PLEDGE
PROHIBITION OF ALIENATION BY MORTGAGOR IS NOT ALLOWED EXCEPT
FOR REGULATION
DEF OF ANTICHRESIS
creditor acquires the right to
receive the fruits of an
immovable belonging to the
debtor, with the obligation to
apply to the interest, if owing,
and thereafter to the principal
REQUISITES OF ANTICHRESIS
Writing, Real Property
*Delivery not required for
VALIDITY, only required for
creditor to RECEIVE
NATURE OF ANTICHRISES
Accessory, Formal, applies to
ALL FRUITS (ews)
FORM OF ANTICHRISES
Must be in writing in order to be VALID
SUBJ MATTER OF ANTICRISES
Interest over Immovable
EXTENT OF ANTICHRISES
ALL FRUITS w/ obligation to
apply to interest, principal
MARKET VALUE AT THE TIME OF APPLICATION - ANTICHRISES
ACTUAL MARKET VALUE AT THE TIME OF APPLICATION - ANTICHRISES
RIGHT TO APPLY TO FRUITS - ANTICHRISES
Unlike mortgage, creditor
acquires only the right to receive the fruits of the property; not a real right
DEF OF CHATTEL MORTAGAGE
personal property is recorded in the ChattelMortgage Register as a security for the performance of an obligation.
REQUISITES OF CHATTEL MORTAGGE
SOFAR + Affidavit of GF
*Possession by Mortgagee not
required
NATURE OF CHATTLE MORTAGAGE
Accessory, Formal, Unilateral
FORM OF CHATTLE MORTGAGE
No form for VALIDITY but must
be in writing to BIND TP
* Registration + Affidavit of
GF
SUBJ MATTER OF CHATTLE MORTGAGE
MOVABLE
