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    Collateral Securities

    Uploaded by

    Joey Sulte
    1) A chattel mortgage is a formal contract that pledges personal property or personal rights as security for a debt. It requires registration to be valid. 2) A pledge involves the conditional delivery of personal properties or rights to secure an obligation. It creates a real contract and subsidiary liability. 3) Guaranties can involve third parties providing subsidiary or conditional liability for a debtor's obligation through suretyship, letters of credit, or trust receipts. Guarantors take on unilateral obligations and may pay without the debtor's consent.

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    © All Rights Reserved
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    Collateral Securities

    Uploaded by

    Joey Sulte
    50 views2 pages
    1) A chattel mortgage is a formal contract that pledges personal property or personal rights as security for a debt. It requires registration to be valid. 2) A pledge involves the conditional delivery of personal properties or rights to secure an obligation. It creates a real contract and subsidiary liability. 3) Guaranties can involve third parties providing subsidiary or conditional liability for a debtor's obligation through suretyship, letters of credit, or trust receipts. Guarantors take on unilateral obligations and may pay without the debtor's consent.

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    1) A chattel mortgage is a formal contract that pledges personal property or personal rights as security for a debt. It requires registration to be valid. 2) A pledge involves the conditional delivery of personal properties or rights to secure an obligation. It creates a real contract and subsidiary liability. 3) Guaranties can involve third parties providing subsidiary or conditional liability for a debtor's obligation through suretyship, letters of credit, or trust receipts. Guarantors take on unilateral obligations and may pay without the debtor's consent.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    50 views2 pages

    Collateral Securities

    Uploaded by

    Joey Sulte
    1) A chattel mortgage is a formal contract that pledges personal property or personal rights as security for a debt. It requires registration to be valid. 2) A pledge involves the conditional delivery of personal properties or rights to secure an obligation. It creates a real contract and subsidiary liability. 3) Guaranties can involve third parties providing subsidiary or conditional liability for a debtor's obligation through suretyship, letters of credit, or trust receipts. Guarantors take on unilateral obligations and may pay without the debtor's consent.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    R.E.M.

    Chattel Mortgage PLEDGE Personal Security Others


    1) GUARANTY
    -Immovable -Personal -Personal properties/ >Letters of Credit
    property/ real properties/Personal personal rights Art. 2047-2084 (NCC)
    rights rights
    -3rd person involved >Trust Receipts
    -Formal -Formal contract -Real contract Law
    contract (required to be (Subject to -subsidiary and conditional liability
    (civil code registered in RD) constructive delivery)
    mentions the - unilateral >Financial Lease
    word and other
    “document”; -registration is an -w/ or w/o notice to principal debtor Financing
    need to be essential element (in Transactions
    executed) RD/s) else, not valid Art. 2050. If a guaranty is entered into without the (Financing
    knowledge or consent, or against the will of the principal Company Act)
    debtor, the provisions of Articles 1236 and 1237 shall apply.
    -subject to -not subject to -subject to future >Unsecured
    Article 1236. The creditor is not bound to accept payment or
    future future obligations obligations Loans
    performance by a third person who has no interest in the
    obligations
    fulfillment of the obligation, unless there is a stipulation to
    Ex:
    the contrary.
    -substitute -stipulations on -substitute properties Whoever pays for another may demand from the debtor
    Microfinancing-
    properties future substitute Valid stipulation what he has paid, except that if he paid without the RA 8425
    valid properties not valid knowledge or against the will of the debtor, he can recover >>“Collateral-
    stipulation stipulation only insofar as the payment has been beneficial to the free
    debtor. (1158a) arrangement”
    -property has -Accessory contract ;
    been identified Article 1237. Whoever pays on behalf of the debtor without but alternative
    or set apart -Subsidiary contract the knowledge or against the will of the latter, cannot arrangements
    from the mass compel the creditor to subrogate him in his rights, such as exists
    of the prop of -Art. 2085-2123 those arising from a mortgage, guaranty, or penalty. (1159a)
    the debtor- (NCC)
    mortgagor as
    security for the
    fulfillment in
    case of default -to pledge
    of payment movable/Incorporeal
    rights
    “mortgagee in
    good faith not -not valid against 3rd
    apply to person unless
    banks” notarized
    (persons
    dealing with
    registered Doubt: pledge >
    land” =public dacion en pago
    interest

    2) SURETYSHIP

    - Direct / primary obligation


    - Person binds himself solidarily w/ the debtor
    - Guarantor w/ solidary liability

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