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    Contract of Loan

    Uploaded by

    Janny Carlo Serrano
    The document is a contract of loan between two creditors, Bata-Nito and Baho-Mo, and two debtors, Jojo Lagens and Utang Ngera. The creditors agree to lend P100,000 to the debtors. Both creditors and debtors are considered solidary, meaning either creditor can demand payment from either debtor. The terms stipulate the creditors will convey the loan amount upon signing, and the parties agree to abide by the terms of the contract.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Contract of Loan

    Uploaded by

    Janny Carlo Serrano
    217 views2 pages
    The document is a contract of loan between two creditors, Bata-Nito and Baho-Mo, and two debtors, Jojo Lagens and Utang Ngera. The creditors agree to lend P100,000 to the debtors. Both creditors and debtors are considered solidary, meaning either creditor can demand payment from either debtor. The terms stipulate the creditors will convey the loan amount upon signing, and the parties agree to abide by the terms of the contract.

    Original Title

    CONTRACT OF LOAN

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    The document is a contract of loan between two creditors, Bata-Nito and Baho-Mo, and two debtors, Jojo Lagens and Utang Ngera. The creditors agree to lend P100,000 to the debtors. Both creditors and debtors are considered solidary, meaning either creditor can demand payment from either debtor. The terms stipulate the creditors will convey the loan amount upon signing, and the parties agree to abide by the terms of the contract.

    Copyright:

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

    Contract of Loan

    Uploaded by

    Janny Carlo Serrano
    The document is a contract of loan between two creditors, Bata-Nito and Baho-Mo, and two debtors, Jojo Lagens and Utang Ngera. The creditors agree to lend P100,000 to the debtors. Both creditors and debtors are considered solidary, meaning either creditor can demand payment from either debtor. The terms stipulate the creditors will convey the loan amount upon signing, and the parties agree to abide by the terms of the contract.

    Copyright:

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

    CONTRACT OF LOAN

    KNOW ALL MEN BY THESE PRESENTS:

    This Deed is made and executed by and between:

    Bata-Nito and Baho-Mo, Filipino, legal age, and resident of the Philippines, hereafter referred to
    as CREDITORS.

    Jojo Lagens and Utang Ngera, Filipino, legal age, and resident of the Philippines, here after
    referred to as DEBTORS.

    WITNESSETH

    That the DEBTORS are desirous of borrowing the amount of ONE HUNDRED THOUSAND
    (P100,000.00) PESOS, Philippine Currency while the CREDITORS are willing and able to lend the said
    amount subject to the following terms and conditions:

    1. That the CREDITORS shall convey the amount of ONE HUNDRED THOUSAND (P100,00.00)
    PESOS to the DEBTORS upon execution of this Contract;
    2. That Bata-Nito and Baho-mo are solidary creditors;
    3. That Jojo Lagens and Utang Ngera are solidary debtors;
    4. That the parties herein commit to fully observed the terms and conditions as embodied in this
    contract and fully aware that any violation of the same shall expose such erring party to
    corresponding, criminal, civil and/or administrative liabilities.

    IN WITNESS WHEREOF, the parties have hereunto set this 16 th day of May, 2020 in Daraga, Albay,
    Philippines.

    BATA-NITO JOJO LAGENS


    Creditor Debtor

    BAHO-MO UTANG NGERA


    Creditor Debtor

    SIGNED IN THE PRESENCE OF:

    1. __________________________ 2. _______________________________

    ACKNOWLEDGEMENT

    REPUBLIC OF THE PHILIPPINES )

    DARAGA, ALBAY) S.S.

    X------------------------------------------------------X
    BEFORE ME, this 16th day of May, 2020 in Daraga, Albay, personally appeared.

    ______________________-

    ______________________-

    WITNESS MY HAND AND SEAL.

    A. In the future, can either Bata-Nito or Baho-Mo demand the payment of the entire P100,000.00 to
    Utang Ngera alone?

    Answer: Yes. Either of the two creditors can demand the payment of the entire P100, 000.00 to Utang
    Ngera alone. Article 1216 provides the right of the creditor against any of the solidary debtor:

    In this case, both are solidary obligation which means the act of one creditor is the act of the
    other and the same application to the nature of obligation of debtors. Either Bata-Nito and Baho-Mo has
    the right to pursue against Utang Ngera since the latter agreed to be a solidary debtor. Hence, her
    obligation is the same with Jojo Lagens.

    B. Should Jojo Lagens wants to pay already, to whom shall Jojo Lagens give or deliver the
    payment?

    Answer: Jojo Lagens can pay to either Bata-Nito or Baho-Mo. Article 1214 of the civil code speaks of the
    rule in making a payment of debtor to solidary creditors. 

    “The debtor may pay any one of the solidary creditors; but if any demand, judicial or extrajudicial,
    has been made by one of them, payment should be made to him.” 

    In case there’s demand for payment, either judicial or extra judicial, Jojo Lagens must pay to the
    one who executed the demand.

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