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A chattel mortgage is a security interest over personal property to guarantee repayment of a debt. Key points:
1. Act 1508 governs chattel mortgages in the Philippines. All personal property can be mortgaged under this law.
2. For validity against third parties, the mortgage must be registered in the Chattel Mortgage Register along with an affidavit of good faith. If the property is a vehicle, it must also be registered at the Motor Vehicles Office.
3. If the mortgagor defaults, the mortgagee can sell the property at a public auction after 30 days, providing at least 10 days notice in two public places.
A chattel mortgage is a security interest over personal property to guarantee repayment of a debt. Key points:
1. Act 1508 governs chattel mortgages in the Philippines. All personal property can be mortgaged under this law.
2. For validity against third parties, the mortgage must be registered in the Chattel Mortgage Register along with an affidavit of good faith. If the property is a vehicle, it must also be registered at the Motor Vehicles Office.
3. If the mortgagor defaults, the mortgagee can sell the property at a public auction after 30 days, providing at least 10 days notice in two public places.
A chattel mortgage is a security interest over personal property to guarantee repayment of a debt. Key points:
1. Act 1508 governs chattel mortgages in the Philippines. All personal property can be mortgaged under this law.
2. For validity against third parties, the mortgage must be registered in the Chattel Mortgage Register along with an affidavit of good faith. If the property is a vehicle, it must also be registered at the Motor Vehicles Office.
3. If the mortgagor defaults, the mortgagee can sell the property at a public auction after 30 days, providing at least 10 days notice in two public places.
CRAMWELL T. BANOGON LLB-II (Credit Transactions) Applicable Laws 1. Act No. 1508 (Chattel Mortgage Law) 2. Article 2140 of the Civil Code of the Philippines 3. R.A. No. 4136 (Revised Motor Vehicles Law) Definition
A chattel mortgage is an accessory contract
by virtue of which personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation. Scope
All personal property shall be subject to
mortgage, agreeably to the provision of the this Act, and a mortgage executed in pursuance thereof shall be termed chattel mortgage. (Sec 2., Act No. 1508) Requisites
1. Validity between the Parties:
- the personal property must be RECORDED or REGISTERED in the Chattel Mortgage Register (Art. 2140, NCC) Requisites 2. Validity as against Third Persons: - the registration must be accompanied by an affidavit of good faith (Sec. 4 & 5, Act 1508). - a mortgage constituted on a car, in order to affect third persons should also be registered in the Motor Vehicles Office (Sec. 5(e), Revised Motor Vehicle Law) Requisites 2. Validity as against Third Persons: - the mortgage must be registered in two registers when the mortgagor resides in one province, but the property is situated in another province; otherwise, the chattel mortgage isVOID. Failure of Mortgagee to Discharge the Mortgage - If the mortgagee, assign, administrator, executor, or either of them, after performance of the condition before or after the breach thereof, or after tender of the performance of the condition, at or after the time fixed for the performance, does not within ten days after being requested thereto by any person entitled to redeem, discharge the mortgage in the manner provided by law, the person entitled to redeem may recover of the person whose duty it is to discharge the same twenty pesos for his neglect and all damages occasioned thereby in an action in any court having jurisdiction of the subject-matter thereof (Sec. 8, Act No. 1508). Sale of Property at Public Auction - The mortgagee, his executor, administrator, or assign, may, after thirty days from the time of condition broken, cause the mortgaged property, or any part thereof, to be sold at public auction by a public officer at a public place in the municipality where the mortgagor resides, or where the property is situated, provided at least ten days' notice of the time, place, and purpose of such sale has been posted at two or more public places in such municipality, and the mortgagee, his executor, administrator, or assign, shall notify the mortgagor or person holding under him and the persons holding subsequent mortgages of the time and place of sale, either by notice in writing directed to him or left at his abode, if within the municipality, or sent by mail if he does not reside in such municipality, at least ten days previous to the sale. (Sec. 14, Act No. 1508)
CASE #11 Heirs of Domingo Reyes, Represented by Henry Domingo A. Reyes, Jr. vs. The Director of Lands and Director of Forestry GR NO. 223602, June 08, 2020