BL.M.1603.Law On Pledge and Mortgage - Edited

BUSINESS LAW
BL.M - 1603
LAW ON PLEDGE AND MORTGAGE
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REVIEW NOTES
CONTRACT OF PLEDGE
MARGINAL NOTES
Pledge is a contract by virtue of which the debtor delivers to

the creditor or to a third person a movable, or instrument
evidencing incorporeal rights for the purpose of securing the
fulfilment of a principal obligation with the understanding that
when the obligation is fulfilled, the thing delivered shall be
returned with all its fruits and accessions.
Characteristics:
1. Real contract
2. Accessory contract
3. Unilateral contract
4. Subsidiary contract
Cause or consideration:
1. As to the pledgor: the principal obligation
2. If the pledger is not the debtor: the compensation
agreed upon or mere liberality (gratuitous)
Kinds of pledge:
1. Voluntary or conventional
2. Legal
Essential requisites of pledge?
Appropriation of the thing pledge
1. Automatic appropriation is prohibited, hence, null and
void. (the stipulation was made at the time the contract
of pledge was perfected)
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BL.M 1603.Law on Pledge and Mortgage
2. Appropriation after it falls due is allowed (only move for

the sale of the thing at public auction)
Subject matter of pledge:
1. Personal property
2. Incorporeal rights evidenced by documents whether
negotiable or not.
Requisites before the pledgor would be liable pay damages
to the pledgee for failure to advice for known
hidden
flaws?
Obligations of the creditor (Pledgee) to take due care of the
thing pledged. (diligence of a good father of a family)?
Obligation of the pledgee not to use the thing pledged or to
misuse. Rules?
When is the right of the pledgor to ask that the thing
pledged be deposited judicially or extra-judicially available?
Right of the pledgor to substitute the thing pledge.
Requisites?
Right of the pledgee to demand substitute or immediate
payment in case he is deceive as to the substance or quality
of the thing pledge
1. To claim another thing in pledge
2. To demand immediate payment
Extinguishment of the pledge by the return of the thing
pledge- even if there is a stipulation that the pledge shall
continue. Presumption : returned by the pledgee otherwise
proven, ex: stolen or for substitution.
Extinguishment of pledge by renunciation or abandonmentstatement in writing-acceptance and return not necessarypledgee become depositary.
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Right of the pledgee to cause sale of the thing, formalitie?

Right of pledgor and pledgee to bid at public sale. Rules?
Effect of sale of thing pledge?
Right of pledgee to choose on the two or more thing pledged
shall be sold
- Unless there is a contrary stipulation
- Sufficient property is sold, no more shall be sold
Legal pledges
CONTRACT OF MORTGAGE
Real Estate Mortgage - a contract whereby the debtor secures
to the creditor the fulfillment of a principal obligation, especially
subjecting to such security immovable property or real rights
over immovable property in case the principal obligation is not
complied with at the time stipulated.
Characteristics:
1.
2.
3.
4.
Real contract
Accessory contract
Unilateral contract
Subsidiary contract
Cause or consideration:
1. As to the mortgagor : the principal obligation
2. If the mortgagor is not the debtor: the
compensation agreed upon or mere liberality
(gratuitous)
Kinds of mortgage:
1. Voluntary or conventional
2. Legal
3. Equitable
Essential requisites of Real Estate Mortgage
1. Constituted to secure fulfilment of a principal
obligation
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2. mortgagor is the absolute owner

3. mortgagor has free disposal of property or has legal
authority
4. Thing pledged or mortgaged may be alienated
5. The document in which it appears be recorded in the
registry of deeds
a. if not recorded, mortgage is still valid between
the parties
b. mortgagee has the right to demand execution
and recording of the document (in case of legal
mortgage).
Appropriation of the thing mortgage:
a. Automatic appropriation is prohibited , hence,
null and void. (the stipulation was made at the
time the contract of pledge was perfected)
b. Appropriation after it falls due is allowed (only
move for the sale of the thing at public auction)
Subject matter of Real Estate Mortgage:
a. Immovable Property
b. Immovable real rights
Effect of mortgage?
Extent of mortgage?
Alienation or assignment of mortgage credit is allowed.
Right of creditor against transferee of mortgaged
property?
A stipulation forbidding the owner from alienation the
immovable property is void.
o Against public good. Transmission of property
should not be empeded.
Foreclosure is the remedy available to the mortgagee by
which he subjects the mortgaged property to the satisfaction
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of the obligation to secure which the mortgage was

given through the sale of the property at public auction
and the application of proceeds thereof to his claim.
Kinds of foreclosure:
1. Judicial
2. Extrajudicial- right to foreclose must be inserted in the
contract
Redemption- the mortgagor reacquires the property foreclose
by the mortgagee
Stipulation of upset price (TIPO) - minimum price at which the
property shall be sold is null and void.
Kinds of redemption:
1. Equity of redemption
a) Extrajudicial
b) Judicial
2. Right of redemption
a) Extra-judicial
b) Judicial
ANTICHRESIS
Antichresis - the creditor acquires the right to receive the fruits
of an immovable of his debtor, with the obligation to apply
them to the payment of the interest, if owing, and thereafter to
the principal of his credit.
Accessory
Formal contract in writing
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1.6.1. The actual market value of the fruits at

the time of the application thereof to the
interest and principal shall be the
measure of such application.
PLEDGE
REAL MORTGAGE
CHATTEL MORTGAGE
1. accessory contract
2. pledgor/mortgagor must be absolute owner of property pledged/mortgaged
3. pledgor/mortgagor must have free disposal or be authorized
4. thing pledged/mortgaged may be alienated when principal obligation becomes due
for payment
5. 3rd persons NOT parties may be the pledgor/mortgagor
6. can secure pure, conditional, natural obligations, voidable and unenforceable
contracts
7. indivisible
1. Real contract
1. Consensual contract
1. Consensual contract
2.
constituted
on 2.
constituted
on 2. constituted on movables
movables
immovables
3. property is delivered 3. delivery is not necessary
3. delivery is not necessary
to pledgee/3rd person
4. not valid against 3rd 4. not valid against 3 4. Registration in Chattel
persons
unless
a persons if not registered
Mortgage
Register
is
description of the thing
necessary for validity
pledged and the date
of the pledge appear in
public instrument
5. Debtor not entitled 5. If property is foreclosed, 5. If property is foreclosed,
to
excess
unless the excess over the amount the excess over the amount
otherwise agreed or due goes to the debtor
due goes to the debtor
except in case of legal
pledge
6. Creditor not entitled 6. If property is foreclosed 6. If property is foreclosed
to
deficiency and there is deficiency, and there is deficiency,
notwithstanding
creditor is entitled to creditor is entitled to
stipulation
to
the recover the deficiency from recover the deficiency from
contrary
the debtor
the debtor
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1.6.2. The amount of the principal and of the

interest shall be specified in writing;
otherwise, the contract of antichresis
shall be void.
1.6.3. The creditor, unless there is a stipulation
to the contrary, is obliged to pay the taxes
and charges upon the estate. `
1.6.4. The creditor is also bound to bear the
expenses necessary for its preservation
and repair and shall be deducted from
the fruits.
Right of antichretic debtor to reacquire enjoyment of
property. Rules?
Remedy of creditor in case of non-payment of debt
a. If the debt is not paid, the creditor does not acquire

ownership since what was transferred is only the right
to receive the fruits and not the ownership of the
property.
b. Remedy:
1. bring an action for specific performance
2. petition for the sale of real property in a
public auction
CHATTEL MORTGAGE
Chattel mortgage is the contract by virtue of which personal
property is recorded in chattel mortgage register as a security
for the performance of an obligation..
1. Accessory
2. Formal registration is required for validity
3. Unilateral
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Affidavit of good faith?

-
Should be appended to the mortgage and be recorded.
Effect of absence of affidavit of good faith?

Foreclosure:
Application of proceeds of sale:
1. Costs and expenses of keeping and sale
2. Payment of the obligation secured
3. Claims of persons holding subsequent mortgages in
their order
4. Balance, to the mortgagor.
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MULTIPLE CHOICE QUESTIONS

1. A contract where the collateral must be placed in the
possession of the creditor or third person:
A. mortgage;
B. pledge;
C. antichresis;
D. all of the above;
E. none of the above.
2. A common requisite to the contracts of pledge and
mortgage:
A. that they be constituted to secure the property subject
of the contract;
B. that the obligor be the absolute owner at the time the
property is to be delivered to the obligee;
C. that the persons constituting the contract have the free
disposal of their property or legally authorized for the
purpose;
D. that only parties to the principal obligation may secure
the latter by pledging or mortgaging their own property;
E. that the obligee may alienate the thing even before the
principal obligation becomes due.
3. In real estate mortgage, the mortgagor can sell the property
mortgaged
A. Even without the consent of the mortgagee
B. If not prohibited to sell
C. Only if with the written consent of the mortgagee
D. Only if with the oral consent of the mortgagee
4. Julia Baretto, minor of 16 years of age, sold her necklace to
Daniel Padilla for P15,000. Later, Daniela Padilla, needing
money to pay for his mothers indebtedness, borrowed
P20,000 from Kathreen Bernardo and as a security, pledge
the necklace to Kathreen. Daniel Padilla failed to pay
Kathreen resulting into the auction sale of the necklace in
favor of Robin for P17,500. Which of the following
statements is correct?
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A. The title of Daniel Padilla over the necklace is not valid,

hence the pledge, as well as the sale of said necklace is
likewise defective. The pledgor must be the owner of
the thing pledged.
B. If Robin was a purchaser in bad faith as he knew of the
defective title of Daniel Padilla over the necklace from
Julia Baretto, ownership will not pass to Robin.
C. The deficiency of P2,500 may still be recovered by
Kathreen Bernardo from Daniel Padilla if there is
stipulation to this effect.
D. Kathreen Bernardo can no longer recover the deficiency
of P2,500 from Daniel Padilla. The pledge, together with
the sale is valid. The voidable title of Daniel Padilla is
valid because it is not yet annulled.
5. An obligation of the pledgee:
A. to sell the thing pledged at public auction;
B. to answer for the loss of the thing pledged in case of
negligence;
C. to deposit the thing pledged with a third person;
D. to use the thing pledged.
6. An affidavit of good faith refers to an oath in a contract of
chattel mortgage wherein the parties severally swear that:
A. the mortgage is made for the purpose of securing the
obligation specified in the conditions thereof and for no
other purpose, and that same is valid obligation and
one not entered into for fraud;
B. they will abide by the stipulations of the contract and
any violation thereof will subject the guilty party to
interest and penalties;
C. the mortgage is executed for the purpose of securing
the obligations of the debtor and the latter undertakes
that he is the absolute owner of the property
mortgaged;
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7. A similarity between pledge and chattel mortgage:

B. delivery is necessary
C. constitute a lien on the property
D. the creditor is entitled to recover any deficiency
E. registration is necessary for validity of the contract
F. all of the above.
8. In commodatum, the bailee acquires:
A. jus utendi or right to use;
B. jus fruendi or right to the fruits;
C. ownership;
D. right to use and right to the fruits.
9. It is a form of commodatum where the bailor may demand
the thing at will:
A. precarium;
B. bailment;
C. special commodatum;
D. unilateral.
10. Vhong mortgaged his agricultural land to Deniece as a
guarantee for the payment of P200,000 indebtedness to
Deniece. They come to an agreement that Vhong should not
sell the land while the obligation exists. Before the maturity
of the mortgage, Cedric offered to buy the land from Vhong,
Which is not correct?
A. Vhong can sell the land to Cedric regardless of the
agreement not to sell
B. Vhong cannot sell the land if there is an agreement not
to sell.
C. Vhong can sell the land to Cedric even if there is no
consent from Deniece.
D. Vhong can sell the land to Cedric at his option.
Pactum commissorium or pacto comisorio refers to:
A. a provision in the agreement to create pledge;
B. a mortgage to secure future advances;
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C. a stipulation in a contract where the mortgaged

property shall become the property of the mortgagee
upon failure to pay the debt;
D. a stipulation in a contract where the mortgaged
property may be alienated when the principal
obligation becomes due.
11. 1st Statement - The creditor cannot appropriate the thing
given by way of pledge or mortgage, or dispose of them,
except if there is a stipulation to the contrary.
2nd Statement - The indivisibility of a pledge or mortgage is
affected by the fact that the debtors are solidarily liable.
A. Only the 1st statement is true
B. Only the 2nd statement is true
C. Both are true
D. Both are false
12. Julia borrowed P10,000 from Alex secured by the pledge of
laptop worth P7,500 and watch worth P2,500.
Subsequently, Julia paid half of the obligation, what is her
right?
A. Julia can demand for the proportionate extinguishment
of the pledge;
B. Julia can demand the return of the ring;
C. she can demand the cancellation of the pledge;
D. she cannot demand the cancellation of the pledge until
the loan is fully paid;
13. 1st statement A pledge shall not take effect against third
person if a description of the thing pledged and the date of
the pledge do not appear in a public instrument.
2nd statement If after the auction sale, the thing pledged is
not sold, the pledgee can appropriate the thing pledge.
C. Both are true
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D. Both are false

14. 1st statement Chattel mortgagee like pledge is a real
contract.
2nd statement In chattel mortgage like pledge, the
possession of the thing mortgaged is vested in the creditor.
C. Both are true
D. Both are false.
1st statement The creditor, by himself and before the debt
becomes due and demandable, may sell the thing pledged.
2nd statement If the creditor is deceived on the substance
or quality of the thing pledged, his only right is to
immediately demand the payment of the principal
obligation.
C. Both are true
D. Both are false
15. All movables which are within commerce may be pledged,
provided they are susceptible of possession, which of the
following cannot be pledged?
A. negotiable instruments and documents;
B. bonds and shares of stock;
C. warehouse receipts and bills of lading;
16. 1st statement - A real estate mortgage may guarantee future
obligation, while a chattel mortgage cannot guarantee
future obligation.
2nd statement The mortgagee has the right to take
possession of the chattel mortgaged upon default of the
mortgagor.
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C. Both are true
D. Both are false
17. The creditor is not entitled to recover any deficiency in case
the price of sale of the thing pledged is less than the
amount due, what is the reason?
A. equity;
B. it is iniquitous;
C. to compel creditor to hold an honest public sale;
D. to discourage creditors from abusing the financial needs
of the borrower.
18. What is the obligation of the pledgee when the pledge
earns or produces fruits, income, dividends, or interests?
A. to give fruits, income, dividends, or interests to the
pledgor;
B. to account for them and deduct them from the principal
obligation;
C. to compensate them with those which owing to him, or
insofar as the amount mayexceed that which is due, he
shall apply it to the principal;
D. pledgee has no obligation because the pledge extends
to the fruits, income, dividends and interests earned or
produced by the thing pledged.
19. If there is danger of destruction, impairment, or diminution

in value of the thing pledged, what is the duty of the
pledgee without fault?
A. he may cause the same to be sold at a public sale;
B. he may demand that the thing be returned to the
pledgor and be substituted with a thing of the same
kind and not of inferior quality;
C. he may ask that the thing be judicially or extrajudicially
deposited;
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D. he may require that the thing be deposited with a third

person.
20. An obligation of the pledgor:
A. to reimburse the pledgee for expenses made for its
preservation;
B. to demand the return of the thing pledged upon
extinction of the principal obligation;
C. to bid and have preference at the foreclosure sale;
D. to substitute the thing pledged.
21. Mr. Borrowie pledged his SMC bond with a face value of
P100,000.00 to secure his loan from Mr. Lendy in the
amount of P50,000.00. The bond was due on January 30,
2013 while the loan is due on February 3, 2013. In this case
the bond becomes due before it is redeemed, which of the
following statements is correct?
A. Mr. Borrowie has the right to collect and receive the
amount due from the bond and the obligation to pay
the loan from the proceeds of the bond;
B. Mr. Lendy may collect and receive the amount due from
the bond and apply the same to the payment of his
claim and deliver the surplus to Mr. Borrowie;
C. the principal obligation is extinguished;
D. the pledge is extinguished.
22. Pledges created by operation of law refers to:
A. right of redemption;
B. right of retention;
C. right of subrogation;
D. right of substitution.
23. 1st statement A real estate mortgage is inseparable and
directly and immediately subjects the property upon which
it is imposed, whenever the possessor maybe, to the
fulfilment of thee obligation.
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2nd statement In case of pledge of animals, their offspring

shall pertain to the pledger of the animal pledged and are
no longer subject to the pledge, unless stipulated.
C. Both are true
D. Both are false
24. Nora mortgaged his farmland to Vilma. The farmland has a

fair market value of P50,000 while the loan is only P10,000.
Thereafter, Nora sold the farmland to Boyet. What is the
legal effect of the sale to Boyet.
A. the sale is void and Vilma may foreclose the mortgage
in case of default by Nora;
B. the sale is valid but it does not affect the mortgage;
C. the sale is unenforceable as Nora was not authorized to
sell the property;
D. Vilma may foreclose the property to protect her
interest.
25. It is a remedy available to mortgagee where he subjects the
mortgaged property to the satisfaction of the obligation
through the sale of the property at public auction and the
application of the proceeds thereof to the payment of his
claims:
A. foreclosure
B. assignment
C. alienation
D. encumbrance
26. The following are the kinds of real estate mortgage, except;
A. voluntary mortgages
B. legal mortgages
C. contracts of sale with right of repurchase;
D. equitable mortgages
E. all of the above
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27. The contract of mortgage extends to and includes the

following except:
A. growing fruits
B. improvements, even those made by third persons
subsequent to mortgage
C. natural accessions
D. proceeds of insurance received from insurance of the
property
28. Which of the following is not a principal obligation of the
mortgagor?
A. to comply with his obligations at the time stipulated
B. to pay any deficiency in case there is a balance due to
the mortgagee after applying the proceeds of the
foreclosure sale
C. to respect the right of the mortgagee
D. to continue in the ownership and possession of the
mortgaged property
E. all of the above.
29. Which of the following is not a principal right of the
mortgagee?
B. to compel the mortgagor to execute a contract of
mortgage in a public instrument
C. to free the property from the encumbrance once the
obligation is fulfilled
D. to claim from the transferee of the mortgaged property
the payment of the part of credit secured by the
property which the transferee possesses
E. to recover any deficiency in case there be a balance due
after applying the proceeds of the foreclosure sale
F. all of the above
30. An affidavit of good faith refers to an oath in a contract of
chattel mortgage wherein the parties severally swear that:
17
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A. the mortgage is made for the purpose of securing the

obligation specified in the conditions thereof and for no
other purpose, and that same is valid obligation and
one not entered into for fraud;
B. they will abide by the stipulations of the contract and
any violation thereof will subject the guilty party to
interest and penalties;
C. the mortgage is executed for the purpose of securing
the obligations of the debtor and the latter undertakes
that he is the absolute owner of the property
mortgaged;
31. It is the right of the mortgagor to redeem the mortgaged
property after his default but before the auction sale:
A. right of pre-emption;
B. right of redemption;
C. equitable right;
D. equity of redemption.
32. True or false:
A. Consumable goods may be the subject of
commodatum.
B. In commodatum, the death of either the bailor or the
bailee extinguishes the contract.
C. In mutuum, ownership of the thing passes to the
borrower.
D. Just like guaranty, pledge and mortgage cannot exist
without valid principal obligation, nevertheless they
may be constituted to secure voidable, unenforceable
or natural obligation.
E. Future properties can be pledged or mortgaged.
F. The pledgor or owner may only alienate the thing
pledged with the consent of the pledgee.
G. Indivisibility of a pledge or mortgage applies only if the
debtors are solidary.
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H. A thing pledged must be placed in the possession of the

creditor, or of a third party by common agreement,
however, constructive or symbolical delivery is
sufficient.
I. All movables which are within the commerce may be
pledged, provided they are susceptible of possession,
thus, incorporeal rights may not be pledged.
J. In order for the pledge to take effect against third
persons, it must be in a public instrument and the
instrument must contain the description of the thing
pledged and the date of the pledge.
K. In pledge, the sale of the thing pledged extinguishes the
principal obligation, whether or not the proceeds of the
sale are equal to the amount of the principal obligation,
interest and expenses.
L. In chattel mortgage, if the proceeds are less than the
principal obligation, the creditor is not entitled to
recover the deficiency.
M. In chattel mortgage, the thing mortgaged is not
transferred to the possession of the creditor.
N. In case of non-payment in pledge, the creditor shall
proceed before a court sheriff for the public auction of
the thing pledged.
19
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BL.M.1603.Law On Pledge and Mortgage - Edited

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BUSINESS LAW

Certs Knowledge Engineering Team

Pledge is a contract by virtue of which the debtor delivers to

BL.M 1603.Law on Pledge and Mortgage

2. Appropriation after it falls due is allowed (only move for

BL.M 1603.Law on Pledge and Mortgage

Right of the pledgee to cause sale of the thing, formalitie?

BL.M 1603.Law on Pledge and Mortgage

2. mortgagor is the absolute owner

BL.M 1603.Law on Pledge and Mortgage

of the obligation to secure which the mortgage was

BL.M 1603.Law on Pledge and Mortgage

1.6.1. The actual market value of the fruits at

BL.M 1603.Law on Pledge and Mortgage

1.6.2. The amount of the principal and of the

a. If the debt is not paid, the creditor does not acquire

BL.M 1603.Law on Pledge and Mortgage

Affidavit of good faith?

Should be appended to the mortgage and be recorded.

Effect of absence of affidavit of good faith?

BL.M 1603.Law on Pledge and Mortgage

MULTIPLE CHOICE QUESTIONS

BL.M 1603.Law on Pledge and Mortgage

A. The title of Daniel Padilla over the necklace is not valid,

BL.M 1603.Law on Pledge and Mortgage

7. A similarity between pledge and chattel mortgage:

BL.M 1603.Law on Pledge and Mortgage

C. a stipulation in a contract where the mortgaged

BL.M 1603.Law on Pledge and Mortgage

D. Both are false

BL.M 1603.Law on Pledge and Mortgage

B. Only the 2nd statement is true

19. If there is danger of destruction, impairment, or diminution

BL.M 1603.Law on Pledge and Mortgage

D. he may require that the thing be deposited with a third

BL.M 1603.Law on Pledge and Mortgage

2nd statement In case of pledge of animals, their offspring

24. Nora mortgaged his farmland to Vilma. The farmland has a

BL.M 1603.Law on Pledge and Mortgage

27. The contract of mortgage extends to and includes the

BL.M 1603.Law on Pledge and Mortgage

A. the mortgage is made for the purpose of securing the

BL.M 1603.Law on Pledge and Mortgage

H. A thing pledged must be placed in the possession of the

BL.M 1603.Law on Pledge and Mortgage

Davao City Cebu City Manila Pampanga Dubai, UAE

Davao City Cebu City Manila Pampanga Dubai, UAE

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