Credit Summary Table 2
Uploaded by
viva_33Credit Summary Table 2
Uploaded by
viva_33RIGHT (REMEDIES) AND OBLIGATIONS OF CREDITOR! Kinds of Real Guaranty! Right of Sale/ Right to Right to Bid!
Right to recover deficiency! Foreclosure! It is also of the essence of these contracts that when the principal obligation becomes due, the things in which the pledge or mortgage consists may be alienated for the payment to the creditor. (Art. 2087)! Pledge! The creditor to whom the Yes but his offer shall not be Voluntary! credit has not been satisfied valid if he is the only bidder NONE, even if there is a stipulation (Art. 2112 and in due time, may proceed (Art 2113)! before a Notary Public to the 2115)! sale of thing pledged. This Legal: Yes! sale shall be made at a public auction, and with notification to the debtor and the owner of the thing pledged in a proper case, stating the amount for which the public sale is to be held (Art. 2112)! 1. Judicial foreclosure (Sec. 13, Act 1508)! 2. Extra-judicial foreclosure (Sec. 14, Act. 1508)! 3. Judicial Foreclosure (Rules of court)! 4. Extra-judicial foreclusre! ! Chattel Mortgage! ! ! YES (Act. 1508) except sale
Specific Performance!
Yes, but pledge deemed abandoned!
Yes, but mortgage deemed
Real Mortgage! Antichresis! !
! !
! !
on instalment. Any agreement to the contrary shall be void (Art. 1484)! YES (Rules of court on Foreclosures)! YES (Art. 2137, Rules of Court on foreclosure)!
abandoned!
Yes, but mortgage deemed abandoned! Yes, but security deemed abandoned!
