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Sales, Agency & Bailments

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Submitted By iamnicole
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Provisions Common to Pledge and Mortgage(PM)

2085. Requisites 1. They are created to secure a principal obligation. 2. The pledgor or mortgagor must be the absolute owner of the thing. 3. Persons constituting pledge or mortgage must have a free disposal of thing or have legal authority.

Note: Characteristics: 1. Real - perfected by delivery of thing 2. Accessory- can’t stand on its own. It follows principal. 3. Unilateral- obligation of creditor to return thing upon fulfilment of principal obligation. 4. Subsidiary-

2087. When principal obligation becomes due, creditors may ALIENATE the thing. (alienate-foreclosure; not disposal)

2088. Creditors can’t appropriate/dispose/sell thing. Stipulation to contrary is null and void, and this is known as “pactum commissorium.”

2089. Pledge or mortgage is considered indivisible even though debt may be divided. * If debtor’s heir paid part of debt, there is no partial release/extinguishment of pledge or mortgage until it is fully paid. * Creditor’s heir who received his share of debt can’t return the thing or cancel mortgage. * Exception: Partial release of obligation is possible when each of the thing guarantees only a determinate portion of the obligation.

2090. Pledge and mortgage is still indivisible even if obligation is joint or solidary.

2091. PM can secure all kinds of obligations (voidable or unenforceable)(pure or subject to suspensive or resolutory condition)

2092. A promise to create PM, gives rise only to personal right or personal action bet parties and no real right in property.

PLEDGE pledgor-debtor pledgee-creditor
2093. Requisites 1. 2085 2. Thing must be placed in possession of creditor. (actual & continuous possession.)

Properties that may be pledged
2094. Movables within commerce of man & susceptible of possession

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