ACYRFBT: Law on Credit Transactions (ver2)

What is the method of perfection for Pledge?

Delivery

What is the method of perfection for chattel mortgage?

Consent

What is the method of perfection for real estate mortgage?

Consent

Which types of properties can be placed as security for Pledge?

Movable

Which types of properties can be placed as security for Chattel Mortgage?

Movable

Which types of properties can be placed as security for Real Estate Mortgage?

Immovable

Can after-acquired properties be included as security in Pledge?

Cannot be included

Can after-acquired properties be included as security in Chattel Mortgage?

Cannot be included, except by stipulation, those replacement goods in retail stores and those acquired using the proceeds of the goods mortgaged.

Can after-acquired properties be included as security in Real Estate Mortgage?

Can be included by stipulation

Are after-incurred obligations secured in Pledge? If so, under what conditions?

Can be secured if stipulated and once determined

Are after-incurred obligations secured in Chattel Mortgage? If so, under what conditions?

Cannot be secured

Are after-incurred obligations secured in Real Estate? If so, under what conditions?

Can be secured if stipulated and once determined

How is the conduct of sale for Pledge?

Public only

How is the conduct of sale for Chattel Mortgage?

Public or Private

How is the conduct of sale for Real Estate Mortgage?

Public or Private

Who is entitled to the excess in the proceeds for Pledge?

Pledgee, unless stipulated or legal pledge

Who is entitled to the excess in the proceeds for Chattel Morgage?

Mortgagor

Who is entitled to the excess in the proceeds for Real Estate Mortgage?

Mortgagor

Is the recovery of deficiency allowed for a pledge?

Not allowed, even if stipulated, unless legal pledge

Is the recovery of deficiency allowed for a Chattel Mortgage?

Allowed, unless covered by Recto Law

Is the recovery of deficiency allowed for a Real Estate?

Allowed

What are the redemption rights for Pledge?

None, but Pledgor can prevent the public auction by paying the principal obligation

What are the redemption rights for Chattel Mortgage?

Equity of Redemption only (pay the principal obligation plus costs to prevent the foreclosure sale)

What are the redemption rights for Real Estate Mortgage?

Equity of redemption and right of redemption