CREDIT TRANSACTION

 

Acceleration clause is a stipulation stating that on the occasion of the mortgagor’s default, the whole sum remaining unpaid automatically becomes due and payable.

 

An Extrajudicial foreclosure may only be affected if in the mortgage contract covering a real estate, a clause is incorporated therein giving the mortgagee the power, upon default of the debtor, to foreclose the mortgage by an extrajudicial sale of the mortgaged property.

 

A Dragnet clause is a mortgage provision that is specifically phrased to subsume all debts of past or future origin. It is a valid and legal undertaking, and the amounts specified as a consideration in the contracts do not limit the amount for which the pledge or mortgage stands as security, if from the four corners of the instrument, the intent to secure future and other indebtedness can be gathered.

 

If the principal obligation is VOID, the mortgage is void.

 

A conventional mortgage is a kind of mortgage that is constituted voluntarily by the contracting parties.

 

An equitable mortgage is a kind of mortgage where the intention of the parties is to make the immovable as a security for the performance of the obligation but the formalities of a real mortgage are not complied with.

 

Legal Mortgage is a kind of mortgage required by law to be executed in favor of certain persons.

 

Foreclosure is a remedy available to the mortgagee by which he subjects the mortgaged property to the satisfaction of the obligation.

 

Redemption is a transaction by which the mortgagor reacquires or buys back the property which may have passed under the mortgage or divests the property of the lien which the mortgage may have created.

 

Real Mortgage is a contract whereby the debtor secures to the creditor the fulfillment of the principal obligation, especially subjecting to such security immovable property or real rights over immovable property in case the principal obligation is not fulfilled at the time stipulated.

Popular posts from this blog

CRIMINAL LAW II CASE DIGEST/ BACLAYON V. MUTIA, 129 SCRA 148

CONSTITUTIONAL LAW I CASE DIGEST | THE DIOCESE OF BACOLOD V. COMELEC G.R. No. 205728, January 21, 2015

CREDIT TRANSACTIONS CASE DIGEST/ BPI FAMILY BANK VS. FRANCO/ G. R. NO. 123498/ 23 NOVEMBER 2007

CREDIT TRANSACTION CASE DIGEST/ MINA VS. PASCUAL/ 25 PHIL. 540 (1923)

REMEDIAL LAW | Riviera Golf Club v. CCA G.R. No. 173783, June 17 2015

CREDIT TRANSACTION CASE DIGEST/ QUINTOS VS. BECK/ 69 PHIL. 108 (1939)

LAW ON PROPERTY | ACOSTA V. OCHOA, ET AL., G.R. NO. 211559; G.R. NO. 215634, OCTOBER 15, 2019

ALTERNATIVE DISPUTE RESOLUTION | HYGIENIC PACKAGING CORPORATION VS. NUTRI-ASIA, INC ., G.R. NO. 201302, JANUARY 23, 2019

LEGAL ETHICS | MAURICIO C. ULEP VS. THE LEGAL CLINIC, INC Bar Matter No. 553. June 17, 1993

CRIMINAL LAW II CASE DIGEST/ BALA V. MARTINEZ, 181 SCRA 459