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    Notes

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    Jan Lee
    The document discusses key concepts in pledge and mortgage under Philippine law. It summarizes the Personal Property Security Act (PPSA) which aims to strengthen security over personal property and promote access to credit. The PPSA establishes rules regarding security interests, secured parties, perfection, priority, and enforcement of security interests over personal property. It affects related provisions of the Civil Code on pledge, mortgage, and foreclosure. Case law is cited to illustrate issues like the nature of security agreements, registration and priority of rights, enforcement procedures, and the right of redemption.

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    © All Rights Reserved
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    Notes

    Uploaded by

    Jan Lee
    97 views3 pages
    The document discusses key concepts in pledge and mortgage under Philippine law. It summarizes the Personal Property Security Act (PPSA) which aims to strengthen security over personal property and promote access to credit. The PPSA establishes rules regarding security interests, secured parties, perfection, priority, and enforcement of security interests over personal property. It affects related provisions of the Civil Code on pledge, mortgage, and foreclosure. Case law is cited to illustrate issues like the nature of security agreements, registration and priority of rights, enforcement procedures, and the right of redemption.

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    The document discusses key concepts in pledge and mortgage under Philippine law. It summarizes the Personal Property Security Act (PPSA) which aims to strengthen security over personal property and promote access to credit. The PPSA establishes rules regarding security interests, secured parties, perfection, priority, and enforcement of security interests over personal property. It affects related provisions of the Civil Code on pledge, mortgage, and foreclosure. Case law is cited to illustrate issues like the nature of security agreements, registration and priority of rights, enforcement procedures, and the right of redemption.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    97 views3 pages

    Notes

    Uploaded by

    Jan Lee
    The document discusses key concepts in pledge and mortgage under Philippine law. It summarizes the Personal Property Security Act (PPSA) which aims to strengthen security over personal property and promote access to credit. The PPSA establishes rules regarding security interests, secured parties, perfection, priority, and enforcement of security interests over personal property. It affects related provisions of the Civil Code on pledge, mortgage, and foreclosure. Case law is cited to illustrate issues like the nature of security agreements, registration and priority of rights, enforcement procedures, and the right of redemption.

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    X.

    PLEDGE AND MORTGAGE

    A. Concepts Common to Pledge and Mortgage

    1. Essential Requisites of the Contracts of Pledge and Mortgage - Art. 2085,


    2086 and 2087
    2. Creditor is prohibited to Appropriate Property Pledged or Mortgaged –
    Art. 2088
    3. The Concept of Pactum Commissiorium - Art. 2088
    4. Indivisibility of a Pledge or Mortgage – Arts. 2089 and 2090
    5. Pledge and Mortgage as Security for Obligations – Art. 2091
    6. Promise to Create a Pledge or Mortgage as a Personal Action – Art. 2092

    B. The Personal Property Security Act- Republic Act No. 11057 (“PPSA”)

    1. Focus on R.A. 11057’s Title – Strengthening the Legal Framework of


    secured transactions involving persona property
    2. Sec. 2 - Declaration of Policy: Promotion of Economic Activity / Access to
    Credit
    3. Effectivity of the PPSA - Secs. 62, 67, 68, R.A. 11057
    4. Effect of the PPSA on Civil Code/ special laws on: a) Pledge / Chattel
    Mortgage : Arts. 2085-2092 & 2127, 2140-2141, CC b) Arts. 2241,
    2243 & 2247, CC
    5. Scope of the PPSA – Chap. 1, Sec. 4,
    a. In relation to Arts. 416 & 417, Civil Code
    b. Other personal property in PPSA: Secs. 3(b)(3), 3(c)(3), 3(j), Sec.
    7, Sec. 8(b), Sec. 12, Sec. 14 (a), Sec.18 (e & f), Sec. 23 (b) and
    (c), Secs. 24&25
    6. Nature of a Security Interest under the PPSA:
    a. Continuity – Chap. 2, Sec. 9
    b. Collateral: description – Chap. 2, Sec, 7
    c. Proceeds – Chap. 2, Sec. F
    d. Right to Proceeds ad commingled funds & Money- Chap. 2, Sec. 8
    e. Property mortgaged subject to fulfillment of obligation- Art. 2126, CC
    7. The Security Interest and Parties Involved:
    a. Definition of Security Interest – Chap.1, Sec. 3 (j)
    b. The Grantor – Chap. 1, Sec. 3 (c)
    c. The Secured Creditor - Chap. 1, Sec. 3 (i)
    8. How is a Security Interest created? - Chap. 2, Sec. 5
    9. Form of Security Agreement? – Chap. 2, Sec. 6 ,PPSA, Art.
    1307/1157,CC, Chap.1, Sec. 3 (k),
    10. Collateral described – Chap. 2, Sec. 7, PPSA
    11. Perfection of Security Interest – Chap. 3, Sec. 11, PPSA
    12. Means of Perfection & Change in Means of Perfection-
    Chap.3,Secs.12/15, PPSA
    a. In relation to Art. 2140, 2125, CC
    13. Perfection by:
    a. Control – Chap. 3, Sec. 13, PPSA, Chap.1, Sec, 3b(1-3)
    b. Possession – R.A. 11057, Sec. 12, Arts. 523, 2093, CC
    c. Registration – Chap. 3, Sec. 12, PPSA
    14. Assignment of Security Interest – Chap. 3, Sec. 16, PPSA
    15. Disposition of Collateral and Perfection of Interest- Chap. 2 Sec. 9,
    Chap. 3, Sec. 14, Chap. 4, Sec. 21, PPSA
    16. Priority of Security Interest and the Importance of Registration in the
    Electronic Registry of the Land Registration Authority (LRA) – Chap. 4, Sec.
    17, Chap. 5, Secs. 26, 27, 28, 29, 30 -43, PPSA
    17. Priority of Security Interest:
    a. By Perfection of Control- Chap. 4, Sec.18, PPSA
    b. Instruments and Negotiable documents – Chap. 4, Sec. 19, PPSA
    c. By Operation of Law- Chap. 4, Secs. 20 – 22 in relation to Arts.
    2241, 2243, 2247-47, Civil Code
    d. Purchase Money Security Interest – Chap. 4, Secs. 23, 24 and 25,
    PPSA
    18. Enforcement of Security:
    a. Repossession Without the need of a judicial process:
    1)Expedited Repossession of Collateral – Chap. 6,Sec. 47, (a) and
    (b)
    2)Recovery in special cases – Chap. 6, Sec. 48
    b. Repossession Through a judicial process – Chap. 6, Sec. 47 (c), Sec.
    63
    c. Recovery without judicial process – Chap 6, Sec. 48
    d. Disposition of Collateral – Chap. 6, Secs. 49-52
    e. Retention of Collateral by Secured Creditor – Chap. 6, Sec. 54
    f. Rights related to Enforcement:
    1)Right of Redemption- Chap. 6, Sec. 45
    2)Right of Higher Ranking Secured Creditor – Chap. 6, Sec. 46

    19. Transitional Provisions:


    a. Interpretation- Chap. 7, Sec. 55-59
    20. Cases:

    a. Nature of a Security Agreement – Mla. Banking vs. Teodoro , G.R.


    No. 53955, January 13, 1989, 169 SCRA 95, Yao Chu vs. Court of
    Appeals, G.R. No. L-78519, September 26, 1989, 177 SCRA 793*

    b. Registration and Priority of Rights- Gatioan vs. Gaffud, G.R. No. L-


    21953, March 28, 1969, 27 SCRA 706*

    c. Recovery as an enforcement procedure- Citibank N.A. vs. Investors


    Finance Corporation vs. Sabeniano, G.R. No. 156132, Oct. 12,
    2006, 504 SCRA 378*
    d. Redemption – Medida et.al vs. Court of Appeals, et.al, G.R. No.
    98334, May 8, 1992, 208 SCRA 887, Paray vs. Espeleta vs.
    Rodriguez, G.R. No.132287, 479 SCRA 571*

    Note: Cases taken from Prof. Stephanie Somera’s Notes and Cases on the
    Personal Security Act.

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