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CATEGORY GUARANTY SURETYSHIP PLEDGE MORTGAGE ANTICHRESIS

CHATTEL

MORTGAGE

REAL ESTATE

MORTGAGE

LAW CIVIL CODE

Articles 2047-2084

The second

paragraph oArticle 2047

states the la!applica"le to the

contract o

s#ret$ship% Itco&ers Articles

'207 to '222(Title I

)O"ligations*(

Chapter +)Dierent ,inds

o O"ligations*(ection 4 ).oint

and olidar$O"ligations*(

/oo IV

)O"ligations andContracts* o the

CIVIL CODE

CIVIL CODE

Articles 2081-2'2+

CIVIL CODE

Articles 2081-202

2'40-2'4' T3EC3ATTEL

O5T6A6E

LAW)Act o% '108( as

aended*

CIVIL CODE

Articles208+-202

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o Co#rt*

CIVIL CODE

Articles2081-202

2'+2-2'+

DE<IITIO /$ g#arant$ a

person( called the

g#arantor( "indshisel to the

creditor to #lillthe o"ligation o

the principalde"tor in case the

latter sho#ld ailto do so% Art%

2047 )'*

I a person "inds

hisel solidaril$

!ith the principalde"tor( the

pro&isions oection 4(

Chapter +(Title ' o this

/oo shall "eo"ser&ed% In s#ch

case the contract

is called a

It is a contract

"$ &irt#e o

!hich the de"tordeli&ers to the

creditor or to athird person a

o&a"leor a doc#ent

in&ol&ingincorporeal

rights or the

p#rpose o

/$ a chattel

ortgage(

personal propert$is recorded in the

Chattelortgage 5egister

as a sec#rit$ orthe perorance

o an o"ligation%I the

o&a"le( instead

o "eing recorded(

A real estate

ortgage is a

contract !here"$the de"tor

sec#res to thecreditor

the #lillent oa principal

o"ligation(speciall$

s#">ecting to

s#ch sec#rit$

/$ the contract

o antichresis the

creditor ac?#iresthe right to

recei&e the r#itso an io&a"le

o his de"tor(!ith the

o"ligation to appappl$ the to the

pa$ent o the

interest( i



s#ret$ship% )Art%2047 )2**

sec#ring the#lillent o a

principalo"ligation !ith

the

#nderstanding

that !hen theo"ligation is#lilled( the

thing deli&eredshall "e ret#rned

!ith all its r#its

and accessions%

is deli&ered to thecreditor or a third

person(the contract is a

pledge and not a

chattel ortgage%

)Art% 2'40*

io&a"le propert$

or real rights o&erio&a"le

propert$ in case

the principal

o"ligation is notcoplied !ith atthe

tie stip#lated%

o!ing( andthereater to the

principal o hiscredit% )Art%

2'+2%*

:95:OE pecial proise

to ans!er or thede"t( dea#lt or

iscarriage oanother

#ret$ proises

to ans!er or thede"t( dea#lt or

iscarriage othe principal%

To sec#re

#lillent o a principal

o"ligation%

To sec#re

#lillent o principal

o"ligation

To sec#re

#lillent o principal

o"ligation

It sec#res the

perorance o a principal

o"ligation

:A5TIE 6#arantor(Creditor @

De"tor

O"ligor( s#ret$and o"ligee

:ledgor @:ledgee

ortgagor @ ortgagee Creditor @De"tor

9/.ECT ATTE5 personal the

g#arant$ is the

credit gi&en "$the person !ho

g#arantees the

#lillent o the principal

o"ligation)g#arantor*

real the g#arant$

is propert$% I the

g#arant$ is

io&a"le

personal the

g#arant$ is the

credit gi&en "$the person !ho

g#arantees the

#lillent o the principal

o"ligation)g#arantor*

real the g#arant$

is propert$% I the

g#arant$ is

io&a"le

All o&a"les(

!hich are

!ithincoerce( a$

"e pledged(

pro&ided the$are s#scepti"le

o possession%)Art% 204*

Incorporeal

rights )Art%201% *

personal or

o&a"le propert$%

'% Io&a"les

2% Aliena"le

rights iposed#pon io&a"les

Io&a"les or

5eal :ropert$



propert$ realortgage

or antichresisB Ithe g#arant$ is

o&a"le

propert$ pledge

or chatterortgage

propert$ realortgage

or antichresisB Ithe g#arant$ is

o&a"le

propert$ pledge

or chatterortgage

,ID

CLAI<ICATIO

'% Con&entional-

one constit#ted "$agreeent o the

parties )art% 201'( par% '*

2% Legal- oneiposed "$ &irt#e

o a pro&ision ola!B )I"id*

+% .#dicial- onere?#ired "$ a

co#rt to g#aranteethe e&ent#al right

o one o the parties in a case%

'% Vol#ntar$ or

con&entional)created "$

agreeent o the parties*B

2% Legal )"$

operation ola!*%

1. Voluntary

Agreed to "et!een the

parties orconstit#ted "$ the

!ill o the o!ner

o the propert$

2. Legal 5e?#ired "$ la!

to "e eec#ted in

a&or o certain persons

3. Equitable Lacs the proper

oralities oortgage "#t

sho!s the

intention o the parties to ae

the propert$ as asec#rit$ or a

de"t

AT95E AD

C3A5ACTE5ITIC

'% Accessor$ It is

dependent or its

eistence #pon the

principal o"ligation

g#aranteed "$ it%

2% #"sidiar$ and

Conditional It taes

'% Contractual and

Accessory BUT

Direct The

contract#al

o"ligation o the

s#ret$ is erel$

an accessor$ or

Real( "eca#se it

is perected "$

deli&er$ o thething pledged%

2% Acessory(

'% It is an

accessory

contract because

it secures

er!or"ance o! a

ortgage is a

real ( accessory(

and subsidiary

contract

1. Accessory It

sec#res the

perorance o a principal

o"ligation%



eect onl$ !hen the

principal de"tor ails

in his

o"ligation%

+% 9nilateral

a% It gi&es rise to

o"ligations on the

part o the g#arantorin relation to the

creditor and

not &ice-&ersa%

)Altho#gh ater its

#lillent( the

principal de"tor

sho#ld indeni$

the g#arantor( "#t this

o"ligation is onl$

incidental*

"% It a$ "e entered

into e&en !itho#t theinter&ention o the

principal de"tor%

4% Distinct :erson It

re?#ires that the

person o the

g#arantor #st "e

distinct ro the

person o the

principal de"tor )$o#

cannot g#arant$ $o#r

o!n de"t*% 3o!e&er(

in a realg#arant$( a person

a$ g#arantee his

o!n o"ligation !ith

his o!n properties%

6EE5AL 59LE

6#arant$ is

grat#ito#s%

EFCE:TIO

6#arant$ is onero#s

onl$ i it is stip#lated

g#arantee is gi&en%

collateral to the

o"ligation contracted

"$ the principal%

/9T( his lia"ilit$ to

the

creditor is direct(

priar$( and

a"sol#te%2% Liability is limited

by te terms o! te

contract The etent

o a s#ret$Gs lia"ilit$

is

deterined onl$ "$

the ters o the

contract and cannot

"e etended "$

iplication%

+% Liability arises

only i! "rinci"aldebtor is eld liable

I the principal

de"tor and the

s#ret$ are held

lia"le( their lia"ilit$

to pa$ the creditor

!o#ld "e solidar$%

/#t( the s#ret$ does

not inc#r lia"ilit$

#nless and #ntil the

principal de"tor is

held lia"le%4% #urety is not

entitled to

e$austion A s#ret$

is not entitled to the

eha#stion o the

properties o the

principal de"tor

since the s#ret$

ass#es a solidar$

lia"ilit$ or the

#lillent o the

principal o"ligation%

"eca#se it hasno independent

eistence%+% Unilateral(

"eca#se it

creates an

o"ligation solel$on the part othe creditor to

ret#rn thething pledged

#pon #lillent

o the principalo"ligation%

4% Subsi#iary( "eca#se the

o"ligation o thecreditor does notarise #ntil

#lillent othe

principalo"ligation%

rincial

obli$ation

2% It is a !ormalcontract because

it re%uires

re$istration in

t&e C&attelMort$a$e

Re$ister !or its

'ali#ity (but only

a$ainst t&ir#

ersons)

+% It is a

unilateral

contract because

it ro#uces only

obli$ations ont&e art o!

t&e cre#itor to

!ree t&e t&in$

!ro" t&e

encu"brance on

!ul!ill"ent o! t&e

obli$ation*

anresa(ho!e&er(

"elie&es that it isan independent

contract%

2. Formal

Contract – It#st "e inspeciied or to

"e &alid )in!riting*%

+% A third person(

!ho is not a part$to the principal

contract( a$oer his

io&a"le#nder thecontract o

antichresis tosec#re the de"t o

another% )2081*4% The contract o

antichresis is

indi&isi"le%)208*

1% Theindi&isi"ilit$ o

the antichresis is

not aected "$the act that the

de"tors are notsolidaril$ lia"le%

)200*=% The contract o

antichresis a$



1% Te underta%ing is

to te C&ED'T(&)

not to te "rinci"al

debtor The de"tor

cannot

clai that the s#ret$

"reached its

o"ligation to pa$ orthe principal

o"ligation "eca#se

there

is no o"ligation as

"et!een the s#ret$

and the de"tor% I the

s#ret$ does not pa$(

the

principal de"tor is

still not relie&ed o

his o"ligation%

sec#re all indso o"ligations

p#re orconditional%

)20'*

:E5<ECTIO COE9AL COE9AL 5eal There#st "e deli&er$

o the thing%

COE9AL 5EALCOT5ACT

/9T ODELIVE5;

Deli&er$ is notre?#ired or the

&alidit$ o thecontract itsel%

/9T( it isre?#ired in order

that the

creditor a$recei&e the r#its%

COE9AL

<O5ALIT; #st "e in!riting to "e

enorcea"le% It isgo&ern "$ the

tat#te o <ra#ds%

#st "e in!riting

#st "e in!riting

o registration

needed

#st "e in!riting( a speciic

or is re?#ired%

<oral

5egistered in chattel

ortgage register

#st "e in!riting( a

speciic or isre?#ired%

<oral

Written or oral /#t

the oral ortgage is

not "inding against

third persons%

5egistered p#"lic

#st "e in!riting(

other!ise it is&oid%

The ao#nt o the

principal and o the

interest shall "e

speciied in !ritingB

other!ise( the

contract o



doc#ent antichresis shall "e

&oid )Art% 2'+4*%

LIA/ILIT; er&es as an accessor$ contract H!ith regard to s#ret$ship it is contract#al and accessor$ "#t direct% In other !ords he is directl$( priaril$ and e?#all$ "o#nd !ith the principal as original proisor altho#gh he possesses no direct or personal

interest o&er the latterGs o"ligations nor does he recei&e an$ "eneit therro% )6arcia( .r% Vs% CA*

DELIVE5; Deli&er$ is not

necessar$

Deli&er$ o the

thing is notnecessar$

Deli&er$ o the

thing pledge isnecessar$%

In C&attel

Mort$a$e( deli&er$o the personal

propert$ to theortgage is not

necessar$%

In Real

Mort$a$e(deli&er$ is not

necessar$%

Deli&er$ a$ or

a$ not "enecessar$%

OWE53I: The g#arantor

need not "e the

o!ner%

:ledgor #st "e

the o!ner o the

thing pledge(other!ise the pledge is &oid%

ortgagor #st "e the o!ner o the

thing ortgaged( other!ise the

ortgage is &oid%

Creditor #st "e

the o!ner

VALIDIT; The contract og#arant$ is &alid

onl$ "et!een the

contracting parties%

ot &alid againstthird persons

#nless a

description o thething pledged

and the date othe pledge appear

in a p#"licinstr#ent%

In C&attel

Mort$a$e( not

&alid against third

person #nlessregistered in the

Chattel ortgage5egister%

In Real

Mort$a$e( not

&alid against

third persons inot registered%

The contract is&alid onl$

"et!een the

parties%

:5O3I/ITIO Against #n>#stenrichent

Against :act#Coissori#

Against :act# Coissori# Against :act#Coissori#

Against

9s#rio#s 5ates

5I63T ADO/LI6ATIO O<

T3E :A5TIE

Guarantor+

'* 6#arantor

cannot "e

Obli$or-#ndertaes an

o"ligationB he is

Ple#$or,s Ri$&ts+

'* To deand

the ret#rn in

case o

In C&attel Mort$a$e+ Cre#itor+

'* To pa$

the taes



copelled to pa$

thecreditor

#nless the

latter has

eha#stedall the propert$

o thede"tor

and has

resortedto all the

legalreedies

againstthede"tor%

Cre#itor+

'* Eha#st

all the propert$

o the

de"tor#nless the

g#arantoris not

entitled to

s#ch "eneit

#nder art%201%

2* 5esort toall the

legal

the principalo"ligor

Surety- a

person !ho

engages hisel

to "e ans!era"leto a third personor de"t( dea#lt(

iscarriage oanother%

Obli$ee- to!ho the

o"ligation isade%

reasona"le

gro#nds to

ear

destr#ction

or

ipairent

o the thing

!itho#t the pledgeeGs

a#lt(

s#">ect to

the d#t$ o

replaceent

%

2* To "id and

"e preerred

at the

p#"lic

a#ction%

+* To alienatethe thing

pledged

pro&ided

the pledgee

consent to

the sale%

4* To as that

the thing

pledged "e

deposited in

one o the

ollo!ingcases

a* < the

creditor

#ses the

thing

!itho#t

a#thorit$%

"* 3e is#ses

the thing%

c* The thing is

endangered

o "eing

In Real Mort$a$e.

Mort$a$or,s Ri$&t+

'* To alienate the thing ortgaged propert$ "#t the ortgage shall

reain attached to the propert$%

A stip#lation or"idding the o!ner ro

alienating the io&a"le ortgageshall "e &oid "eing contrar$ to p#"lic polic$ inas#ch as the transission o

propert$ sho#ld not "e #nd#l$ ipede%

Mort$a$ee,s Ri$&t+

'* To clai ro third a person in

possession o the ortgaged propert$ the pa$ent o the part

o the credit sec#red "$ !hichsaid third person possesses%

It is necessar$ that prior deand or pa$ent #st ha&e "een ade on thede"tor and the latter ailed to pat%

andcharges

#pon theestate

#nless

there is a

contrar$stip#lation%

2* To pa$epenses

or

necessar$repairs%

Debtor+

To pa$ !hat he

o!es the creditorin order toreac?#ire the

en>o$ent o theio&a"le%



reediesagainst

thede"tor%

+* :ro&e that

the de"tor

is still#na"le to pa$%

Debtor+

:a$ent o his

principal

o"ligation%

lost or

ipaired

"eca#se o

negligence

or !ill#l

act o the

pledgee%

Ple#$or,s

Obli$ations+

'* To ad&ise

the pledgee

o the la!s

o the thing%

2* ot to

deand the

ret#rn o

the thing

#ntil ater

#ll pa$ent o

the de"t(

incl#ding

interest d#e

thereon and

epenses

inc#rred or

this

preser&atio

n%

Ple#$ee,s Ri$&ts+'* Option to

deand

replaceent

or

iediate

pa$ent o

the de"t in

case o

deception

as to

s#"stance

or ?#alit$%



g#arantor'* 5ight o

indenit$orrei"#rseent

2* 5ight os#"rogation

Other reedies'* O"tain

releasero theg#arant$%

Deand a

sec#rit$ that shall protect hi ro

an$ proceedings "$ the creditorand against the

danger oinsol&enc$ o the

de"tor%

pledged at a p#"lic a#ction% In

case o legal pledge( it can "e

ade ro the

date o deand

other!iseB thede"tor a$re?#ire the ret#rn

o the thing%

p#"lic a#ction #nder Act '108 "#t the parties a$ stip#late that it a$ "e "$

pri&ate sale%

speciic peroran

ce2* :etition

or thesale o the

ortgages#nder

5#le =8 othe 5#lesoCo#rt%

+* .#dicial<oreclos#re

:ECIAL

5E9IITE

'* A

g#arant$cannot

eist

!itho#t a&alid

o"ligation%

2* a$ also

"e gi&en assec#rit$ or

#t#re de"ts%

'% :ossessiono the thing

pledged #st "e transerredto the creditoror a third

person "$agreeent2* #">ect

atter

o&a"le andincorporeal

rightse&idenced "$

doc#ents othe title and

In C&attel

Mort$a$e(1) It can cover

only

personal ormovableproperty ingeneral;however,the partiesmay treat aspersonalpropertythat whichby its nature

would be

In Real

Mort$a$e.1) It can

cover

onlyimmovablepropertyandalienablereal rightsimposeduponimmovable.

2) It must

1) It cancoveronly thefruits ofanimmovableproperty

2) Deliveryof theimmovable isnecessary for thecreditorto



theinstr#ents

pro&ing theright pledged

shall "edeli&ered to

the creditorand i

negotia"le#st "eendorsed%

The description

o the thing pledged and the

date o #st

appear in a p#"lic instr#ent

to "ind third persons "#t not

or the &alidit$ o

the contract%

realproperty.

2) Registrationof themortgage

with thehattel!ortgageRegister

where themortgagorresides; ifproperty islocated in adifferentprovince,registrationin bothprovinces isre"uired.

#) Descriptionof theproperty as

wouldenable theparties orotherpersons toidentify thesame afterreasonableinvestigation andin"uiry.

$) %ccompanied by anaffidavit ofgood faith tobind thirdspersons but

appear ina publicinstrument.

5egistration inthe registr$ o

propert$ isnecessar$ to "indthird persons "#t

not or the&alidit$ o the

contract%

receivethe fruitsand notthat thecontractshall bebiding.

#) %mountof theprincipalandinterestmust bespecifiedin writing.

Epress

agreeent that

de"tor !ill gi&e possession o the

propert$ tocreditor and that

the latter !ill

appl$ the r#itsto the interest i

an$ ten to the principal o his

credit%



not for thevalidity ofthe contract.

&) It can coveronlyobligationse'isting atthe time themortgage sconstituted.

EFTI69I3ET

O< A COT5ACT

'* 5elease in

a&or o

one o theg#arantor

s( !itho#tthe

consent othe other( "eneits

all to theetent o

the shareo all the

g#arantor

to !hoit has

"eengranted%

2* I the

creditor&ol#ntaril

$ acceptsio&a"l

e or other properties

in

1) (or thesamecausesas allotherobligation

s.2) Return ofthe thingpledgedby thepledgeeto thepledgor.

#) tatement in

writing by

thepledgethat herenounces orabandonsthepledge.

$) *aymentof thedebt.

&) ale of

'* <oreclos#re o the thing

ortgaged%

.#dicial ordinar$ action ororeclos#re #nder 5#le =8 o the 5#les

o Co#rt

Etra->#dicial !hen ortgagee isgi&en a special po!er o attorne$ to sellthe ortgaged propert$ "$ p#"lic

a#ction #nder Act o% +'+1

+he debtor shallhave the right tothee'tinguishmentof the pledge ormortgage as the

portion of thedebt for whicheach thing isespeciallyanswerable issatisfied.



pa$ento the

de"t( e&eni he

sho#ld

ater!ard

s lose thesaetro#gh

e&ictionor

con&e$an

ce o propert$%

+* Whene&er "$ soe

act o thecreditor(the

g#arantor s e&en

tho#ghthe$ are

solidaril$

lia"lecannot "e

s#"rogated to the

rights(

ortgages and

preerences o the

orer%4* <or the

sae

the thingpledgedat publicauction.

Appropriation#nder Art% 2''2%



ca#ses asall other

o"ligations #nder

art% '2+'%

1* When the

principalo"ligationis

eting#ished%

=* Etension

granted tothe de"tor

"$ thecreditor

!itho#ttheconsent o

theg#arantor%

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