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Chattel Mortgage Law
Chattel Mortgage Law
Chattel Mortgage Law
a. registered in place where mortgagor 12. Future property may not be covered by
resides and where property (chattel) is CM but when such property is a:
located. If mortgagor resides abroad,
register in place where property is a. renewal of, or in substitution for goods on
located. hand when the mortgage was executed,
or
b. Motor Vehicles: register also in Land
Transportation Office b. purchased with proceeds (not of your
own money) of said goods, said property
c. Shares of Stock: place of domicile of may be covered by CM
corporation and shareholder. No need
for notation in books of corporation 13. Criminal Acts - removal of chattel to
another city or province without written
d. Vessels: Phil. Coastguard consent of mortgagee, selling property
already pledged, or mortgaged without
7. To be valid against 3rd persons: written consent of mortgagee
9. Requisites of CML: