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    Learning Benchmarks 2

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    Tricia Montoya
    The document discusses key concepts and provisions under the Philippine Personal Property Security Act (PPSA), including: 1) The PPSA replaced chattel mortgages and contractual pledges, establishing an effective registry for security agreements. 2) A security agreement creates a security interest over certain property between parties to secure an obligation, and may cover future property. 3) Perfection makes a security interest effective against third parties, which can be achieved through registration or possession depending on the asset type. 4) Upon default, a creditor may repossess, recover, dispose of, or retain the secured property, subject to the debtor's right of redemption. 5) Priority

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    Learning Benchmarks 2

    Uploaded by

    Tricia Montoya
    10 views1 page
    The document discusses key concepts and provisions under the Philippine Personal Property Security Act (PPSA), including: 1) The PPSA replaced chattel mortgages and contractual pledges, establishing an effective registry for security agreements. 2) A security agreement creates a security interest over certain property between parties to secure an obligation, and may cover future property. 3) Perfection makes a security interest effective against third parties, which can be achieved through registration or possession depending on the asset type. 4) Upon default, a creditor may repossess, recover, dispose of, or retain the secured property, subject to the debtor's right of redemption. 5) Priority

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    The document discusses key concepts and provisions under the Philippine Personal Property Security Act (PPSA), including: 1) The PPSA replaced chattel mortgages and contractual pledges, establishing an effective registry for security agreements. 2) A security agreement creates a security interest over certain property between parties to secure an obligation, and may cover future property. 3) Perfection makes a security interest effective against third parties, which can be achieved through registration or possession depending on the asset type. 4) Upon default, a creditor may repossess, recover, dispose of, or retain the secured property, subject to the debtor's right of redemption. 5) Priority

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    10 views1 page

    Learning Benchmarks 2

    Uploaded by

    Tricia Montoya
    The document discusses key concepts and provisions under the Philippine Personal Property Security Act (PPSA), including: 1) The PPSA replaced chattel mortgages and contractual pledges, establishing an effective registry for security agreements. 2) A security agreement creates a security interest over certain property between parties to secure an obligation, and may cover future property. 3) Perfection makes a security interest effective against third parties, which can be achieved through registration or possession depending on the asset type. 4) Upon default, a creditor may repossess, recover, dispose of, or retain the secured property, subject to the debtor's right of redemption. 5) Priority

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    Law 107: Credit Transactions 2nd Semester, AY 2019-2020

    Section II-E

    Learning Benchmarks 2: Personal Property Security Agreement

    1. Chattel mortgages and contractual pledges have been replaced by personal property security
    agreements under the Personal Property Security Act (PPSA). Discuss:

    a. When is the PPSA deemed effective? Has the registry been established?

    b. What is the scope of the PPSA? What is the concept of a security agreement under the
    PPSA?

    c. Who are the parties to a security agreement? What is the form required for a security
    agreement? How should collateral be described?

    2. Explain the concept of a security interest. How is a security interest created? What kind of
    property may be the subject of a security interest? Can it cover future property? What is the
    binding effect of a security agreement?

    3. Security interests must not only be created but must also be perfected. Explain the concept of
    perfection of a security interest. Is it similar to the concept of perfection of contracts under the
    Civil Code? What is the effect when a security interest is perfected? Is perfection necessary to
    bind third parties?

    4. After a security interest is perfected, what would be the effect of a disposition of the secured
    property by the grantor? Can a secured creditor assign a security interest?

    5. What are the means of perfecting a security interest? What are the applicable means of
    perfection for tangible assets and intangible assets, investment property and deposit accounts?

    6. What is the registry and what is its importance with respect to personal property security? What
    is a notice, and when is a notice considered sufficient and effective? When is a notice
    terminated?

    7. In case of default, repossession may be resorted to as a preliminary step to enforcement.


    Discuss the concept of repossession - when is it available and how can it be used?

    8. A security interest may be enforced through the following: (a) recovery; (b) disposition; or (c)
    retention. Discuss each of these remedies (concept, grounds and requirements).

    9. What is the right of redemption? When is it available, who may exercise it and how is it
    exercised?

    10. Who has the right to enforce a security interest? How is priority of security interests or liens
    determined?

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