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Pledge Real Mortgage
Pledge Real Mortgage
Description of the thing pledged and the Document is recorded in the Registry of
date of pledge is written in a public Property.
instrument.
Perfected through the delivery to the Perfected by consent and delivery is not
creditor or third person by a common necessary.
agreement.
The remedy in case of debtor’s default is The remedy in case of mortgagor’s default
to sell the thing through public auction. is foreclosure or intervention of the court
may be necessary.
Perfected through the delivery to the Perfected by consent and delivery is not
creditor or third person by common necessary (consensual contract).
agreement (real contract).
The remedy in case of debtor’s default is The remedy in case of mortgagor’s default
to sell the thing through public auction. is foreclosure or intervention of the court
may be necessary.
The purpose of the form is for The purpose of the form is the validity for
convenience. the registration in the Chattel Mortgage
Register; convenience for the Affidavit of
Good Faith.
The remedy in case of mortgagor’s default The remedy in case of debtor’s default
is foreclosure or intervention of the court can be an action for performance or to
may be necessary. petition for the sale of real property as in
a foreclosure of mortgages.