Business Law - Pledge, Mortgage and Antichresis

4/20/2016 Business
Law Pledge, Mortgage and Antichresis
Business Law Pledge, Mortgage and Antichresis liza
End of evaluation. Well done!!!
Your score: 70% (28 points out of 40)
Question #1 (1 point)
In order to bind third persons, a pledge:
Your answer:
must be in public instrument showing a description of the
thing pledged and the date of the pledge. Correct
The following is required in order that a chattel mortgage
will bind third persons.
Your answer:
A chattel mortgage must be accompanied by an affidavit of
good faith and recorded in the Chattel Mortgage Register.
Correct
When is appropriation by the creditor of the thing given as
security allowed in pledge, real mortgage and chattel
mortgage?
Your answer:
When the thing given as security in pledge is not sold at two
public auctions. Correct
This is a stipulation in pledge or mortgage providing that
the ownership of the thing given as security will pass to the
pledgee or mortgagee upon default of the debtor.
Your answer:
Constitutum possessorium Incorrect
Correct answer:
Pactum commissorium
https://testmoz.com/709766/student/review 1/11
4/20/2016 Business Law Pledge, Mortgage and Antichresis
Danding borrowed P90,000 from Cory. To secure the debt,
Danding pledged his ring, wristwatch and necklace. Before
the debt could be paid, Cory died leaving Kris, Noynoy and
Balse as heirs. By agreement among the heirs who inherited
the credit, the ring would secure the share of Kris of the
credit, The wristwatch the share of Noynoy, and the
necklace the share of Balse. Later, Danding pays Kris
P30,000
Your answer:
The pledge of the ring will remain until the shares of
Noynoy and Balse are paid by Danding. Correct
The following maybe the object of pledge, except:
Your answer:
parcels of land Correct
The debtor/pledgor has the following rights, except to:
Your answer:
alienate the thing pledged without the consent of the
pledgee. Correct
The creditor/pledgee has the following rights, except to:
Your answer:
automatically appropriate the thing pledged upon default of
the debtor in the payment of his debt. Correct
On March 1, 2015, Duterte obtained a loan of P1,000,000
from Erap. To secure the debt which is payable on May 1,
2015, Duterte pledged a promissory note amounting to
P1,200,000 which was executed in his favor by Joma. The
promissory note is due April 25, 2015 and properly
endorsed by Duterte to Erap.
Your answer:
On April 25, 2015, Erap can collect the note of P1,200,000
from Joma. The entire proceeds will belong to Erap.
Incorrect
Correct answer:
On April 25, 2015, Erap can collect the note of P1,200,000
from Joma. However he must give P2,000,000 to Duterte.
It is the right of the mortgagor to redeem the property that
was mortgaged after it was sold.
Your answer:
Right of redemption Correct
De Lima borrowed P500,000 from Riza. The obligation bears
interest of 10% per annum. To secure the debt, De Lima
agreed with Riza that the fruits of the agricultural lot of De
Lima shall answer for the interest and the principal
obligation. Assuming the form required by law was complied
with, the contract entered into between De Lima and Riza
for the application of the fruits of the lot to the interest and
principal obligation is known as:
Your answer:
antichresis Correct
In the sale of the thing pledged at public auction, which of
the following statements is incorrect?
Your answer:
The pledgee can appropriate the thing pledged if it is not
sold at the first public auction. Correct
Which of the following is a similarity of chattel mortgage
and pledge?
Your answer:
The object of the contract is a movable property. Correct
Greco borrowed P1,000,000 from Gringo. The loan is
secured by a mortgage of Trillanes lot. On due date, Greco
was unable to pay. Accordingly, Gringo foreclosed the
mortgage on the lot and during the public auction, the lot
was sold for P900,000.
Your answer:
Gringo can recover the deficiency from Greco. Correct
Grace pledged her diamond ring and gold watch to Susan to
secure a debt of P100,000.
Your answer:
If Susan renounces the pledge in writing, the pledge is
extinguished although Susan continues to possess the ring
and the watch. Correct
Pledge and mortgage are similar in what respect?
Your answer:
The fact that third persons may pledge or mortgage their
property to secure another persons debt. Correct
As a general rule, any deficiency in the foreclosure sale
maybe recovered in the following contracts, except in:
Your answer:
conventional pledge Correct
Recording in the Registry of Property in the appropriate
book is required for the validity of the contract of:
Your answer:
real mortgage Incorrect
Correct answer:
chattel mortgage
The delivery required in pledge for its perfection and validity
is:
Your answer:
execution of public instrument Incorrect
Correct answer:
actual delivery
Dino contracted the services of Tino, a tailor, to sew Dino's
pair of pants with Dino providing the cloth for the purpose.
The parties agreed that Tino's labor shall be P500. The
security that holds for the payment of the labor agreed
upon is in the nature of:
Your answer:
conventional pledge Incorrect
Correct answer:
legal pledge
Chattel mortgage and pledge are similar in what respect?
Your answer:
Object of the contract. Correct
Dieter obtained a loan of P3,000,000 from Corazon payable
in 12 months. The debt bears interest at 1% per month and
is secured by a chattel mortgage executed by Dieter on his
car and a real mortgage executed by Tina, a friend of
Dieter, on Tina's lot. The contract of loan, deed of chattel
mortgage and deed of real mortgage were all in a public
document but none is registered.
Your answer:
The loan, chattel mortgage and real mortgage are valid.
Incorrect
Correct answer:
Only the loan and real mortgage are valid.
Pledge is extinguished by any of the following means,
except:
Your answer:
Appropriation of the thing pledged if not sold at one public
auction. Correct
A contract of antichresis to be valid:
Your answer:
must be in writing Correct
Which of the following is not a common requisite of pledge,
real mortgage and chattel mortgage?
Your answer:
That the security agreement must be recorded in the
appropriate book in the Registry of Property. Correct
Pledge, real mortgage, chattel mortgage, and antichresis
are similar to one another with respect to:
Your answer:
Their being indivisible. Correct
Pia pledged her crown to secure her debt to Olivia
amounting to P200,000 payable after 30 days. On due date,
Pia defaulted. At public auction, the crown was sold only for
P180,000.
Your answer:
Both the debt of P200,000 and the pledge are extinguished.
Correct
For binding effect between the parties:
I. A Chattel mortgage must be recorded in the Chattel
Mortgage Register.
II. A real mortgage must be recorded in the Registry of
Property.
The foregoing is true with respect to:
Your answer:
Both I and II Incorrect
Correct answer:
I only
The creditor may automatically appropriate for himself the
thing on which the security was constituted upon the default
of the debtor in:
Your answer:
Antichresis Incorrect
Correct answer:
Automatic appropriation is not allowed in any case
A real mortgage:
Your answer:
creates encumbrance on real property. Correct
A sale with right to repurchase differs from real mortgage in
that in sale with right to repurchase:
Your answer:
there is generally a transfer of possession of property.
Correct
I. A third person may pledge his property to secure another
persons debt.
II. The mortgagee of a real estate may appropriate for
himself the said property if it is not sold at two public
auctions to satisfy the debtors obligation
Your answer:
Statement I and II are true. Incorrect
Correct answer:
Statement I is true and statement II is false.
Statement I The thing pledged or mortgaged cannot be
sold or alienated by the creditor before the due date of the
obligation it secures unless the debtor fails to fulfill certain
conditions.
Statement II A stipulation in a pledge or mortgage
whereby the creditor automatically becomes the owner of
the property pledged or mortgaged upon default of the
debtor is void.
Your answer:
Statement I is false and statement II is true. Incorrect
Correct answer:
Statement I and II are true.
Which of the following statement is true?
I. A mortgagee may appropriate the movable property
mortgaged if the same is not sold at two public auctions in
case of foreclosure.
II. A third person who mortgages his property to secure
another person's debt shall be liable as a rule for deficiency
in case the proceeds of the foreclosure sale are lower than
the amount of the debtors obligation.
III. A pledge or mortgage is divisible if there are several
debtors who are jointly bound.
Your answer:
I only Incorrect
Correct answer:
None of the above statements are true.
Which of the following statement is true?
I. A promise to constitute a pledge or mortgage which is
accepted creates a pledge or mortgage between the
promissor and the promissee
II. The thing pledge maybe delivered to a third person by
the agreement of the debtor and the creditor.
III. Incorporeal rights such as shares of stock maybe the
object of pledge.
Your answer:
II and III only Correct
Which of the following statements is false?
Statement I A pledge to be binding against third persons
must be registered in the Registry of Property.
Statement II Pledge shall extend to the fruits of the thing
pledged unless there is a contrary stipulation.
Statement III The debtor/pledgor may alienate the thing
pledged without the pledgee's consent.
Your answer:
I and III only Correct
If the thing given in pledge is in danger of destruction or
impairment without the fault of the pledgee, the pledgee
may sell the property in public sale with the proceeds
becoming the new security in place of the thing originally
pledged.
Your answer:
True Correct
The pledgee may use the thing pledge even without
obtaining consent of the pledgor if the use of the thing is
necessary for its preservation.
Your answer:
True Correct
Statement I If the debtor fails to pay his debt in a contract
of antichresis, the creditor acquires ownership of the
immovable.
Statement II In antichresis, the actual market value of the
fruits at the time they are applied to the interest and
principal obligation shall be the measure of such application.
Your answer:
Both statements are true Incorrect
Correct answer:
Statement I is false and Statement II is true
The amount of the principal and the interest must be in
writing for a contract of antichresis to be valid.
Your answer:
True Correct

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4/20/2016 Business

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