PLEDGE REAL MORTGAGE CHATTEL MORTGAGE ANTICHRESIS

Definition
By the contract of antichresis the creditor acquires the Mortgage is a contract whereby the debtor secures to the By a chattel mortgage, personal property is recorded in the By the contract of antichresis the creditor acquires the
right to receive the fruits of an immovable of his debtor, creditor the fulfillment of a principal obligation, specially Chattel Mortgage Register as a security for the right to receive the fruits of an immovable of his debtor,
with the obligation to apply them to the payment of the subjecting to such security immovable property or real performance of an obligaiton. If the movable, instead of with the obligation to apply them to the payment of the
interest, if owing, and thereafter to the principal of his rights over immovable property which obligation shall be being recorded, is delivered to the creditor or a third interest, if owing, and thereafter to the principal of his
credit. (Art. 2132) satisfied with the proceeds of the sale of said property or person, the contract is a pledge and not a chattel mortgage. credit. (Art. 2132)
rights in case the said obligation is not complied with at (Art. 2140)
the time stipulated.
Principal obligations secured
(a) valid, voidable, and unenforceable obligations (Arts. 2086, 2052); (b) civil or natural obligations (Arts. 2086, 2052); (a) valid, voidable, and unenforceable obligations (Arts. 2086, 2052); (b)
(c) pure obligations and conditional obligations; (d) present debts and debts to be incurred in the future; (e) payment civil or natural obligations (Arts. 2086, 2052); (c) pure obligations and
conditional obligations; (d) present debts only; (e) payment obligations
obligations and performance obligations and performance obligations

As to Subject Matter
Movables (Art. 2094); Incorporeal rights evidenced by Immovables and Alienable rights in accordance with the Movables Immovables (Art. 2132)
instruments may also pledged. (Art. 2095) laws, imposed upon immovable (Art. 2124)
Essential requisites
(1) That they be constituted to secure the fulfillment of a principal obligation; (2) That the pledgor or mortgagor be the absolute owner of the thing pledged or mortgaged; (3) That (1) Consent of the contracting parties; (2) object certain
the persons constituting the pledge or mortgage have the free disposal of their property, and in teh absence thereof, that they be legally authorized for the purpose. Art. 2085. (4) It which is the subject matter of the contract; (3) cause of the
is also of the essence of these contracts that when the principal obligation becomes due, the things in which the pledge or mortgage consists may be alienated for the payment to obligation which is established.
the creditor. Art. 2087
As to Nature of the Contract
Real Contract (Actual delivery of possession is necessary) Consensual Formal contract Concensual and formal contract (amount of the principal
Art. 2093 and of the interest must be in writing) Art. 2134
Characteristics of the contract
F-A-N-C: Formal, Accessory, Nominate, Consensual
As to Purpose
Intended to secure the performance of a principal and pre-existing obligation by specially subjecting to such delivery, property, or the fruits thereof.
As to Ownership of the Thing
Retained by pledgor or owner of the tings pledged. Retained by mortgagor or owner of the thing mortgaged. Retained by antichretic debtor
As to Possession of the Thing
Property is delivered to the pledgee, or by common Generally, mortgagor-debtor retains possession of the Mortgagor-debtor retains possession of the thing Antichretic creditor has possession of the property
consent to a person (Art. 2093) thing mortgaged; However, mortgagor-debtor may elect to mortgaged
deliver the property to mortgagee. A mortgagee in
possession has rights and obligations similar to those of an
antichretic creditor.
As to Time of Return
Upon full payment of the debt
As to Excess Proceeds in Case of Sale
Generel Rule: debtor is not entitled to excess; Exception: 1. Mortgagor is entitled to balance from the proceeds of the Excess over the amount goes to debtor Debtor is entitled to the excess in case antichretic creditor
When it is agreed upon; and 2. in the case of a legal pledge sale. files a petition for the sale of the real property as in a
(Arts. 2115, and 2121) foreclosure of mortgages under Rule 68 of the Rules of
Court.

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 PLEDGE REAL MORTGAGE CHATTEL MORTGAGE ANTICHRESIS
As to Right to Recover Deficiency in Case of Sale
Creditor is not entitled to recover notwithstanding any Mortgagee is entitled to recover deficiency Creditor is entitled to recover from debtor; Exception: if Antichretic creditor is entitled to recover deficiency.
contrary stipulation (Art. 2115) the mortgage is a security for the purchase of personal
property in installments
As to Modes of Extinguishment
Upon the fulfillment of the principal obligation or by the Upon payment of the principal obligation (Art. 1231) Upon fulfillment of the principal obligation or by the Upon payment of the principal obligation (Art. 1231)
destruction of the thing; upon return of the thing pledged destruction of the thing. (Art. 1231)
to the pledgor or owner; upon a statement in writing by
the pledgee that he renounces or abandons the pledge;
sale of the thing pledged extinguishes the principal
obligaiton (Art. 2110, 2111, 2115)
Not valid against third persons unless a description of the things
Not valid
pledged
against
and third
the date
persons
of theifpledge
not registered.
appear in(Art.
a public
2125)
instrument (Art. 2096)
Can sell the thing pledged with the consent of the pledgee Can sell the property mortgaged even without the consent of the mortgagee (Art. 2130)

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