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Credit Transactions one of the most b.

Deposit
transactions entered into by persons i. Warehouse receipt
because the involve delivery of things by manner of transferring or
way of purchase or loan of goods by way of negotiating goods from
money. These transactions are called credit. one person to another is
Including such transaction as a purchase thru a medium of
loan or goods services or money in the warehouse receipt.
present with promise to pay or deliver in the 2. Accessory Contracts . One that
future. cannot exist on its own. Must depend
on another contract for its existence.
You have a credit card what transaction do a. Guarantee
you enter into? Credit Transaction. You are i. Personal
actually buying goods present but you will 1. Guarantee proper
2. Suretyship
pay price to the credit card company. The
ii. Real
credit card company who allows you to 1. Real Estate Mortgage
purchase even if you dont have money yet. 2. Antechresis object of contract is
immovable
The use of your ATM card, depositor of a 3. Chattel Mortgage
bank and one mode for withdrawing money b. Security
is the use of ATM card, you are also engaged i. Trust Receipt
in a credit transaction. Relationship between ii. Assignment of
depositor and bank is creditor debtor receivables after you
relationship. Loan Transaction. sell goods. Use these
receivables as secutiry as
It refers to the belief or trust of a person in a loan you obtained from
anothers ability to comply with an obligation. a bank or a lending
Based on trust or credit. institution.
iii. Article 80 -You are the
Example : Business of lending, to whom do
creditor of the bank. If
you lend? Person who pay the obligation.
you borrow money from
Lend to somebody whom you trust to have
the bank, use money as
character to pay obligation not consists in
your collateral. Fall out
persons trust and confidence of borrower.
on your deposit
TRUST AND CONFIDENCE
Applicable Statutes in Civil Code:
You can enter when object is non fungible
Contract of Commodatum no valuable 1. Warehouse Receipts law covers
considerations involved. Transaction is extrajudicial foreclosure of mrotgage
essentially gratuitous. Consideration is pure Rule 68 of ROC
liberality or beneficial. TO whom do you a. Covers
lend? You lend to somebody who has your Judicial
trust and confidence. foreclosure
2. Chattel Mortgage Law certain provision
of property registration decree
3. General Banking Act
Scope of Credit Transactions 4. Trust Receipts Law
1. Principal Contracts - contracts that can
exist on its own. Does not depend on
another contract for existence Credit transactions are also contracts of
a. Loan security. Accessory contracts called security
What is the meaning of security when undertaking of third person to
contract of security pay to the principal debtor.

- Security is something that is delivered


deposited as a means to ensure
fulfilment and enforcement of an Bailment Biler to deliver
obligation for protecting some interest - Delivery of poeprty to one person or
to the property. another in trust or specific purpose
Contracts of security in relation to principal with contract implied or express
contract 2 secured transactions. Contracts executed during accounted. Purpose is
of real security. What are these contracts? accomplished, bailor reclaims it.
- Established by contract or operation of
1. Collateral or encumbrance on the law (necessary deposit) Article 996
property Calamity flood storm fire (Not by
2. Lien or encumbrance power to have meeting of minds)
property subject to lien or - Must have all requisites of a valid
encumbrance to be sold in a public contract
auction sale secured by the security/
mortgage.
Classification of bailment

1. For sole benefit of bailor


Pledge pawnshop. Borrow money, leave
a. Gratuitous
first piece of jewelry or necklace. What is it b. Contract of comoddattuum
that you constitute over personal property? c. Bailment established by both
Pledge! Creditor- pledgee. parties for compensation or
pledge
Ordinary transactions between borrower
lender , can accept personally property. CR AGRO CASE Relationship of person lend
safety deposit box. Yung bank ay one of the
Chattel Mortgage Register of deeds
bailment (discuss after 2 meetings)
Antechresis

First principal contract Credit Transaction

1. Loan Article 1933 (MEMORIZE)


a. Comodatuum - essentially
gratuitous. Bailor retains
UNSECURED TRANSACTIONS contracts of ownership of the thing loaned.
personal secutiry DONATION. PURPOSE :
Temporary use of the thing.
- Guarantee
Kaya no need to transfer
- Suretyship - third person binds
ownership from bailor to bailee.
himself to a debtor for fulfilment
o You borrow money but no Obligation to pay.borrower.TO
property that you can pledge. PAY SAME AMOUNT OF SAME
You can ask your friend to be KIND AND QUALITY. Bailee
b. Mutuum / Simple Loan
your co maker. (CONTRACTS
(Meaning) gratittous or
OF PERSONAL SECURITY )
stipulation to pay interest. One
basis of distinction. Ownership
passes to the borrower. What is credited in the book banks
Obligation to deliver or return. Accounting.
i. COMMON CHARAC OF
MUTUUM AND COMO Values most of lending Lending money. If
1. Both are real no agreement to pay interest in writing, the
contracts point of loan is gratuitous! You cannot charge or
view of perfection collect interest on the loan. Borrower incurs
of contract. delay. In the form of interest. If in Mutuum
Generally, No interest. There must eb a stipulation in
contracts are writing to pay interest. Para maging due and
perfected by mere demandable Article 56
consent.
If there is agreement in writing 2 modes of
CONSENSUAL
lending
CONTRACT.
Delivery is 1. Ordinary mode borrower will pay
important for agreed upon together with rpincial. If
perfection of you borrow 10000, 10% per annum.
contract Interest rate. What is the amount after
2. Both are Unilateral
one year? 100 lang! When : at
contracts
maturity (1100)
contracts of loan, 2. Discounting borrow money same
only one party has amount but discounted. Amount of
to perform the interest is 1000. How much will
obligation. Return receive? 100 na lang. How much
the same thing. would borrower pay at maturity date
1000
Credit refers to ability of a person to borrow
a. Reduction what isreduced is
money. By reason by his trust reposed upon
the amount of principal that the
him by the lender within specified period. If
borrower receives from the
you buy food or other items in the
lender. Discounted amount of
establishment CREDIT YUN. ABILITY TO
the principal delivered to the
BORROW. Trust and confidence THAT YOU
borrower.
WILL PAY WHEN IT BECAME DUE AND
PAYABLE Will transaction be the same? May difference
ba ditto sa dalawang modes?
Second aspect of credit : STANDING OF A
PERSON AS FAR AS FINANCIAL INSTITUTION 1. When you compute interest rate, wala
IS CONCERNED. You have to show certain problem ordinary lending
requirement. CREDIT STANDING. Example 2. How do you compute interest rate?
you borrow money and you are always on Ordinary lending dividing 100
time in paying obligation then you will have a (amount of interest) by the principal.
good credit record. BASIS IS THE PAYMENT (.1) in terms of percent, 10%. Interest
HABIT. rate dividing amount of interest by
amount actually receive effective
Credit standing property right ito! Credit rate of interest. Usury law max
card company cannot just disallow you from amount of interest --- 10%. Interest
using the card without any valid reason. rate 30. Rate of interest 13%
Credit company pwede liable for damages. transaction would Usurous. Agreement
to pay interest be totally void. DAHIL
ANG LENDING AY THRU DISCOUNT!
Distinction between comodatuum and (9 Valuable considereation not comodatuum
ito! Memorize) na sya

Kinds of Comodatuum Purpose is temporary use of temporary thing


that person using to pay compensation what
1. Ordinary comodatuum (1933)- may is the relation bet parties LEASE CONTRACT
period ito.
2. Precarum (1947) bailor may deamnd If there is no agreement, contract is
at will the return of the thing loaned COMODATUUM!!!!!!!!!! Comodatuum is
essentially gratuitous.

Julio vs CA ang case above.


1934 : an accepted promise (Memorize)
Republic vs Bagtas FACTS know it!
- There is a contract that is separate
from contract of loan. Since comodatuum comodatuum akin to
- CONTRACT BY WAY OF PROMISE. donation. DI SILA KAMBAL. MAGKAHAWIG
- Same ba with loan?? NO! That promise
LANG.
to delvier something is a consensual
contract because contract of loan Under the law, bailees right to loan is limited
perfected only by delivery of the thing. to right to rule= not essentaially entitled to
Party to whom promise was made filed the rule. What right? FRUITS! RIGHT OF
a case against promissor. Breach of ACCESSION!!
contract if promissor breached
contract of promise. CONSENSUAL Dapat may stipulation to contrary.
CONTRACT. May loan na ba? WALA PA.
Be consumable goods be the object of como?
Promise to deliver pa lang. But it is
YES if not for consumption. Bottle is not the
already a binding contract.
object. It is the perfume. If bottle and object
- Before you receive or get proceeds
hindi sya consumable.
loan in the bank, required to sign loan
agreement. Will commit to you or Purpose of borrowing the rice is for exhibition
promise to lend you money. Is there an only. Display lang. (COMO sya) even if by
agreement already? ACCEPTED nature the thing is consumable.
PROMISE. Loan agreement! Minsan
credit agreement. Commitment to
lend money to the borrower.
1937 : Subject matter of como: movable and
Supposing the bank does not lend
immovable.
usually may commitment fee yun, ,ay
breach ba of contract? THE LOAN Pweds house and lot
AGREEMENT (1934) unaccepeted
promise to deliver something. WHICH Pweds Condo unit
IS BINDING upon parties. CAN YOU
SUE THE BANK? YESSS. Basis article Pag nagpatira sa condo ng libre. Yung tumira
1934. CONTRACT IS CONSENSUAL ay bailee.
ALSO. Classified innominate contract.
not designated by any name
although sa article 1934. Waley name. DISCUSS 1942

Nature of como- 1935

Article 1944 in rel to Article 1946


Aside from owner of the thing who else canc person in whom you have trust and
osntitue como? Lesee, in usufructuary. Kasi confidence. Consist in THE EXPECTATION
they have the right to use the thing. Transfer THAT THE LENDER THE BORROWER WOULD
yun sa bailee. Not ownership but right to use RETURN THE SAME THING BORROWED.
the thing.

1939 :
Article 1939 : como is purely personal in
character- bailor and bailee extinguishes the Effects: not transmissible to third persons
contract. Bailee can neither lend nor lease to 1. Stipulation to contrary
a third person. Unless there is stipulation.. 2. Death of bailor bailee extinguishes
contract neither
GENERAL RULE : Rights and oblig are
transmissible

EXCEPTION : when the charac of contract is


purely personal. To whom do you lend? To a