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Case Digests Contracts of security are either personal or real. In contracts of personal security, such as a
Notes guaranty or suretyship, the faithful performance of the obligation by the principal debtor is
Law Primers secured by the personal commitment of another (the guarantor or surety). In contracts of real
security, such as a pledge, a mortgage or an antichresis, that ful llment is secured by an
Links encumbrance of property -- in pledge, the placing of movable property in the possession of the
creditor; in chattel mortgage by the execution of the corresponding and substantially in teh
Atty. Ralph A. Sarmiento form prescribed by law; in real estate mortgage, by the execution of a public instrument
AttyAtWork encumbering the real property covered thereby; and in antichresis, by a written instrument
granting to the creditor the right to receive the fruits of an immovable property with the
Herald Digital Laws obligation to apply such fruits to the payment of interest, if owing, and thereafter to the
Philippines principal of his credit -- upon the essential condition that if the obligation becomes due and
Lexoterica the debtor defaults, then the property encumbered can be alienated for the payment of the
obligation, but that should the obligation be duly paid, then the contract is automatically
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extinguished proceeding from the accessory character of the agreement. As the law so puts it,
Pinoy Law Student once the obligation is complied with, then the contract of security becomes, ipso facto, null and
Punzi - Semper Fidelis void.
The Law PH
After-incurred Obligations
While a pledge, real estate mortgage, or antichresis may exceptionaly secure after-incurred
obligations so long as these future debts are accurately described, a chattel mortgage, however,
can only cover obligations existing at the time the mortgage is constituted. Although a promise
expressed in a chattel mortgage to include debts that are yet to be contracted can be a binding
commitment that can be compelled upon, the security itself, however, does not come into
existence or arise until after a chattel mortgage agreement covered the newly contracted debt is
executed either by concluding a fresh chattel mortgage or by amending the old contract
conformably with the Chattel Mortgage Law. Refusal on the part of borrower to execute the
agreement so as to cover the after-incurred obligation can constitute as an act of default on the
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part of the borrower of the nancing agreement wherein the promise is written, but, of course,
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the remedy of foreclosure can only cover the debts extant at the time of constitution and during
Atlas Quantum the life of the chattel mortgage sought to be foreclosed.
Your Bitcoins Working In the case at bar, the chattel mortgage was terminated when payment for the P3M loan was
24/7. Atlas Quantum made so there was no chattel mortgage to even foreclose at the time the bank instituted the
Automated Bitcoin extra-judicial foreclosure.
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Damages
In its complaint, the corporation asked for moral damages sustained "as a result of the unlawful
LEARN MORE action taken by the respondent bank against it." The court said --
"Moral damages are granted in recompense for physical suffering, mental anguish, fright,
serious anxiety, besmirched reputation, wounded feelings, moral shock, social humiliation, and
similar injury. A corporation, being an arti cial person and having existence only in legal
contemplation, has no feelings, no emotions, no senses; therefore it cannot experience physical
suffering and mental anguish. Mental suffering can be experienced only by one having a
nervous system and it ows from real ills and sorrows and griefs of life -- all of which cannot be
suffered by respondent bank as an arti cial person.
"Although Chua Pac was included in the case, he was only so named as a party in representation
of the corporation."
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