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ANTICHRESIS

I. Characteristics
II. Distinguishment from Pledge and Mortgage
III. Use of Actual Market Value
IV. Form
V. Obligations of the Creditor
VI.Prohibition of Pactum Commissorium
VII. Jurisprudence and Bar questions

I.Characteristics
Art. 2132
By the contract of antichresis the creditor acquires
right to receive the fruits of an immovable of
debtor, with the obligation to apply them to
payment of the interest,if owing, and thereafter to
principal of his credit.

the
his
the
the

1.) Accessory contract- it secures the performance of a


principal obligation.
2.) Formal contract- It must be in a specified form to
be valid. It must be in writing otherwise, it is VOID.

II. Distinguishment from Pledge and


Mortgage
Antichresis
Pledge
Refers only with
immovable property

Refers only to personal


property

Antichresis

Mortgage

Right to receive the fruits


of an immovable

No right to receive the


fruits

III. Use of Actual Market Value


Art. 2133
The actual market value of the fruits at the time of the
application thereof to the interest and principal shall be
the measure of such application.
The fruits of the immovable which is the object of the
antichresis must be appraised at their actual market
value at the time of the application.

IV. Form
Art. 2134
The amount of the principal and of the interest shall be
specified in writing; otherwise, the contract of
antichresis shall be void.
Formal contract- it must be in writing

V. Obligations of the Antichretic Creditor


Art. 2135
The creditor, unless there is a stipulation to the contrary, is
obliged to pay the taxes the charges upon the estate.
He is also bound to bear the expenses necessary for the
preservation and repair.
Art. 2136
The debtor cannot reacquire the enjoyment of the
immovable without first having totally paid what he owes the
creditor.
But the latter, on order to exempt himself from the
obligations imposed upon him by the preceding article, may
always compel the debtor to enter again upon enjoyment of
the property, except when there is a stipulation to the
contrary

1.) To pay taxes and charges on the estate, including necessary


expenses.
Creditor may avoid said obligation by:
a.) compelling the debtor to reacquire enjoyment of the
property
b.) by stipulation to the contrary
2.) To apply all the fruits, after receiving them, to the payment of
interest, if owing, and thereafter to the principal.
3.) To render an account of the fruits to the debtor
4.) To bear the expenses necessary for its preservation and repair

V. Prohibition against Pactum Commissorium


Art. 2137
The creditor does not acquire the ownership of the real estate for
non-payment of the debt within the period agreed upon.
Every stipulation to the contrary shall be void. But the creditor may
petition the court for the payment of the debt or sale of the real
property. In this case, the Rules of Court on the foreclosure of
mortgages shall apply.

Art. 2139
The last paragraph of Article 2085, and Articles 2089 to 2091
are applicable to this contract.

VI. Jurisprudence and Bar question


1.) A borrower obtained a loan, delivered the property as
security so that the creditor may use the fruits. But no
interest was mentioned; and it was not stated that the fruits
would be applied to the interest first and then to the
principal.
What kind of a contract is this?

This is a real mortgage, not an antichresis.


What characterizes a contract of antichresis is that the
creditor acquires the right to receive fruits of the property of
his debtor, with the obligation to apply them to the payment
of interest , if any is due, am d then to the principal of his
credit- and when such covenant is made in the contract, the
contract cannot be an antichresis.

G.R. No. 16256 September 28, 1921


DIONISIA VALENCIA, ET AL.
vs.
HONORIO ACALA, ET AL.
Facts: The parties agree that the land in question is the same lot
that is the subject of litigation in civil cause No. 966 of this court;
and that in the year 1891, the plaintiff herein, Dionisia Valencia, and
her deceased husband, Daniel Adepueng, conveyed to one Severino
Agbagala and his wife Francisca Cadapan.
Later on in the year 1899 Francisca Cadapan, wife of Severino
Agbagala, conveyed this same property to Juan Cagayat and Josefa
Galendi.
That the possession of the land passed to Pedro Acala, who is one of
the Acalas, the defendants in the present action. In the year 1912,
the herein defendants Acala sold the land unconditionally to the
herein defendant Bagayanan for the sum of P70.

That Daniel Adepueng and Dionisia Valencia, acknowledged they being


indebted to Severino Agbagala in the sum of P6.75, which they will pay with
the fruits of the land the possession of which they turn over to him.
The judge quo held that the contract in question was one of sale with the
right of repurchase, and decided: (a) That the defendants must be absolved
from the complaint; (b) that the contract (Exhibit A) and those that were
successively executed involving the lot in question are contracts of sale and
not of mortgage or of loan with security; (c) that the action for the
redemption and annulment of the sale of the lot in question has prescribed;
(d) that the defendant Apolinario Bagayanan is at present the lawful owner
of the said lot; and (e) that the costs of the suit should be paid by the
plaintiffs jointly and severally to the defendants.
Issue: Whether or not the contract is of antichresis.
Held: Yes.
In the case ofDe la Vega vs. Ballilos(34 Phil., 683), this court said:
When money is loaned and the debtor places the creditor in possession of a
piece of real property as security for the sum loaned in order that he may
hold it in usufruct, in consideration for the said loan,

the contract is not one of mortgage, notwithstanding the terms


thereof, inasmuch as it is not of the nature of a public instrument,
and even though it were, it does not appear to have been recorded
in the property registry. Neither can such a contract be classified as
one of sale underpacto de retro, notwithstanding that it is set forth
therein that the debtor cedes and conveys to the creditor the
ownership and possession of the said real property. Therefore, such
a contract should be classified as one of antichresis, by means of
which the creditor acquires the right to collect the fruits of the real
property turned over to him by his debtor, but with the obligation to
apply them to the payment of whatever interest is due and the
contracting parties may stipulate that the interest of the debt be
paid by the fruits of the property given in antichresis.
That the defendants Acala could not sell unconditionally the same
land to their codefendant Bagayanan, is proved by the agreed
statement of facts according to which the possession of the
predecessor in interest of the Acala people was the same precarious
possession of his assignor Juan Cagayat.

The judgment appealed from is reversed, and it is ordered that the


defendants return the land in question to the plaintiffs upon
payment by the latter of the sum of P6.75.

Truth in Lending Act( RA


3765)

Section 3. As used in this Act, the term

(1) "Board" means the Monetary Board of the Central Bank of the
Philippines.
(2) "Credit" means any loan, mortgage, deed of trust, advance, or
discount; any conditional sales contract; any contract to sell, or sale or
contract of sale of property or services, either for present or future
delivery, under which part or all of the price is payable subsequent to the
making of such sale or contract; any rental-purchase contract; any
contract or arrangement for the hire, bailment, or leasing of property; any
option, demand, lien, pledge, or other claim against, or for the delivery of,
property or money; any purchase, or other acquisition of, or any credit
upon the security of, any obligation of claim arising out of any of the
foregoing; and any transaction or series of transactions having a similar
purpose or effect.
(3) "Finance charge" includes interest, fees, service charges, discounts,
and such other charges incident to the extension of credit as the Board
may be regulation prescribe.
(4) "Creditor" means any person engaged in the business of extending

(including any person who as a regular business practice make loans or


sells or rents property or services on a time, credit, or installment basis,
either as principal or as agent) who requires as an incident to the extension
of credit, the payment of a finance charge.
(5) "Person" means any individual, corporation, partnership, association,
or other organized group of persons, or the legal successor or
representative of the foregoing, and includes the Philippine Government or
any agency thereof, or any other government, or of any of its political
subdivisions, or
any agency of the foregoing.
Purpose: For the State to protect its citizens from a lack of awareness of
the true cost of credit to the user by assuring a full disclosure of such cost
with a view of preventing the uninformed use of credit to the detriment of
the national economy.(Sec 2)

What does this act require on creditors?


Sec 4: Any creditor shall furnish to each person to whom credit is
extended, prior to the consummation of the transaction, a clear
statement in writing setting forth, to the extent applicable and in
accordance with rules and regulations prescribed by the Board, the following
information: (CADCTFP)
(1) the cash price or delivered price of the property or service to be
acquired;
(2) the amounts, if any, to be credited as down payment and/or trade-in;
(3) the difference between the amounts set forth under clauses (1) and (2);
(4) the charges, individually itemized, which are paid or to be paid by such
person in connection with the transaction but which are not incident to the
extension of credit;
(5) the total amount to be financed;
(6) the finance charge expressed in terms of pesos and centavos; and
(7) the percentage that the finance bears to the total amount to be financed
expressed as a simple annual rate on the outstanding unpaid balance of the
obligation.

What are the penalties to be sanctioned to the creditors?


CIVIL LIABILITY (Sec 6)
(a-b) Creditor lialble of P100 or in amount equal to twice the finance
charged required by such creditor in connection with such transaction,
whichever is the greater, except that such liability shall not exceed P2,000
on any credit transaction.
It must be brought within one year from the date of the occurrence of the
violation, in any court of competent jurisdiction.
The creditor shall also be liable for reasonable attorney's fees and court
costs as determined by the court.
Except as specified in subsection (a) of this section, nothing contained in
this Act or any regulation contained in this Act or any regulation
thereunder shall affect the validity or enforceability of any contract or
transactions.
CRIMINAL LIABILITY
(c) Any person who willfully violates any provision of this Act or any
regulation issued thereunder shall be fined by not less than P1,00 or more
than P5,000 or imprisonment for not less than 6 months, nor more than
one year or both.

(d) No punishment or penalty provided by this Act shall apply to the


Philippine Government or any agency or any political subdivision thereof.
(e) A final judgment hereafter rendered in any criminal proceeding under
this Act to the effect that a defendant has willfully violated this Act shall be
prima facie evidence against such defendant in an action or proceeding
brought by any other party against such defendant under this Act as to all
matters respecting which said judgment would be an estoppel as between
the parties thereto.
UCPB v Sps Beluso (2007)
Facts: April 16, 1996, UCPB granted the Sps Beluso a Promissory Note
Line under a Credit Agreement whereby the Belusos could avail up to a
maximum amount of 1.2 M for a term ending on Apr. 30, 1997. The Beluso
in addition to the promissory notes, executed a real estate mortgage over
some land in Roxas as additional security.
Later on, the Credit Agreement was amended to increase the amount of
the Promissory Notes Line to a maximum 2.35M and the term amended
which extended to February 28,1998.

The Belusos availed of 3 Promissory notes amounting to 2M which were


renewed several times.
On April 30,1997, the payment of the prinicipal plus the interest of the last
two notes were debited from the Sps Belusos account with UCPB; yet a
consolidated loan for P1.3 M was released to the Sps. Beluso under a one
promissory note with a due date 28 February 1998.
To completely avail themselves of the 2.35M credit line extended to them
by UCPB, the spousese executed two more PN for a total of P350,000
However, the Sps alleges that the amounts covered by these last two PN
were never released or credited to their account and, thus, claimed the
principal undebtedness was only 2M.
UCPB applied interest rates on the PN ranging from 18%-34%
From Feb.1996-1998 they paid P763,000.
From Feb 1998-June 1998, UCPB charge them interests and penalties and
the Sps failed to make payments on these.
On Sept.1998, UCPB demanded payment of 2.3M plus 25% attys fees and
still the Sps did not pay.

On Decemeber 1998, UCPB foreclosed the Sps mortgaged properties and


by that time it ballooned to P3,784,603.
The Sps filed a Petiotion for Annulment, Accounting and Damages against
UCPB.
RTC held in favor of the of the spouses. Disposing that the interest rates
provided in the PN are void and imposed a fine of P26,000 for violating the
Truth in Lending Act.
CA affirmed RTCs decision because the rates were determined solely by
the UCPB.
Issue. WON UCPB is liable of the Truth in Lending Act.
Held: Yes.
The interest charged were left blank. Thus, UCPB failed to discharge its
duty to disclose in full to the Belusos the charges applicable to their loan.
The interest rate imposed by UCPB by relying on the provision on the PN
that granted power to unilaterally fixed the interest rate and which was
left solely to the will of the branch head means that the PN did contain a
clear statement of writing of the finance charge.

Of which is not in accordance with Sec. 6 paragraph 4 of RA 3765 which


states that :
Sec 6. Any creditor shall furnish to each person to whom credit is extended,
prior to the consummation of the transaction, a clear statement in writing
setting forth, to the extent applicable and in accordance with rules and
regulations prescribed by the Board the following information:
(6) the finance charge expressed in terms of pesos and centavos;

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