CHATTEL

MORTGAGE
WHAT IS CHATTEL MORTGAGE?

 ARTICLE 2140: By a chattel mortgage,

personal property is recorded in the
Chattel Mortgage Register as a security
for the performance of an obligation. If
the movable, instead of being recorded,
is delivered to the creditor or a third
person, the contract is a pledge and not a
chattel mortgage.
 Mortgagor: Michael Angelo S. Pallasigue
 Mortgagee: BDO Unibank, Inc.
 Total Obligation: Php.560,000.00
 Loan Term: 24 months
 Monthly Amortization: Php. 26,820.00
 Year Model: 2009 Hyundai
 Series: Grand Starex Go
 Color: Dark Gray
 AMENDMENTS:

ORIGINAL AMENDMENT
2). Adjustment of Interest Rate 2). Adjustment of Interest Rate

“The interest rate on the sum – omit

outstanding and unpaid under this note
may be subjected to upward or “x x x… should only be
downward adjustment should modified in case of
there be. declared hyper inflation”
 ORIGINAL AMENDMENT
11). Events of Default and Foreclosure 11). Events of Default and Foreclosure

“ Should the latter opt to foreclose on the - Omit

chattel mortgage, the Maker/Mortgagor
hereby expressly waives all
rights … “
“ the Maker/Mortgagor,
being the owner of the
subject property should be
notified of the foreclose. “
 ORIGINAL AMENDMENT

8). Payment by Payee/ Mortgagee of 8). Payment by Payee/ Mortgagee of

Premium, Taxes and Repairs Premium, Taxes and Repairs

“The payee/mortgagee shall recover all the - Omit

sums so advanced with
interest at the
sum rate of 3% per month.” “ no interest for advance
payment ”
 ORIGINAL AMENDMENT
16).Collateral Deterioration 16).Collateral Deterioration
“ In case the Payee/Mortgagee determines
that Mortgaged Property/ies should
- “Force majeure should be
diminish in value, be destroyed, or
deteriorate in a considerable amount for excluded”
any cause, even by force majeure, or
be the subject of expropriation
proceedings, in whole or in part, the
Payee/Mortgagee shall have the option to
either require the Maker/Mortgagor to
immediately pay off his obligation totally
or partially or to immediately give
additional securities acceptable to the
Payee/Mortgagee.”
 ORIGINAL AMENDMENT

23). Waiver of Notice and Demand of 23). Waiver of Notice and Demand of
Any Kind Any Kind

“ The Maker/Mortgagor and/or, when - Omit

applicable, the Payee/Mortgagee,
expressly waives in favor of
BDO Unibank, Inc. any
presentment, demand, notice
of dishonor, protest and notice
of any kind, including but not limited
to collection-related correspondence,
notices and demand letters.”
 ORIGINAL AMENDMENT

29). Set off

“ In the event that the Maker/Mortgagor
defaults in its obligations under this Note,
any and all deposits maintained by the
Maker/Mortgagor with, or moneys in
possession or control of, BDO Unibank, Inc.
or in is subsidiaries and affiliates, are
hereby ceded, transferred and conveyed
by way of assignment unto the
Payee/Mortgagee in order that the same
may be used to satisfy any and all amounts
due hereafter. The assignment includes
extensions and/or under renewals of the
 ORIGINAL AMENDMENT
assigned deposits and other moneys. 29). Set off
Likewise, any and all receivables due to
the Maker/Mortgagor from BDO are
hereby assigned to the
Payee/Mortgagee, the total amount due - Omit
to be applied in the event of default. In
correction therewith, the
Maker/Mortgagor hereby waives its
rights under RA Nos. 9510 and 1405 and
authorizes BDO, its officers and/or
employees, to disclose the amount of
deposits and moneys maintained by the
Maker/Mortgagor with BDO, or its
subsidiaries and affiliates. Likewise, the
Maker/Mortgagor hereby authorizes
BDO to debit the Maker/Mortgagor’s
accounts with BDO or its
subsidiaries and affiliates.”
THANK YOU!
ABENAZA, ROMEO
ALMOJANO, ARLYN
ARGABIOSO, MICHAEL
AYALA, FITZ LEXINE
AZURIN, GLENELYN