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  • Assoc Vs Iya 415 Immovable Property

    Загружено:

    Paolo Suelto
    40 просмотров12 страниц
    1) Associated Insurance paid the liability of Valino pursuant to a bond and sought to exclude a residential house from a real estate mortgage executed by Valino in favor of Isabel Iya. 2) Iya argued she acquired real rights over the lot and house, while Associated Insurance argued the house was personal property. 3) The Supreme Court ruled that based on Article 415, a building is an immovable property that cannot be subject to a chattel mortgage. Therefore, the chattel mortgage held by Associated Insurance was null and void, and the house remained part of the real estate mortgage in favor of Iya.

    Исходное описание:

    property report

    Оригинальное название

    Assoc vs Iya 415 Immovable Property

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    1) Associated Insurance paid the liability of Valino pursuant to a bond and sought to exclude a residential house from a real estate mortgage executed by Valino in favor of Isabel Iya. 2) Iya argued she acquired real rights over the lot and house, while Associated Insurance argued the house was personal property. 3) The Supreme Court ruled that based on Article 415, a building is an immovable property that cannot be subject to a chattel mortgage. Therefore, the chattel mortgage held by Associated Insurance was null and void, and the house remained part of the real estate mortgage in favor of Iya.

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    © All Rights Reserved
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    40 просмотров12 страниц

    Assoc Vs Iya 415 Immovable Property

    Загружено:

    Paolo Suelto
    1) Associated Insurance paid the liability of Valino pursuant to a bond and sought to exclude a residential house from a real estate mortgage executed by Valino in favor of Isabel Iya. 2) Iya argued she acquired real rights over the lot and house, while Associated Insurance argued the house was personal property. 3) The Supreme Court ruled that based on Article 415, a building is an immovable property that cannot be subject to a chattel mortgage. Therefore, the chattel mortgage held by Associated Insurance was null and void, and the house remained part of the real estate mortgage in favor of Iya.

    Авторское право:

    © All Rights Reserved
    Скачайте в формате PPTX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 12

    Associated Insurance And Surety Co.

    vs
    Isabel Iya
    Article 415: Immovable Properties, New Civil Code
    V A LI NO & V A LI NO
    Owners and possessors of a house of strong
    materials
    RIC E C REDIT FROM VALINO & VALINO C O UNTER-G UARANTY
    NARIC Filed a bond worth 11,000.00 pesos Executed a chattel mortgage in
    To enable her to purchase rice favor of Associated Insurance
    credit from NARIC Surety Co.
    Valino executed a real
    estate mortgage in
    favor of Isabel Iya
    VALI NO A S S O C I A TED PUBLI C SALE
    FAILED TO SATISFY HER I NS URA NC E& The company foreclosed the chattel
    OBLIGATION TO NARIC SURETY C O . mortgage of Valino
    Paid the liability of Valino pursuant
    to the undertaking of the bond
    ASSO C IATED INSURANC E &
    SURETY C O .
    Learned that a real estate mortgage was
    executed over the lot and improvements

    PRAYED FO R
    the exclusion of the residential house from real
    estate mortgage and declaration of its
    ownership
    C O NTENTI O NS
    PA VOID!

    ASSO C IATED
    I NSURA NC E AND
    I SABEL IYA SURETY C O .
    "I acquired real right over the "The house is considered a
    lot and the house. The auction personal property. The house
    sale resulting from the should be excluded from the
    real estate mortgage."
    foreclosure is null and void!"
    I SSUE:
    WHETHER O R NOT THE HO USE IN Q UESTIO N IS AN
    IMMO VABLE PRO PERTY

    YES.
    SUPREM E C O URT:
    Art. 415: The following are immovable properties:
    (1): Lands, BUILDINGS, roads, and constructions of
    all kinds adhered to the soil
    SUPREM E C O URT:
    a building is by itself an immovable property . . .
    in view of the absence of any specific provision to
    the contrary, a building is an immovable property
    irrespective of whether or not said structure and the
    land on which it is adhered to belong to the same
    owner. (Lopez vs. Orosa, G.R. Nos. supra, p. 98).
    SUPREM E C O URT: HENC E,
    personal properties could only be subject The chattel mortgage is clearly null and void.
    Associated Insurance and Surety Co.
    under chattel mortgage.
    acquires no right thereto by virtue of sale.
    Thus, the building is subject to
    real estate mortgage in favor
    of Iya.

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