D
61. Which of the following is not a common requisite of pledge, real mortgage and chattel
mortgage?
a. That it be constituted to secure the fulfillment of a principal obligation.
b. That the person constituting the security must be the absolute owner of the property on
which the security is being constituted.
c. That the person constituting the security must have the free disposal of the property, and in
the absence thereof, that he be legally authorized for the purpose.
d. That the security agreement must be recorded in the appropriate book in the Registry of
Property.
D
62. D obtained two loans: one from ABC Bank amounting to P400,000.00 which bears interest at
10% per annum and for which he executed a chattel mortgage on his car; and the other from
DEF Bank amounting to P600,000.00 at 11% interest per annum and for which he executed a
real mortgage on his house and lot. The document evidencing both the chattel mortgage and
the real mortgage were acknowledged before a notary public but were not registered in the
appropriate books in the Register of Deeds. In case of default in payment of his obligation on the
part of D:
a. Both ABC Bank and DEF Bank may foreclose their corresponding security.
b. Neither ABC Bank nor DEF Bank may foreclose its corresponding security.
c. Only ABC Bank may foreclose its security, which is the chattel mortgage.
d. Only DEF Bank may foreclose its security, which is the real mortgage.
A
63. Refer to No. 62. Assuming that both ABC Bank and DEF Bank may validly foreclose their security,
and foreclosure sale resulted in a deficiency:
a. Both may recover the deficiency.
b. Neither one may recover the deficiency.
c. Only ABC Bank may recover the deficiency.
d. Only DEF Bank may recover the deficiency.
A
64. D pledged his ring to secure his debt to C amounting to P20,000.00 payable after 30 day. On due
date, D defaulted. At public auction, the ring was sold only for P18,000.00.
a. Both the debt of P20,000.00 and the pledge are extinguished.
b. Neither the debt of P20,000.00 nor the pledge are extinguished.
c. The pledge is extinguished. The debt will be extinguished when C has recovered the deficit
of P2,000.00 from D.
d. The debt is extinguished. However, the pledge will subsist.
C
65. Pledge, real mortgage, chattel mortgage, and antichresis are similar to one another with respect
to:
a. The kind of object of the contract.
b. Their binding effect on third persons.
c. Their being indivisible.
d. The form to make them binding between the parties.
C
66. D borrowed P50,000.00 from C. The debt, which is due after 3 months, is secured by a pledge of
a painting by a national artist and is worth about 5 times more than the amount of debt. D and C
had a stipulation that should D default in his payment, C automatically becomes the owner of
the painting. D defaulted.
a. C becomes the owner of the painting upon the default of D pursuant to their agreement.
b. C must sell the painting in a public sale, and if it is not sold at the first public auction, C
already acquires ownership thereof.
c. C did not become the owner of the painting upon the default of D.
d. Under no instance may C become the owner of the painting. He must sell it at public auction
not only once but several times until it is sold.
B
67. Refer to No. 66. The stipulation between D and C that C automatically becomes the owner of the
painting upon D's default is known as:
a. Constitutum Possessorium
b. Pactum Commissorium
c. Expromision.
d. Delegacion.
A
68. D obtained a loan of P100,000.00 from C. To secure the debt, D pledged his goods which are
currently stored in the warehouse of W. The stipulations of the parties include the following:
I.
II.
The goods will remain in the warehouse of W.
C will automatically become the owner of the goods if D defaults in the payment of the
loan.
The stipulation/s binding D and C is/are:
a. I only.
b. II only.
c. Both I and II.
d. Neither I and II.
D
69. D borrowed P30,000.00 from C pledging as security his ring, necklace and bracelet with the ring
as the most valuable, and the bracelet as the least valuable. On due date, D paid the amount of
P20,000.00. Accordingly:
a. D can demand the return of the ring and the necklace, the two most valuable of the three
objects of pledge.
b. D can demand the return of the necklace and the bracelet, the two least valuable of the
three of the objects of pledge.
c. D can demand the return of any of the two objects of pledge at his choice.
d. D cannot demand the return of any of the things pledged.
B
70. D obtained a 12% interest-bearing loan of P50,000.00 from C, and to secure the debt, D pledged
his diamond pendant. On due date, D wrote a letter to C proposing to relinquish the ownership
of the diamond pendant because he did not have enough money to pay the loan and the
interest due although the total amount due was less than the value of the pendant. C accepted
the proposal.
a. Ownership of the pendant was acquired by C by reason of pactum commissorium.
b. Ownership of the pendant was acquired by C by reason of dacion en pago.
c. Ownership of the pendant was not acquired by C because the agreement is void.
d. Ownership of the pendant was not acquired by C because the value thereof should be of the
same amount as the total amount due.