CREDIT TRANSACTIONS LOAN- real contract perfected upon delivery of the thing. Hindi liable ung borrower hanggat di niya natatanggap yung thing kasi contract is not yet perfected. 1. COMMODATUM - Gratuitous contract in wc the borrower may use the thing for a certain time and return it. -walang perang involve kasi it is gratuitous. purpose: for the borrower to be able to use the thing -borrower acquirez temporary use of object BUT DOES NOT ACQUIRE THE RIGHT TO USE THE FRUITS Baket? Kasi wala siyang ownership. Right to use lang. Execption: may be granted the use of fruits but it must be INCIDENTAL only Nature of contract : -purely personal that the deaths of the bailee and bailor will extinguish the contract. -the borrower cannot lend the thing to 3rd person. WHY? Ownership is not with the borrower. (Bailor/lender is not necessarily be the owner. They just need to have the right to use it, possessory interest. ) -movable/immovable property can be a subject of commodatum *objects must be NON CONSUMABLE BUT CONSUMABLE OBJECTS CAN BE USED IN COMMODATUM IF ITS MAIN PURPOSE IS MAINKY FOR EXHIBITIONS/display only KINDS OF COMMODATUM: 1. Precarium - The object is demandable by the bailor at WILL(any time) criteria: - No duration -use of thing has not been stipulate - use of the thing is merely tolerated. 2. Ordinary Contract. obligation of BAILEE/BORROWER a-TAKE CARE OF THE THING WITH ORDINAry DILIGENCE (Diligence of a good father of the family) -RETURN THE IDENTICAL THING -PAY FOR ORDINARY EXPENSES FOR USE AND OBSERVATION LIABILITY FOR LOSS:(BORROWER/BAILEE) -loss due to fortuitous event - not liable -use of thing with a different purpose than what is agreed -liable -borrower keeps it longer than stipulated- liable (delayed) -there is an appraisal of value (eto value neto pag nawala bayaran mo)-liable -borrower lends it to 3rd person- liable -lthing iz zubject to danger of loss (masisira both gamit mo and gamit na hiniram mo you chose to save ubg gamit mo)-liable LIABILITY OF DETERIORATION: General rule: NOT LIABLE -force majeure-act of gof unless: LIABLE -if expressly stipulated -fault of borrower -use for a different purpose than which the stated purpose in commodatum SOLIDARY- if 2 or more borrowers (ONE OF THEM CAN BE LIABLE FOR THE WHOLE OBLIGATION) -if they can satisfy obligation = extinguish no right of retention in case the lender owes soemthing to the borrower. may retention if may hidden flaws ung borrower OBLIGATION OF LENDER: -RESPECT THE DURATION OF THE CONTRACT General rule: cannot demand the return of the thing EXCEPTIONS: -there is an emergency/urgent need (absolutely or temporary use) *in case of temporary use- the contract is suspended for the mean time until it is returned to the borrower. *absolutely- extinguished - the borrower does the acts in ingratitude in law of donations: >offense commited by borrower against the lender, lender's property, lenders family. >borrowrr imputes criminals offense and moral interpetude against the lender (UNLESS IT IS COMMITTED BY THE LENDER TO THE BORROWER) >in case support is due by the borrower to the lender it is unduly refused >precarium- demandable at will >loan for illegal and immoral purposeq -PAY FOR THE EXTRAORDINARY EXPENSES INCASE OF PRESERVATION (borrower will pay half in actual use) >requirement of notice needed exception: *danger na agad actual use- extraordinary exp shared 50:50 by bailee and bailor -DUTY TO DISCLOSE HIDDEN FLAWS AND DEFECT OF OBJECT TO THE BORROWER > the lender cannot exempt himself from paying damages by simply abandoning the thing to the borrower 2.MUTUUM -simple loan -contract where the lender delivers to the borrower money or fungible objects with the ubderstandibg that same amountq or quality shall be paid fungible thibgs- intention of the parties. -contemplates fungible and consumable things Money- common thing in mutuum -to be able to use the thing > OWNERSHIP MUST BE TRANSFERRED -if impossible to be replaced> paid with the value of the thing at the time of perfectoon of contract 3. INTEREST -compensation paid to the lender for the use of money, goods and credit interest will be valid if: - must be expressly stipulated need not stipulated if: >in xase of damages >compounded interest- interest upon interest due from the time it is judicially demanded stipulation - this must be in writing -rate may or may not be written if not written , apply legal rate of interest (6% per annum july 1 2013) -muzt be lawful usury - receivibg of an amt in excess of what the law allows, any amt in excess of legal rate of interest usury law is suspended *rate is not payable in money- in kind value at the time and place of payment * pay interest when it is not due- can recover it.(payment by mistake or solutio indebiti) DIFFERENCE MUTUUM AND COMODATUM AS TO OBJECT - The obwhat is the difference between , dad home and lease , datome Florida oh Lord please Lord please please please please please please please please Lord please IS CONTRACT OF LOAN REAL OR CONSENSUAL? -Contract of loan is a real contract for it is perfected upon delivery of the object DIFFERENCE BETWEEN REAL AND CONSENSUAL? -Real contract is perfected by consent and delivery of the object, while Consensual contract is perfected by mere consent only. MUTUUM VS. LEASE The lender loses the ownership of the property The parties involve are the lender and borrower The owner merely loses control only within the duration of lease. LESSOR AND LESEE Object is fungible thing Object can be anything. Fungible/non fungible Movable/immovable COMMODATUM VS. LEASE Real contract Consensual Non fungible Object can be anything. Fungible/non fungible Movable/immovable onerous Gratuitous PRECARIUM - Precarium – A SPECIAL FORM OF COMMODATUM The object is demandable by the bailor at WILL(any time) DELAYED COMMODATUM - Keeps it longer than stipulated LOSS LIABLE -loss due to fortuitous event - not liable -use of thing with a different purpose than what is agreed -liable -borrower keeps it longer than stipulated- liable (delayed) -f the thing loaned has been delivered with ap praisal of its value, (eto value neto pag nawala bayaran mo)-liable -borrower lends it to 3rd person- liable -if both of his and the loaned thing is in danger and borrower chose to save his thing. lthing iz zubject to danger of loss (masisira both gamit mo and gamit na hiniram mo you chose to save ubg gamit mo)-liable FORTUITOUS EVENT -General rule is that no party shall be held liable unless: >the law expressly specified otherwise >when the nature of obligation requires assumption of risk >when it is in the form of commodatum >when declared by stipulation
