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DEFINITIONS

PLEDGE A contract by virtue of which the fulfilment of the principal


debtor delivers to the creditor or obligation.
to a third person a MOVABLE or Foreclosure The remedy available to the
instrument evidencing mortgagee by which he subjects
incorporeal rights for the purpose the mortgaged property to the
of securing the fulfilment of a satisfaction of the obligation to
principal obligation with the secure which the mortgage was
understanding that when the given through the sale of property
obligation is fulfilled, the thing at public auction and the
delivered shall be returned with application of the proceeds
all its fruits and accessions. thereof to the payment of his
Real contract which requires claim.
delivery for its perfection. Judicial By bringing an action for that
foreclosure purpose in the RTC (Regional Trial
Pactum A stipulation whereby the thing Court) of the province or city
Commissorium pledged or mortgaged or under where the real property or any
antichresis shall automatically part thereof lies.
become under the property of the Deficiency If there be a balance due to the
debt within the term fixed. Judgment mortgagee after applying the
Forbidden by law and declared proceeds of the sale ordered by
NULL and VOID. the court (The mortgagee is
entitled to recover the
Estafa Committed by a person who deficiency).
pretending to be the owner of Extrajudicial Where there is inserted in the
any real property, shall convey, Foreclosure contract, a clause giving the
sell, encumber or mortgage the mortgagee the power upon
same or knowing that the real default of the creditor, to
property is encumbered shall foreclose the mortgage by an
dispose of the same as extrajudicial sale of the
unencumbered. mortgaged property.
Redemption A transaction by which the
MORTGAGE “real estate mortgage”/ “real (foreclosed mortgagor-owner of mortgaged
mortgage” property0 property reacquires or buys back
A contract by whereby the debtor the property within a certain
secures to the creditor the period and for a certain amount
fulfilments of a principal after his default or after the
obligation, especially subjecting foreclosure sale of the property
to such security, immovable for satisfaction of the mortgaged
property or real rights over debt.
immovable property in case the Equity The right of the mortgagor to
principal obligation is not redemption redeem the mortgaged property
complied with at the time after his default in the
stipulated. performance of the conditions of
the mortgage but before the sale
Doctrine of of the property for the
mortgagee in satisfaction of the mortgaged
good faith debt.
Mortgage credit A real right and directly and Right of The right of the mortgagor to
(right of the immediately subjects the redemption redeem the mortgaged property
mortgagee) mortgaged property to the within a certain person after it
DEFINITIONS
was sold for the satisfaction of
the mortgaged debt.

ANTICHRESIS The creditor acquired the right to


receive the fruits of an immovable
of his debtor, with the obligation
to apply them to the payment of
the interest, if owing, and
thereafter to the principal of his
credit.

CHATTEL The contract by virtue of which


MORTAGE PERSONAL property is recorded in
the CHATTEL MORTGAGE
REGISTER as a security for the
performance of an obligation.
Affidavit of An oath in a contract of chattel
good faith mortgage wherein the parties “
severally swear that the mortgage
is made for the purpose of
securing the obligations specified
in the conditions thereof and for
no other purposes and that the
same is a just and valid obligation
and one not entered into for the
purpose of fraud.