Mortgage and Pledge- legal forms

8/18/2019 Mortgage and Pledge- legal forms

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CHATTEL MORTGAGEREAL ESTATE MORTGAGEPLEDGE


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ESSENTIAL REQUISITES

MORTGAGE

They are constituted tosecure u!"!!#ent o the$rinci$a! o%!i&ation'

The $!ed&or or #ort&a&oris the a%so!ute o(ner othe thin& $!ed&e or

#ort&a&e' The $erson constitutin&

the $!ed&e or #ort&a&eha)e ree dis$osa! o thetheir $ro$erty and in thea%sence thereo* that #ay

%e !e&a!!y authori+ed orthe $ur$ose ,Art' -./012and

The (hen the $rinci$a!o%!i&ation %eco#es due*the thin&s in (hich the

$!ed&e or #ort&a&econsists #ay %e a!ienated

PLEDGE

They are constituted tosecure u!"!!#ent o the$rinci$a! o%!i&ation'

The $!ed&or or #ort&a&or is

the a%so!ute o(ner o thethin& $!ed&e or #ort&a&e'

The $erson constitutin& the$!ed&e or #ort&a&e ha)eree dis$osa! o the their$ro$erty and in the a%sence

thereo* that #ay %e !e&a!!yauthori+ed or the $ur$ose,Art' -./012 and

The (hen the $rinci$a!o%!i&ation %eco#es due* thethin&s in (hich the $!ed&eor #ort&a&e consists #ay

%e a!ienated or the$ay#ent o the creditor',Art' -./31

The thin& $!ed&ed #ust %e$!aced in the $ossession othe creditor* or o a third

$erson %y co##ona&ree#ent ,Art' -.451


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NOTES

a. Third persons who are not parties to the principal obligationmay secure the latter by pledging or mortgaging their own property (Art. 208!.

b. Any "ind o# obligation whether pure or conditional$ including

natural$ %oidable and unen#orceable obligations may besecured by a contract o# pledge and mortgage. (Art. 20&'$202!.

PACTUM COMMISSORIUM

It is a sti$u!ation authori+in& the creditor to a$$ro$riate thethin&s &i)en %y (ay o $!ed&e and #ort&a&e or to dis$ose othe#' It is dec!ared nu!! and )oid %y !a(' ,Art -.//1'


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DI66ERENCES

MORTGAGE

Mort&a&e is constitutedon i##o)a%!es ,Art-7-812

In #ort&a&e* de!i)ery isnot necessary

Mort&a&e is not )a!ida&ainst third $ersons i

not re&istered e)en ie#%odied in a $u%!icinstru#ent' ,Art -7-01'

PLEDGE

P!ed&e is constituted on#o)a%!es ,Art -.4812

In $!ed&e* the $ro$erty is

de!i)ered to the $!ed&ee* or%y co##on consent to third

$erson ,Art -.4512

P!ed&e is not )a!id a&ainst

third $ersons un!ess adescri$tion o the thin&$!ed&ed and the date o the

$!ed&e a$$ear on a $u%!icinstru#ent ,Art -.491


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Note

)oth are e*tinguished by the #ul+llment o# the principal obligation and by the destruction o# the property pledged or mortgaged.


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Ru!es on the indi)isi%i!ity oP!ed&e and Mort&a&e

A $!ed&e or #ort&a&e is indi)isi%!e* e)en thou&h the de%t #ay %edi)ided a#on& the successors in interest o the de%tor or o thecreditor2

Thereore* the de%tor:s heirs (ho has $aid o the de%t cannot as;or the $ro$ortionate e


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CHATTEL MORTGAGE

Chatte! Mort&a&e La( ,Act No' 70./1

Ci)i! Code Arts -78. and -787


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PARTS O6 A CHATTELMORTGAGE

?enue and Tit!e

Persona! Circu#stances o the Parties

Con)eyance o Mort&a&e and Technica! Descri$tion oPro$erty

Co$y o the Pro#issory Note

Dischar&e o Mort&a&e

Ac;no(!edent

A@da)it o Good 6aith


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Note

The absence o# the a,da%it %itiates a mortgageonly as against third persons without notice$ li"ecreditors and subse-uent encumbrances.


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REAL ESTATEMORTGAGE


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DE6INITION

REM is a contract (here%y the de%tor securesto the creditor the u!"!!#ent o the $rinci$a!

o%!i&ation* es$ecia!!y su%=ectin& to suchsecurity the i##o)a%!e $ro$erty or rea! ri&htso)er i##o)a%!e $ro$erty in case the $rinci$a!o%!i&ation is not co#$!ied (ith at the ti#esti$u!ated'


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HAT CONSTITUTES IMMO?ABLES ,ART 870 CC1

Land* %ui!din&s* roads andconstruction o a!! ;inds adhered tothe soi!'

Trees* $!ants and &ro(in& ruits* (hi!ethey are attached to the !and or or#an inte&ra! $art o an i##o)a%!e'

E)erythin& attached to an i##o)a%!ein "


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note2

E


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PARTS O6 A DEED O6 REM

?enue and Tit!e

Mort&a&or

A#ount o Loan

Mort&a&ee

Con)eyance o Rea! Pro$erty and Technica! Descri$tion

O(nershi$ o Rea! Pro$erty

Dischar&e o Mort&a&e

Ac;no(!edent


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PLEDGE


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DE6INITION O6 PLEDGE

It is a contract %y )irtue o (hich the de%torde!i)ers to the creditor or to the third $erson a

#o)a%!e or instru#ent e)idencin& incor$orea!ri&hts or the $ur$ose o securin& theu!"!!#ent o a $rinci$a! o%!i&ation and (henu!"!!ed the thin& de!i)ered sha!! %e returned(ith a!! the ruits and accessions'


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Additiona! reuire#ents in order that $!ed&esha!! ta;e eect a&ainst third $arties

The description o# the thing pledge and

The date o# pledge (Art 20/!


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Mortgage and Pledge- legal forms

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