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REQUISITES TO A CONTRACT OF PLEDGE. 1. It be constituted to secure the fulfillment of a principal obligation. 2. The pledgor be the absolute owner of the thing pledged. 3. That the persons constituting the pledge have the free disposal of the property and in the absence thereof, that they be legally authorized for the purpose. 4.
Apr 11, 2023 · Article 2085. The following requisites are essential to the contracts of pledge and mortgage: (1) That they be constituted to secure the fulfillment of a principal obligation; (2) That the pledgor or mortgagor be the absolute owner of the thing pledged or mortgaged;
A contract of pledge shall not take effect against third persons if a description of the thing pledged and the date of the pledge do not appear in a public instrument.
This document is a pledge agreement between a pledgor corporation and a pledgee bank. The key points are: 1) The pledgor is transferring ownership of pledged properties listed in an annex to the pledgee bank to secure obligations of a debtor to the bank under a separate agreement, including promissory notes.
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The Civil Code of the Philippines AN ACT TO ORDAIN AND INSTITUTE THE CIVIL CODE OF THE PHILIPPINES. BOOK IV OBLIGATIONS AND CONTRACTS Title. I. - OBLIGATIONS CHAPTER 1 GENERAL PROVISIONS . Art. 1156. An obligation is a juridical necessity to give, to do or not to do. (n) Art. 1157. Obligations arise from: (1) Law; (2) Contracts; (3) Quasi ...
This document discusses the legal provisions regarding the contract of pledge in the Philippines. It defines pledge as a contract where the debtor delivers movable property or documents evidencing incorporeal rights to the creditor or a third party to secure a principal obligation.
The following requisites are essential to the contracts of pledge and mortgage: xxx xxx xxx (3) That the persons constituting the pledge or mortgage have the free disposal of their property, and in the absence thereof, that they be legally authorized for the purpose."
