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    Pledge NCC

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    KT
    The document discusses Philippine civil code articles related to pledges. It addresses situations where: 1) The pledgor can demand return of the pledged item if there are reasonable concerns it may be destroyed or impaired, as long as another item of similar or better quality is offered as a replacement. 2) The pledgee must notify the pledgor without delay if the pledged item is in danger. If the item may be destroyed, impaired or diminished in value without the pledgee's fault, the pledgee can sell it at a public auction with the proceeds serving as security. 3) If the pledgee is deceived about the substance or quality of the pledged item, they can demand another item

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    Pledge NCC

    Uploaded by

    KT
    68 views2 pages
    The document discusses Philippine civil code articles related to pledges. It addresses situations where: 1) The pledgor can demand return of the pledged item if there are reasonable concerns it may be destroyed or impaired, as long as another item of similar or better quality is offered as a replacement. 2) The pledgee must notify the pledgor without delay if the pledged item is in danger. If the item may be destroyed, impaired or diminished in value without the pledgee's fault, the pledgee can sell it at a public auction with the proceeds serving as security. 3) If the pledgee is deceived about the substance or quality of the pledged item, they can demand another item

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    The document discusses Philippine civil code articles related to pledges. It addresses situations where: 1) The pledgor can demand return of the pledged item if there are reasonable concerns it may be destroyed or impaired, as long as another item of similar or better quality is offered as a replacement. 2) The pledgee must notify the pledgor without delay if the pledged item is in danger. If the item may be destroyed, impaired or diminished in value without the pledgee's fault, the pledgee can sell it at a public auction with the proceeds serving as security. 3) If the pledgee is deceived about the substance or quality of the pledged item, they can demand another item

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    68 views2 pages

    Pledge NCC

    Uploaded by

    KT
    The document discusses Philippine civil code articles related to pledges. It addresses situations where: 1) The pledgor can demand return of the pledged item if there are reasonable concerns it may be destroyed or impaired, as long as another item of similar or better quality is offered as a replacement. 2) The pledgee must notify the pledgor without delay if the pledged item is in danger. If the item may be destroyed, impaired or diminished in value without the pledgee's fault, the pledgee can sell it at a public auction with the proceeds serving as security. 3) If the pledgee is deceived about the substance or quality of the pledged item, they can demand another item

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    Art. 2107.

    If there are reasonable grounds to fear the destruction or


    impairment of the thing pledged, without the fault of the pledgee, the
    pledgor may demand the return of the thing, upon offering another
    thing in pledge, provided the latter is of the same kind as the former
    and not of inferior quality, and without prejudice to the right of the
    pledgee under the provisions of the following article.
    The pledgee is bound to advise the pledgor, without delay, of any
    danger to the thing pledged. (n)
    Art. 2108. If, without the fault of the pledgee, there is danger of
    destruction, impairment, or diminution in value of the thing pledged,
    he may cause the same to be sold at a public sale. The proceeds of
    the auction shall be a security for the principal obligation in the same
    manner as the thing originally pledged. (n)
    Art. 2109. If the creditor is deceived on the substance or quality of
    the thing pledged, he may either claim another thing in its stead, or
    demand immediate payment of the principal obligation. (n)
    Art. 2110. If the thing pledged is returned by the pledgee to the
    pledgor or owner, the pledge is extinguished. Any stipulation to the
    contrary shall be void.
    If subsequent to the perfection of the pledge, the thing is in the
    possession of the pledgor or owner, there is a prima facie presumption
    that the same has been returned by the pledgee. This same
    presumption exists if the thing pledged is in the possession of a third
    person who has received it from the pledgor or owner after the
    constitution of the pledge. (n)
    Art. 2111. A statement in writing by the pledgee that he renounces or
    abandons the pledge is sufficient to extinguish the pledge. For this
    purpose, neither the acceptance by the pledgor or owner, nor the
    return of the thing pledged is necessary, the pledgee becoming a
    depositary. (n)
    Art. 2112. The creditor to whom the credit has not been satisfied in
    due time, may proceed before a Notary Public to the sale of the thing
    pledged. This sale shall be made at a public auction, and with
    notification to the debtor and the owner of the thing pledged in a
    proper case, stating the amount for which the public sale is to be
    held. If at the first auction the thing is not sold, a second one with the

    same formalities shall be held; and if at the second auction there is no


    sale either, the creditor may appropriate the thing pledged. In this
    case he shall be obliged to give an acquittance for his entire claim.
    (1872a)
    Art. 2113. At the public auction, the pledgor or owner may bid. He
    shall, moreover, have a better right if he should offer the same terms
    as the highest bidder.
    The pledgee may also bid, but his offer shall not be valid if he is the
    only bidder. (n)
    Art. 2114. All bids at the public auction shall offer to pay the purchase
    price at once. If any other bid is accepted, the pledgee is deemed to
    have been received the purchase price, as far as the pledgor or owner
    is concerned. (n)

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