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    Contract of Antichresis

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    joshboracay
    This document is a deed of antichresis between a debtor and creditor. The debtor acknowledges owing the creditor a principal sum of money from a loan along with accrued interest, totaling a specified amount. As payment, the debtor transfers possession and right to harvest the fruits of a described parcel of land to the creditor for a period of years not exceeding a specified number. The creditor must apply the net proceeds from the land to paying off the debt. Possession of the land will revert to the debtor once the full debt is paid.

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    Contract of Antichresis

    Uploaded by

    joshboracay
    3K views2 pages
    This document is a deed of antichresis between a debtor and creditor. The debtor acknowledges owing the creditor a principal sum of money from a loan along with accrued interest, totaling a specified amount. As payment, the debtor transfers possession and right to harvest the fruits of a described parcel of land to the creditor for a period of years not exceeding a specified number. The creditor must apply the net proceeds from the land to paying off the debt. Possession of the land will revert to the debtor once the full debt is paid.

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    Contract of Antichresis

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    This document is a deed of antichresis between a debtor and creditor. The debtor acknowledges owing the creditor a principal sum of money from a loan along with accrued interest, totaling a specified amount. As payment, the debtor transfers possession and right to harvest the fruits of a described parcel of land to the creditor for a period of years not exceeding a specified number. The creditor must apply the net proceeds from the land to paying off the debt. Possession of the land will revert to the debtor once the full debt is paid.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    3K views2 pages

    Contract of Antichresis

    Uploaded by

    joshboracay
    This document is a deed of antichresis between a debtor and creditor. The debtor acknowledges owing the creditor a principal sum of money from a loan along with accrued interest, totaling a specified amount. As payment, the debtor transfers possession and right to harvest the fruits of a described parcel of land to the creditor for a period of years not exceeding a specified number. The creditor must apply the net proceeds from the land to paying off the debt. Possession of the land will revert to the debtor once the full debt is paid.

    Copyright:

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

    DEED OF ANTICHRESIS

    KNOW ALL MEN BY THESE PRESENTS:


    This CONTRACT OF ANTICHRESIS, made and executed by and between
    _____________________, of age, single (or married to ____________________),
    residing at __________________________, hereinafter called the DEBTOR, and
    _______________________, of age, single (or married to _______________________),
    residing at __________________________, hereinafter called the CREDITOR,
    witnesseth:
    That the DEBTOR hereby acknowledges to be indebted to the CREDITOR in the
    principal sum of ____________________ PESOS (P____________) due and payable
    since ___________________, 200_, with interest at the rate of ______________ & from
    ______________, the date of the loan;
    That the accrued interest alone now due and payable on the principal amounts to
    _____________________ PESOS (P __________) as of __________________, 200__.
    That the total amount owing by the DEBTOR to the CREDITOR, including the
    interest is _____________________ PESOS (P __________) as of this date.
    That the DEBTOR, in order to be able to pay the CREDITOR, is the owner in fee
    simple of that certain parcel of land with improvements thereon, situated in
    _________________________, and more particularly described as follows, to wit:
    (Description of DEBTORS property);
    which land is covered by T.C.T. No. _________ of the Registry of Deeds of the province
    of ______________;
    That the CREDITOR by virtue hereof shall have the right to cultivate, and receive
    the fruits of, the above-described land, with the obligation of applying the net proceeds
    thereof to the extinguishment of the above-mentioned loan;
    That the net market value of the fruits obtained or harvested at the time of the
    application thereof to the interest and principal shall be the measure of such application
    of payments;
    That the parties hereby agree that the DEBTOR shall not reacquire the possession
    and enjoyment of the above-described property without first having totally paid what he
    owes the CREDITOR: Provided, however, that in no case shall the right of possession
    and enjoyment on the part of the CREDITOR continue for more than _______________
    years, after which the right of possession and enjoyment shall revert automatically to the
    DEBTOR, without prejudice on the part of the CREDITOR to avail himself of the other
    remedies provided for by existing law.

    IN WITNESS WHEREOF, the parties hereto have hereunto signed this contract
    the day and year first above written, in the municipality of __________________,
    province of _________________, Philippines.
    ________________________
    (Creditor)

    ________________________
    (Debtor)

    SIGNED IN THE PRESENCE OF:


    _________________________
    ________________________
    (Witness)
    (Witness)
    ACKNOWLEDGEMENT

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