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    FORM 26 Assignment of Real Estate in Payment of Debt

    Uploaded by

    Boysie Ceth Garvez
    The document discusses dation in payment, which is the delivery of property by a debtor to a creditor in satisfaction of a monetary debt. It is governed by the law of sales, with the value of the property extinguishing the debt to the agreed upon value. The document also provides an example deed of assignment, where a debtor assigns real property to a creditor to satisfy an outstanding debt. The deed details the property being assigned, the acceptance by the creditor to satisfy the debt, and includes signatures and acknowledgement.

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    FORM 26 Assignment of Real Estate in Payment of Debt

    Uploaded by

    Boysie Ceth Garvez
    251 views3 pages
    The document discusses dation in payment, which is the delivery of property by a debtor to a creditor in satisfaction of a monetary debt. It is governed by the law of sales, with the value of the property extinguishing the debt to the agreed upon value. The document also provides an example deed of assignment, where a debtor assigns real property to a creditor to satisfy an outstanding debt. The deed details the property being assigned, the acceptance by the creditor to satisfy the debt, and includes signatures and acknowledgement.

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    FORM 26 Assignment of Real Estate in Payment of Debt

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    The document discusses dation in payment, which is the delivery of property by a debtor to a creditor in satisfaction of a monetary debt. It is governed by the law of sales, with the value of the property extinguishing the debt to the agreed upon value. The document also provides an example deed of assignment, where a debtor assigns real property to a creditor to satisfy an outstanding debt. The deed details the property being assigned, the acceptance by the creditor to satisfy the debt, and includes signatures and acknowledgement.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    251 views3 pages

    FORM 26 Assignment of Real Estate in Payment of Debt

    Uploaded by

    Boysie Ceth Garvez
    The document discusses dation in payment, which is the delivery of property by a debtor to a creditor in satisfaction of a monetary debt. It is governed by the law of sales, with the value of the property extinguishing the debt to the agreed upon value. The document also provides an example deed of assignment, where a debtor assigns real property to a creditor to satisfy an outstanding debt. The deed details the property being assigned, the acceptance by the creditor to satisfy the debt, and includes signatures and acknowledgement.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    FORM 26

    ASSIGNMENT OF REAL ESTATE IN PAYMENT OF DEBT


    Dation in payment (Dacion en Pago)
    Article 1245. Dation in payment, whereby property is alienated
    to the creditor in satisfaction of a debt in money, shall be
    governed by the law of sales.
    Dation in payment is the delivery and transmission of ownership of a
    thing by the debtor to the creditor as an accepted equivalent of the
    performance of the obligation
    The modern concept of dation in payment considers it as a novation by
    change of the object, and generally this is the more juridically correct
    view.
    Our Civil Code, however, provides in this article that, where the debt is
    in money, the law on sales shall govern; in this case, the act is deemed
    to be a sale, with the amount of the obligation to the extent that it is
    extinguished being considered as the price.
    The dation in payment extinguishes the obligation to the extent of the
    value of the thing delivered, either as agreed upon by the parties or as
    may be proved, unless the parties by agreement, express or implied, or
    by their silence, consider the thing as equivalent to the obligation, in
    which case the obligation is totally extinguished.
    Assignment of property by the debtor to his creditors, provided for in
    article 1255 (Payment by Cession), is similar to dation in payment in
    that both are substitute forms of performance of an obligation. Unlike
    the assignment for the benefit of creditors, however, dation in
    payment does not involve plurality of creditors, nor the whole of the
    property of the debtor. It does not suppose a situation of financial
    difficulties, for it may be made even by a person who is completely
    solvent. It merely involves a change of the object of the obligation by
    agreement of the parties and at the same time fulfilling the same
    voluntarily.

    DEED OF ASSIGNMENTS
    KNOW ALL MEN BY THESE PRESENTS:
    This DEED OF ASSIGNMENTS, made and executed by and
    between (full name of debtor-assignor), Filipino, of legal age, single (or
    married to _________), with residence and post-office address at
    ___________, hereinafter called the ASSIGNOR, and (full name of
    creditor-assignee), Filipino, of legal age, single (or married to
    ____________) with residence and post-office address at ___________,
    hereinafter called ASSIGNEE,
    WITNESSES
    That the ASINGOR is indebted to the ASSIGNEE in the sum of
    ____________ PESOS (P_______), Philippine currency, and in full payment
    and complete, satisfaction thereof, the ASSIGNOR does hereby ASSIGN,
    TRANSFER, and CONVEY unto the ASSGINEE that certain real estate
    with all the buildings and improvements thereon, situated in
    _______________, and more particularly described as follows:
    (Description of property assigned)
    of which real estate the ASSIGNOR is the registered owner, his title
    thereto being evidence by Transfer (or Original) Certificate of Title No.
    _____ of the Register of Deeds of _______________;
    That the ASSGINEE does hereby accept this assignment in full
    payment of the above-mentioned debt of _________________ PESOS
    (P______________).
    IN WITNESS WHEREOF, the parties hereto have set their hands
    this ___________ day of ________, 2____, in ___________________,
    Philippines.
    __________________
    (Assignor)

    ___________________
    (Assignor)

    SIGNED IN THE PRESENCE OF:


    __________________

    ___________________

    ACKNOWLEDGEMENT
    Republic of the Philippines)
    _______________________) S.S
    BEFORE ME, a notary for and in the City of Manila, personally
    appeared:
    Name
    CTC Number
    Date/Place Issued
    Juan de la Cruz
    Pedro San Juan
    known to me and to me known to be the same persons who executed
    the foregoing Deed of Assignment and transfer of Rights and
    acknowledged to me that the same is their free and voluntary act and
    deed.

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