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Pledge Mortgage Antichresis
Definition
A contract wherein the A mortgage contract is a Art. 2132. By the

debtor delivers to the legal contract between a contract of antichresis
creditor or to a third lender and homebuyer that the creditor acquires the
person a movable creates the terms and right to receive the fruits of
or document evidencing conditions surrounding a an immovable of his
incorporeal rights for the housing loan. The contract debtor, with the
purpose of securing sets the terms and obligation to apply them
fulfillment of conditions of the to the payment of the
a principal obligation relationship between the interest, if owing, and
with the understanding two parties. It also thereafter to the principal
that when the obligation determines the amoung of of his credit. (1881)
is fulfilled, the loan and the proposed
the thing delivered shall repayment schedule.
be returned with all its
fruits and accessories.
Principal Obligation secured
(a) valid, voidable, and unenforceable obligations (Arts. 2086,

2052);
(b) civil or natural obligations (Arts. 2086, 2052);
(c) pure obligations and conditional obligations;
(d) present debts and debts to be incurred in the future;
(e) payment obligations and performance obligations
As to subject matter
Art. 2094. All movables, which Art. 2124. Only the Movable
are within commerce, may be following property may be
pledged, provided they are
susceptible of possession.
the object of a contract of
(1864) mortgage:
Art. 2095. Incorporeal rights, (1) Immovables;

evidenced by negotiable
instruments, bills of lading,
shares of stock, bonds,
(2) Alienable real
warehouse receipts and rights in accordance with
similar documents may also the laws, imposed upon
be pledged. The instrument immovables.
proving the right pledged shall
be delivered to the creditor,
and if negotiable, must be
Nevertheless, movables
indorsed. (n) may be the object of a
chattel mortgage. (1874a)
Essential Requisites
(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; (3) That (1)
Consent of the contracting parties; (2) object certain the persons constituting the pledge or
mortgage have the free disposal of their property, and in teh absence thereof, that they be
legally authorized for the purpose. Art. 2085. (4) It which is the subject matter of the contract;
(3) cause of the is also of the essence of these contracts that when the principal obligation
becomes due, the things in which the pledge or mortgage consists may be alienated for the
payment to obligation which is established. the creditor. Art. 2087
As to nature of the Contract
Art. 2093 Real Contract Formal Contract Art. 2134 Concensual and
(Actual delivery of possession formal contract (amount of
is necessary) the principal and of the
interest must be in writing)
Characteristics of the Contract
F-A-N-C: Formal, Accessory,

Nominate, Consensual
As to purpose
Intended to secure the performance of a principal and pre-existing obligation by specially

subjecting to such delivery, property, or the fruits thereof.
As to ownership of the thing
Retained by mortgagor or owner of the thing mortgaged.
As to possession of the thing
Property is delivered to the Generally, mortgagor-debtor Antichretic creditor has

pledgee, or by common retains possession of the possession of the property
consent to a person (Art. Mortgagor-debtor retains
2093) possession of the thing
thing mortgaged; However,
mortgagor-debtor may elect
to deliver the property to
mortgagee. A mortgagee in
mortgaged possession has
rights and obligations similar
to those of an antichretic
creditor.
As time to return
Upon full payment of the

debtor
As to Excess Proceeds in Case of Sale
(Arts. 2115, and 2121) Mortgagor is entitled to Debtor is entitled to the

Generel Rule: debtor is not balance from the proceeds of excess in case antichretic
entitled to excess; Exception: the sale. creditor files a petition for the
1.When it is agreed upon; sale of the real property as in
and a foreclosure of mortgages
2. in the case of a legal under Rule 68 of the Rules of
pledge Court.
As to right to recover deficiency of the case of sale
Creditor is not entitled to Mortgagee is entitled to Antichretic creditor is entitled

recover notwithstanding any recover deficiency to recover deficiency.
contrary stipulation
(Art. 2115)
As to Modes of Extinguishment
Upon the fulfillment of the Upon fulfillment of the Upon payment of the
principal obligation or by the principal obligation or by the principal obligation (Art.
destruction of the thing; upon destruction of the thing. 1231)
return of the thing pledged to (Art. 1231)
the pledgor or owner; upon a
statement in writing by the
pledgee that he renounces or
abandons the pledge; sale of
the thing pledged
extinguishes the principal
obligaiton (Art. 2110, 2111,
2115)
Not valid against third
persons unless a description
of the th Can sell the thing
pledged with the consent of
the pledgee

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Pledge Mortgage Antichresis

A contract wherein the A mortgage contract is a Art. 2132. By the

Principal Obligation secured

(a) valid, voidable, and unenforceable obligations (Arts. 2086,

Art. 2095. Incorporeal rights, (1) Immovables;

As to nature of the Contract

Characteristics of the Contract

F-A-N-C: Formal, Accessory,

Intended to secure the performance of a principal and pre-existing obligation by specially

As to ownership of the thing

Retained by mortgagor or owner of the thing mortgaged.

As to possession of the thing

Property is delivered to the Generally, mortgagor-debtor Antichretic creditor has

Upon full payment of the

(Arts. 2115, and 2121) Mortgagor is entitled to Debtor is entitled to the

As to right to recover deficiency of the case of sale

Creditor is not entitled to Mortgagee is entitled to Antichretic creditor is entitled

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