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Real Mortgage it is a contract in which the debtor guarantees to the creditor the fulfillment of a principal obligation, subjecting for the faithful compliance therewith a real property in case of non-fulfillment of said obligation at the time stipulated.
Equitable mortgage one w/c reveals an intent to make property a security, even if the properties lacks the proper formalities of a real estate mortgage
Requisites:
1. To secure the fulfillment of a principal obligation 2. The mortgagor should be the absolute owner of thing mortgaged 3. The mortgagor should have free disposal of the thing 4. When the principal obligation becomes due, the thing mortgaged may be alienated to secure payment 5. For a mortgage to be validly constituted and to prejudice third persons, the mortgage should be recorded with the Registry of Property
Characteristics:
1. It is a real right 2. It is an accessory contract 3. It is indivisible 4. It is inseparable 5. It is real property
completed, ownership over the property remains with the registered owner
d. Banking institution must exercise due diligence before entering contract of mortgage e. If a person is the first mortgagee over a property
which was sold in an auction by the second mortgagee, the only right left to him is to collect his mortgage credit from the purchaser thereof during the sale conducted f. In a suit to nullify a certificate of title, the
Definition of terms
Antichresis is a contract by which a creditor acquires the right of reaping the fruit or other revenues of the immovables given to him in pledge, on condition of deducting, annually, their proceeds
from the interest, if any is due to him, and afterwards from the principal of his debt.
Characteristics:
1) Accessory contract secures the performance of
valid, not only to affect third persons. However, even if the antichresis is void the principal obligation may still be valid.