PLEDGE REAL MORTGAGE ANTICHRESIS CHATTEL

MORTGAGE
Formalities Description of the Document in which Amount of the Recorded in the
thing pledged and it appears to be principal and Chattel Mortgage
the date of pledge recorded in the interest specified in Register with an
in a public Registry of Property writing Affidavit of Good
instrument Faith
Purpose of the Convenience Convenience Validity Validity-
form Registration in
Chattel Mortgage
Register
Convenience-
Affidavit of Good
Faith
Object Movables Immovables Fruits of Movables
Incorporeal Alienable immovables
rights rights
imposed on
immovables
Transfer of None; ownership of None; ownership of None; ownership of None; ownership of
ownership the property is the property is the property is the property is
retained by the retained by the retained by the retained by the
pledgor and the mortgagor and the debtor and the mortgagor and the
pledge merely real mortgage mortgagee merely chattel mortgage
creates a lien on the merely creates a acquires the right to merely creates a
property lien on the property the fruits lien on the property
Prestation Indivisible Indivisible Indivisible Indivisible
Manner of By delivery to the By consent, delivery By consent, but By consent, delivery
perfection creditor or to third of the thing property is of the thing
person by common mortgaged is not delivered to creditor mortgaged is not
agreement necessary (consensual necessary
(real contract) (consensual contract) (consensual
contract) contract)
Alienation of the Must be with the May be alienated May be alienated Must be with the
thing by debtor consent of pledgee even without even without consent of the
consent of the consent of creditor mortgagee
mortgagee
In a foreclosure Deficiency cannot Deficiency can be Deficiency can be Deficiency can be
sale: be recovered even if recovered recovered recovered except in
Deficiency there is a stipulation the case of personal
property sold on
installment
Excess of the Excess of the Excess of the Excess of the Excess of the
proceeds of sale proceeds of sale is proceeds of sale proceeds of sale proceeds of sale
retained by the belongs to the belongs to the belongs to the
pledgee unless mortgagor even if antichretic debtor mortgagor even if
there is a stipulation there is no even if there is no there is no
giving it to the stipulation to that stipulation to that stipulation to that
pledgor and in case effect effect effect
of legal pledge
Appropriation Pledgee may Mortgagee cannot Antichretic creditor Mortgagee cannot
appropriate the appropriate the cannot appropriate appropriate the
thing pledged if the thing mortgaged the property upon thing mortgaged
same is not sold in nonpayment of the
two public auctions debt