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What happens when the thing pledged is later found in the hands of the pledgor or the owner?
What happens when the thing pledged is later found in the hands of the pledgor or the owner?
Who can constitute a pledge or mortgage contract?
Who can constitute a pledge or mortgage contract?
What is required for a mortgage to be valid against third persons?
What is required for a mortgage to be valid against third persons?
What is the effect of partial payment or partial extinguishment of the debt on the pledge or mortgage?
What is the effect of partial payment or partial extinguishment of the debt on the pledge or mortgage?
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What types of obligations can be secured by a contract of pledge or mortgage?
What types of obligations can be secured by a contract of pledge or mortgage?
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What happens when a spouse mortgages conjugal property without the consent of the other spouse?
What happens when a spouse mortgages conjugal property without the consent of the other spouse?
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What is the main difference between a pledge and a mortgage?
What is the main difference between a pledge and a mortgage?
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What is the effect of delivery of the object pledged to the pledgee or a third person?
What is the effect of delivery of the object pledged to the pledgee or a third person?
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What is the right of a hotel-keeper regarding the things brought into the hotel by the guest?
What is the right of a hotel-keeper regarding the things brought into the hotel by the guest?
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What happens when a principal debtor fails to pay and his properties are exhausted?
What happens when a principal debtor fails to pay and his properties are exhausted?
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What is the main difference between a guarantor and a surety?
What is the main difference between a guarantor and a surety?
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When is the depositary liable for the loss of the thing through a fortuitous event?
When is the depositary liable for the loss of the thing through a fortuitous event?
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What is the relationship between the surety and the principal debtor in a contract of suretyship?
What is the relationship between the surety and the principal debtor in a contract of suretyship?
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What happens when a surety pays the debt of the principal debtor?
What happens when a surety pays the debt of the principal debtor?
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What is the nature of fixed, savings, and current deposits of money in banks and similar institutions?
What is the nature of fixed, savings, and current deposits of money in banks and similar institutions?
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What is the depositary's obligation when delivering a closed and sealed thing?
What is the depositary's obligation when delivering a closed and sealed thing?
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What is the primary obligation of a surety in a contract of suretyship?
What is the primary obligation of a surety in a contract of suretyship?
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What is the main difference between a guaranty and a suretyship?
What is the main difference between a guaranty and a suretyship?
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When can the depositary open a locked box or receptacle?
When can the depositary open a locked box or receptacle?
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Can the depositary demand that the depositor prove ownership of the thing deposited?
Can the depositary demand that the depositor prove ownership of the thing deposited?
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What is the consequence of the surety's solidary liability in a contract of suretyship?
What is the consequence of the surety's solidary liability in a contract of suretyship?
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What happens if the depositor loses his capacity to contract after making the deposit?
What happens if the depositor loses his capacity to contract after making the deposit?
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Can the depositary return the thing deposited before the specified time if there is a justifiable reason?
Can the depositary return the thing deposited before the specified time if there is a justifiable reason?
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What is the depositary's obligation regarding the thing deposited?
What is the depositary's obligation regarding the thing deposited?
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What is the general rule regarding possession of the property mortgaged as security for a loan?
What is the general rule regarding possession of the property mortgaged as security for a loan?
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What type of property can be used as security for a real mortgage?
What type of property can be used as security for a real mortgage?
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What is required for a mortgage to be validly constituted?
What is required for a mortgage to be validly constituted?
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What is the primary right of a mortgagee in case of non-payment of a debt secured by a real mortgage?
What is the primary right of a mortgagee in case of non-payment of a debt secured by a real mortgage?
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What happens to the ownership of the property in case of default by the mortgagor?
What happens to the ownership of the property in case of default by the mortgagor?
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Who is prohibited from displaying or distributing consumer products with non-conforming packages or labels?
Who is prohibited from displaying or distributing consumer products with non-conforming packages or labels?
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What type of property is typically involved in a chattel mortgage?
What type of property is typically involved in a chattel mortgage?
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What is a characteristic of a chattel mortgage?
What is a characteristic of a chattel mortgage?
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Under what condition is a wholesale or retail distributor exempt from the prohibition on labeling?
Under what condition is a wholesale or retail distributor exempt from the prohibition on labeling?
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What is required for a chattel mortgage to be valid?
What is required for a chattel mortgage to be valid?
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What is a prohibited act under the labeling and packaging law?
What is a prohibited act under the labeling and packaging law?
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Who is responsible for ensuring that products are properly labeled and packaged?
Who is responsible for ensuring that products are properly labeled and packaged?
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What is not a condition for exemption from the prohibition on labeling for wholesale or retail distributors?
What is not a condition for exemption from the prohibition on labeling for wholesale or retail distributors?
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What happens when a wholesale or retail distributor refuses to disclose the source of mislabeled or mispackaged products?
What happens when a wholesale or retail distributor refuses to disclose the source of mislabeled or mispackaged products?
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Study Notes
Deposit
- A hotel-keeper has the right to retain things brought into the hotel by a guest as security for credits on account of lodging and supplies.
- Guaranty is a contract where a person binds themselves to a creditor to fulfill the obligation of the principal debtor if the latter fails to do so.
- Suretyship is a contract where one person engages to be solidarily liable for a debt, default, or miscarriage of another.
- In a contract of suretyship, the surety is primarily liable and has the same obligations as the principal, with respect to the creditor.
- The surety is liable the moment there is a failure to pay.
Guaranty and Suretyship
- Guarantor is secondarily liable, binds themselves to pay only when the principal cannot pay.
- Guaranty is when the guarantor is an insurer of the debtor's solvency.
- Suretyship is when the surety is an insurer of the debt.
Deposit
- Depositary is liable for the loss of the thing through a fortuitous event if:
- it is so stipulated;
- they use the thing without the depositor's permission;
- they delay its return;
- they allow others to use it, even if authorized to use it themselves.
- Fixed, savings, and current deposits of money in banks and similar institutions are considered simple loans.
- When a thing is closed and sealed, the depositary must:
- deliver the thing in the same condition;
- pay for damages if the seal or lock is broken through their fault;
- keep the secret.
Pledge and Mortgage
- A pledge or mortgage can secure all kinds of obligations, whether pure or subject to a suspensive or resolutory condition.
- A mortgage is indivisible, so partial payment does not extinguish the pledged mortgage.
- The contract of pledge or mortgage may be constituted only by the absolute owner of the thing pledged or mortgaged, otherwise, it is void.
- A mortgage of conjugal property by one spouse is valid only as to one-half of the entire property.
Pledge vs. Mortgage
- Pledge: movable property, delivery of the object pledged to the pledgee or a third person is necessary.
- Mortgage: immovable property, delivery of the thing mortgaged is not necessary.
Characteristics of Real Mortgage
- The objects of a real mortgage are immovable and alienable real rights imposed upon immovable.
- The mortgage must appear in a public document duly recorded in the Registry of Property.
Effect of Mortgage
- The only right of a mortgagee in case of non-payment of a debt secured by a real mortgage is to foreclose the mortgage and have the encumbered property sold to satisfy the outstanding indebtedness.
- The mortgagor's default does not operate to vest in the mortgagee the ownership of the encumbered property.
Chattel Mortgage
- A chattel mortgage is a contract in which a personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation.
- Characteristics of chattel mortgage:
- an accessory contract because it is for the purpose of securing the performance of a principal obligation;
- a formal contract because registration in the Chattel Mortgage Register is indispensable.
Labelling and Packaging
- Prohibited acts on labeling and packaging:
- unlawful for any person to display or distribute any consumer product whose package or label does not conform.
- The prohibition on labeling does not apply to:
- persons engaged in the business of wholesale or retail distributors of consumer products except to the extent that they are engaged in the packaging or labeling of such products;
- persons who prescribe or specify by any means the manner in which such products are packaged or labeled;
- persons who, having knowledge, refuse to disclose the source of the mislabeled or mispackaged products.
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Description
This quiz covers the rights of hotel-keepers to retain guest properties as security for credits and the concept of guaranty and suretyship in commercial law.