Security Transactions: Chattel Mortgage

A. General Concepts

Art. 2085, Art. 2087, Art. 2140, Art. 2141

PCI Leasing & Finance, Inc. v. Trojan Metal Industries Inc., et al., G.R. No. 176381, December 15, 2010, 638 SCRA 615.

B.  Form of Chattel Mortgage

      Act No. 1508, Sec. 4 to 6

C.  Obligations Secured

Act No. 1508, Sec. 5

ACME Shoe, Rubber & Plastic Corporation v. Court of Appeals, G.R. No. 103576, August 22, 1996, 260 SCRA 714.

D.  Object of Chattel Mortgage

      Art. 2124, Art. 416, Art. 417

      Act No. 1508, Sec. 2

Makati Leasing & Finance Corporation v. Wearever Textile Mills, Inc. & Court of Appeals, G.R. No. L-58469, May 16, 1983, 122 SCRA 296.

      1.  Reasonable Description Rule

            Act No. 1508, Sec. 7

      2.  After Acquired Properties

           Act No. 1508, Sec. 7

E. Ownership of Collateral

Dy v. Court of Appeals, G.R. No. 92989, July 8, 1991, 198 SCRA 826.

F.  Foreclosure of Chattel Mortgage

      Act No. 1508, Sec. 8, Sec. 14

      A.M. No. 99-10-05-0

      1.  Equity of Redemption

             Act No. 1508, Sec. 13, Sec. 14

      2.  Right of Redemption

Rizal Commercial Banking Corporation v. Royal Cargo Corporation, G.R. No. 179756, October 2, 2009, 602 SCRA 545.

      3.  Right to Possession

Servicewide Specialists, Inc. v. Court of Appeals, G.R. No. 110048, November 19, 1999, 318 SCRA 493.

      4.  Right to Surplus or Deficiency

             Act No. 1508, Sec. 14

PAMECA Wood Treatment Plant, Inc. v. Court of Appeals, G.R. No. 106435, July 14, 1999, 310 SCRA 281.