Credit Transactions

Commodatum

acquires the thing loaned but not is fruits

(except if stipulated)

no compensation/consideration

essentially gratuitous

non consumable goods (movable/immovable)

can be consumable goods, as long as its

purpose is not for consumption

Precarium – no time for the use of the thing

is specified; bailor may demand at will

bailor need not be the owner of the

thing(lessee)

purely personal in character

bailee is obliged to pay for the ordinary

expenses for the use & preservation of the

thing

Extraordinary expenses for the preservation

must borne by the bailor

Extraordinary expenses caused by Fortuitous

event= borne by both bailor & bailee

Bailee is liable for the loss of thing if:

-use the thing for a different purpose

-keeps it longer than the time stipulated

-thing loaned has been delivered w/ appraisal

-lends or leases he thing to a third person

-didn’t save the thing even though he had a

chance…

The bailee cannot retain the thing loaned on

the ground that the bailor owes him

something

Two or more bailess=liable solidarily

If bailor have urgent need of the thing he may

demand its return/temporary use.

Mutuum

Person who receives a loan of

money/fungible/consumable thing and

acquires ownership thereof

Involves the return of the equivalent only

Barter- one of the parties binds himself to

give one thing in consideration of the other’s

promise to give another thing (non-fungible)

In case of extraordinary inflation/deflation

the basis of payment shall be the value of the

currency at the time of the creation of thedebt

Forbearance-contractual obligation of the

creditor to forbear during a given period

Interest of payable in kind, its value shall be

appraised at the current price

Deposit

when a person receives a thing belonging to

another, with the obligation of safely keeping

it and returning the same.

Safekeeping should be the Principal purpose

of the contract

Real contract-delivery

The depositor can demand the return of the

subject matter at will

Judiciary deposit-Movable or immovable

Extrajudiciary deposit- only movable

May be gratuitous

Contract of future deposit is consensual

Voluntary

Delivery is made by the will of the depositor

Depositor has the complete freedom to

determine who the depositary would be

Interpleader- action to compel the depositors

to settle their conflicting claims among

themselves

a contract of deposit may be entered into

orally or in writing

If depositor is incapacitated: depositary is

required to return the property to the legal

representative

If depositary is incapacitated: return the

things while still in his possession or the

amount which he may have benefited himself

The depositary cannot deposit the thing with

a third person unless there is a stipulation

The depositary may change the way or

manner of the deposit, but he should first

notify the depositor

Rent for safety deposit-special kind of

deposit

The depositary cannot make use of the thing

deposited without the express permission of

the depositor, except if it is necessary for its

preservation

Irregular deposit-p367

The depository may return the thing aytime

if:

-deposit is gratuitous

-justifiable reasons

If depositor refuses the return, deposit the

thing at the judicial authority

If deposit is gratuitous, the depositor is

obliged to reimburse the depositary for the

expenses (preservation)

The depositor must reimburse the depository

for any loss unless:

-former was not aware of/was not expected to

know the dangerous thing

-he notified the depositary

-the depositary was aware

Necessary

A deposit is necessary when:

-in compliance with a legal obligation

-takes place on the occasion of any calamity

-made y travellers in hotels or inns

-made by passengers with common carriers

Judicial

Sequestration

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Credit Transactions  Commodatum  acquires the thing loaned but not is fruits (except if stipulated)  no compensation/consideration  essentially gratuitous  non consumable goods (movable/immovable)  can be consumable goods, as long as its purpose is not for consumption  Precarium – no time for the use of the thing is specified; bailor may demand at will  bailor need not be the owner of the thing(lessee)  purely personal in character  bailee is obliged to pay for the ordinary expenses for the use & preservation of the thing  Extraordinary expenses for the preservation must borne by the bailor  Extraordinary expenses caused by Fortuitous event= borne by both bailor & bailee  Bailee is liable for the loss of thing if: -use the thing for a different purpose -keeps it longer than the time stipulated -thing loaned has been delivered w/ appraisal -lends or leases he thing to a third person -didn’t save the thing even though he had a chance…  The bailee cannot retain the thing loaned on the ground that the bailor owes him something  Two or more bailess=liable solidarily  If bailor have urgent need of the thing he may demand its return/temporary use.  Mutuum  Person who receives a loan of money/fungible/consumable thing and acquires ownership thereof  Involves the return of the equivalent only  Barter- one of the parties binds himself to give one thing in consideration of the other’s promise to give another thing (non-fungible)  In case of extraordinary inflation/deflation the basis of payment shall be the value of the currency at the time of the creation of thedebt  Forbearance- contractual obligation of the creditor to forbear during a given period  Interest of payable in kind, its value shall be appraised at the current price  Deposit  when a person receives a thing belonging to another, with the obligation of safely keeping it and returning the same.  Safekeeping should be the Principal purpose of the contract  Real contract-delivery  The depositor can demand the return of the subject matter at will  Judiciary deposit -Movable or immovable  Extrajudiciary deposit- only movable  May be gratuitous  Contract of future deposit is consensual  Voluntary  Delivery is made by the will of the depositor  Depositor has the complete freedom to determine who the depositary would be  Interpleader - action to compel the depositors to settle their conflicting claims among themselves  a contract of deposit may be entered into orally or in writing  If depositor is incapacitated: depositary is required to return the property to the legal representative  If depositary is incapacitated: return the things while still in his possession or the amount which he may have benefited himself  The depositary cannot deposit the thing with a third person unless there is a stipulation  The depositary may change the way or manner of the deposit, but he should first notify the depositor  Rent for safety deposit-special kind of deposit  The depositary cannot make use of the thing deposited without the express permission of the depositor, except if it is necessary for its preservation  Irregular deposit-p  The depository may return the thing aytime if: -deposit is gratuitous -justifiable reasons  If depositor refuses the return, deposit the thing at the judicial authority  If deposit is gratuitous, the depositor is obliged to reimburse the depositary for the expenses (preservation)  The depositor must reimburse the depository for any loss unless: -former was not aware of/was not expected to know the dangerous thing -he notified the depositary -the depositary was aware  Necessary  A deposit is necessary when: -in compliance with a legal obligation -takes place on the occasion of any calamity -made y travellers in hotels or inns -made by passengers with common carriers  Judicial  Sequestration

 Movable/immovable  Guaranty   Pledge  Requisite: constituted to secure the fulfillment of principal obligation -pledgor/mortgagor is the absolute owner -free disposal of the thing  Personal property (movables)/ Incorporeal rights  Real, accessory, subsidiary and unilateral contract  Cannot exists without valid obligation  Future property cannot be pledged/mortgaged  Creditor does not automatically become the owner if at the time stipulated the obligation is till unfulfilled  Without delivery, there is no pledge  Not valid against third persons unless the thing pledged appear on a public instrument  Pledger can sell the thing pledged with the consent of the pledgee  Creditor cannot appropriate the things given by way of pledge/mortgage  Pactum Commissorium- automatic appropriation of the creditor(prohibited by law, even if there is stipulation)  Pledge/mortgage is indivisible  A promise to constitute a pledge/mortgage give rise only to a personal right and creates no real right  Pledge is merely a lien  Pledgee cannot deposit the thing pledged with a third person  The creditor cannot use the thing pledged, without the authority of the owner  Pledgor is allowed to substitute the thing pledges which is in danger of destruction/impairment  If w/out the fault of the pledgee, there is danger of destruction/impairment to the thing pledged, he may cause the same to be sold at a public sale  Renunciation/Abandonment must be in writing to extinguish the pledge  The pledgee may appropriate the thing pledged if after the first & second auctions, the thing is not sold and will be considered as full payment for his entire claim  Debtor is not entitled for the excess cash in case the thing pledged is sold in the market  Real mortgage  Immovable or Alienated real rights  Debtor secure to the creditor the fulfilment of a principal obligation  Real, accessory unilateral and subsidiary contract  Cannot exists as an independent contract  Voluntary/legal/equitable  Must be recorded in the Registry of Property in order to be validly constituted  If not recorded=binding between the parties only  Extends to the natural accessions, improvements, growing fruits and rents/income (must be expressly stipulated if they want to exclude them)  A stipulation forbidding the owner from alienating the immovable mortgaged sall be VOID.  Foreclosure- remedy available to the mortgagee…sale of the property at public auction  Redemption- mortgagor reacquires the property  Antichresis  Acquires the right to receive the fruits of an immovable debtor  Real property  Accessory, formal, consensual contract  Property is delivered to the creditor  Obliged to pay the taxes and charges  The fruits=must be appraised at their market value  Amount of principal and interest must be specifies in writing  Debtor cannot demand its return until it is fully paid  Remedy: specific performance & sale of the property  Chattel Mortgage  Personal or Movable property  Personal property is recorded in the Chattel mortgage register  If delivered to a creditor/third person instead of being recorded, the contract is pledge  Accessory, formal, personal unilateral contract  Delivery is not necessary  If the property is foreclosed, the excess over the amount due goes to the debtor  If property is foreclosed and there is a deficiency, the creditor is entitled to recover from the debtor  Affidavit of good faith –cannot bind third persons  Debtor is entitled to recover the excess on the sale in foreclosure proceedings

Credit Transactions 1, Exams of Law

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