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1. It must be constituted to secure the fulfillment of principal obligation. (Art. 2085, NCC)
2. The mortgagor must be the absolute owner of the thing mortgaged. (Art. 2085, NCC)
3. The persons constituting the mortgage have the free disposal of the property and in the
absence thereof, they be legally authorized for the purpose. (Art. 2085, NCC)
4. Must be recorded in the Chattel Mortgage Register in order to bind third persons.
The first three requirements pertain to the requirements of any valid mortgage under the Civil
Code.
2. The mortgagor must be the absolute owner of the thing mortgaged. (Art. 2085, NCC)
3. The persons constituting the mortgage have the free disposal of the property and in the
absence thereof, they be legally authorized for the purpose. (Art. 2085, NCC)
4. Must be recorded in the Chattel Mortgage Register in order to bind third persons.
The first three requirements pertain to the requirements of any valid mortgage under the Civil
Code.
