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Free Legal Advice Philippines » GENERAL PRINCIPLES, UPDATES » LEGAL MATTERS, GEN PRINCIPLES, DOCTRINES, UPDATES » Commercial Law » Chattel Mortgage Law » EQUITY OF REDEMPTION

EQUITY OF REDEMPTION

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1EQUITY OF REDEMPTION Empty EQUITY OF REDEMPTION Sun Sep 21, 2008 10:37 am

barrister

barrister
Reclusion Perpetua

There is no right of redemption in Chattel Mortgage. There is only an equity of redemption.

The following may redeem if the condition of the mortgage is broken:
1. mortgagor
2. a person holding subsequent mortgage
3. a subsequent attaching creditor (sec. 13, Act 1508)

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Free Legal Advice Philippines » GENERAL PRINCIPLES, UPDATES » LEGAL MATTERS, GEN PRINCIPLES, DOCTRINES, UPDATES » Commercial Law » Chattel Mortgage Law » EQUITY OF REDEMPTION

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