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There is recovery of deficiency in all mortgages(chattel or real).
Reason: Mortgages as accessory contracts serve only as securities and not for the satisfaction of the principal obligation.
Prescriptive Period: 10 years, under Article 1142, NCC (DBP v. Tomelda, 101 SCRA 171).
Exception: When the transaction secured is sale of personal property on installment basis under Article 1484 of the New Civil Code otherwise known as Recto Law.
Reason: Mortgages as accessory contracts serve only as securities and not for the satisfaction of the principal obligation.
Prescriptive Period: 10 years, under Article 1142, NCC (DBP v. Tomelda, 101 SCRA 171).
Exception: When the transaction secured is sale of personal property on installment basis under Article 1484 of the New Civil Code otherwise known as Recto Law.
