O gets a loan of P100,000 from P which becomes due on Nov.

23, 2014 and mortgage

d his house as security for the debt. On Sept, 22, 2014, the mortgaged house was
completely destroyed by fire. A week later, P demanded payment from O on Sept.
29, 2014. Is P's demand valid?
a. Yes, the debt becomes demandable because the third person established is for
the benifit of the creditor.
b. Yes, the debt becomes demandable because the collateral was lost thru fortuit
ous event.
c. No, because the obligation is one with a definite period and the demand would
be prejudicial to the rights of the debtor.
d. No, the obligation is extinguished because the onject of the obligation is lo
st thru a fortuitous event.
2/ The distinction between a chattel mortgage and a pledge is that in chattel mo
rtgage:
a.
b.
c.
d.

The
The
The
The

delivery of the personal property is necessary

registration of the property in the registry of property is not necessary
excess over the amount due after forclosure, goes to debtor
entire amount of the proceeds goes to the creditor

3. Three of the following are essential requisites of a contract of mortgage. Wh

ich is not?
a.
b.
c.
d.
n.

The
The
The
The

person instituting the mortgage has the free disposal of his property.
contract must be in writing.
mortgage is the absolute owner of the thing mortgage
mortgage is constituted to secure the fulfilment of a principal obligatio

4. In real mortgage, the following rules are valid except to one:

a) A stipulation in the mortgage contract prohibiting the owner from alienationg
the immovable is valid.
b) The mortgagee may alienate the mortgage credit of assign to a third person in
whole or part
c) Any stipulation allowing the mortgage creditor to appropriate the property mo
rtgaged is null and void.
d) If alienation of mortgage credit is not registered, it is valied between the
parties.
5.