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CREDIT TRANSACTIONS

A. LOAN
Characteristics
Kinds
Commodatum and Mutuum distinguished
Commodatum and mutuum distinguished from barter
1. Commodatum (2 kinds)
a. Obligations of the Bailee
1. Ordinary expenses
2. Loss (even in fortuitous events if) PDALS
b. Obligations of the Bailor
1. Obligation to respect duration of loan
2. Obligation to refund extraordinary expenses
i. Preservation
ii. Actual use (50/50)
3. Liability to pay damages for known hidden flaws
Shall born loss due to fortuitous event
Shall born depreciation
2. Simple Loan or Mutuum
Form of Payment
Loan of money
Loan of fungible thing
Requisites for recovery of monetary interest (with exceptions)
Indemnity for damages
Interest accruing from unpaid interest
B. DEPOSIT
1. Deposits in General and its different kinds
a. Definition of contract of deposit
b. Characteristics of contract of deposit
c. Purpose of contract of deposit
d. Deposit distinguished from mutuum (COP)
e. Deposit distinguished from commodatum (COC)
f. Binding effect of agreement to deposit
g. Creation of deposit
h. Kinds of Deposit
i. Contract of deposit generally gratuitous, except:
1. There is a stipulation to the contrary
2. Depositary is engaged in business of storing goods
3. Property is saved from destruction without the knowledge of the owner
j. Subject matter of deposit
k. Only tangible things contemplated
l. Kinds of extrajudicial deposit
1. In compliance with legal obligation
2. On the occasion of any calamity
3. By travelers in hotels and inns
4. By travelers with common carriers
2. Voluntary Deposit
a. General provisions
1. Voluntary Deposit defined
2. Voluntary and necessary deposits distinguished
3. Depositor need not be the owner of the thing
4. Where there are several depositor (interpleader)
5. Form of contract of deposit
6. Where depositary capacitated and depositor incapacitated
7. Where depositary incapacitated and depositor capacitated
i. Return the thing deposited while in possession
ii. To pay the amount benefited from the thing or its price
b. Obligations of the Depositary
1. Obligation to keep the thing deposited and return it
2. Obligation not to transfer the deposit, plus liability for loss if: ; (exemption)
i. Transfer without authority and no negligence
ii. Transfer with authority and no negligence but who is careless and unfit
iii. Negligence of employees
3. Obligation not to change way of deposit
4. Obligation to collect interest on thing deposited earning interest
5. Obligation not to commingle things deposited if so stipulated
6. Obligation not to make use of thing deposited unless:
i. The use is authorized
ii. When preservation requires the use
7. Liability for loss through fortuitous event
i. If stipulated
ii. If he uses the thing without the depositors permission
iii. If he delays its return
iv. If he allows others to use it, when he himself is not allowed
8. Where deposited delivered closed and sealed, obligations of depositary:
i. Return the thing deposited when delivered closed and sealed, in the same
condition
ii. Pay for damages should the seal be broken through his fault (which is presumed
unless proved otherwise)
iii. Keep the secret of the deposit when the seal or lock is broken without his fault
9. Obligation to return products, accessories and accessions
10. Obligation to pay interest on money converted to personal use
11. Liability to deliver sum of money received in case of loss by force majeure or
government order
Effect if permission to use is given
Permission to use not presumed
Relation between bank and depositor
Depositor need not prove his ownership
Where third person appears to be owner
Right of two or more depositors to demand return of their respective shares
i. Thing deposited divisible and depositors not solidary proportionate share
ii. Obligation solidary or thing deposited not divisible return to any of the
solidary depositors
iii. Return to one of the depositors stipulated
Person to whom return must be made
i. Depositor
ii. Depositor is incapacitated guardian or administrator or depositor provided he
acquired capacity
iii. Depositor losses capacity legal representative
Place of return
i. At the place stipulated
ii. No stipulation, place where the thing deposited
Time of return
Right of depositary to return the thing deposited
i. Deposit is gratuitous
ii. Justifiable reason for return
(if refused to be received by the depositor, he may secure consignation from the
court)
Alienation in good faith by depositarys heir
c. Obligations of the Depositor
1. Obligation to pay expenses for preservation if deposit is gratuitous
2. Obligation to pay losses incurred due to character of thing, except:
i. The depositor was not aware
ii. The depositor was not expected to know
iii. The depositor notified the depositary
iv. The depositary was aware without the advice of depositor
d. Depositarys right of retention
e. Extinguishment of deposit
1. Upon loss or destruction of the thing deposited
2. Upon death of either the depositor of depositary
f. Effect of death of depositor or depositary
1. In gratuitous deposit, extinguishment of contract of deposit.
2. In onerous deposit, contract of deposit is not extinguished.
3. Necessary Deposit
a. Kinds of extrajudicial (necessary) deposit
1. In compliance with legal obligation
i. A thing, the possession of which is being disputed in litigation by two or more
persons
ii. The deposit of a thing pledged when the creditor uses the same without the
authority of the owner or misuses it in any other way.
iii. Those required in suits as provided in the Rules of Court
iv. Those constituted to guarantee contracts with the government
2. On the occasion of any calamity
i. Deposit created by accident or fortuitous event
ii. Governing rules (in case of calamity)
3. By travelers in hotels and inns
4. By travelers with common carriers
When hotel keeper liable
1. The loss or injury was caused by his servants, employees or strangers
2. The loss or injury by a thief or robber done without the use of arms and irresistible force
When hotel keeper not liable
1. The loss or injury was caused by force majeure, or robbery committed by a stranger by
force or intimidation
2. The loss was due to the act of guest, family, or visitors
3. The loss arises from the character of the things brought into the hotel
Exemption or diminution of liability
Hotel keepers right to retain
4. Sequestration or Judicial Deposit
When judicial deposit takes place
Nature and purpose of judicial deposit
Obligation of depositary of sequestrated property
Judicial and extrajudicial deposits distinguished
1. Cause of origin
2. Purpose
3. Subject matter
4. Remuneration
5. In whose behalf
Applicable law
C. GUARANTY
1. Nature and extent of guaranty
a. Definition and characteristics of guaranty
b. Classifications of guaranty
1. Guaranty in broad sense
2. As to its origin
3. As to consideration
4. As to the person guaranteed
5. As to its scope and extent
c. Definition of suretyship
d. Law applicable to contract of suretyship
e. Guaranty distinguished from suretyship
f. Guaranty generally gratuitous
g. Cause of contract of guaranty
h. Married woman as guarantor
1. Separate property
2. Conjugal or community property with consent
3. Conjugal or community property without consent but in cases provided by law
i. Guaranty undertaken without knowledge of debtor
j. Rights of third person who pays
1. Without knowledge, no subrogation; can recover only what the debtor has benefited
2. With knowledge, with subrogation
k. Guaranty of voidable, unenforceable, and natural obligations
l. Guaranty of future debts
m. Guaranty of conditional obligations
n. Guarantors liability cannot exceed principal obligation
o. Principals liability may exceed guarantors obligation
p. Guaranty not presumed
q. Guaranty strictly construed
r. Guarantors liability where guaranty definite
s. Guarantors liability where guaranty indefinite or simple
t. Liability of guarantor for judicial cost
u. Qualifications of guarantor
1. He possesses integrity
2. He has capacity to bind himself
3. He has sufficient property
v. Effect of subsequent loss of required qualifications
w. Selection of guarantor
1. Specified person stipulated as guarantor
2. Guarantor selected by the principal debtor
3. Guarantor personally designated by the creditor
2. Effects of guaranty
a. Effects of guaranty between the guarantor and the creditor
Guarantor entitled to benefit of excussion or exhaustion
All legal remedies against debtor to be first exhausted
Exceptions provided under article 2059 (benefit of excussion)
1. Right waived
2. Liability assumed that of surety
3. Insolvency of debtor actually exist
4. Debtor absconds or cannot be sued locally
5. Resort to all legal remedies useless
Duty of guarantor to set up benefit of excussion
Procedure when creditor sues
Effects of compromise between creditor and principal debtor
Subguarantor s right to excussion
b. Effects of guaranty between the debtor and the guarantor
Guaranty, a contract of indemnity
1. Total amount of the debt
2. Legal interest
3. Expenses incurred by the guarantor
4. Damages if due
Guarantors right to subrogation
Effect of payment by guarantor without notice to debtor
Effect of payment by guarantor before/after maturity
Effect of repeat payment by debtor
Remedy of guarantor to proceed against debtor before paymet
Remedy to obtain release from guaranty
Guarantor of a third person at the request of another
c. Effects of guaranty as between co-guarantors
Right to contribution of guarantor who pays (joint obligation)
Defenses available to co-guarantors
Liability of sub-guarantor in case of insolvency of guarantor
3. Extinguishment of guaranty
Causes of extinguishment of guaranty
a. Payment or performance
b. Loss of the thing due
c. Condonation or remission of the debt
d. Confusion or merger of the rights of the creditor and the debtor
e. Compensation
f. Novation
Release by conveyance of property
Release of guarantor without consent of others
Release by extension of term granted by creditor to debtor
Diligence on the part of creditor to enforce his claim
Release when guarantor cannot be subrogated
Defenses available to guarantor against creditor8
4. Legal and Judicial Bonds
D. PLEDGE
E. REAL MORTGAGE
F. ANTICHRESIS
G. CHATTEL MORTGAGE