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Real Mortgage

What is a Contract of Real Mortgage? Kinds of Mortgages


- An accessory contract whereby a. Voluntary
the debtor guarantee the b. Legal
performance of the principal c. Equitable
obligation by subjecting real
property or real rights as Effects of Mortgage
security in case of non- a. Creates real right
b. Creates merely an
performance if such obligation
encumbrance. It does not
within the period given.
extinguish the title of the debtor
who remains the owner
What are its Elements?
1. Constituted to secure the
What is the Mirror Doctrine?
performance of the principal
- All persons dealing with the
obligation
2. Mortgagor must be the absolute property covered by the Torrens
owner of the property Certificate of Title as buyers or
mortgaged mortgagees are not required to
3. Mortgagor should have free go beyond what appears in the
disposal of the property and in face of the title.
the absence thereof, he should
be legally authorized for the Diligence Required for Banks
purpose - Banks must investigate further,
4. When principal obligation impressed with public interest
becomes due, the property and are expected to exercise
mortgaged may be alienated more care and prudence.
for the payment of such
obligation Extent of Mortgage
5. Subject matter must be a. Natural accessions
immovable property or b. Growing fruits
alienable real rights upon c. Rents or income not yet
immovables received when the obligation
becomes due
Special Requisites: d. Amount of indemnity granted or
1. Immovable owing to the proprietor from:
2. Public instrument i. Insurer of the
3. Registered (not for validity, only property managed
to bind 3rd persons) ii. Expropriation for
public use
Characteristics: Exceptions:
1. Real a. Stipulation
2. Accessory b. Evidence overthrowing the
3. Subsidiary presumption that the mortgagor
4. Unilateral owns the mortgaged property.
5. Indivisible and Inseparable
Registration unregistered right. Mortgagor
Once a mortgage has been signed in has no right to mortgage
due form, the mortgagee is entitled to property not of his own.
its registration as a matter of right.
What is the effect of registration when Subsequent Registration of an Adverse
a third person has a better right? Claim
- A registered mortgage right - A prior lien creates a
over property previously sold is preference.
inferior to the buyers

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