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A Report on Concurrence & Preference of Credits

A Report on Concurrence & Preference of Credits

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Published by Hanna Mapandi
Explanatory notes per article with relevant cases, digested : Manabat vs Laguna Federation of Facomas, Atlantic Erectors Inc vs Herbal Cove Realty
Explanatory notes per article with relevant cases, digested : Manabat vs Laguna Federation of Facomas, Atlantic Erectors Inc vs Herbal Cove Realty

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Published by: Hanna Mapandi on Mar 13, 2012
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09/16/2014

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CREDIT TRANSACTIONS
A REPORT ON TITLE XIV OF THE NCC:CONCURRENCE & PREFERENCE OFCREDITSArticles 2236-2251
FAIZ B. BERUA | CAIRALYN D. GANDAMRA | SITTIE ALIYYAH A. LOMONDOT | FARHANNAB. MAPANDI
3/11/2012
AY 2011 – 2012 | SEM 2 | PROFESSOR: ATTY. JERLIE LUIS REQUERME
 
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BERUA | GANDAMRA | LOMONDOT | MAPANDI
TITLE XIV: CONCURRENCE & PREFERENCE OF CREDITS(Articles 2236-2251)
CONCURRENCE OF CREDITS, definition.
It implies possession by two or more creditors of equal right or privileges overthe same property or all of the property of a debtor.
PREFERENCE OF CREDIT, definition.
It is the right held by a creditor to be preferred in the payment of his claimabove other out of the debtor’s assets.
CHAPTER 1 : GENERAL PROVISIONSART. 2236
The debtor is liable with all his property, present and future, for thefulfillment of his obligations, subject to the exemptions provided by law.
What can the creditor do if the debtor has no money?
1.Attach property not exempt from attachment;
Properties exempt from attachment:a)The family home, except in certain cases;b)The right to support, annuities, pensions (incertain instances);c)Properties in custodia legis;d)Properties of a municipal corporation used forgovernmental purposes;e)In certain cases, homesteads acquired underthe Public Land Act; andf)Those mentioned in Rule 39, Sec. 13, Rules of Court.2.Exercise accion subrogatoria;
Accion subrogatoria (defn).The right to exercise allrights and actions except those inherent in the person.3.Exercise accion pauliana;
Accion pauliana (defn).Impugn or rescind acts or contractsdone by the debtor to defraud the creditors.4.Ask for dation in solutum, cession, file insolvencyproceedings; and
Datio in solutum (defn).Roman word which implies givingin payment or in clearer terms, it refers to an act of discharging a debt by giving something instead of payingin money. In this method any movable or immovableproperty can be given to the creditor instead of money tosatisfy the creditors claim.
 
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BERUA | GANDAMRA | LOMONDOT | MAPANDI
Cession (defn).Refers to the assignment of property toanother entity.
Reg. Insolvency Proccedings : Insolvency proceedings canonly be resorted to if all the requisite conditions arepresent.5.Wait til the debtor has money or property in the future.
Requisite: The obligations must already be due.
ART. 2237
Insolvency shall be governed by special laws insofar as they arenot inconsistent with this Code.
 The Civil Code prevails over special laws.
ART. 2238
So long as the conjugal partnership or absolute community subsists, its property shall not be among the assets to be taken possession of by the assignee for the payment of the insolvent debtor’s obligations, except insofar as the latter have redounded to the benefit of the family. If it is thehusband who is insolvent, the administration of the conjugal partnership or absolute community may, by order of the court, be transferred to the wife or toa third person other than the assignee.
 
Exemption of properties of the Conjugal Partnership or of the AbsoluteCommunity applies provided that:
 The conjugal partnership or the absolute community subsists; and
 The obligation did not redound to the benefit of the family.
ART. 2239
If there is property, other than that mentioned in the precedingarticle, owned by two or more persons, one of whom is the insolvent debtor,his undivided share or interest therein shall be among the assets to be taken possession of by the assignee for the payment of the insolvent debtor’sobligations.
Rule in case of co-ownership:The undivided share or interest shall bepossessed by the assignee.
ART. 2240
Property held by the insolvent debtor as a trustee of an express or implied trust, shall be excluded from the insolvency proceedings.
Reason for the article: The trustee is not the owner of the property held. Thus, it should not respond for the insolvent trustee’s obligation.

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