Professional Documents
Culture Documents
___1. The right of a mortgagor in a judicial foreclosure to redeem the mortgaged property after his default in the
performance of the conditions of the mortgage but before the sale of the mortgaged property or confirmation of the sale by
the court is known as
a. Accion pauliana b. Equity of redemption c. Pacto de retro d. Right of redemption
___2. X constituted a chattel mortgage on a car (valued at Php 1M) to secure a Php 500,000 loan. For the mortgage to be
valid, X should have
a. The right to mortgage the car to the extent of half of its value.
b. Ownership of the car.
c. Unqualified free disposal of his car.
d. Registered the car in his name.
___3. X, at Y’s request, executed a Real Estate Mortgage on his (X’s) land to secure Y’s loan from Z. Z successfully
foreclosed the mortgage when Y defaulted on the loan but half of Y’s obligation remained unpaid. May Z sue X to enforce
his right to the deficiency?
a. Yes but solidarily with Y
b. Yes since X’s is deemed tow arrant that his land would cover the whole obligation
c. No since it is the buyer at the auction sale who should answer for the deficiency.
d. No because X is not Z’s debtor.
___4. The following may be the objects of contract of pledge, except
a. Shares of stocks b. Pieces of jewelry c. An agricultural land d. A negotiable bill of exchange
___5. Which of the following statements is not correct?
a. If the thing pledged will be returned by the pledge, the contract of pledge is extinguished.
b. Unlawful partnership is void ab initio.
c. Any stipulation allowing pledge or mortgagee to appropriate the thing pledged or mortgaged is void.
d. In case the creditor foreclosed the chattel mortgage, he cannot recover any deficiency in case the proceeds of
the foreclosure sale are less than the unpaid obligation.
___6. For failure of the debtor to pay two installment payments, the creditor foreclosed the chattel mortgage constituted to
secure the obligation amounting to P200,000. The proceeds amounted to P220,000. In this case
a. The debtor gets the P20,000 only if stipulated.
b. The debtor gets the P20,000 even if not stipulated.
c. The creditor gets the excess even if not stipulated.
d. The creditor gets the excess whether or not it is stipulated.
___7. A pledged his watch to B for P20,000. A failed to pay his obligation. B sold it at public auction for P18,000. Can B
recover the deficiency?
a. Yes even without stipulation c. No even if there is stipulation
b. Yes if there is stipulation d. No unless there is stipulation
___8. Using the preceding number, if the sale is for P22,000, can A recover the excess?
a. Yes even without stipulation c. No even if there is stipulation
b. Yes if there is stipulation d. No unless there is stipulation
___9. A mortgaged his car to B for P200,000. A failed to pay his obligation. B sold it at public auction for P180,000. Can B
recover the deficiency?
a. Yes even without stipulation c. No even if there is stipulation
b. Yes only if there is stipulation d. No unless there is stipulation
___10. Using the preceding number, if the sale is for P220,000, can A recover the excess?
a. Yes even without the stipulation c. No even if there is stipulation
b. Yes only if there is stipulation d. No unless there is stipulation