Bernardino, Aira Kaye M.

BSMA 3
Quiz no.2 in CAE 19

1. A Pactum commissorium as for what I’ve learned was illegal and not prohibited under
philippine law it is either null or void. It it is an automatic appropriation by the creditor of
the thing pledged or mortgaged upon the failure of the debtor to pay the principal
obligation or commits a breach of the loan agreement. In short, the essence of pactum
commissorium is that ownership of the security will pass to the creditor by mere default
of the debtor. The mortgagee cannot automatically appropriate to himself the mortgaged
property upon my failure to pay my obligation but he has the option to foreclose the
mortgage and even purchase the same in a foreclosure sale. For example, I borrowed
money worth of P800,000 to my friend Isabela with an interest of 3% payable to 18
months, we agreed to mortgage a lot my real property in pampanga to secure the loan. I
already paid 9 months to her but due to COVID I lost my job and cannot pay her
anymore. After 3 months I want to pay her but then she said the property was already
sold to her upon my failure to pay and refused to accept the money anymore. These is
example of pactum commissorium but under the law I can still get my property because
that is illegal or null and void.
The case was different with the Traditio constitutum possessorium because it is a type of
constructive delivery in which mediate possession is transferred while the immediate
control or custody remains in the transferor. In here the seller has a continuous possession
of a thing whether real or personal property thereof under a different title, such as that of
a lessee, pledgee or depositary. The transferor retains physical control of the thing to be
transferred but he acknowledges that the transferee henceforth owns the thing and that he
retains it on behalf of the latter. For Example I am selling my old Nike shoes for P1,000
and Juan bought the shoes, he already paid to me but said that I have to kept the shoes on
my house for cleaning. Juan bought it but I still have the possession of the thing.

2. A joint and several obligation is one where each of the debtor is responsible for a
proportionate part of the debt, and each creditor is entitled to only a proportionate part of
 the credit. A joint obligation is one in which each debtor is liable for the entire obligation,
and each creditor is entitled to demand the whole obligation. Hence in several obligation
each debtor can recover only his share of the obligation, and each debtor can be made to
pay only his part, whereas in joint obligation each creditor may enforce the entire
obligation and each debtor may be obliged to pay in full.
For example in several obligation, Ana, Bea, Clara and Dina bought a 1000 square meters
of land in Cebu for second branch of their business to Mr. Lopez in account that is worth
P5 Million, after 6 months they already paid P1 Million but their business got bankrupt
and cannot pay to Mr. Lopez, so that each Lender shall only be obligated to fund its
Percentage of each disbursement to be made hereunder up to the amount of its
Commitment. Failure of any Lender to fulfill its obligations hereunder shall not result in
any other Lender becoming obligated to advance more than its Commitment, nor shall
such failure release or diminish the obligations of any other Lender to fund its
Commitment provided herein. But in Joint obligation, One of Ana, Bea, Clara and Dina
shall pay the whole remaining balance whoever had the most asset or can pay the whole
debt or whose Mr. Lopez wants to pay.

3. Yes, Mr. Peter Rabbit is liable for violation of BP 22 because a post dated check is
intentionally to delay payment to the recipient, while the Michelle may accept it simply
because the check represents a firm date on which it will be able to deposit the check.
This situation represents a risk to the check Michelle, since the passage of time result in
there being no cash left in the Mr. Rabbit’s bank account to be used to pay the amount
listed on the check when it is presented to the bank for payment. He should have sure that
the amount on his bank account has always a fund when he knows he has obligations but
he issued a bouncing checks.

4. My amendments to the Bank secrecy law will be the confidentiality of an account may
request to open only to a lawyer or accountant conditionally or unconditionally to the
holder of the bank account when transactions or the deposited amount of within 12
months already exceeded to P100 Million and have the ID or Identification card in
opening the bank account should be very strict and additional requirements and surveys
 should be done, and will be called “Exceptions to Confidentiality in support of bank
secrecy”. There are exceptions to secrecy of bank to allow inquiry into bank deposits
even without agreement when Incase of impeachment or upon order of competent court
in cases of bribery or in any case where the money deposited is subject matter of
litigation.

5. When a promise or order is conditional therefore instrument is not negotiable for example
when I have a debt of P500,000 to Mr. Alvarez and I said that I promise to pay him after
my visa approved to go in U.S to work. Since it is not certain that my visa will be
approved and that I can work to U.S Mr. Alvarez cannot accept it therefore it is not
negotiable. Another example is when, I promise to pay my debt to Dr. Tan when I won to
a singing competition with a reward prize of P5,000. Since it is not sure if can win the
prize in the said competition it is not acceptable and so not negotiable.