RECTO & MACEDA LAW

Recto Law (Civil Code Art. 1484 - 1486)

- "Installment Sales Law"
- Applies to:
* sale of personal property by installment
* contracts purporting to be leases with an option to buy, when the
lessor deprived lessee of the possession of the thing
- Article 1484
* vendor may exercise any of the ff remedies:
> exact fulfillment of obligation, should the vendee fail to
pay
> cancel the sale, failure to pay two or more installments
> foreclose the chattel mortgage on the thing sold
- Article 1485
* preceding article should be applied to contracts purporting to be
leases with an option to buy, when the lessor deprived lessee of the possession
of the thing
- Article 1486
* In the cases referred in the previous articles, stipulations that
payments shall not be returned shall be valid insofar as the same may not be
unconscionable under the circumstances