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Chattel Mortgage

Dami Car took out a loan of an unspecified amount from Dami Pera and used his motor vehicle as collateral through a chattel mortgage. The mortgage document details Dami Car as the owner of the vehicle and Dami Pera as the recipient of the loan, and specifies that upon repayment, the contract is null and void, but otherwise can be foreclosed. Dami Car and Dami Pera, along with witnesses, had the document notarized to validate the loan agreement and prevent fraud against creditors.

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Eve Salt
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339 views3 pages

Chattel Mortgage

Dami Car took out a loan of an unspecified amount from Dami Pera and used his motor vehicle as collateral through a chattel mortgage. The mortgage document details Dami Car as the owner of the vehicle and Dami Pera as the recipient of the loan, and specifies that upon repayment, the contract is null and void, but otherwise can be foreclosed. Dami Car and Dami Pera, along with witnesses, had the document notarized to validate the loan agreement and prevent fraud against creditors.

Uploaded by

Eve Salt
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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CHATTEL MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

That I, DAMI CAR, of legal age, single and a resident of Davao City, for and in consideration of the loan of _______________ PESOS (P_______), granted to me by DAMI PERA, also of legal age, single and a resident of Davao City, to be paid ___ (__) year from date hereof, have transferred and conveyed by way of Chattel Mortgage unto said DAMI PERA, his heirs, successors and assigns, free from all liens and encumbrances that certain motor vehicle, at present in my possession at my address, more particularly described as:

Model/Make No./Color Chassis No. Engine No.

: : :

of which I am the true and absolute owner by title thereto, being evidenced by Registration Certificate of Motor Vehicle No. _________ issued in my name by the Land Transportation Office on ___________.

This Chattel Mortgage has been executed in order to secure the full and faithful payment of my obligation to DAMI PERA in accordance with the terms and conditions of this instrument; Upon payment, this contract shall become null and void; otherwise, it shall continue in full force and effect and may be foreclosed in accordance with law.

IN WITNESS WHEREOF, I have signed this instrument on __ day of _____ 2013 at Davao City.

DAMI CAR

Affidavit of Good Faith

We severally swear that DAMI CAR, mortgagor, and DAMI PERA, mortgagee, have executed the foregoing Chattel Mortgage in order to guarantee as good and binding the obligations mentioned above and is not intended to defraud creditors.

DAMI PERA

DAMI CAR

Signed in the presence of:

USISERO 1

USISERO 2

ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES) CITY OF DAVAO) S.S.

BEFORE ME this day personally appeared:

Name

Government Issued ID

Date/place of Issue

to me known and known to me to be the same person/s who signed and executed the foregoing Agreement and each acknowledged to me that the same is executed as his free and voluntary act and deed and that of the entity represented for the uses and purposes therein set forth.

This instrument, consisting of __ pages, including the page on which this acknowledgment is written, has been signed on the left margin of each and every page thereof by _________ and _________ and their witnesses, and sealed with my Notarial seal.

IN WITNESS WHEREOF, I have hereunto affixed my signature and notarial seal in Davao City, this ____th day of ______________ 2013.

N.O. Taryo Notary Public

Until December 31, 2013 PTR No. 1234567890 Issued at Davao City On January 5, 2013

Doc. No. ______ Page No.______ Book No. _____ Series of 2013

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