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RFTB

The document discusses two questions regarding mortgages. For the first question, the document states that future property cannot be the object of a mortgage, as one of the requirements of a mortgage is that the mortgagor must be the absolute owner of the property being mortgaged. For the second question, the document notes that a third party who pledges or mortgages their property to secure another's debt is only liable up to the value of the pledged/mortgaged property, unless they expressly agreed to assume the principal obligation.

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chad macatangay
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112 views

RFTB

The document discusses two questions regarding mortgages. For the first question, the document states that future property cannot be the object of a mortgage, as one of the requirements of a mortgage is that the mortgagor must be the absolute owner of the property being mortgaged. For the second question, the document notes that a third party who pledges or mortgages their property to secure another's debt is only liable up to the value of the pledged/mortgaged property, unless they expressly agreed to assume the principal obligation.

Uploaded by

chad macatangay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Macatangay, Chad R.

C3S

1. May property acquirable in the future be mortgaged?

Future property cannot be the object of a contract of mortgage. One cannot constitute a mortgage on
“any other property he might have now and those he might acquire in the future.” One of the essential
requisites of mortgage is that the mortgagor should be the absolute owner of the thing mortgaged.

2. Is a third person who pledged and/or mortgaged his property (accommodation mortgagor) liable for
the deficiency?

- Third persons may pledge or mortgage their property to secure another person's debt. However, they
can be held liable only to the extent of the value of their property. the pledgor is not liable for any
deficiency should the property be not sufficient to cover the debt.

but with respect to mortgage, they may be held liable for any deficiency in case of foreclosure only if:
the third person expressly agreed to assume the principal obligation.

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