Is affidavit of good faith required in chattel mortgage?
— The Chattel Mortgage Law, in its section 5, in describing what shall be deemed sufficient to constitute a good chattel mortgage, includes the requirement of an affidavit of good faith appended to the mortgage and recorded therewith.
What is the doctrine of mortgagee in good faith?
The doctrine of mortgagee in good faith presupposes that the mortgagor, who is not the rightful owner of the property, has already succeeded in obtaining a Torrens title over the property in his or her name and that, after obtaining the said title, he or she succeeds in mortgaging the property to another who relies on …
What is Affidavit of discrepancy?
An Affidavit of Discrepancy is a statement under oath attesting the truthfulness of a fact, in this case, the discrepancy in the entries in documents, with the purpose of explaining and clearing the discrepancy.
Can the mortgagor sell the mortgaged property explain?
1 8. That the MORTGAGORS shall not sell, dispose of, mortgage, nor in any other manner encumber the real property/properties subject of this mortgage without the prior consent of the MORTGAGEE (Deed and Amendment of Real Estate Mortgage). 9.
Can mortgagor sell mortgaged property?
According to section 58(b), in a simple mortgage, the mortgagor assures mortgagee that he shall repay the loan amount and in the event of default, he shall bind himself personally to sell the mortgaged property and thereby repay the loan amount.
What is the mirror doctrine?
Mirror Doctrine echoes the doctrinal rule that every person dealing with registered land may safely rely on the correctness of the certificate of title issued therefor and is in no way obliged to go beyond the certificate to determine the condition of the property. (
Can you sell a mortgaged property Philippines?
The stipulation in the real estate mortgage which prohibits the mortgagor from selling the mortgaged property without the written consent of the mortgagee contravenes the law. Article 2130 of the New Civil Code holds that a stipulation forbidding the owner from alienating the immovable mortgaged shall be void.
Is affidavit enough for name change?
Note: An affidavit reflects both your old and new names. It can be used for changing the whole name, surname, or just a few letters. For overseas Indians who would like to change their name, he/she needs to submit a deed stating the change of name, duly signed by the Indian High Commission office or the Indian Embassy.
Can a property be mortgaged twice?
Since, the same property cannot be mortgaged twice, you cannot take a loan against property on a property on which there is an active home loan. MAKE MONEY.
Whose permission is required to recover money selling mortgaged property?
The most important, fundamental and basic right possessed by the mortgagor is the right to redeem the mortgage. This right is not merely a contractual right, it is a legal/statutory right given to the mortgagor by Section 60, of TPA. This section allows the mortgagor to #redeem his property without any impediment.
Who is the legal owner of a mortgaged property?
The individual who mortgages his property against the loan is called “Mortgagor/Borrower.” While the individual/institution to whom the property is mortgaged is called “Mortgagee/Lender”.