Civil Code Art. 2112: Pledge

Statute: Civil Code
Article: Art. 2112
Topic: Pledge
Status: In force
Book: BOOK IV Obligations and Contracts
Title: TITLE XVI PLEDGE, MORTGAGE AND ANTICHRESIS
Chapter: CHAPTER 2 Pledge
Formerly: Art. 1872a of the old Civil Code
Year: 1949
Cited by: 1 Supreme Court decision in the Intellegal corpus

The provision

The creditor to whom the credit has not been satisfied in due time, may proceed before a Notary Public to the sale of the thing pledged. This sale shall be made at a public auction, and with notification to the debtor and the owner of the thing pledged in a proper case, stating the amount for which the public sale is to be held. If at the first auction the thing is not sold, a second one with the same formalities shall be held; and if at the second auction there is no sale either, the creditor may appropriate the thing pledged. In this case he shall be obliged to give an acquittance for his entire claim. (1872a)

Cases applying this article

Paray v. Rodriguez G.R. No. 132287

Civil Code, Art. 2112 is found in CHAPTER 2 Pledge of TITLE XVI PLEDGE, MORTGAGE AND ANTICHRESIS of BOOK IV Obligations and Contracts of the Civil Code of the Philippines (Republic Act No. 386).

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