Civil Code Art. 2115: Pledge

Statute: Civil Code
Article: Art. 2115
Topic: Pledge
Book: BOOK IV Obligations and Contracts
Title: TITLE XVI PLEDGE, MORTGAGE AND ANTICHRESIS
Chapter: CHAPTER 2 Pledge
Year: 1949

The provision

The sale of the thing pledged shall extinguish the principal obligation, whether or not the proceeds of the sale are equal to the amount of the principal obligation, interest and expenses in a proper case. If the price of the sale is more than said amount, the debtor shall not be entitled to the excess, unless it is otherwise agreed. If the price of the sale is less, neither shall the creditor be entitled to recover the deficiency, notwithstanding any stipulation to the contrary. (n)

Cases applying this article

Pameca Wood Treatment Plant v. Teves G.R. No. 106435

Related provisions in this Chapter

Civil Code, Art. 2099 Pledge
Civil Code, Art. 2093 Pledge

Civil Code, Art. 2115 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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