- Statute
- Philippine Civil Code
- Article
- Art. 2140
- Topic
- Chattel Mortgage
- Status
- In force
- Book
- BOOK IV Obligations and Contracts
- Title
- TITLE XVI PLEDGE, MORTGAGE AND ANTICHRESIS
- Chapter
- CHAPTER 5 Chattel Mortgage
- Year
- 1949
- Cited by
- A Supreme Court decision
The provision
By a chattel mortgage, personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation. If the movable, instead of being recorded, is delivered to the creditor or a third person, the contract is a pledge and not a chattel mortgage. (n)
Intellegal Wiki · In plain terms
In a chattel mortgage, movable (personal) property is entered in the Chattel Mortgage Register to secure the performance of an obligation, while the owner keeps possession of the thing. If instead the movable is physically handed over to the creditor or a third person, the arrangement is legally a pledge, not a chattel mortgage.
An editorially maintained plain-language explanation of this provision — not legal advice.
Cases applying this article
- Susana Salido v. Court of Appeals G.R. No. 76671
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