Credit transactions summary PDF
| Title | Credit transactions summary |
|---|---|
| Author | Maste Mind |
| Course | Law |
| Institution | Polytechnic University of the Philippines |
| Pages | 79 |
| File Size | 3.8 MB |
| File Type | |
| Total Downloads | 175 |
| Total Views | 241 |
Summary
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Description
CREDIT TRANSACTIONS CREDITTRANSACTIONS Q:Whatis A: It is a . Q:Whatis ? A:Itrefersto Q:Whatdocredittransactionsinclude? A:Theyinclude loansof: 1. 2. 3. money extended to another either gratuitously or onerously with a promisetopayordeliverinthefuture. Q:Whatis A:Itis Q:Whatarethetypesofsecurity? A: : when an individual become a oraguarantor.
Real or property: when an encumbrance is madeonproperty.
Q:Whatarethekindsofcredittransactions? A: 1. Ascontractsofsecurity a. – These are
b.
2.
or burdened by an encumbrance on property such . – These are contracts where performance by the principal debtor is not supported by collateral/s but only by a promise to pay or by the personal undertaking or commitmentofanotherpersonsuch asins .
Astotheirexistence a. Principal contracts – They can exist
b.
3.
depend on the existence of another contract. (e.g. commodatum and mutuum) Accessory contracts – They have to depend on another contract. These accessory contracts depend on the existence of a principal contract of loan. (e.g. guaranty proper, suretyship, pledge, mortgage and antichresis)
Astotheirconsideration a. Onerous – This is a contract where
b.
imposedlikeinterest. –Thisisacontractwhere there is (e.g.commodatum)
Q:Whatis ? A: It is orotherwisedealt with according to his directions, or kept until he reclaimsit,asthecasemaybe.
parang pinagkatiwala lan yung property ( deposit)
Note: Generally, n . No trustee‐beneficiary relationship is created.
Q: What are the contractual bailments with referencetocompensation? A: 1. For the sole benefit of the bailor (gratuitous) e.g.gratuitousdeposit,commodatum 2. For the sole benefit of the bailee (gratuitous) e.g.commodatum,mutuum 3. Forthebenefitofbothparties(mutual‐ benefitbailments) a. e.g. depositfor compensaton, involuntary deposit, pledge andbailmentsforhire: b. hireofthings–temporaryuse c. hire of service – for work or labor d. hireofcarriage ofgoods–for carriage e. hireofcustody–forstorage
alone. Their existence does not ACADEMICSC HAIR:LESTERJAY ALANE.F LORESII UNIVERSITYOFSANTOTOMAS VICEC HAIRSFORACADEMICS : KAREN J OYG.S ABUGO& JOHNHENRYC. MENDOZA Facultad de Derecho Civil VICECHAIRFORADMINISTRATIONAND FINANCE:J EANELLEC. LEE VICEC HAIRSFOR LAY‐OUT ANDD ESIGN: E ARLLOUIE M. MASACAYAN& T HEENAC.MARTINEZ
375
UST GOLDEN NOTES 2011 I.LOAN Q:Whatis A: It is a or Art.1933,NCC) Q:Whatarethekindsofloan? A: 1. where the bailor (lender) delivers to the bailee (borrower) a ‐ so that the latter may use it for a given timeandreturnthesamething 2. – where the bailor (lender) deliverstothebailee(borrower)money or other upon the conditionthatthelatter shallpaysame amountofthesamekindandquality Q:Whatmaybetheobjectofacontractofloan? A:Itdependsuponthekindofloan. 1. Commodatum – the object is generally notconsumable; 2. Mutuum–theobjectisconsumable. Q: Distinguish consumable from non‐ consumablethings. A:A (Art. 418) (e.g. food, firewood, gasoline) On the other hand, a ‐ (Art.418)(e.g.car,television,radio) Q:Distinguishfungiblefromnon‐fungiblethings. A: is one where the parties have agreedtoallowthe thethinggiven ordeliveredwithan (3Manresa 58). ‐ is one where the parties have the intention of having the s (Ibid). Note:Astowhetherathingisconsumableornot, it dependsuponthenatureofthething.
376
Astowhether it isfungibleornot, itdepends upon theintentionoftheparties. Fungiblesareusuallydeterminedbynumber,weight ormeasure.
Q:Arenon‐fungiblethingsirreplaceable? A: GR: ‐ Theymustbereturnedtothelenderafter the purposeoftheloanhadbeenaccomplished. XPN:Non‐fungible thingsmaybe replacedby agreement of the parties. In such case, the contractisbarterandnotloan. Q:Distinguishloanfrom: Credit; Discount; Rentorlease;and Barter. A: CREDIT byvirtueofthe confidencereposedby thelenderuntohimthat hewillpaywhathehas promised DISCOUNT Interestisdeductedin advance Alwaysondouble‐name paper RENT The heloseshis controlovertheproperty rentedduringtheperiod ofcontract Landlord‐tenant relationship BARTER Subjectmatterare ‐ Thereisa e resultinginthetransfer ofownershiponboth sides The
subjectofthe exchange
LOAN Deliverybyonepartyandthe receiptbytheotherpartyofa givensumofmoney,uponan agreement,expressedorimplied, torepaythesumloaned,withor withoutinterest LOAN Interestis Generallyonasingle‐namepaper LOAN
The
Obligor‐obligeerelationship LOAN Subjectmatteris inmutuum,t
incommodatum,t upon
CIVILLAWTEAM: ADVISER:ATTY.ELMERT.RABUYA ;SUBJECTHEAD:ALFREDOB.DIMAFELIXII; ASST.SUBJECTHEADS:KARENFELIZG.SUPNAD,LAMBERTOL.SANTOSIII;MEMBERS:PAULELBERTE.AMON,ALSTONANARNA,OZANJ. FULLEROS,CECILIOM.JIMENO,JR.,ISMAELSARANGAYA,JR.;CONTRIBUTORS:LOISERAEG.NAVAL,MONICAJUCOM
CREDIT TRANSACTIONS Q:Whatis A: It is a . (Art. 1638,NCC) Q: What is the legal bywayofmutuum orsimpleloan? A:Itis Art. 1934,NCC). Q: What is the effect if the loan is for an unlawfulpurpose? A: The bailor may immediately recover the thing before any illegal act is committed and provided he is innocent or in good faith (Arts. 1411 and 1412, NCC). A.COMMODATUMANDMUTUUM COMMODATUM Q:Whatiscommodatum? A:Itisa Q: What are the characteristics of a contract of commodatum? A: 1. – ortheperfectionof thecontract 2. t – , 3. Essentially 4. Purpose is to 5. Principalcontract 6. Purelypersonalcontract Q:Whatarethe ? A:Theremustbe: 1. ab
2. 3.
the it
g
Q:Whatcouldbethesubjectofcommodatum? A: GR: Under Art. 1933, the subject matter of ‐ becausethethingmustbereturned. XPN: C Aftertheaffair,thesame and identical goods shall be returned to the lenderorbailor(Art.1936,NCC). Q:Whatmaybetheobjectofcommodatum? A:Both (Art.1937,NCC) Q:Whatarethe A: 1. 2. – one whereby the b in thefollowingcases: a. ifthed of thecontract had ; b. if the o which the thing loanedshouldbedevotedhad or c. if the use of the thing is merely by tolerance of the owner Note: The word “owner” in Art. 1947 (2) is not proper becausethebailorneed notbetheownerof the thing. (Pineda,CreditTransactionsandQuasicontracts, p.26, 2006ed)
Q: What are the consequences of the purely personalcharacterofcommodatum? A: GR: C Art. 1939,NCC)
ACADEMICSC HAIR:LESTERJAY ALANE.F LORESII UNIVERSITYOFSANTOTOMAS VICEC HAIRSFORACADEMICS : KAREN J OYG.S ABUGO& JOHNHENRYC. MENDOZA Facultad de Derecho Civil VICECHAIRFORADMINISTRATIONAND FINANCE:J EANELLEC. LEE VICEC HAIRSFOR LAY‐OUT ANDD ESIGN: E ARLLOUIE M. MASACAYAN& T HEENAC.MARTINEZ
377
UST GOLDEN NOTES 2011 XPN: By stipulation, the commodatum is transmitted to the heirs of either or bothparty. In case of lease of the thing commodatum: GR: The XPN: M
subject of
Q:Distinguishcommodatumfromlease. A: COMMODATUM Realcontract ‐ (non fungible)thing
LEASE Consensual Objectmayevenbe workorservice
MUTUUM Q:Whatismutuum? A: It is su Q: What are the characteristics of a contract of mutuum? A:
378
Q: A:
COMMODATUM
MUTUUM Object (Non‐
‐
Cause otherwiseitisa lease Purpose Useort ofthethingloanedbut GR: not its fruit because the bailorremainstheowner XPNs: use of the fruits is stipulated; enjoyment of the fruits isstipulated;or enjoyment of the fruits isincidentaltoitsuse SubjectMatter R Generally ‐ property Ownershipofthething Retainedbythe Thingtobereturned E Whobearsriskofloss Whentoreturn Incaseofurgentneedeven beforetheexpirationof term(thecontractisinthe meantimesuspended) Contract Contractofuse G
fungible)
XPNtotheXPN: Contrarystipulation;or Natureofthethingforbidssuchuse.
Note:Mereissuanceofchecksdoesnot perfectthe contractofloan.Itisonlyafterthecheckshavebeen encashed that the contact may be deemed perfected. Further, when the movable thing deliveredinloanisnottobereturned to thebailor, but may be substituted or replaced with another equivalentthing,itisafungiblething.
Note: Membersof thebailee’s household arenotconsideredasthirdpersons.
Note:H
CIVILLAWTEAM: ADVISER:ATTY.ELMERT.RABUYA ;SUBJECTHEAD:ALFREDOB.DIMAFELIXII; ASST.SUBJECTHEADS:KARENFELIZG.SUPNAD,LAMBERTOL.SANTOSIII;MEMBERS:PAULELBERTE.AMON,ALSTONANARNA,OZANJ. FULLEROS,CECILIOM.JIMENO,JR.,ISMAELSARANGAYA,JR.;CONTRIBUTORS:LOISERAEG.NAVAL,MONICAJUCOM
CREDIT TRANSACTIONS Q:Distinguishmutuumfrom: Lease;and Barter.(seeArticle1954) A: MUTUUM
O
LEASE ‐
Thereist
Not
Creditor‐debtor relationship Unilateral
p
Lessor‐lesseerelationship Bilateral
MUTUUM Subjectmatteris Mayb onerous Whileinmutuum,there is
T
BARTER
s
Thereisa
Note: In case of extraordinary inflation – value of the currency at the time of the creationoftheobligation.
‐
. If cannot be done,thevalueof thethingat thetime of its perfection (delivery) shall be the basisofthepaymentoftheloan.
s
.
The
Su
contract which cannot be perfected u Q: Whatarethegoverningruleson paymentof loan? A: It depends on the object of the contract of loan. Money – governed by Arts. 1249 and 1250, NCC GR: Payment shall be made in the currencystipulated. XPN: Ifnot, that currencywhich is legal tenderinthePhilippines.
Q:Whatisthec A: 1. As to the b 2. As to the (Monte de Piedad v. Javier, CA,36Off.Gaz.2176). Q:Whatmaybethe ? A: s. Q:Can A: Art.1958,NCC). Q:Whenisacontractofsimpleloanperfected? A: , such as deposit, pledge and commodatum, a (Art.1316, NCC) While mutuum or simple loan is not mentioned, it has the same character as commodatum. Hence, mutuum is also a real
Q:May A:
‐
‐
Q: Can ? A: If he consumedor disposedofthething, theactwhich is an act of ownership is not misappropriation. Hence, there is no basis for a criminal prosecution. Q: Does destruction of the thing loaned extinguishone’sobligationinasimpleloan? A: The d .
ACADEMICSC HAIR:LESTERJAY ALANE.F LORESII UNIVERSITYOFSANTOTOMAS VICEC HAIRSFORACADEMICS : KAREN J OYG.S ABUGO& JOHNHENRYC. MENDOZA Facultad de Derecho Civil VICECHAIRFORADMINISTRATIONAND FINANCE:J EANELLEC. LEE VICEC HAIRSFOR LAY‐OUT ANDD ESIGN: E ARLLOUIE M. MASACAYAN& T HEENAC.MARTINEZ
379
UST GOLDEN NOTES 2011 Q: Who are the p ? Distinguish. A: 1. – the ‐ the . 2. – the r‐theparty . B.OBLIGATIONSOFTHEBAILORANDBAILEE BAILOR OBLIGATIONSOFTHEBAILOR Q:Whataretheobligationsofthebailor? A: A or until the accomplishment of the purpose. . GR: The XPN:In casethere is urgency and delay wouldcauseimminentdanger. Note: If the extraordinary expenses arise on the occasion of the actual use of the thing loaned by the bailee, the expenses shall be borne by the bailor and bailee equally,eventhoughthebaileeiswithout fault.(Art.1949,NCC)
To be
3. 4. 5.
the
and the
;
Q:Whatisthecauseofactionagainst the bailor whodidnotdisclosetheflawordefect? A: ‐ RIGHTSOFABAILOR Q: Can the bailor demand the return of thing loanedanytimehepleases? A: GR:No XPNs: 1. Incaseofurgentneedbythebailor 2. Incaseofprecarium 3. If the bailee commits an act of ingratitudetothebailor(Art.1948,NCC), towit: a. If the bailee should commit some offenses against the person,honorortheproperty of the bailor, or his wife or children under his parental authority; b. If the bailee imputes to the bailoranycriminialoffense,or any act involving moral turpitude, even though he should prove it, unless the crime or the act has been committedagainstthebailee, his wife or children under his authority;or c. If the bailee unduly refuses the bailor support when the bailee is legally or morally bound to give support to the bailor.
Note: The rationale for the application of Art. 765 which refers to donations is the fact that commodatum,likedonation,isgratuitousinnature.
Q:Whenisthe ? A:Whenthefollowingrequisitesarepresent: 1. there 2. thef ;
Q: If the contract of commodatum is a precarium,willArt.1942(1)and(2)stillapply? A:It depends. If there has been a demand on the part of the bailor before the loss of the thing underthecircumstancessetforthunderArt.1942 (1)and(2)andthebaileedidnotreturnthething,
380
.
CIVILLAWTEAM: ADVISER:ATTY.ELMERT.RABUYA ;SUBJECTHEAD:ALFREDOB.DIMAFELIXII; ASST.SUBJECTHEADS:KARENFELIZG.SUPNAD,LAMBERTOL.SANTOSIII;MEMBERS:PAULELBERTE.AMON,ALSTONANARNA,OZANJ. FULLEROS,CECILIOM.JIMENO,JR.,ISMAELSARANGAYA,JR.;CONTRIBUTORS:LOISERAEG.NAVAL,MONICAJUCOM
CREDIT TRANSACTIONS then the latter is liable. However, if there has beennodemandonthepartofthebailorandthe thingwaslost,thebailorisestoppedandcannot hold the bailee liable for under a contract of precarium, the use of the thing by the bailee depends on the pleasure of the bailor and no timeisfixedforsuchuse.Hence,demandonthe partofthebailorisneededfor thereturn ofthe thing. Without such, l...
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