promisory note with collateral.. need the right term

[jansky]

HI guys

what is the right term ..

IN the event that the remaining amount is not paid after the maturity, or when becomes due under any of the provisions, this promisory note shall become due and executable and I hereby authorize blah blah blah at its option and withour prior notice ......????
na ung tricycle eh hahatakin at magiging kabayaran


sensya na di ko maisip ung tamang term.. hehehe

[wowiesy]

collateral yan... not sure kung pwede kunin agad pambayad.. the usual way is mortgage (may chattel mortgage, idadaan sa Registry of Deeds and BIR, then LTO)... then kapag hindi nakabayad, hahatakin.. physically yes hahatakin.... kung sa LTO nakapangalan sa borrowee.. okay na.. pero kung nakapangalan na sa borrower... may foreclosure proceedings pa para mailipat sa borrowee uli...

yung iba.. may side contract na na readily signed... deed of sale na...

ang tingin ko mahirap (since di pa ako naka encounter.. although manghula ako there may be a way) is even if you put on the Promissory Note na in the event di makabayad, batakin mo yung tricycle.. and you have a side contract na deed of sale na for the tricycle... debateable pa rin yung definition ng "hindi makabayad"... you still have to prove na hindi makabayad... kung late ng 1 month, 2 month payment.. does that mean di na makabayad? i suggest pati yan ilinaw sa promissory note.. para the documents will speak for itself na lang...

you can present the promissory note (which by the way should be done properly.. pay the doc stamps tax etc.. para in the event umabot sa korte... fully legal.. minsan technical.. porke naka notaryo okay na.. hanapin pa rin yung taxes bayad dapat..)... the statement of account and the proof of payments... (which will show na based on your definition sa promissory note... hindi na nga nakakabayad).. then you can show the deed of sale... kung ganyan.. baka okay na.... sa legal there may be issues.. but since may deed of sale na.. mailipat na yan ng LTO.. at least once na nailipat na sa yo rehistro.. burden na ng kabilang partido yung mag claim na sa kanila yun etc etc.. mas mahirapan sila... sila na ang gagastos...

i still think the traditional way (chattel mortgage) is what most are used to... matrabaho nga lang...

[jansky]

Thanks for the pointers and the legal side, I decided na magkaroon na ng deed of sale na lang kaysa itong promisory note

[motoring guy]

promissory note is a promise that is why there is no collateral, what you could have done is a memo of agreement signed and notarized or even better is a deed of sale that will only take effect if there is no payment.