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  1. shadow's Avatar
    shadow
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    June 1st, 2011 03:10 PM #1
    I need the documents that you sign if you avail ng ganito? meron kasi mag sanla ng kotse pero hinde ko kunin ang kotse...anong documents ba yun?

    hinde pwede open deed of sale. 'coz the amount na hihiramin is ridiculously low sa value ng kotse.

    what I need isyun parang sinasabi lang na this car is mortgage ng ganitong amount then this car serves as collateral pag hinde nabayaran eh yun car ang bayad...something like that.

    but I need the format. and what do you call that document?

    TIA
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  2. ab_initio's Avatar
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    June 1st, 2011 08:03 PM #2
    chattel mortgage

    there can be no deed of sale because the intention is just to give security to a loan.

    what you're gonna do is to let the debtor execute a promissory note and incorporate that in the chattel mortgage. you have that register if you really are serious of going after the security in case the debtor defaults in paying.
    Last edited by ab_initio; June 1st, 2011 at 08:14 PM.
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  3. shadow's Avatar
    shadow
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    June 1st, 2011 08:58 PM #3
    can you give me links where I can get the wordings?
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  4. ab_initio's Avatar
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    June 1st, 2011 09:06 PM #4
    hth:

    Free Legal Form: Chattel Mortgage
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    June 1st, 2011 09:20 PM #5
    how about yun promissory note? or pwede na yun chattel mortgage?
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  6. ab_initio's Avatar
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    June 1st, 2011 09:27 PM #6
    Quote Originally Posted by shadow View Post
    how about yun promissory note? or pwede na yun chattel mortgage?
    you may modify this one and integrate this doc in the CM:

    Free Legal Form: Acknowledgement of Debt

    next question may bayad na. j/k
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  7. shadow's Avatar
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    June 1st, 2011 09:32 PM #7
    what do you mean integrate? hinde ba pwede separate document na lang sila? parang sa car loan sa bank?
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  8. ab_initio's Avatar
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    June 1st, 2011 09:41 PM #8
    Quote Originally Posted by shadow View Post
    what do you mean integrate? hinde ba pwede separate document na lang sila? parang sa car loan sa bank?
    yes, two documents: 1) Acknowledgment of Debt; and 2) Chattel Mortgage. however, in the chattel mortgage you mention the dated acknowledgment of debt. this is so because a chattel mortgage presupposes a principal obligation. there can be no mortgage without the principal obligation.
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    June 1st, 2011 09:45 PM #9
    ok got it! thanks
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