petition for extra judicial foreclosure of chattel

8/21/2019 Petition for Extra Judicial Foreclosure of Chattel

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ACT NO. 1508

ACT NO. 1508 – AN ACT PROVIDING FOR THE MORTGAGING OF

PERSONAL PROPERTY AND FOR THE REGISTRATION OF THE

MORTGAGES SO EXECUTED

Sec. 14. Sale of property at public auction; Officer’s return; Fees; Disposition of proceeds. —

The mortgagee, his executor, administrator, or assign, may, after thirty days from the time of

condition broken, cause the mortgaged property, or any part thereof, to be sold at public auction

by a public officer at a public place in the municipality where the mortgagor resides, or where

the property is situated, provided at least ten days’ notice of the time, place, and purpose ofsuch sale has been posted at two or more public places in such municipality, and the

mortgagee, his executor, administrator, or assign, shall notify the mortgagor or person holding

under him and the persons holding subsequent mortgages of the time and place of sale, either

by notice in writing directed to him or left at his abode, if within the municipality, or sent by mail if

he does not reside in such municipality, at least ten days previous to the sale.

The officer making the sale shall, within thirty days thereafter, make in writing a return of

his doings and file the same in the office of the register of deeds where the mortgage is

recorded, and the register of deeds shall record the same. The fees of the officer for

selling the property shall be the same as in the case of sale on execution as provided in

Act Numbered One hundred and ninety, 4 and the amendments thereto, and the fees of

the register of deeds for registering the officer’s return shall be taxed as a part of the

costs of sale, which the officer shall pay to the register of deeds. The return shall

particularly describe the articles sold, and state the amount received for each article,

and shall operate as a discharge of the lien thereon created by the mortgage. The

proceeds of such sale shall be applied to the payment, first, of the costs and expenses

of keeping and sale, and then to the payment of the demand or obligation secured by

such mortgage, and the residue shall be paid to persons holding subsequent mortgages

in their order, and the balance, after paying the mortgages, shall be paid to the

mortgagor or person holding under him on demand.


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If the sale includes any “large cattle,” a certificate of transfer as required by section

sixteen of Act Numbered Eleven hundred and forty-seven 5 shall be issued by the

treasurer of the municipality where the sale was held to the purchaser thereof.

(Petition for Extra Judicial Foreclosure of Chattel Mortgage under Act

1508)

The City/Provincial Sheriff

City/Province of _____________, Philippines

S I R:

G R E E T I N G S :

Mortgagee _____________, of legal age, ilipino, !single / "arrie# / $i#o$%,

an# a resi#ent of _____________, Philippines, "ost respectf&lly alleges:

'( That on _____________, __Na"e of Mortgagor)*e+tor__, of legal age,

ilipino, !single / "arrie# / $i#o$%, an# a resi#ent of _____________,

Philippines, eec&te# a Chattel Mortgage in "y favor, "ortgaging the

property #escri+e# in the Chattel Mortgage Contract hereto attache# as

-nne .-. an# for"ing an integral part hereof, to sec&re the pay"ent of

loan in the a"o&nt $hich is sho$n in the pro"issory note eec&te# +y sai#

Mortgagor)*e+tor #ate# _____________, a copy of $hich is hereto attache#

as -nne ..

0( That to the +est of "y 1no$le#ge, the "ortgage# property is s&+2ect to

no prior "ortgage or any lien $hatsoever an# is no$ in the possession an#

f&ll control of the a+ove)na"e# Mortgagor)*e+tor3

4( That the Mortgagor)*e+tor #efa&lte# in his o+ligation &n#er the

afore"entione# Chattel Mortgage Contract an#Pro"issory Note3


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5(That &n#er the ter"s an# con#itions of the Chattel Mortgage Contract,

the Mortgagee is entitle# to foreclose etra)2icially the "ortgage#

property, $hich is "ore partic&larly #escri+e# as follo$s, to $it:

Ma1e:____________Motor No(:_____________

Series:__________Chassis No(:____________

Type of o#y:________Plate No(:___________

CR No(: _____________M6RR No(:____________

7(That +y the ter"s an# con#itions of the Chattel Mortgage Contract herein)

a+ove referre# to, the principal o+ligation of the Mortgagor $hich has

+eco"e over#&e as of _____________ is in the a"o&nt of

__________________________ !P___________%, ecling penalties,

li8&i#ate# #a"ages, past #&e interest, attorney9s fee representing _______

of the total o+ligation #&e, other charges an# epenses of foreclos&re(

;% #ays +efore the sale(

_____________, Philippines, __*ate__(

M=RTG-GEE

!6ERIIC-TI=N%

petition for extra judicial foreclosure of chattel

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