Article 2111

RA 386 · Civil Code of the PhilippinesKey provision

ELI5— what this means for you

A statement in writing by the pledgee (person holding collateral) that he renounces or abandons the pledge is sufficient to extinguish the pledge.

Official text — RA 386

A statement in writing by the pledgee that he renounces or abandons the pledge is sufficient to extinguish the pledge. For this purpose, neither the acceptance by the pledgor or owner, nor the return of the thing pledged is necessary, the pledgee becoming a depositary. (n)

Source: lawphil.net (RA 386 as amended)

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