Article 2118

RA 386 · Civil Code of the PhilippinesKey provision

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If a credit which has been pledged becomes due before it is redeemed, the pledgee (person holding collateral) may collect and receive the amount due.

Official text — RA 386

If a credit which has been pledged becomes due before it is redeemed, the pledgee may collect and receive the amount due. He shall apply the same to the payment of his claim, and deliver the surplus, should there be any, to the pledgor. (n)

Source: lawphil.net (RA 386 as amended)

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