Article 2140

RA 386 · Civil Code of the PhilippinesKey provision

ELI5— what this means for you

By a chattel mortgage, personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation.

Official text — RA 386

By a chattel mortgage, personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation. If the movable, instead of being recorded, is delivered to the creditor or a third person, the contract is a pledge and not a chattel mortgage. (n)

Source: lawphil.net (RA 386 as amended)

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