Question
S sold to B a car for P1M. The condition for the sale is for B to execute a chattel mortgage on the thing sold.
S sold to B a car for P1M. The condition for the sale is for B to execute a chattel mortgage on the thing sold. The balance of 800,000 is payable in twenty equal installments. B defaulted on his 2 or more installments so S foreclosed the mortgage and sold it for P700,000. Can S recover the deficiency? Give reason/s? Use article 1484 as a fact to support the claim.
Step by Step Solution
3.38 Rating (154 Votes )
There are 3 Steps involved in it
Step: 1
Yes S can recover the deficiency Article 1484 of the Civil Code provides that if the price of th...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get StartedRecommended Textbook for
Vector Mechanics for Engineers Statics and Dynamics
Authors: Ferdinand Beer, E. Russell Johnston, Jr., Elliot Eisenberg, William Clausen, David Mazurek, Phillip Cornwell
8th Edition
73212229, 978-0073212227
Students also viewed these Accounting questions
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
View Answer in SolutionInn App