Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sylvia sold her only car to Ben for P200,000 payable in 10 equal monthly installments of P20,000 each. As security, Ben executed a chattel mortgage
Sylvia sold her only car to Ben for P200,000 payable in 10 equal monthly installments of P20,000 each. As security, Ben executed a chattel mortgage on the car and another chattel mortgage on his laptop. After paying the first two installments, Ben defaulted in the payment of third, fourth and fifth installments. As consequence, Sylvia foreclosed the chattel mortgage on the laptop which was sold for P90,000. May Sylvia recover the deficiency?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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 Started