> Add a description or calendar of mortgaged property> There is also the requirement for de-concentration fees and stamp taxes. Moreover, the applicable judicial infrastructure is clearly overburdened. This contributes significantly to the delay and high costs associated with implementing the corrective actions taken by the lender Chattel during the acquisition and sale. In addition, the creditor remedies rules that appear to be creditors do not distinguish between creditors and creditors who are not required by the consumer. The former may need more protection than the latter. Corrective actions taken by the non-consumer creditor should facilitate the recovery of capital without the complex and tedious process of public auctioning. It is argued that the creditor`s right to divest assets guaranteed by a private contract should normally be implicit in any non-consumer credit guarantee. Finally, prudent forms of security for cat mortgages and collateral have not posed serious technical problems for creditors, but they deserve to be simplified and modernized to reflect current practices. In addition, PPSA implements a unique set of rules governing the perfection and applicability of security interests on personal property. Parties to loan agreements must comply only with the following formalities (section 12):  One of the authors of this work visited the register of deeds in Manila. After the author`s personal observation and interview with the Assistant Clerk of the Manila Register of Acts, it is difficult to do a search without the registration data because of Chatl`s thousands of mortgages each year. The Comment of the Assistant Clerk was confirmed by another lawyer at RTC La Trinidad, 2601, Benguet, Philippines, in response to the author`s request.
The decision to treat the task as a chattel mortgage or mortgage is convenient, especially where there is a competing application from a later party who has received a mortgage from Chatl. Since it is unlikely that the alleged pawnbrok mortgage or chat was consistent with the institutional formalities discussed above, both instruments would be null and forth against the third party`s application. This problem did not arise in Manila Banking Corporation and Integrated Realty Corporation, Raul L. Santos against Philippine National Bank, but the problem is nevertheless tangible. Thus, a bank receives from its debtor the assignment of a fixed-rate deposit with Bank B. The debtor then creates a chattel mortgage on the same fixed deposit with the C-Bank and correctly registers the mortgage in the Deeds Register. In the event that the client debtor becomes insolvent, the assignment is treated as a mortgage or mortgage for previously discussed reasons and is cancelled against C`s Chatl mortgages. Faced with this difficulty, many banks in the Philippines are reluctant to lend to customers against the security of customers` current balance sheets with another bank. This has limited capital flows to small businesses that do not have high-value investments that can be offered as collateral. The creditor may exercise the power of sale out of court only after a 30-day period from the date of the mortgage.
In the first part of this document, we examine the rules for creating the chattel mortgage, the deposit and the receipt of trust, in particular the formality and technical news related to the creation of the mortgage and the collateral of Chattel. Second, we look at internal and external rules on the perfection of these security instruments.