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Article 1484 incorporates Act No. 4122 better known as "Recto law" or installment sales law, in which the vendor can exercise the following remedies.
1. Exact fulfillment, should the buyer failed to pay any installments
2. Cancel the sale, should the buyer's failure to cover two or more installments
3. Foreclose the chattel mortgage on the thing sold if one is constituted, should the buyer's failure to cover two or more installments.
*The remedies are recognized as alternatives and not cumulative, should the buyer chose to foreclose the chattel mortgage he/she cannot exercise the other two remedies
*The rationale of the law is to prevent the abuses in terms of chattel mortgages where the buyer can buy the property at a lower price in the foreclosure sale. It also aims to correct the evil created by desire for luxury by means of buying personal property without sufficient means
*The provision is also applicable to financing transactions derived or arising from sale of movables on installments.
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The right-hand page of a book is called the recto.
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Another name for Newton's first law is "the law of inertia."
What is the law of force and acceleration and what does it show?
The law states that Force = Mass * Acceleration, and that is what the law shows.
What law is described by the equation P1v1P2V2?
Boyle's Law. See related link below.
Who are the proponents of Rizal law?
Senator Claro M. Recto is the proponent of the Rizal Law in the Philippines
Why did recto impose the rizal law?
The Rizal Law was imposed by Senator Claro M. Recto in 1956 to require the teaching of Jose Rizal's life and works in all educational institutions in the Philippines. Recto promoted this law to promote nationalism and to honor Rizal's contributions to Philippine history and culture.
Who are the personalities behind the law republic act 1425?
claro m recto
Who is the original author of Rizal law?
The original author of the Rizal Law in the Philippines is Senator Claro M. Recto. The law mandates the teaching of the life, works, and writings of Jose Rizal in all educational institutions in the country.
What is the recto law of the Philippines?
Act No. 4122, known as the Installment Sales Law or the Recto Law, amended Article 1454 of the Civil Code of 1889 of the Philippines. The object of Recto Law was to remedy the abuses committed in connection with the foreclosure of chattel mortgages and was meant to prevent mortgagees from seizing the mortgaged property, buying it at foreclosure sale for a low price and then bringing suit against the mortgagor for a deficiency judgment. The provisions of Recto Law are applicable to financing transactions derived or arising from sales of movables on installments, even if the underlying contract at issue is a loan because the promissory note has been assigned or negotiated by the original seller.
Is there a Rizal law?
Yes, the Rizal Law, officially known as Republic Act 1425, is a Philippine law that mandates the teaching of the life, works, and writings of national hero Jose Rizal in all schools in the country. It aims to promote nationalism and a deeper appreciation of Philippine history and culture.
What is the educational background of Claro M Recto?
Claro M. Recto graduated with a law degree from the University of Santo Tomas in the Philippines and then pursued further studies in the United States, earning a Master of Laws degree from the University of Santo Tomas Faculty of Civil Law.
What is the postal code in recto manila?
recto
What is the birth name of Plinky Recto?
Plinky Recto's birth name is Marie Roxanne G. Recto.
When must recto law resulted to?
Article 1484 of the Civil Code provides for the remedies of a seller in contracts of sale of personal property by installments, and incorporates the provisions of Act No. 4122, known as the Installment Sales Law or the Recto Law, which then amended Article 1454 of the Civil Code of 1889. RATIONALE - the object of Recto Law was to remedy the abuses committed in connection with the foreclosure of chattel mortgages and was meant to prevent mortgagees from seizing the mortgaged property, buying it at foreclosure sale for a low price and then bringing suit against the mortgagor for a deficiency judgment.
La mode recto verso?
la mode recto verso
When was Recto LRT Station created?
Recto LRT Station was created in 2004.
