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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.
What else can I help you with?
What is the nema of the Right hand page of a book?
The right-hand page of a book is called the recto.
What is recto-cranial inversion?
Recto-cranial inversion is a humorous term used to describe a situation where a person's head is positioned in a way that their rear end appears to be their head, symbolizing their inability to think logically or rationally. It is often used in a joking manner to suggest that someone is not thinking clearly or is making a foolish decision.
What is common law also called?
Common law is also known as case law or judge-made law.
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?
Claro Recto imposed the Rizal Law as a way of paying honor to Rizal and other heroes that were being forgotten about. The Rizal Law made it mandatory for the teachings of these heroes in all schools.
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.
What is the educational background of Claro M Recto?
Claro M. Recto has written: 'The complete works of Claro M. Recto' 'Senator Claro M. Recto on the Formosa question' -- subject(s): Defenses 'Bajo los cocoteros =' 'Recto reader' -- subject(s): Politics and government 'For Philippine survival' -- subject(s): Foreign relations, Nuclear disarmament 'Solo entre las sombras' 'The Recto valedictory ; and, The Recto day program 1985' -- subject(s): Politics and government, Political and social views
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.
La mode recto verso?
la mode recto verso
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.
When was Ralph Recto born?
Ralph Recto was born on 1964-01-11.
When was Recto LRT Station created?
Recto LRT Station was created in 2004.
