This case has been cited 2 times or more.
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2012-06-27 |
LEONARDO-DE CASTRO, J. |
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| The sale or transfer of the mortgaged property cannot affect or release the mortgage; thus the purchaser or transferee is necessarily bound to acknowledge and respect the encumbrance.[42] In fact, under Article 2129 of the Civil Code, the mortgage on the property may still be foreclosed despite the transfer, viz: Art. 2129. The creditor may claim from a third person in possession of the mortgaged property, the payment of the part of the credit secured by the property which said third person possesses, in terms and with the formalities which the law establishes. | |||||
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2004-05-28 |
PANGANIBAN, J. |
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| Article 2126 of the Civil Code describes the real nature of a mortgage: it is a real right following the property, such that in subsequent transfers by the mortgagor, the transferee must respect the mortgage. A registered mortgage lien is considered inseparable from the property inasmuch as it is a right in rem.[10] The mortgage creates a real right or a lien which, after being recorded, follows the chattel wherever it goes. Under Article 2129 of the same Code, the mortgage on the property may still be foreclosed despite the transfer. | |||||