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REAL SECURITY - Coggle Diagram

- - - - OBLIGATIONS SECURED
        
        OBJECT OF REAL ESTATE MORTGAGE
        
        AFTER ACQUIRED PROPERTIES
        
        EFFECT AND EXTENT
        
        RIGHT TO ALIENATE MORTGAGE CREDIT
        
        RIGHT TO ALIENATE COLLATERAL
        
        FORECLOSURE OF REAL ESTATE MORTGAGE
        
        DUE + DEFAULT - If the principal obligation becomes due and the debtor defaults, the creditor, as mortgagee, may elect to foreclose the collateral.
        
        MAY BE JUDICIAL OR EXTRAJUDICIALForeclosure of real estate may be judicial or extrajudicial.
        
        JUDICIAL FORECLOSURE
        
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        EXTRAJUDICIAL FORECLOSURE
        
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        Art. 2085. The following requisites are essential to the contracts of pledge and mortgage:
        (1) That they be constituted to secure the fulfillment of a principal obligation;
        (2) That the pledgor or mortgagor be the absolute owner of the thing pledged or mortgaged;
        (3) That the persons constituting the pledge or mortgage have the free disposal of their property, and in the absence thereof, that they be legally authorized for the purpose.
        Third persons who are not parties to the principal obligation may secure the latter by pledging or mortgaging their own property.
        
        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 the terms and with the formalities which the law establishes.
        
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        Art. 2128. The mortgage credit may be alienated or assigned to a third person, in whole or in part, with the formalities required by law.
        
        Art. 1625. An assignment of a credit, right or action shall produce no effect as against third persons, unless it appears in a public instrument, or the instrument is recorded in the Registry of Property in case the assignment involves real property.
        
        Art. 1627. The assignment of a credit includes all the accessory rights, such as a guaranty, mortgage, pledge or preference.
        
        Art. 2124. Only the following property may be the object of a contract of mortgage:
        
        Immovables;
        
        Alienable real rights in accordance with the laws, imposed upon immovables.
        Nevertheless, movables may be the object of a chattel mortgage.
        
        Art. 415. The following are immovable property:
        
        Land, buildings, roads and constructions of all kinds adhered to the soil;
        
        Trees, plants, and growing fruits, while they are attached to the land or form an integral part of an immovable;
        
        Everything attached to an immovable in a fixed manner, in such a way that it cannot be separated therefrom without breaking the material or deterioration of the object;
        
        Statues, reliefs, paintings or other objects for use or ornamentation, placed in buildings or on lands by the owner of the immovable in such a manner that it reveals the intention to attach them permanently to the tenements;
        
        Machinery, receptacles, instruments or implements intended by the owner of the tenement for an industry or works which may be carried on in a building or on a piece of land, and which tend directly to meet the needs of the said industry or works;
        
        Animal houses, pigeon-houses, beehives, fish ponds or breeding places of similar nature, in case their owner has placed them or preserves them with the intention to have them permanently attached to the land, and forming a permanent part of it; the animals in these places are included;
        
        Fertilizer actually used on a piece of land;
        
        Mines, quarries, and slag dumps, while the matter thereof forms part of the bed, and waters either running or stagnant;
        
        Docks and structures which, though floating, are intended by their nature and object to remain at a fixed place on a river, lake, or coast;
        
        Contracts for public works, and servitudes and other real rights over immovable property.
        
        DRAGNET OR BLANKET MORTGAGE CLAUSE
        
        RELIANCE ON SECURITY TEST
      - Art. 2125. In addition to the requisites stated in article 2085, it is indispensable, in order that a mortgage may be validly constituted, that the document in which it appears be recorded in the Registry of Property. If the instrument is not recorded, the mortgage is nevertheless binding between the parties.
        The persons in whose favor the law establishes a mortgage have no other right than to demand the execution and the recording of the document in which the mortgage is formalized.
        
        Art. 2126. The mortgage directly and immediately subjects the property upon which it is imposed, whoever the possessor may be, to the ful5llment of the obligation for whose security it was constituted.
        
        Art. 2127. The mortgage extends to the natural accessions, to the improvements, growing fruits, and the rents or income not yet received when the obligation becomes due, and to the amount of the indemnity granted or owing to the proprietor from the insurers of the property mortgaged, or in virtue of expropriation for public use, with the declarations, ampli5cations and limitations established by law, whether the estate remains in the possession of the mortgagor, or it passes into the hands of a third person.
        
        Art. 2128. The mortgage credit may be alienated or assigned to a third person, in whole or in part, with the formalities required by law.
        
        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 the terms and with the formalities which the law establishes.
        
        Art. 2130. A stipulation forbidding the owner from alienating the immovable mortgaged shall be void.
        
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    - - Art. 2087. It is also of the essence of these contracts that when the principal obligation becomes due, the things in which the pledge or mortgage consists may be alienated for the payment to the creditor.
        
        Art. 2124. Only the following property may be the object of a contract of mortgage:
        (1) Immovables;
        (2) Alienable real rights in accordance with the laws, imposed upon immovables.
        Nevertheless, movables may be the object of a chattel mortgage.
        
        Art. 2125. In addition to the requisites stated in article 2085, it is indispensable, in order that a mortgage may be validly constituted, that the document in which it appears be recorded in the Registry of Property. If the instrument is not recorded, the mortgage is nevertheless binding between the parties.
        The persons in whose favor the law establishes a mortgage have no other right than to demand the execution and the recording of the document in which the mortgage is formalized.
  - - - FORMS
        
        OBLIGATIONS SECURED
        
        OBJECT
        
        RIGHT OF RETENTION
        
        FORECLOSURE OF ANTICHRESIS
    - - GENERAL CONCEPTS
        
        SCOPE OF PPSA
        
        SECUIRTY INTEREST
        
        CREATION
        
        PERFECTION
        
        OBJECT
        
        FORM
        
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        THE REGISTRY
        
        PRIORITY OF SECURITY INTEREST
        
        ENFORCEMENT OF SECURITY INTEREST