Credit Transaction

CREDIT TRANSACTIONS
include all trans actions involving the purchase or
loan of goods, go or money in the present with
LOAN
is a take on by which one of the parties
a promise to pay or deliver in the future (contract of
deliv ers to another, either something not consumable
security)
so that the latter may use the equivalent for a authorized time
and return it, in which case the contract is c alled
commodaturm; or money or other consumable thing,
upon the condition that the same amount of the
2 TYPES OF CREDIT TRANSACTIONS:
same mixed bag and quality shall be paid, in which case
1.

SECURED TRANSACTIONS
THOSE
the contract is simply called a loan or mutuum.(Art
support BY A validating OR AN
1933)
ENCUMBRANCE OF PROPERTY
2.

UNSECURED TRANSACTIONS
THOSE
CHARACTERISTICS OF A LOAN:
SUPPORTED ONLY BY A PROMISE TO PAY
1.
real contract
spoken language is essential
OR THE PERSONAL COMMITMENT OF
for perfection of the loan (BUT a
some other SUCH AS A GUARANTOR OR
promise to lend, macrocosm consensual, is
SURETY
binding upon the parties)
2.




unilateral contract
- only the
SECURITY
is something given, deposited or
serving as a means to ensure the fulfillment
borrower has the obligation
or enforcement of an obligation or of
provoke or consideration in a contract of
protect some interest in the holding
loan
:
1. as to the borrower the acquisition of
2 TYPES OF SECURITY:
the thing
1.
personal
when an individual
2. as to the lender the right to demand
becomes a gage or a guarantor
2.
real or property
when an
its return or its equivalent
emcumbrance is made on property
2 KINDS OF LOAN:
BAILMENT
is the delivery of property of one
person to another in trust for a specific
declare oneself, with a contract, express or implied,
Commodatum Mutuum or
that the trust shall be faith proficienty execut ed and
simple
the property returned or duly accounted for
loan
when a special purpose is accomplished or
nature bailor delivers
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