The law says that a person can only mortgage property that he owns. In People’s Bank and Trust v. Dahican Lumber, the Supreme Court ruled that a clause in the mortgage contract extending the mortgage lien to properties to be subsequently acquired by the mortgagor was … more »»
What is mortgage?
March 19, 2012 by
First of all, the "t" in mortgage is silent. A mortgage is a contract to secure an obligation with a property. The "obligation", in most cases, is a loan. Who are the parties to a mortgage? 1. The mortgagor, who must be the legal owner of the property sought to be … more »»
What is insurance?
March 19, 2012 by
While the layman often possesses a general understanding of what an insurance is, its exact definition is spelled out in the law. From Section 2 of the Insurance Code of the Philippines: A "contract of insurance" is an agreement whereby one undertakes for a consideration … more »»