Mr. X pledged his gold watch to Mr. Y as security for a loan. The loan was not paid.

Related MCQs

• Ben pledged his watch to V. Y. Domingo for P5,000. On the due date Ben failed to pay his loan and redeem the watch. The pawnshop sold the watch at public auction to the highest bidder at P4,000.
• Charlie gave his diamond-encrusted watch worth Php 25,000.00 to his friend Danny as a birthday gift. Danny readily accepted the gift with profuse gratitude. One month later, they had a serious quarrel; hence, Charlie demanded the return of the watch from Danny. Danny refused to return the watch. What is the nature of this donation?
• To secure the payment of his obligation, A pledged to his surety C, his car who sold the car after paying the obligation of A. The obligation was P2M but the car was sold for only P1M. Can the surety recover the deficiency?
• X brought a house and lot from Y valued at P5M. He paid P3M and for the balance, he executed a promissory note with interest at 10% to be paid within 90 days. ABC Corporation executed a surety for the balance. X failed to pay, hence, ABC paid the amount and sued X for the interest and the principal. X contended that he is not bound due to novation when Y accepted the security. Is X correct?
• A borrowed money from B. As security for the payment of the loan, he executed a chattel mortgage on the building erected on his land and the machinery stored therein. For failure to pay the loan, he was sued and a judgment was rendered against him, where the building and the machinery were levied upon. Is the chattel mortgage binding upon C, the plaintiff?
• A is a contractor, building roads for the government which has not paid him P100M. Before he filed his income tax returns, he wrote a letter to the BIR Commissioner proposing a set-off between the State and A considering that his tax liability amounts to P10M and the State has not paid him despite demand. Is A correct?
• Samson, the son of a wealthy family has always claimed that since childhood, he was not a boy. He played with the girls and did not mingle with the boys. After finishing his course at a university in the Philippines, he went to the US to take up his masteral and doctorate degrees. He consulted several doctors of the possibility of sex transmission from that of male to that of a female. The sex transmission was done in Thailand and which was certified as successful by a medical expert in Manila, hence, he claimed to be a woman. He filed a petition for correction of entry of his record of birth from male to female and his name from Samson to Delailah as he was marrying his fiancé. The lower court granted the petition. Is the order of the court correct?
• Mr. Debtor owes fifteen (15) persons substantial amounts of money. His financial situation indicates that his liabilities for exceed his assets. If Mr. Debtor cedes or assigns his properties to his creditors,
• A built his house on his lot up to the boundary line and opened windows with direct view over the lot of B. Twenty (20) years later, B built his house up to the boundary line of his lot, hence, A filed a complaint enjoining B from building his house up to the boundary contending that he has acquired the easement of light and view by prescription and that B cannot build less than 3 meters from the boundary. Is A correct?
• A is the owner of a parcel of land covered by a TCT No. 1. B stole the title, forged his signature and transferred it under his name. TCT No. 2 was issued under his name. He sold it to C who registered under his name. When returned to the Philippine in 2010, he discovered that his title was transferred to another. Can he recover the same?