Mr. Debtor executed a promissory note in favor of Mr. Creditor in the amount of P100, 000. The debt is secured by a pledge on a ring owned by Mr. Debtor. Which among the following is most likely correct?

Related MCQs

• Mr. Debtor owes Mr. Creditor as follows: P10, 000 due February 5; P10, 000 due March 5 and P10, 000 due April 5, all during the current year. Mr. Debtor has only P10, 000 and cannot pay all his obligations. If Mr. Debtor decides to pay P10, 000, the amount shall apply:
• Mr. Reyes has a tax liability of P100, 000. In order to evade the payment of the tax liability, he executed a deed of sale of his only parcel of land valued for P100, 000.00 in favor of his brother, Pablo. The deed of sale stated a purchase price of P20, 000.00 but the BIR has evidence that said price had never been paid.
• Mr. Debtor owes Mr. Creditor P100, 000. On the due date, Mr. Debtor delivers a cashier’s check for the full amount. Mr. Creditor refuses to accept the check.
• Debtor owes Creditor P500,000. The debt is secured by a chattel mortgage on Debtor’s car. On the due date of the obligation, Creditor is paid by Third Person who has no interest in the obligation either as guarantor or surety. There is likewise no stipulation as to Third Person’s right to pay.
• Debtor owes Creditor P20, 000. On the due date of the obligation, Debtor could not pay. Debtor instead offered his TV set worth P20,000 in payment of the obligation. Creditor agrees.
• Where the debtor has various debts of the same kind in favor of the same creditor and on the due date the debtor does not have sufficient funds to cover all the debts, the debtor may avail of
• 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?
• Santos owes Maria P5 million. The debt is secured by a mortgaged on the house of Santos. No. 1 - If before the due date, the security is lost through no one’s fault, Maria can declare the debt due and demandable even before the original maturity date. No. 2 - If the house was burned up to 25% its value through the fault of Santos, the debt may be declared due by Maria even before the original maturity date but she cannot do so if the impairment was without the fault of Santos.
• A and B are capitalist partners, with C as an industrial partner. A and B contributed P15, 000.00 each to the capital of the partnership. A contractual liability of P40, 000.00 was incurred by the partnership in favor of X. If the capital assets have been exhausted to pay X, leaving a contractual liability of P10, 000.00, X can recover the amount from:
• A sold a car to B on installment basis secured by a chattel mortgage over the thing and a promissory note co-signed by C. A failed to pay four (4) monthly installments. Under the contract in case of non-payment, the vendor can exercise any of the remedies under Art. 1484, NCC and in case of deficiency, the seller can recover the balance. What is the remedy of A?