CHATTEL MORTGAGE

BASIC PHILIPPINE LEGAL FORMS

 A chattel mortgage is a contract by virtue of which a  personal property is recorded in the Chattel Mortgage Registry as security for the performance of an obligation.

     The subject matter of the chattel mortgage must be described and identified therein.

      What is the extent of a Chattel Mortgage? It is deemed to cover only the property described and not like or substituted property thereafter acquired by the mortgagor and placed in the same depositary as the property originally mortgaged, anything in the mortgage to the contrary notwithstanding.

CHATTEL MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

             This CHATTEL MORTGAGE, made and executed by (COMPLETE NAME OF MORTGAGOR) , Filipino, of legal age, married to (NAME OF SPOUSE OF MORTGAGOR) and a resident of (INSERT ADDRESS OF MORTGAGOR), hereinafter called the MORTGAGOR, in favor of (COMPLETE NAME OF MORTGAGEE) , Filipino, of legal age, married to (NAME OF SPOUSE OF MORTGAGEE) , with residence and postal address at (INSERT ADDRESS OF MORTGAGEE) ,  hereinafter called the MORTAGEE, witnesseth:

            That the MORTGAGOR does hereby convey by way of chattel mortgage unto the MORTGAGEE the following described personal property, situated and ordinarily kept at (INSERT THE ADDRESS/CITY WHERE THE PERSONAL PROPERTY CAN BE FOUND) and presently in the possession of the said MORTGAGOR, to wit:

MAKE     : ________         

                                    TYPE OF BODY   ______:          
                                    SERIAL/CHASSIS#:   _______        

                                    MV FILE NO. :  _________

                                    PLATE NO.    :  ________

            That this CHATTEL MORTGAGE is given as security for the payment to the MORTGAGEE, of a certain promissory note dated _________ , for the sum of (enter the amount in words) (insert the amount in figures) PESOS, with interest thereon  at the rate of _________ percent (%) per month/annum;

            That the condition of this CHATTEL MORTGAGE is such that if that said MORTGAGOR, his heirs, executors, or administrators shall well and truly perform the full obligation above stated according to the terms thereof, then this chattel mortgage shall be null and void;  otherwise, it shall remain in full force and effect and shall be enforceable in the manner provided for by law.

            In Witness Whereof,  we have hereunto set our hands this ____ day of ______ 2006, Philippines.

                                                 _______________                 

                                                     Mortgagor

    With my marital consent:

                 __________________

                 Spouse of mortgagor

Signed In The Presence Of:  ___________  &  ___________

 ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES)

CITY     OF  ________    )S.S.

x------------------------------------x

            BEFORE ME,  a Notary Public for and in the City of _____,  Philippines,  this _____________,  personally appeared ________________ with his/her Community Tax Certificate No. ______________ issued on __________- issued at _______, Philippines, known to me to be the same person who executed the foregoing instrument and he acknowledged to me that the same is his own free voluntary act and deed.

            This instrument refers to Chattel Mortgage consisting of two (2) pages including this page on which this acknowledgment is written and duly signed by the parties together with their instrumental witnesses on each and every page hereof.

            WITNESS MY HAND AND SEAL.

Doc.  No._______;

Page  No._______;

Book  No._______;

Series  of  2006.

AFFIDAVIT OF GOOD FAITH

     I, (name of mortgagor) under oath, aver that: I am the mortgagor of this Chattel Mortgage and that I have executed this mortgage in good faith to secure a valid obligation, and not for the purpose of committing fraud.

                                             _____________

                                                    Mortgagor

    Subscribed and sworn to before me on _________ , affiant having exhibited to me his community tax certificate no. ________ issued on ________ at ___ day of ______ 2006.

Doc.  No._______;

Page  No._______;

Book  No._______;

Series  of  2006.

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