Free Legal Advice Philippines

Disclaimer: This web site is designed for general information only and does not create attorney-client relationship. Persons accessing this site are encouraged to seek independent counsel for legal advice regarding their individual legal issues.

Log in

I forgot my password




You are not connected. Please login or register

Chattel Mortgage - Foreign Transaction

View previous topic View next topic Go down  Message [Page 1 of 1]

1 Chattel Mortgage - Foreign Transaction on Tue Oct 18, 2011 8:55 am

rvinfante


Arresto Menor
I have a close friend who wants to borrow money with car as a collateral. I am not living in the Philippines. One of the problem is that she is saying that the OR/CR is always in her car but she can not send the original to me because that is the one she has to show in case of traffic violations. I can draw up a promissory note and a deed of chattel mortgage. I think I also need a SPA which I have to notarized with the consul here. My questions are: 1. Is the duplicate OR/CR sufficient in this case? 2. How will I inform the LTO that there is a lien on the property. Is emailing or calling them ok. What are the other documents and processes I have to make sure? Thanks.


View user profile

2 Re: Chattel Mortgage - Foreign Transaction on Wed Oct 19, 2011 8:30 pm

attyLLL


moderator
i recommend you register the mortgage at the LTof the ortgage and pay the requisite fees. see the lto website for requirements. you have to submit a copy a photocopy is sufficient for keeping at the car. your representative can hold onto the original CR.


_________________
[i] Visit our FB Page: BPO Employee Legal Advice
Warning and Disclaimer: I am not your lawyer; and you are not my client. With the limitations of an  Internet forum, a thorough review of your concern is not possible. View my comments at YOUR OWN RISK. It is best to actually retain a lawyer for your individual concerns.
View user profile

View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum