Course Hero Logo

RECTO LAW and MACEDA LAW.docx - RECTO LAW CIVIL CODE ART....

Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 1 - 2 out of 3 pages.

RECTO LAWCIVIL CODE ART. 1484 - 1486Also known as “Installment Sales LawApplies to:Sale of personal property by installmentContracts purporting to be leases of personal property with option tobuy, when the lessor has deprived the lessee of the possession orenjoyment of the thing.ARTICLE 1484In contract of sale of personal property the price of which is payable ininstallments, the vendor may exercise any of the following remedies.1.Exact fulfillment of the obligation, should the vendee fail to pay;2.Cancel the sale, should the vendee’s failure to pay cover two or moreinstallments;3. Foreclose the chattel mortgage on the thing sold, if one has beenconstituted, should the vendee’s failure to pay cover two or moreinstallments. In this case, he shall have no further action against thepurchased to recover any unpaid balance of the price. Any agreementto the contrary shall be void.ARTICLE 1485The preceding article shall be applied to contracts purporting to be leases ofpersonal property with option to buy, when the lessor has deprived thelessee of the possession or enjoyment of the thing.

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 3 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
NoProfessor
Tags
Five years, five percent, fifty percent

Newly uploaded documents

Show More

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture