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Laws Affecting Credit Transactions

The document lists and briefly describes several laws relevant to credit transactions in the Philippines, including the New Civil Code, Negotiable Instruments Law, Chattel Mortgage Law, and laws around bounced checks, insolvency, financing, and more. It also outlines relevant sections of the New Civil Code covering obligations, contracts, sales, lease, partnerships, and security/guarantee of credit transactions. Finally, it lists some common ways to secure credit transactions, such as through guarantee, pledge/mortgage, letters of credit, and assignments.

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MichelleOgatis
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214 views2 pages

Laws Affecting Credit Transactions

The document lists and briefly describes several laws relevant to credit transactions in the Philippines, including the New Civil Code, Negotiable Instruments Law, Chattel Mortgage Law, and laws around bounced checks, insolvency, financing, and more. It also outlines relevant sections of the New Civil Code covering obligations, contracts, sales, lease, partnerships, and security/guarantee of credit transactions. Finally, it lists some common ways to secure credit transactions, such as through guarantee, pledge/mortgage, letters of credit, and assignments.

Uploaded by

MichelleOgatis
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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RELEVANT LAWS AFFECTING

CREDIT TRANSACTIONS
Source: Credit & Business Transactions (2005)
Judge Jose T. Apolo. National Bookstore, 2005.

RELEVANT LAWS AFFECTING CREDIT


TRANSACTIONS
1.
2.
3.
4.

The New Civil Code (RA 386, as amended)


Negotiable Instruments Law
Chattel Mortgage Law
Revised Penal Code specifically on estafa and other forms of
fraud
5. Bouncing Checks Law (BP 22)
6. Insolvency Law (RA1956)
7. Financing Law (RA 5980 as amended by RA 1454 and the Usury
Law)
8. Truth in Lending Act
9. Corporation Law
10. Warehouse Receipts Law
11. Banking and Retail Trade Law
12. Rules of Court

Relevant New Civil Code Provisions


a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
k.
l.
m.

Emancipation and Age of Majority (Articles 397 to 406)


Obligations and Contracts (Arts. 1156 to 1439)
Sales (Arts. 1458 to 1638)
Barter or Exchange (Arts. 1638 to 1641)
Lease (Arts. 1642 to 1688
Partnerships (Arts. 1767 to 1866)
Agency (Arts. 1868 to 1932, special/general power of attorney)
Loan (Arts. 1933 to 1960)
Deposit (Arts. 1962 to 1967)
Compromise and Arbitration (Arts. 2028 to 2046)
Guarantee (Arts. 2047 to 2081)
Pledge, Mortgage and Antichresis (Arts. 2085 to 2141)
Concurrence and Preference of Credits (Arts. 2236 to 2251)

WAYS TO SECURE CREDIT TRANSACTIONS

Guarantee
Pledge and Mortgage
Antichresis
Letters of Credit
Reservation of Title
Post-dated Checks
Assignments of Proceeds/Credits/Discounting
of notes

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