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- 1. Multiple Choice
If the real estate mortgage is silent, the mortgagee-creditor can choose to either institute extrajudicial foreclosure or judicial foreclosure of real estate mortgage.
True
False
- 2. Multiple Choice
The parties can agree on the venue in an action for extra-judicial foreclosure of real estate mortgage.
True
False
- 3. Multiple Choice
Publication is mandatory in extrajudicial foreclosure of mortgage.
True
False
- 4. Multiple Choice
Written notification is required to be given to the mortgagor on an impending extrajudicial foreclosure of mortgage.
True
False
- 5. Multiple Choice
The issuance of a writ of possession can be stayed by a pending case for nullification of the extrajudicial foreclosure on the ground of usurious interest rates.
True
False
- 6. Multiple Choice
In a chattel mortgage, the mortgagor still has a right of redemption to redeem the property after the sale.
True
False
- 7. Multiple Choice
Both real and chattel mortgages can cover present and future loans to be taken by the borrower.
True
False
- 8. Multiple Choice
An unregistered mortgage is always void.
True
False
- 9. Multiple Choice
If the proceeds in a judicial foreclosure of chattel mortgage is insufficient to cover the indebtedness, the mortgagee can still recover any unpaid balance.
True
False
- 10. Multiple Choice
Once the mortgaged chattel had been delivered by the debtor to the creditor due to non-payment of the loan, the liability of the debtor is extinguished, notwithstanding the institution of extra-judicial foreclosure proceedings.
True
False
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