MCQ: Law on Pledge April 28, 2015 No comments Share this...00000 ADVERTISEMENTS Hello! Thank you for taking this test. This is a quiz on the Law on Pledge (Article 2093 to 2123 of the Civil Code of the Philippines). There are 13 questions in all. Don't forget to provide your name on the field below (to be recognized in case you make it to the top 5!).You can share your quiz results on FB and Twitter after you finished the quiz. Good luck! NameWhen can a pledgor-debtor demand the return of the thing pledged to be replaced by another thing of the same value? When the government expropriates it When without the fault of the pledgee, the thing pledged is susceptible to be damaged or destroyed When the thing is taken by a third person When the thing is in danger of destruction due to the fault of the pledgeeBased on the concept of pactum commissorium, the following are prohibited by law, except: Disposition of the thing pledged by the creditor Transfer of ownership of the things pledged by the debtor to the creditor in case of non-payment Alienation of property by the creditor in favor of the creditor to satisfy the debt Appropriation of the creditor of the things pledged or mortgagedIf the creditor consents to the selling of the thing pledged by the debtor or pledgor, transferring ownership to the buyer, what will happen to the thing pledged? The thing remains with the creditor or pledge The thing will be consigned to the courts The thing will be delivered to the buyer The thing will be delivered to the debtorWhich of the following cannot be pledged? Motor vehicles Incorporeal rights Machinery Stock dividendsWhen will the debtor or pledgor demand the thing pledged to be deposited to a third person? When the creditor-pledgee exercise willful neglect, lost or impaired When the thing has an expiry date When the thing is a real right When the thing is an incorporeal rightWhat is the effect to the accessory contract of pledge or mortgage if the principal obligation is voidable and unenforceable? It is deemed void ab initio It is considered rectifiable It is considered non-rectifiable It remains valid It becomes voidable and unenforceable as wellAbe acquired a loan from Gani. The former issued a promissory note for the sum borrowed and a bill of sale for his car as security for the loan. Gani never took possession of the car nor did he demand possession of the same. Is the pledge valid? Yes, the possession of Gani of the car does not have to be actual possession it can be symbolic No, the pledge was not in writing, therefore it produces no binding effect Yes, both parties have given their consent resulting in the perfection of the pledge No, the abandonment of the custody of the car by Gani constitutes a waiver of the pledgeLauro borrowed money from Renato. As security to the same, Lauro executed a promissiory note and pledged his shares of stock. A stipulation in their agreement provides that “if Lauro fails to pay, the shares of stock pledged shall become property of Renato”. Is the stipulation valid? Yes, as long as the agreement has been duly notarized by a Notary Public Yes, since both parties have consented and agreed to it No, because there was no definite number of stocks indicated in the agreement No, this stipulation is considered contrary to public policyWhich among the following is a remedy when destruction or impairment is feared, without the fault of the pledgee? The thing pledged can be sold to a third party by common agreement of the parties The pledgor can demand the return of the thing pledged The pledgor may cause the thing pledged to be sold at a public sale The pledgee can demand the return of the thing pledged but there must be a substituteWhich is not a formality required prior to the exercise of the creditor of his right to sell if the credit is not satisfied? Notice to the public Public auction Debt is already due Notice to debtorWhen the negotiable instrument is due and demandable, the pledgee can collect from the one who issued the said negotiable instrument. If there is an excess after offset the amount of the principal obligation, to whom must said excess be given? To the government The issuer of the negotiable instrument The creditor-pledgee The debtor-pledgorIf the principal obligation becomes due, the thing pledged or mortgaged may be: Sold in a public auction to settle debt Repossessed due to default Alienated for the payment to the creditor Sold in private to settle debtB entrusted to A his jewelry to sell on commission. A, in turn, gave it to C for the same purpose without the knowledge of B. C, however, pledged it to XYZ pawnshop and appropriated to himself (C) the money he acquired from the transaction. In view of the foregoing, which of the following statements is correct? B can demand payment from A or C for the value of the jewelry A is primarily liable for the loss of the jewelry because he gave the jewelry to C without B’s consent The contract of pledge between C and XYZ pawnshop is void XYZ pawnshop is entitled to reimbursement of the amount he gave CBe sure to click Submit Quiz to see your results! Top 5 for this quiz (Law on Pledge Quiz) RANKNAMERATING 1.Capt. Georg Von Trapp100% 2.Maria von Trapp100% 3.Mr. Darcy100% 4.Capt. Tom Chandler100% 5.Ayeh100% Share this...00000Comments comments bar exam, civil law, law exam, law on pledge, law quiz, mcq, mock bar, multiple choice question, multiple choice quiz, online exam, pledge, sample mcq Go To Top Leave a Comment Click here to cancel reply Submit Comment Notify me of follow-up comments by email. Notify me of new posts by email.