Heritage as Collateral
Heritage as collateral. The patrimony is the set of goods, rights and obligations of a natural or moral person, they have an economic valuation, so they are liable to respond to the debts and obligations contracted by the owner. In this sense, when the owner decides to use his assets to guarantee the fulfillment of an obligation, the pledge and mortgage figures are instituted.
The pledge is constituted when the debtor delivers as security of payment a movable asset of his property to the creditor; on the other hand, the mortgage arises when the debtor delivers as a payment guarantee a real property of his property to the creditor; in both cases, if the debtor complies with the obligation, the creditor must return the property to its owner, if the debtor does not comply with what was obligated, the creditor will be charged with the proceeds from the sale of the property that the debtor left in warranty.
In both cases, the terms, rights and obligations must be in writing, be clear and enforceable in case of disagreement or controversy. Situation that can be complex, since the pledge or mortgage contracts regularly have complex wording, in addition to the fact that they may contain disproportionate clauses or benefits, that is, they benefit one of the parties and the other cause damages that may result in loss of property and / or money.
It is for the foregoing, it is recommended that the pledge or mortgage contracts be duly prepared and / or reviewed, since in this way the patrimony of the debtor who intends to give some property as collateral or mortgage is protected, as well as the creditor of the debt reduces the possibility of economic loss.
Finally, it is mentioned that the pledge or mortgage contract must be prepared according to the specific case, the formats available on the internet are very simple and the parties run the risk of having losses due to the lack of terms and conditions that protect the contracting parties. . So we invite you to ask Bandala, Díaz, García what is the best possibility to safeguard your assets and money, since we are a firm that works in a committed, responsible way and we have the necessary experience to provide timely solutions.