Section 745.- The mortgagee may enforce the mortgage even after the obligation secured has been barred by prescription, but arrears of interest on the mortgage cannot be enforced for more than five years.

 

Section 746.- Any performance, either wholly or partly, or any extinction, or any agreement modifying the mortgage or the obligation secured, must be registered by the competent official on the request of the interested party, failing which it cannot be set up against a third person.

 

TITLE XIII

PLEDGE

CHAPTER I

GENERAL PROVISIONS

 

Section 747.- A pledge is a contract whereby a person, called the pledger, delivers to another person, called the pledgee, a movable property as a security for the performance of an obligation.

 

Section 748.- The pledge is security for the performance of the obligation and for the following accessories :

                (1) Interest ;

                (2) Compensation in case of non-performance of the obligation ;

                (3) Costs of enforcement of the pledge ;

                (4) Expenses for the preservation of the pledged property ;

                (5) Compensation for injury caused by non-apparent defects of the pledged property.

 

Section 749.- The parties to a pledge may agree that the pledged property shall be kept by a third person.

 

Section 750.- If the pledged property is a right represented by a written instrument, the pledge is void unless such instrument is delivered to the pledgee and the pledge is notified in writing to the debtor of the right.

 

Section 751.- If an instrument to order is pledged, such pledge cannot be set up against third persons unless its creation is indorsed upon the instrument.

No notification to the debtor under such instrument is necessary.

 

Section 752.- If an instrument issued to a named person and not transferable by endorsement is pledged, the pledge must be stated on such instrument, and cannot be set up against the debtor under such instrument or third persons, unless it is notified to such debtor.

 

Section 753.- If a named certificate of share or debenture is pledged, such pledge cannot be set up against the company or other third persons, unless the creation of the pledge is entered in the company’s book in accordance with the provisions of Title 22 relating to the transfer of shares or debentures.