Section 734.- When several properties have been mortgaged to secure one and the same obligation and no order has been specified, the mortgagee may enforce his right against all or any of the properties ; provided that he does not do so upon more properties than is necessary for the satisfaction of his right.

If the mortgagee enforces his right against all the properties at the same time, the burden of obligation is divided according to the respective value of the properties, except where the amounts of the mortgages have been specified for each property, in which case the division is made according to the respective amounts of the mortgages on such properties.

If, however, the mortgagee enforces his right against one of the properties, the mortgagee may receive performance of his entire obligation from such property. In that case the mortgagee, who is next in rank, shall be considered as being subrogated to the prior mortgagee and may enforce the mortgage in his stead to the extent of the amount which the prior mortgagee would have received from the other properties according to the provision of the foregoing paragraph.

 

Section 735.- When the mortgagee intends to enforce the mortgage against the transferee of a mortgaged property, the latter must be served with a written notice one month before the enforcement of the mortgage.

 

CHAPTER V

RIGHTS AND DUTIES OF THE TRANSFEREE OF A MORTGAGED PROPERTY

 

Section 736.- The transferee of a mortgaged property may remove the mortgage, provided that he is not the principal debtor, a surety or an heir of either of them.

 

Section 737.- The transferee may remove the mortgage at any time, but if he has been notified by the mortgagee of the mortgagee’s intention to enforce the mortgage, he must do so within one month thereafter.

 

Section 738.- The transferee, who wishes to remove the mortgage, must notify the principal debtor and make an offer to every registered creditor whether by way of mortgage or otherwise to pay a reasonable amount corresponding to the value of the property.

                The offer shall contain the following particulars :

                (1) The place and description of the mortgaged property ;

                (2) The date of transfer of ownership ;

                (3) The name of the former owner ;

                (4) The name and domicile of the transferee ;

                (5) The sum offered ;

                (6) A calculation of the total amount due to each of the creditors including accessories, and the sums which would be distributed to them according to their respective ranks.

                A certified copy of the entries in the official register referring to the mortgaged property shall be enclosed.