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All Jurisprudence based

0 tracked cards Civil Law and Land Titles and Deeds

Bank holds a loan of 5,500,000 PHP secured by a mortgage on a parcel of land titled in the name of Aurelio Tan. Tan’s brother-in-law, Carlo Tan, offers to pay the debt and the bank accepts Carlo as the new debtor, releasing Aurelio from liability. Which of the following best characterizes the arrangement, the controlling rule, and the consequences for Aurelio and the bank?

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This is an ordinary payment by a third party with no novation; the bank cannot sue Carlo. Assignment of credit; the bank's rights are transferred to Carlo, and Aurelio's liability ceases. Novation without creditor consent; the substitution is void and the original debt remains with Aurelio. Expromision; the original debtor Aurelio is released from liability; Carlo becomes the sole debtor and the bank’s rights attach to Carlo only; the mortgage remains as security against Carlo.

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