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The seller may choose to foreclose a chattel mortgage if the buyer fails to pay two or more installments, but they cannot pursue additional action to recover any unpaid balance. This case involved spouses who purchased a bus and mortgaged their land as collateral but failed to make payments. The finance company foreclosed on the bus mortgage but did not recover the full amount, so they tried to foreclose on the land mortgage as well. The court ruled that foreclosing the chattel (bus) mortgage barred any add

Author

Juvial Guevarra Boston

Language

EN