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Credit transactions involve borrowing money or goods with a promise to pay in the future, allowing for more exchanges and deferred payments. There are two main types: secured transactions backed by collateral and unsecured transactions based on personal commitment. The scope includes various contracts such as guaranty, surety, mortgage, and others related to credit and deposit laws.

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22 views1 page

Document

Credit transactions involve borrowing money or goods with a promise to pay in the future, allowing for more exchanges and deferred payments. There are two main types: secured transactions backed by collateral and unsecured transactions based on personal commitment. The scope includes various contracts such as guaranty, surety, mortgage, and others related to credit and deposit laws.

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fbwgk5dmbq
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

CREDIT TRANSACTION

CREDIT- the ability to borrow money or thing by virtue of


the

confidence or trust reposed by a lender that the borrower


will pay

what he may promise.

CREDIT TRANSACTIONS

➢ include all transactions involving the purchase or loan


of

goods, services or money in the present with a promise to

pay or deliver in the future

ADVANTAGES:

1) more exchanges are possible

2) people are able to enjoy a thing today but pay it later

3) through the banking system, actual money transfer is

eliminated

NATURE: contract of security

TYPES:

1) secured transaction or real contract of security –


supported by

collateral which maybe, a property (personal and real)

2) unsecured – contract of personal security

– words of the borrower to pay or deliver

– personal commitment of another as in

the case of guaranty or surety

SCOPE: Contracts of GUARANTY, SURETY, MORTGAGE,

ANTICHRESIS, CONCURRENCE and PREFERENCE OF

CREDIT, DEPOSIT, USURY LAW and the WAREHOUSE

RECEIPT LAW

BAILMENT – french word for “bailer” meaning “to


deliver” ;

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