Obligations and Contracts

FORM OF PAYMENT in LOAN

FORM OF PAYMENT

1.   LOAN  OF  MONEY—if  the  thing  loaned  is  money,  payment must be made in the currency stipulated, if it is possible to deliver  such  currency;  otherwise  it  is  payable  in  the currency  which  is  legal  tender  in  the  Philippines  and  in case  of  extraordinary  inflation  or  deflation,  the  basis  of payment shall be the value of the currency at the time of creation of the obligation

a.    Coins  25  cents  and  below:  up  to  P100  is  legal tender
b.   Coins  above  25  centavos:  up  to  P1000  is  legal tender (according to BSP Circular of 2007 Series 6)

2.   LOAN  OF  FUNGIBLE  THINGS—if  what  was  loaned  is  a fungible thing other than money, the borrower is under the obligation  to  pay  the  lender  another  thing  of  the  same kind, quality, and quantity.


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Musikatorni is a musical project by Atty. Ranny Randolf B. Libayan, known for its original song compositions that blend insightful lyrics with captivating melodies.
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