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  • Cancellation of Chattel Mortgage

    Cancel an existing mortgage over movable property (i.e. vehicle, jewelry)

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    A Cancellation of Chattel Mortgage is a creditor’s (the “mortgagee”) declaration cancelling the mortgage executed in his favor by the debtor (the “mortgagor”) over certain movable property. Movable property is generally all things that can be transferred from one place to another (i.e. car, phone). If the property is attached to immovable property, it should be removable without damaging the immovable property. 

    Once the mortgage is cancelled the property is no longer considered as security for the debt and the mortgagee cannot foreclose the property.

  • Cancellation of Real Estate Mortgage

    Cancel an existing mortgage over immovable property (i.e. house, land)

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    A Cancellation of Real Estate Mortgage is a creditor’s (the “mortgagee”) declaration cancelling the real estate mortgage executed in his favor by the debtor (the “mortgagor”) over certain immovable property.  Generally immovable property is defined as follows:

    • Immovable by nature or those which cannot be moved from one place (i.e. land, roads).
    • Immovable by incorporation or those which are attached to an immovable in a fixed manner as to form an integral part thereof.  Examples are buildings, walls, fences, trees, statues, animal houses, machinery installed in a building to meet the needs of an industry in the building and docks on a river.
    • Immovable by destination or those which are placed in an immovable for the use of such immovable. (i.e. machinery in a factory).
    • Immovable by analogy or those which are considered immovable by operation of law because it is regarded as united to the property.

    Once the mortgage is cancelled the property is no longer considered as security for the debt and the mortgagee cannot foreclose the property.

  • Cease and Desist letter

    Formally demand another person to stop doing an act that infringes your rights under threat of legal action.

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    A Cease and Desist Letter is a formal warning to an individual or corporation to stop ("cease") and not continue ("desist") any offensive or illegal activity.  The letter explains why such activity infringes on the sender’s rights and gives the recipient a period of time to voluntarily comply with the demand.  The letter also states that if the recipient fails to comply within the given period, the sender is prepared to pursue appropriate legal remedies (i.e. file a complaint in court).

    There are no special legal requirements to send a Cease and Desist Letter but it’s best to use a mode of service where you can trace whether it was received or not (i.e. via courier).  Further, it’s advisable for you to save copies of the letter for yourself in case legal action is pursued later on. 

  • Certification under oath of President and Treasurer (for submission of financial statement)

    Have the President and Treasurer state under oath that the company's financial statements are correct

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    The Certification is an affidavit executed by the corporation’s president and treasurer certifying that the information contained in the corporation's financial statement for a specific year is true and correct to the best of their knowledge.

    The Certification is normally required by government agencies (e.g. the Bureau of Internal Revenue, Securities and Exchange Commission) if the financial statement is not audited or there is no accompanying auditor's report to the financial statement. This is normally allowed only when the corporation's gross sales / income do not reach a certain amount.

  • Chattel Mortgage

    Execute a mortgage over movable property (i.e. cellphone, jewelry, laptop) to secure an obligation

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    A Chattel Mortgage is a contract where movable property (i.e. a car) is put up as security by the debtor (the “mortgagor”) in the creditor’s (the “mortgagee”) favor for a loan or any other principal obligation. If the debtor fails to pay the loan or fulfill the principal obligation the creditor may foreclose the mortgage and sell the movable property on public auction. The proceeds of the sale will then be used to pay the debt.

    An obligation secured by a Chattel Mortgage is called a secured debt. On the other hand an obligation unsecured by any collateral is called an unsecured debt.

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