Page 371 - Important Provisions of The New Civil Code

Article 1484. In a contract of sale of personal

property the price of which is payable in

installments, the vendor may exercise any of the

following remedies:

(1) Exact fulfillment of the obligation, should

the vendee fail to pay;

(2) Cancel the sale, should the vendee's

failure to pay cover two or more

installments;

(3) Foreclose the chattel mortgage on the

thing sold, if one has been constituted,

should the vendee's failure to pay cover two

or more installments. In this case, he shall

have no further action against the purchaser

to recover any unpaid balance of the price.

Any agreement to the contrary shall be void.

(1454-A-a)