After knowing when a possessor can lose his possession, read also: WHO IS A POSSESSOR IN BAD FAITH?
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A possessor may lose possession by abandonment of the thing or right
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It may also be lost by the destruction or total loss of the thing
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A possessor may lose possession by an assignment of the thing or right made to another with or without consideration
Movable property is another term for personal property.
The possession of movables is not deemed lost so long as they remain under the control of the possessor, even though for the time being he may not know their whereabouts. The possessor of a movable property acquired in good faith is equivalent to title. Nevertheless, one who has lost any movable or has been unlawfully deprived of possession, may recover it from the person in possession of the same.
For instance, Shaun is an owner of a car, a movable property, which was unlawfully taken from his house while he was out of town. Shaun has no idea where his car might be. Despite the fact that his car is missing, he is still considered in possession of the car even if, for the time being, he does not know the whereabouts of his car. He never lost possession with respect to his missing car. This means that he still has the full control and ownership of his car. As a consequence, he may recover it from any person who has possession of his car. However, Shaun may lose possession of his car depending on his subsequent act(s) or circumstances affecting the car.
For immovable or real properties, the possession is not deemed lost, or transferred for purposes of prescription to the prejudice of third persons, except in accordance with the provisions of the Mortgage Law and the Land Registration laws.
When may a possessor lose his possession?
The law says:
A possessor may lose his possession by abandonment of the thing or right, by the destruction or total loss of the thing, or by transferring his ownership or rights over the thing.
Thus, in the example above, Shaun may lose possession of his car if he abandons his right to recover the same such that he lost interest in taking any action to locate and retrieve his car. If Shaun pursued but eventually learned that the car was totally destroyed and is no longer of use or can no longer be recovered, he lost possession of the same. On the other hand, if Shaun was able to retrieve the car but eventually sold or donated the same in favor of another, he completely lost possession of his car.
In addition, let us take the case of Spouses Fernando and Angelina Edralin vs. Philippine Veterans Bank, G.R. No. 168523, March 09, 2011.
In this case, the spouses obtained a loan from the Philippine Veterans Bank with their parcel of land as a security. When the spouses failed to pay the amount borrowed from the Philippine Veterans Bank, the property was foreclosed. Thus, a foreclosure sale was held. Consequently, a Certificate of Sale was registered with the appropriate Registry of Deeds. The spouses failed to redeem the property during the redemption period.
With the registration of the Sale with the appropriate Registry of Deeds and eventual failure by the spouses to redeem the property, the latter have lost possession of the property.
Alburo Alburo and Associates Law Offices specializes in business law and labor law consulting. For inquiries, you may reach us at info@alburolaw.com, or dial us at (02)7745-4391/0917-5772207.
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