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Homework answers / question archive / Mika, Aldous, and Andy are jointly liable to give a particular vehicle worth P1

Mika, Aldous, and Andy are jointly liable to give a particular vehicle worth P1

Law

Mika, Aldous, and Andy are jointly liable to give a particular

vehicle worth P1. 2 million in favor of Daniel, Nadine, James, and Liza. Mike is insolvent so the debtors cannot purchase the car to give the creditors. Daniel and Nadine have renounced their rights. The debtors are not in default. How much can each of the creditors get from each of the debtors?


b.) The parties concurred that if in a contract of loan the borrower cannot pay the indebtedness on the date agreed upon, the debtor should mortgage a parcel of land to secure the debt. Explain and describe this kind of obligation.

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