Practice question
A notice names two secured creditors. One authorizes a termination notice and the other does not. Under Section34(b), what is the stated scope of termination?
- As to the authorizing secured creditor
- Automatically as to every creditor regardless of authority
- Only as to an unrelated third creditor
- All grantor obligations vanish
- The other creditor becomes owner automatically
Legal references
- RA11057 PPSA: https://lawphil.net/statutes/repacts/ra2018/ra_11057_2018.html Sections28(f),29,34–43.
- LRA Circular02-2025 PPSR operationalization: https://lra.gov.ph/wp-content/uploads/2025/07/02-2025-OPERATIONALIZATION-OF-THE-PERSONAL-PROPERTY-SECURITY-REGISTRY.pdf PPSR operation commenced February3,2025.
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