At the public auction, the pledgor or owner may bid. He shall, moreover, have a better right if he should offer the same terms as the highest bidder.
The pledgee may also bid, but his offer shall not be valid if he is the only bidder. (n)
Civil Code · Book IV: Obligations and Contracts · Title XVI: Pledge, Mortgage and Antichresis
Chapter 2: Pledge
Current text, as of October 24, 2026
At the public auction, the pledgor or owner may bid. He shall, moreover, have a better right if he should offer the same terms as the highest bidder.
The pledgee may also bid, but his offer shall not be valid if he is the only bidder. (n)
Personal Property Security Act (2018)
RA 11057 repealed, amended or modified this article where inconsistent with the Personal Property Security Act, which now governs security interests over personal property through a centralized registry.
Read RA 11057 →Consolidated by Alleba from the text of Republic Act No. 386 (Lawphil and the Supreme Court E-Library). Book I provisions on marriage, family relations and parental authority were repealed by the Family Code (Executive Order No. 209, 1987) and are shown for reference only. For information and research only, and not legal advice. For certified copies, refer to the Official Gazette or the issuing agency.