(a) Distinguish a contract of chattel mortgage from a contract of pledge. (2%)
(b) Are the right of redemption and the equity of redemption given by law to a mortgagor the same? Explain. (2%)
(c) X borrowed money from Y and gave a piece of land as security by way of mortgage. It was expressly agreed between the parties in the mortgage contract that upon nonpayment of the debt on time by X, the mortgaged land would already belong to Y. If X defaulted in paying, would Y now become the owner of the mortgaged land? Why? (3%)
(d) Suppose in the preceding question, the agreement between X and Y was that if X failed to pay the mortgage debt on time, the debt shall be paid with the land mortgaged by X to Y. Would your answer be the same as in the preceding question? Explain. (3%)
