1. Registered Real Estate Mortgage: A contract registered in accordance with the provisions of this Law, by which the mortgagee acquires a right in rem in a certain registered real estate. Pursuant to such right, the mortgagee’s debt shall be met in preference to other creditors with respect to the price of that property irrespective of who possesses it.

2. a) If the property is registered in accordance with the provisions of the Real Estate Registration Law, the mortgage shall be registered pursuant to the provisions of such Law.

b) A real estate mortgage not registered under the provisions of the Real Estate Registration Law shall be registered by marking an entry into the record with the competent court or notary public.

3. Real estate mortgage shall have no effect vis-à-vis third parties unless registered under the provisions of paragraph (b) of this Article. The mortgagor shall bear the costs of the mortgage contract and registration. If paid by other than the mortgagor, such costs shall be part of the mortgage debt and preference unless agreed otherwise.

1. The mortgagor must be the owner of the mortgaged property and shall have the capacity to dispose of the property.

2. The mortgagor may be the debtor himself or a real guarantor presenting a property to be mortgaged for the interest of the debtor even without the latter's permission.

If the mortgagor is other than the owner of the mortgaged property, the mortgage shall be subject to an official authorization by the owner, and the mortgage shall be created from the date of the authorization. In the absence of such authorization, the right to mortgage shall be enforceable with respect to the property only from the time said property is owned by the mortgagor.

1. The mortgaged property must be defined and existing or likely to exist, and it must be legally saleable.

2. The mortgaged property must be clearly defined and described in the mortgage contract itself or in a subsequent contract, and it must be independently saleable in public auction.

3. The usufruct of the property may be mortgaged separately from the property, and the provisions relating to mortgage and registration of the mortgaged property shall apply.

Mortgage shall include all appurtenances to the mortgaged property such as annexes, plants, and other facilities serving said property as well as any other constructions or improvements added thereto after concluding the contract unless agreed otherwise, without prejudice to third party rights related to such appurtenances.

Mortgage established by the owners of a commonly owned property shall remain effective irrespective of whether the mortgaged property is divisible or not.

1. If a partner mortgages part or all of his commonly owned share, the mortgage shall apply to the part allocated to him after division.

2. If a partner mortgages part or all of his commonly owned share and his share, after division, includes property other than the mortgaged, then the mortgage shall apply to a portion of said property equivalent to the value of the portion originally mortgaged. Such portion shall be determined and registered pursuant to a decision issued by the competent judge.

3. Amounts due to the mortgagor, in lieu of his share or resulting from the price of the mortgaged property, shall be allocated to pay off the debt secured by the mortgage.

Prior to maturity of debt, the mortgagee in a common mortgaged property may not demand division of said property without the consent of the mortgagor. Upon maturity of debt, however, the mortgagee may demand sale of the mortgaged share in its common status or demand division without the consent of the mortgagor.

The consideration for mortgage must be an established debt, a specified debt promised to be paid, a real property secured by the debtor, or a debt certain to be realized such as a conditional debt, future debt, or probable debt, provided that the amount of the secured debt or the maximum limit of such debt shall be specified in the mortgage contract.