Text of the provision
Art. 2114. All bids at the public auction shall offer to pay the purchase price at once. If any other bid is accepted, the pledgee is deemed to have been received the purchase price, as far as the pledgor or owner is concerned.
(n)
Civil Code of the Philippines, Republic Act No. 386, approved June 18, 1949, effective August 30, 1950. Reproduced in full; verified verbatim against the LawPhil and ChanRobles official-text renderings.
What this article means
All auction bids must offer to pay at once; if another bid is accepted, the pledgee is deemed to have received the price as to the pledgor.
Related provisions
- Article 2113 — Bidding at the Auction.
- Article 2115 — Sale Extinguishes the Obligation (No Deficiency).
Cases interpreting this article
- Authorities on this article will be added here as each is verified against primary sources.
Note. The text of the provision above is reproduced in full from the official enactment (Republic Act No. 386), verified against the LawPhil and ChanRobles renderings. The annotation and commentary around it are the work of Vivas & Nobles Law Office and are general legal information, not legal advice. How a provision applies to a particular situation depends on facts that only a lawyer reviewing your case can assess.