Ar cle 423 The claims of the mortgagee are ascertained under one of the following circumstances: (1) where the agreed period of me for the claims to be ascertained expires; (2) where there is no agreement on the period of me for the claims to be ascertained or the agreement is unclear , and the mortgagee or the mortgagor requests for ascertainment of the claims a er the lapse of two years from the date of the crea on of the mortgage; (3) where it is impossible for a new claim to arise; (4) where the mortgagee knows or should have known that the mortgaged property has been seized or detained; (5) where the debtor or the mortgagor is declared bankrupt or dissolved; or (6) any other circumstance under which the claims are to be ascertained as provided by law. Ar cle 424 In addi on to the provisions of this Sec on, the relevant provisions of Sec on 1 of this Chapter shall be applied to the maximum mortgage for oa ng claims. Chapter XVIII Pledge Sec on 1 Pledge in Movable Property Ar cle 425 Where a debtor or a third person pledges his movable property to the creditor for possession in order to secure the performance of an obliga on, if the debtor fails to perform the obliga on due or an event upon the occurrence of which the pledge is to be enforced as agreed upon by the par es occurs, the creditor has priority to be paid from the movable property. The debtor or third person as speci ed in the preceding paragraph is the pledgor, the creditor is the pledgee, and the movable property delivered is the pledged property . Ar cle 426 Movable property may not be pledged where its transfer is prohibited by laws or administra ve regula ons. Ar cle 427 To create a pledge, the par es shall enter into a pledge contract in wri ng. A pledge contract generally contains the following clauses: (1) the type and amount of the secured claim; (2) the term for the debtor to perform the obliga on; (3) such par culars as the name and quan ty of the pledged property; (4) the scope of the security covered; and (5) the me for and the mode of the delivery of the pledged property. Ar cle 428 Where, prior to the due date of performance of an obliga on, the pledgee reaches an agreement with the pledgor under which the pledged property belongs to the creditor in the event that the debtor fails to perform the obliga on due, the pledgee, regardless, may only have priority to be paid from the pledged property in accordance with law. Ar cle 429 A pledge is created upon delivery of the pledged property by the pledgor. Ar cle 430 A pledgee has the right to collect the fruits and proceeds accrued from the pledged property unless otherwise agreed in the contract. The fruits and proceeds as speci ed in the preceding paragraph shall rst be applied to o set the expenses of collec on of them. Ar cle 431 A pledgee who, during the e ec ve period of the pledge, uses or disposes of the pledged property without the consent of the pledgor and thus causes damage to the la er shall be liable for compensa on. ti ti ti ft ff ti ti tt fi ti ti ti ti ti fl ti ti ti ff ti fi fi ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti ti 47