Full Title
AN ACT TO AUTHORIZE THE MORTGAGE OF PRIVATE REAL PROPERTY IN FAVOR OF ANY INDIVIDUAL, CORPORATION, OR ASSOCIATION SUBJECT TO CERTAIN CONDITIONS.
Congress
1st Congress of the Republic
House Bill No.
H. No. 1026
Legislative History
Request for e-copy
Date of Approval
June 14, 1947

Other Details

Issuance Category
Legislative Issuance
Legislative Issuance Type
Republic Act
Bill Note
House Bill Only
Subjects
Mortgages
REAL PROPERTY -- MORTGAGES

Official Gazette

Official Gazette Source
Official Gazette vol. 43 no. 7 page 2568 (7/00/1947)

Full Text of Issuance

H. No. 1026 / 43 OG No. 7, 2568 (July, 1947)

[ REPUBLIC ACT NO. 133, June 14, 1947 ]

AN ACT TO AUTHORIZE THE MORTGAGE OF PRIVATE REAL PROPERTY IN FAVOR OF ANY INDIVIDUAL, CORPORATION, OR ASSOCIATION SUBJECT TO CERTAIN CONDITIONS.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:SECTION 1. Any provision of law to the contrary notwithstanding, private real property may be mortgaged for a period not exceeding five years, renewable for another five, in favor of any individual, corporation, or association, but the mortgagee or his successor in interest, if disqualified to acquire or hold lands of the public domain in the Philippines, shall not bid or take part in any sale of such real property as a consequence of such mortgage.SEC. 2. All laws, orders or regulations, or parts thereof inconsistent with the provisions of this Act, are repealed or modified accordingly.SEC. 3. This Act shall take effect upon its approval.Approved, June 14, 1947.

Source: Supreme Court E-Library