Republic Act No. 133: An act to authorize the mortgage of private real property in favor of any individual, corporation, or association subject to certain conditions

In plain language

This Republic Act authorizes the mortgage of private real property for up to ten years (five years renewable for another five) and restricts mortgagees who are disqualified to acquire or hold lands of the public domain from participating in sales of such property. It repeals or amends any laws, orders, or regulations inconsistent with its provisions and takes effect upon its approval.

Private real property may be mortgaged for up to ten years (five years renewable for another five).

Mortgagees disqualified to acquire or hold public domain lands cannot bid or take part in sales of mortgaged property.

All laws, orders, or regulations inconsistent with this Act are repealed or modified accordingly.

mortgage

private real property

land law

Philippines

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

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.

Section 2

All laws, orders, or regulations, or parts thereof inconsistent with the provisions of this Act, are repealed or modified accordingly.

Section 3

This Act shall take effect upon its approval.

Approved: June 14, 1947

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.