Republic Act No. 4381: An act to amend section one of republic act numbered one hundred and thirty-three, entitled "an act to authorize the mortgage of private real property in favor of any individual, corporation, or association subject to certain conditions"

Republic Act No. 4381

An act to amend section one of republic act numbered one hundred and thirty-three, entitled "an act to authorize the mortgage of private real property in favor of any individual, corporation, or association subject to certain conditions"

An Act to Amend Section One of Republic Act Numbered One Hundred and Thirty-Three, Entitled "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 act amends Section 1 of Republic Act No. 133, clarifying that private real property may be mortgaged only by individuals, corporations, or associations not disqualified to hold public domain lands, and restricts the rights of disqualified mortgagees during the mortgage period.

Amendment to Section 1 of RA 133 restricting mortgages to individuals, corporations, or associations not disqualified to hold public domain lands.

Disqualified mortgagees cannot take possession or enjoy fruits of mortgaged property during the mortgage.

Disqualified mortgagees cannot bid or participate in foreclosure sales.

Real Property

Mortgage

Public Domain

REPUBLIC ACT No. 4381

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1

Section one of Republic Act Numbered One hundred and thirty-three is hereby amended to read as follows:

> "Sec. 1. Any provision of law to the contrary notwithstanding, private real property may be mortgaged in favor of any individual, corporation, or association, but the mortgage or his successor in interest, if disqualified to acquire or hold lands of the public domain in the Philippines, shall not take possession or enjoy the fruits of the mortgaged property during the existence of the mortgage and shall not bid or take part in any sale of such real property in case of foreclosure."

Section 2

This Act shall take effect upon its approval.

Approved: June 19, 1965.

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.