Amendment to R.A. No. 133 (Authority to Mortgage Private Real Property)
Republic Act No. 4381 • Statutes • Republic Acts • Jun 19, 1965
Full text
June 19, 1965 REPUBLIC ACT NO. 4381 AN ACT TO AMEND SECTION ONE OF REPUBLIC ACT NUMBEREDONE HUNDRED AND THIRTY-THREE, ENTITLED "AN ACT TO AUTHORIZE THE MORTGAGE OF PRIVATEREAL PROPERTY IN FAVOR OF ANY INDIVIDUAL, CORPORATION, OR ASSOCIATIONSUBJECT TO CERTAIN CONDITIONS" SECTION 1. Section one of Republic Act Numbered One hundred and thirty-three is hereby amended to read as follows: cd "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 Published in the Official Gazette, Vol. 62, No. 33, p. 5900 on August 15, 1966
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