Amendment to R.A. No. 133 Re: Mortgage of Private Real Property

June 17, 1967 REPUBLIC ACT NO. 4882 AN ACT TO AMEND SECTION ONE OF REPUBLIC ACT NUMBEREDONE HUNDRED THIRTY-THREE, ENTITLED "AN ACTTO AUTHORIZE THE MORTGAGE OF PRIVATEREAL PROPERTY IN FAVOR OF ANY INDIVIDUAL, CORPORATION, OR ASSOCIATIONSUBJECT TO CERTAIN CONDITIONS", AS AMENDED BY REPUBLIC ACT NUMBEREDFORTY-THREE HUNDRED EIGHTY-ONE SECTION 1. Section one Republic Act Numbered One hundred thirty-three as heretofore amended by Republic Act Numbered Forty-three hundred eighty-one, is hereby further 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 of the mortgaged property during the existence of the mortgage and shall not take possession of mortgaged property except after default and for the sole purpose of foreclosure, receivership, enforcement or other proceedings and in no case for a period of more than five years from actual possession and shall not bid or take part in any sale of such real property in case of foreclosure: Provided, That said mortgagee or successor in interest may take possession of said property after default in accordance with the prescribed judicial procedures for foreclosure and receivership and in no case exceeding five years from actual possession." SECTION 2. This Act shall take effect upon its approval. Approved: June 17, 1967 Published in the Official Gazette, Vol. 63, No. 44, p. 9889 on October 30, 1967