Amendment to Revised Administrative Code Re: Registration of Chattel Mortgages

June 7, 1947

REPUBLIC ACT NO. 116

AN ACT TO AMEND SECTION ONE HUNDRED AND NINETY-EIGHT OF THE REVISED ADMINISTRATIVE CODE

SECTION 1. Section one hundred and ninety-eight of the Revised Administrative Code is hereby amended to read as follows:

"Sec. 198. Registration of chattel mortgages and fees collectible in connection therewith. — Every register of deeds shall keep a book of records of chattel mortgages; shall certify on each mortgage left for record the date, hour, and minute when the same was by him received: record in such book any chattel mortgage, transfer, or discharge, which shall be presented to him in duplicate, the original to be filed and the duplicate to be returned to the person concerned.

The record shall be effected by making an entry, which shall be given a correlative number, setting forth the names of the mortgagee and the mortgagor, the sum or obligation guaranteed, date of the instrument, name of the notary acknowledging the same, and a note that the property mortgaged is mentioned in detail in the instrument filed, giving the proper file number thereof.

The register shall also certify the officer's return of sale upon any mortgage, making reference upon the margin of the record of such officer's return to the volume and page of the record of the mortgage, and a reference of such return on the record of the mortgage itself, and give a certified copy thereof, when requested, upon the payment of the lawful fees for such copy; and certify upon each mortgage officer's return of sale or discharge of mortgage, both on the original and on the duplicate, the date, hour, and minute when the same is received for record and record such certificate with the return itself and keep an alphabetical index of mortgagors and mortgagees, which record and index shall be open to public inspection.

Duly certified copies of such records and of filed instruments shall be receivable as evidence in any court.

A register of deeds shall collect the following fees for services under this section:

(a) For record of filing of any document, fifty centavos.

(b) For filing and recording each chattel mortgage, including the necessary certificates and affidavits, the fees established in the following schedule shall be collected:

1. When the amount of mortgage does not exceed six thousand pesos, three pesos for the first five hundred pesos or fractional part thereof, and one peso for each additional five hundred pesos or fractional part thereof.

2. When the amount of the mortgage is more than six thousand pesos but does not exceed thirty thousand pesos, seventeen pesos for the initial amount not exceeding eight thousand pesos, and three pesos for each additional two thousand pesos or fractional part thereof.

3. When the amount of the mortgage is more than thirty thousand pesos but does not exceed one hundred thousand pesos, fifty-five pesos for the initial amount not exceeding thirty-five thousand pesos and five pesos for each additional five thousand pesos or fractional part thereof.

4. When the amount of the mortgage is more than one hundred thousand pesos, but does not exceed five hundred thousand pesos, one hundred and twenty-seven pesos for the initial amount not exceeding one hundred ten thousand pesos, and seven pesos for each additional ten thousand pesos or fractional part thereof.

5. When the amount of the mortgage is more than five hundred thousand pesos, four hundred ten pesos for the initial amount not exceeding five hundred twenty thousand pesos, and ten pesos for each additional twenty thousand pesos or fractional part thereof.

(c) For recording each instrument of sale, conveyance and transfer of a mortgage credit, whatever be the amount, three pesos.

(d) For recording each notice of embargo, including the necessary index and annotations, three pesos.

(e) For recording each release of mortgage, including the necessary index and references, one peso.

( f ) For recording each release of embargo, including the proper annotations, one peso.

(g) For recording each sheriff's return of sale, including the index and references, for each one hundred words, two pesos.

(h) For certified copies of records, such fees as are allowed by law copies of records kept by the register of deeds. cdt

(i) For issuing a certificate relative to, or showing the existence or non-existence of an entry in the registration book, or a document on file, for each certificate containing not more than two hundred words, two pesos; if it exceeds that number, an additional fee of thirty centavos shall be collected for every one hundred words in excess of the first two hundred."

SECTION 2. This Act shall take effect upon its approval.

Approved: June 7, 1947.

Published in the Official Gazette, Vol. 43, No. 7, p. 2546 in July 1947