An Act to Amend Section Ten of Act Numbered Twenty-Seven Hundred and Forty-Seven, which Amends Act Numbered Twenty-Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," by Increasing the Loans for the Purpose of Promoting Agriculture to Seventy Per Cent
Act No. 3033, approved on March 9, 1922, amends Section 10 of a prior act concerning the Philippine National Bank, allowing it to loan up to seventy percent of its capital and surplus for agricultural purposes. The loans must be secured by first mortgages on farm lands, not exceeding sixty percent of the land's actual value, including improvements. Mortgagors are required to insure the buildings and improvements, and the loans must be repaid within one to thirty years, with specific terms for installment payments. Additionally, loan applications must include detailed property descriptions and intended purposes, and any misuse of loan proceeds can lead to contract rescission and mortgage foreclosure.
Quick Answers
- What is An Act to Amend Section Ten of Act Numbered Twenty-Seven Hundred and Forty-Seven, which Amends Act Numbered Twenty-Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," by Increasing the Loans for the Purpose of Promoting Agriculture to Seventy Per Cent about?
- Act No. 3033, approved on March 9, 1922, amends Section 10 of a prior act concerning the Philippine National Bank, allowing it to loan up to seventy percent of its capital and surplus for agricultural purposes. The loans must be secured by first mortgages on farm lands, not exceeding sixty percent of the land's actual value, including improvements. Mortgagors are required to insure the buildings and improvements, and the loans must be repaid within one to thirty years, with specific terms for installment payments. Additionally, loan applications must include detailed property descriptions and intended purposes, and any misuse of loan proceeds can lead to contract rescission and mortgage foreclosure.
- What type of law is Act No. 3033?
- An Act to Amend Section Ten of Act Numbered Twenty-Seven Hundred and Forty-Seven, which Amends Act Numbered Twenty-Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," by Increasing the Loans for the Purpose of Promoting Agriculture to Seventy Per Cent (Act No. 3033) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act to Amend Section Ten of Act Numbered Twenty-Seven Hundred and Forty-Seven, which Amends Act Numbered Twenty-Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," by Increasing the Loans for the Purpose of Promoting Agriculture to Seventy Per Cent enacted?
- An Act to Amend Section Ten of Act Numbered Twenty-Seven Hundred and Forty-Seven, which Amends Act Numbered Twenty-Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," by Increasing the Loans for the Purpose of Promoting Agriculture to Seventy Per Cent (Act No. 3033) was enacted on Mar 9, 1922.
- What is the citation for An Act to Amend Section Ten of Act Numbered Twenty-Seven Hundred and Forty-Seven, which Amends Act Numbered Twenty-Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," by Increasing the Loans for the Purpose of Promoting Agriculture to Seventy Per Cent?
- An Act to Amend Section Ten of Act Numbered Twenty-Seven Hundred and Forty-Seven, which Amends Act Numbered Twenty-Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," by Increasing the Loans for the Purpose of Promoting Agriculture to Seventy Per Cent, Act No. 3033, Mar 9, 1922 (Philippines)
Law Information
- Reference Number
- Act No. 3033
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 9, 1922
ACT NO. 3033
AN ACT TO AMEND SECTION TEN OF ACT NUMBERED TWENTY-SEVEN HUNDRED AND FORTY-SEVEN, WHICH AMENDS ACT NUMBERED TWENTY-SIX HUNDRED AND TWELVE, ENTITLED "AN ACT CREATING THE PHILIPPINE NATIONAL BANK," BY INCREASING THE LOANS FOR THE PURPOSE OF PROMOTING AGRICULTURE TO SEVENTY PER CENT
SECTION 1. Section ten of Act Numbered Twenty-seven hundred and forty-seven is hereby amended to read as follows:
"SEC. 10. Said National Bank is hereby authorized to loan not to exceed seventy per cent of its capital and surplus and all amounts realized from the sale of real estate by bonds, as provided in sections twelve and thirteen herein, on notes secured by real estate mortgages. Payment of such notes shall be secured by first mortgages on farm lands in the Philippine Islands, and in no case shall such loans exceed sixty per cent of the actual value of said land, including the value of the permanent improvements thereon, such as buildings and machinery if the same form an integral part of the agricultural development: Provided, however, That whenever the bank may deem it advisable, the mortgages shall contain a clause obliging the mortgagor to insure to their full value in the name of the National Bank such buildings and improvements. The due date of said mortgages shall not be less than one year from the date thereof, nor more than thirty years. The said mortgages may, by their terms, be made payable at one time or in installments: Provided, That when the due date of the mortgage is five years or more after the date of its execution, the principal and interest of the loan shall be made payable by its terms in equal installments of not more than one year each. Loans made by the National Bank on real estate security shall be made for the purpose of promoting agriculture. Applications for such loans shall be in writing and under oath, and shall contain, among other things:
"(a) A detailed description of the real estate;
"(b) An appraisal thereof at its reasonable market value;
"(c) A full statement of the purposes for which the loan is desired.
"It shall be unlawful to use the proceeds of said loan, or any part thereof, for any purpose or purposes except the purpose or purposes set out in said application. Any violation of this clause shall be sufficient cause for the rescission of the contract and the foreclosure of the mortgage."
SECTION 2. This Act shall take effect on its approval.
Approved, March 9, 1922.
Cite This Law
An Act to Amend Section Ten of Act Numbered Twenty-Seven Hundred and Forty-Seven, which Amends Act Numbered Twenty-Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," by Increasing the Loans for the Purpose of Promoting Agriculture to Seventy Per Cent, Act No. 3033, Mar 9, 1922 (Philippines)
An Act to Amend Section Ten of Act Numbered Twenty-Seven Hundred and Forty-Seven, which Amends Act Numbered Twenty-Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," by Increasing the Loans for the Purpose of Promoting Agriculture to Seventy Per Cent, Act No. 3033 (Phil. 1922)
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