An Act to Provide for The Record of Mortgages or Trust Deeds Issued by Public Service Corporations to Secure Bonds, and for Other Purposes
Act No. 2243, enacted on February 11, 1913, establishes a framework for the recording of mortgages and trust deeds issued by public service corporations, particularly those involved in transportation and sugar production, to secure their bonds. Mortgages filed with the division of archives create a lien on all described property, taking precedence over subsequent claims, except for lawful taxes and assessments. The Act mandates that these instruments be preserved and indexed similarly to other corporate documents and requires a filing fee of twenty-five pesos. Certified copies of the recorded instruments will hold the same legal validity as the originals. The law aims to provide clarity and security in financial transactions involving public service corporations.
Quick Answers
- What is An Act to Provide for The Record of Mortgages or Trust Deeds Issued by Public Service Corporations to Secure Bonds, and for Other Purposes about?
- Act No. 2243, enacted on February 11, 1913, establishes a framework for the recording of mortgages and trust deeds issued by public service corporations, particularly those involved in transportation and sugar production, to secure their bonds. Mortgages filed with the division of archives create a lien on all described property, taking precedence over subsequent claims, except for lawful taxes and assessments. The Act mandates that these instruments be preserved and indexed similarly to other corporate documents and requires a filing fee of twenty-five pesos. Certified copies of the recorded instruments will hold the same legal validity as the originals. The law aims to provide clarity and security in financial transactions involving public service corporations.
- What type of law is Act No. 2243?
- An Act to Provide for The Record of Mortgages or Trust Deeds Issued by Public Service Corporations to Secure Bonds, and for Other Purposes (Act No. 2243) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act to Provide for The Record of Mortgages or Trust Deeds Issued by Public Service Corporations to Secure Bonds, and for Other Purposes enacted?
- An Act to Provide for The Record of Mortgages or Trust Deeds Issued by Public Service Corporations to Secure Bonds, and for Other Purposes (Act No. 2243) was enacted on Feb 11, 1913.
- What is the citation for An Act to Provide for The Record of Mortgages or Trust Deeds Issued by Public Service Corporations to Secure Bonds, and for Other Purposes?
- An Act to Provide for The Record of Mortgages or Trust Deeds Issued by Public Service Corporations to Secure Bonds, and for Other Purposes, Act No. 2243, Feb 11, 1913 (Philippines)
Law Information
- Reference Number
- Act No. 2243
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 11, 1913
ACT NO. 2243
AN ACT TO PROVIDE FOR THE RECORD OF MORTGAGES OR TRUST DEEDS ISSUED BY PUBLIC SERVICE CORPORATIONS TO SECURE BONDS, AND FOR OTHER PURPOSES
SECTION 1. Mortgages executed by railway companies, tramway companies, street-car companies, sugar central companies and other corporations owning and operating railroads or tramways, as well as public service corporations, for the purpose of securing the bonds of such corporations on the property of such corporations, shall become liens on all property real, personal or mixed of such corporations described in such mortgages and according to the terms thereof, including property thereafter acquired when by the terms of such mortgages the same shall be made to apply thereto, at and from the time the said mortgages shall have been filed with the division of archives, patents, copyrights, and trademarks of the Executive Bureau, which said liens shall be prior to and take precedence of any and all mortgages, liens and encumbrances which may thereafter arise against the said property, except such liens as arise from the imposition of lawful taxes, fines, and assessments upon the same; and any subsequent conveyance of the said property or any part thereof, or any interest therein, shall be subject to the liens aforesaid.
SECTION 2. Nothing in this Act contained shall be construed as depriving the grantees or beneficiaries under said instruments of any right or lien in connection therewith which exists by law independent of this Act.
SECTION 3. The chief of the division of archives, patents, copyrights, and trade-marks of the Executive Bureau shall, upon the filing of the instruments provided for in this Act, indorse thereon the date and hour when the same were filed, with his official signature thereto, and the said indorsement shall be prima facie evidence of the date and hour when the instruments were filed for record.
SECTION 4. The said instruments shall be preserved and indexed in the same manner as the papers and documents of corporations filed with the division of archives, patents, copyrights, and trade-marks under the provisions of Act Numbered Fourteen hundred and fifty-nine and amendments thereto.
SECTION 5. The chief of the division of archives, patents, copyrights, and trade-marks shall collect for the filing of each one of the instruments provided for in this Act the sum of twenty-five pesos.
SECTION 6. A copy of each of the said instruments, certified by the chief of the division of archives, patents, copyrights, and trade-marks of the Executive Bureau, shall be of and have the same legal effect as the original.
SECTION 7. This Act shall take effect upon its passage.
ENACTED, February 11, 1913.
Cite This Law
An Act to Provide for The Record of Mortgages or Trust Deeds Issued by Public Service Corporations to Secure Bonds, and for Other Purposes, Act No. 2243, Feb 11, 1913 (Philippines)
An Act to Provide for The Record of Mortgages or Trust Deeds Issued by Public Service Corporations to Secure Bonds, and for Other Purposes, Act No. 2243 (Phil. 1913)
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