Exemption of Rural Credit Associations From Requirements of Sec. 454 of Act No. 190
Act No. 3858, enacted on November 13, 1931, exempts Agricultural Credit Cooperative Associations, or Rural Credit Associations, from the requirement to publish notices of property sales in newspapers when the total judgment amount is up to 500 pesos or the assessed property value is up to 2,000 pesos. Instead, these associations must post certified copies of the sale notice in at least five public places and on the property itself, as well as serve individual notices to the judgment debtor and bondsmen 20 days prior to the sale. Compliance is evidenced through an affidavit from the person responsible for posting and serving the notices. The auction process remains similar to other sales, with the exception of the publication method. The Act repeals any conflicting provisions and took effect upon approval.
Quick Answers
- What is Exemption of Rural Credit Associations From Requirements of Sec. 454 of Act No. 190 about?
- Act No. 3858, enacted on November 13, 1931, exempts Agricultural Credit Cooperative Associations, or Rural Credit Associations, from the requirement to publish notices of property sales in newspapers when the total judgment amount is up to 500 pesos or the assessed property value is up to 2,000 pesos. Instead, these associations must post certified copies of the sale notice in at least five public places and on the property itself, as well as serve individual notices to the judgment debtor and bondsmen 20 days prior to the sale. Compliance is evidenced through an affidavit from the person responsible for posting and serving the notices. The auction process remains similar to other sales, with the exception of the publication method. The Act repeals any conflicting provisions and took effect upon approval.
- What type of law is Act No. 3858?
- Exemption of Rural Credit Associations From Requirements of Sec. 454 of Act No. 190 (Act No. 3858) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Exemption of Rural Credit Associations From Requirements of Sec. 454 of Act No. 190 enacted?
- Exemption of Rural Credit Associations From Requirements of Sec. 454 of Act No. 190 (Act No. 3858) was enacted on Nov 13, 1931.
- What is the citation for Exemption of Rural Credit Associations From Requirements of Sec. 454 of Act No. 190?
- Exemption of Rural Credit Associations From Requirements of Sec. 454 of Act No. 190, Act No. 3858, Nov 13, 1931 (Philippines)
Law Information
- Reference Number
- Act No. 3858
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 13, 1931
ACT NO. 3858
AN ACT EXEMPTING THE AGRICULTURAL CREDIT COOPERATIVE ASSOCIATIONS, KNOWN AS THE RURAL CREDIT ASSOCIATIONS, FROM THE REQUIREMENTS OF SECTION FOUR HUNDRED FIFTY-FOUR OF ACT NUMBERED ONE HUNDRED AND NINETY, AND PROVIDING FOR ANOTHER PROCEDURE THEREFOR
SECTION 1. Notwithstanding the provisions of the existing laws to the contrary, the Agricultural Credit Cooperative Associations, commonly known as the Rural Credit Associations, having lien on private property, by virtue of a final judgment shall be exempted from the obligation of publishing notices of sale of such property in the newspapers as provided for by section four hundred fifty-four of Act Numbered One hundred and ninety, whenever the total amount involved in the judgment does not exceed five hundred pesos or the assessed value of the real property, sought to be sold at public auction does not exceed two thousand pesos. TCIHSa
SECTION 2. Before proceeding with the public auction sale of the real property of the judgment debtor, or his bondsmen, it shall be the duty of the creditor Agricultural Credit Cooperative Associations to post certified copies of notice of the time and place of sale signed by the sheriff particularly describing the property to be sold in at least five public and conspicuous places within the jurisdiction of the municipality in which the association is locally domiciled and another copy on the premises of every parcel or lot of the property affected for a period of twenty days besides serving a copy on the judgment debtor and his bondsmen, individually, twenty days before the date on which the auction sale shall take place.
SECTION 3. The affidavit of the person who actually did the posting and the serving of such notice or notices of sale to the effect that the posting and serving was done in accordance with the provisions of this Act, shall be prima facie evidence that the requirements of section two of this Act have been complied with.
SECTION 4. The auction sale in these cases shall be carried on in the same way as any other auction sale provided for by Act Numbered One hundred and ninety with the exception of the manner of publication, as provided by this Act.
SECTION 5. All acts or parts of acts inconsistent with the provisions hereof are hereby repealed. ITAaCc
SECTION 6. This Act shall take effect on its approval.
Approved, November 13, 1931.
Cite This Law
Exemption of Rural Credit Associations From Requirements of Sec. 454 of Act No. 190, Act No. 3858, Nov 13, 1931 (Philippines)
Exemption of Rural Credit Associations From Requirements of Sec. 454 of Act No. 190, Act No. 3858 (Phil. 1931)
Related Laws
- Creation and Operation of Rural Credit AssociationsAct No. 3895 • Nov 16, 1931 • Statutes
- Amendment to Sec. 42 of Act No. 2508 (Rural Credit Law)Act No. 3750 • Nov 26, 1930 • Statutes
- Exemption of Loan and Other Instruments of Agricultural Credit Cooperative Associations from Documentary Stamp TaxAct No. 3771 • Nov 28, 1930 • Statutes
- Amendments to Act No. 2508 (Rural Credit Law)Act No. 3746 • Nov 24, 1930 • Statutes
- Implementing Rules and Regulations of the Agri-Agra Reform Credit Act of 2009 (RA 10000)IRR of RA 10000 • Jul 14, 2011 • Implementing Rules and Regulations
- Deadline for Production Submission of Credit Data; and Technical RequirementsCIC Circular No. 02-15 • Sep 28, 2015 • Other Rules and Procedures
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