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PHILIPPINE LAWS, STATUTES & CODES
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REPUBLIC ACT NO. 2711 - AN ACT TO
AMEND SECTION ONE HUNDRED AND NINETY-EIGHT OF THE REVISED
ADMINISTRATIVE CODE, AS AMENDED BY REPUBLIC ACT NUMBERED ONE HUNDRED
AND SIXTEEN RELATIVE TO REGISTRATION OF CHATTEL MORTGAGES |
Section 1.
Section one hundred and ninety-eight of the Revised Administrative
Code, as amended by Republic Act Numbered One hundred and sixteen, is
hereby further amended to read as follows: "Section 198.
Registration of chattel mortgages and fees collectible in connection
therewith. — Every register of deeds shall keep a primary entry book
and a registration book for chattel mortgages; shall certify on each
mortgage filed for record, as well as on its duplicate, the date, hour,
and minute when the same was by him received; and shall record in such
books any chattel mortgage, assignment, or discharge thereof, and any
other instruments relating to a recorded mortgage, and shall such
instruments shall be presented to him in duplicate, the original to be
filed and the duplicate to be returned to the person
concerned. "The register of deeds shall also
certify the officer's return of sale upon any mortgage, making
reference upon 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 payment of the lawful fees for such copy; and
certify upon each mortgage officer's return of sale or discharge of
mortgage, and upon any other instrument relating to such a recorded
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. "The register of deeds shall
collect the following fees for services rendered by him under this
section: "2. When the
amount of the mortgage is more than six thousand pesos but does not
exceed thirty thousand pesos, twenty-four pesos for the initial amount
not exceeding eight thousand pesos, and four pesos for each additional
two thousand pesos or fractional part thereof. "5. When the
amount of the mortgage is more than five hundred thousand pesos, five
hundred eighty-one pesos for the initial amount not exceeding five
hundred twenty thousand pesos, and fifteen pesos for each additional
twenty thousand pesos or fractional part thereof: Provided, however,
That registration of the mortgage in the province where the property is
situated shall be sufficient registration: And provided, further, That
if the mortgage is to be registered in more than one city or province,
the register of deeds of the city or province where the instrument is
first presented for registration shall collect the full amount of the
fees due in accordance with the schedule prescribed above, and the
register of deeds of the other city or province where the same
instrument is also to be registered shall collect only a sum equivalent
to twenty per centum of the amount of fees due and paid in the first
city or province, but in no case shall the fees payable in any registry
be less than the minimum fixed in said schedule. "(e) For
recording each release of mortgage, including the necessary index and
references, the fees established in the schedule under paragraph (b)
above shall be collected on the basis of five per centum of the amount
of the mortgage. "(i) For
recording each instrument or other relating to a recorded mortgage,
including the necessary index and references, for which no specific fee
is provided above, two pesos. Sec. 2. This Act shall take effect sixty days after its approval. Approved:
June 18, 1960 |
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