AN ACT TO AUTHORIZE THE MORTGAGE OF PRIVATE REAL PROPERTY IN FAVOR OF ANY INDIVIDUAL, CORPORATION, OR ASSOCIATION SUBJECT TO CERTAIN CONDITIONS
Year:
1947
Category:
Other
Date Approved:
June 14, 1947
Summary
Plain-language AI-assisted summary — not the official text. As of July 1, 2026. Read the full text below or on the official source.
This Act authorizes the mortgage of private real property for a period not exceeding five years, renewable for another five, in favor of any individual, corporation, or association. It also stipulates that disqualified mortgagees cannot bid or take part in any sale of such real property.Full Text
REPUBLIC ACT No. 133 June 14, 1947
AN ACT TO AUTHORIZE THE MORTGAGE OF PRIVATE REAL PROPERTY IN FAVOR OF ANY INDIVIDUAL, CORPORATION, OR ASSOCIATION SUBJECT TO CERTAIN CONDITIONS
Section 1. Any provision of law to the contrary notwithstanding, private real property may be mortgaged for a period not exceeding five years, renewable for another five, in favor of any individual, corporation, or association, but the mortgagee or his successor in interest, if disqualified to acquire or hold lands of the public domain in the Philippines, shall not bid or take part in any sale of such real property as a consequence of such mortgage.
Section 2. All laws, orders, or regulations, or parts thereof inconsistent with the provisions of this Act, are repealed or modified accordingly.
Section 3. This Act shall take effect upon its approval.
Approved: June 14, 1947
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Republic Acts are laws passed by the Congress of the Philippines. This content is sourced from LawPhil (lawphil.net) for reference purposes. For official and authoritative texts, please refer to the Official Gazette.