An Act to Amend Section One of Republic Act Numbered One Hundred Thirty-Three, Entitled "An Act to Authorize the Mortgage of Private Real Property in Favor of Any Individual, Corporation, or Association Subject to Certain Conditions", as Amended by Republic Act Numbered Forty-Three Hundred Eighty-One

REPUBLIC ACT No. 4882

An Act to Amend Section One of Republic Act Numbered One Hundred Thirty-Three, Entitled "An Act to Authorize the Mortgage of Private Real Property in Favor of Any Individual, Corporation, or Association Subject to Certain Conditions", as Amended by Republic Act Numbered Forty-Three Hundred Eighty-One

Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled:

Section 1. Section one Republic Act Numbered One hundred thirty-three as heretofore amended by Republic Act Numbered Forty-three hundred eighty-one, is hereby further amended to read as follows:

Section 2. This Act shall take effect upon its approval.

Approved: June 17, 1967.

"Sec. 1. Any provision of law to the contrary notwithstanding, private real property may be mortgaged in favor of any individual, corporation, or association, but the mortgage or his successor in interest, if disqualified to acquire or hold lands of the public domain in the Philippines, shall not take possession of the mortgaged property during the existence of the mortgage and shall not take possession of mortgaged property except after default and for the sole purpose of foreclosure, receivership, enforcement or other proceedings and in no case for a period of more than five years from actual possession and shall not bid or take part in any sale of such real property in case of foreclosure: Provided, That said mortgagee or successor in interest may take possession of said property after default in accordance with the prescribed judicial procedures for foreclosure and receivership and in no case exceeding five years from actual possession."