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    Act No. 2243: by Authority of The United States, Be It Enacted by The Philippine Legislature, That

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    Dat Doria Paler
    This act provides for the recording of mortgages or trust deeds issued by public service corporations like railway, tramway, and sugar companies to secure bonds. It states that such mortgages will become liens on all the corporation's real, personal and future property when filed with the division of archives. The mortgages will have priority over all other liens except taxes. It also provides that copies certified by the division of archives will have the same legal effect as the original.

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    Act No. 2243: by Authority of The United States, Be It Enacted by The Philippine Legislature, That

    Uploaded by

    Dat Doria Paler
    22 views2 pages
    This act provides for the recording of mortgages or trust deeds issued by public service corporations like railway, tramway, and sugar companies to secure bonds. It states that such mortgages will become liens on all the corporation's real, personal and future property when filed with the division of archives. The mortgages will have priority over all other liens except taxes. It also provides that copies certified by the division of archives will have the same legal effect as the original.

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    nov 6 04

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    This act provides for the recording of mortgages or trust deeds issued by public service corporations like railway, tramway, and sugar companies to secure bonds. It states that such mortgages will become liens on all the corporation's real, personal and future property when filed with the division of archives. The mortgages will have priority over all other liens except taxes. It also provides that copies certified by the division of archives will have the same legal effect as the original.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    22 views2 pages

    Act No. 2243: by Authority of The United States, Be It Enacted by The Philippine Legislature, That

    Uploaded by

    Dat Doria Paler
    This act provides for the recording of mortgages or trust deeds issued by public service corporations like railway, tramway, and sugar companies to secure bonds. It states that such mortgages will become liens on all the corporation's real, personal and future property when filed with the division of archives. The mortgages will have priority over all other liens except taxes. It also provides that copies certified by the division of archives will have the same legal effect as the original.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    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.

    By authority of the United States, be it enacted by the Philippine Legislature, that:

    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 all public service corporations, for the purpose of securing the bonds of such corporations on
    the property of such corporations, shall become liens on all the 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 trade-marks of the Executive Bureau, 1 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
    Bureau2 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-
    marks3 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 4 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, 5 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.

    Footnote
    1
     Now Securities and Exchange Commission.

    2
     Id.

    3
     Id.

    4
     Id.

    5
     Id.

    The Lawphil Project - Arellano Law Foundation

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