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REPUBLIC ACT NO. 4381 - AN ACT TO
AMEND SECTION ONE OF REPUBLIC ACT NUMBERED ONE HUNDRED AND
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"
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| SECTION
1. Section one of Republic Act Numbered One hundred
and thirty-three is hereby amended to read as follows: "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 or enjoy the fruits of the mortgaged property during the existence of the mortgage and shall not bid or take part in any sale of such real property in case of foreclosure." SECTION 2. This Act shall take effect upon its approval. Approved: June 19, 1965 |
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