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Batas Pambansa Bilang 594
AN
ACT LIMITING THE COLLECTION OF CONTRIBUTIONS TO THE ASSURANCE FUND ONLY
UPON THE ENTRY OF A CERTIFICATE OF TITLE IN THE NAME OF THE REGISTERED
OWNER AND UPON THE ORIGINAL REGISTRATION ON THE CERTIFICATE OF TITLE OF
A BUILDING OR OTHER PERMANENT IMPROVEMENTS ON A REGISTERED LAND,
AMENDING
FOR THE PURPOSE CERTAIN SECTIONS OF THE PROPERTY REGISTRATION DECREE.
chan
robles
virtual law library
BATAS
PAMBANSA BILANG 594AN
ACT LIMITING THE COLLECTION OF CONTRIBUTIONS TO THE ASSURANCE FUND ONLY
UPON THE ENTRY OF A CERTIFICATE OF TITLE IN THE NAME OF THE REGISTERED
OWNER AND UPON THE ORIGINAL REGISTRATION ON THE CERTIFICATE OF TITLE OF
A BUILDING OR OTHER PERMANENT IMPROVEMENTS ON A REGISTERED LAND,
AMENDING
FOR THE PURPOSE CERTAIN SECTIONS OF THE PROPERTY REGISTRATION DECREE.chan
robles
virtual law library
chanrobles virtual law librarySection
1. Sections ninety-three
and ninety-five of Presidential Decree Number Fifteen hundred and
twenty-nine,
otherwise known as the Property Registration Decree, are hereby amended
to read as follows:chanroblesvirtuallawlibrarychanrobles virtual law library
"Sec.
93. Contribution to Assurance
Fund. — Upon the entry of a certificate of title in the name of the
registered
owner, and also upon the original registration on the certificate of
title
of a building or other improvements on the land covered by said
certificate,
there shall be paid to the Register of Deeds one-fourth of one per cent
of the assessed value of the real estate on the basis of the last
assessment
for taxation purposes, as contribution to the Assurance Fund. Where the
land involved has not yet been assessed for taxation, its value for
purposes
of this Decree shall be determined by the sworn declaration of two
disinterested
persons to the effect that the value fixed by them is to their
knowledge,
a fair valuation.chanrobles virtual law library
"Nothing
in this Section shall in any way preclude the court from increasing the
valuation of the property should it appear during the hearing that the
value stated is too small."chanrobles virtual law library
"Sec.
95. Action for compensation
from funds. — A person who, without negligence on his part, sustains
loss
or damages, or is deprived of land or any estate or interest therein in
consequence of the bringing of the land under the operation of the
Torrens
system or arising after original registration of land, through fraud or
in consequence of any error, omission, mistake or misdescription in any
certificate of title, and who by the provisions of this Decree is
barred
or otherwise precluded under the provision of any law from bringing an
action for the recovery of such land or estate or interest therein, may
bring an action in any court of competent jurisdiction for the recovery
of damage to be paid out of the Assurance Fund."chanrobles virtual law library
Sec.
2. This Act shall take
effect upon its approval.chanrobles virtual law library
Approved:
June 24, 1983
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