A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Home > Chan Robles Virtual Law Library > Philippine Laws, Statutes & Codes > :
Republic Acts :
ACT NO. 919
chanrobles virtual law library
Back to Main
Search for www.chanrobles.com
Republic Acts :
|REPUBLIC ACT NO. 919 - AN ACT TO
AMEND REPUBLIC ACT NUMBERED FOUR HUNDRED AND ONE, AS AMENDED BY
REPUBLIC ACT NUMBERED SIX HUNDRED AND SEVENTY-ONE, ENTITLED, "AN ACT TO
CONDONE ALL UNPAID INTEREST ACCRUING FROM JANUARY FIRST, NINETEEN
HUNDRED AND FORTY-TWO TO DECEMBER THIRTY-FIRST, NINETEEN HUNDRED AND
FORTY-FIVE ON ALL OBLIGATIONS OUTSTANDING ON DECEMBER EIGHT, NINETEEN
HUNDRED AND FORTY-ONE, AND TO APPLY PAYMENTS OF INTEREST PAID AFTER
FEBRUARY TWENTY-EIGHT, NINETEEN HUNDRED AND FORTY-FIVE, TO THE
PRINCIPAL OBLIGATION IF STILL OUTSTANDING, IN CERTAIN CASES"
Section two (d) of Republic Act Numbered Four hundred and one is hereby
amended to read as follows:
"Sec. 2. (d) When the debtor was unable to pay an obligation which became due and demandable, or the interest which should have been paid during the said period because the assets of the creditor were under the control of the enemy and/or administered through the so-called Enemy Alien Property Custodian or other enemy instrumentality, and the debtor paid the interests to it in the belief that such payment was valid and effective payment to the creditor or because of fear that failure to comply with the demand would lead to reprisals on his person or property.
"If the debtor, however, makes a voluntary payment of the entire pre-war unpaid principal obligation on or before December thirty-one, nineteen hundred and fifty-four, the interests on such principal obligation corresponding from January one, nineteen hundred and forty-six, to the date of payment are likewise hereby condoned."
Sec. 2. This Act shall take effect upon its approval.
Approved: June 20, 1953