QuestionsQuestions (BATAS PAMBANSA BLG. 594)
Batas Pambansa Blg. 594 (approved June 24, 1983) amended Sections 93 and 95 of Presidential Decree No. 1529 to limit the collection of contributions to the Assurance Fund to specific events: (1) entry of a certificate of title in the name of the registered owner, and (2) original registration of buildings or other permanent improvements on registered land.
When a certificate of title is entered in the name of the registered owner, and also upon the original registration on the certificate of title of a building or other permanent improvements on the land covered by the certificate.
One-fourth of one percent (0.25%) of the assessed value of the real estate, based on the last assessment for taxation purposes.
Its value is determined by the sworn declaration of two disinterested persons stating that the value they fixed is, to their knowledge, a fair valuation.
Nothing in the section precludes the court from increasing the valuation of the property if, during the hearing, it appears that the value stated is too small.
The Register of Deeds collects the contribution to the Assurance Fund by receiving one-fourth of one percent of the assessed value (or the sworn fair valuation if unassessed).
A person who, without negligence on his part, sustains loss or damage, or is deprived of land or any estate or interest therein in consequence of bringing the land under the Torrens system or arising after original registration, through fraud or due to any error, omission, mistake, or misdescription in any certificate of title.
The claimant is barred or otherwise precluded under any law from bringing an action for the recovery of such land or estate or interest—so the remedy shifts to an action for damages from the Assurance Fund.
It is an action in any court of competent jurisdiction for the recovery of damage to be paid out of the Assurance Fund.
Loss or deprivation may arise (1) from the bringing of land under the Torrens system, or (2) after original registration, through fraud, or (3) due to any error, omission, mistake, or misdescription in any certificate of title.
It covers both: contribution is collected upon entry of a certificate of title in the name of the registered owner, and also upon the original registration of a building or other permanent improvements on the land covered by that certificate.
It restricts when contributions to the Assurance Fund are collected, aligning collection with specific registration events (initial entry of title and original registration of improvements) rather than collecting at other times not contemplated by the amendment.
It refers to the issuance/entry of the registered owner’s certificate of title in the Torrens system, which triggers the required payment of the Assurance Fund contribution under the amended Section 93.
The claimant must be without negligence on his part; negligence would negate eligibility to recover damages from the Assurance Fund under Section 95.
It takes effect upon its approval, which is June 24, 1983.