Question & AnswerQ&A (Republic Act No. 116)
The primary purpose of Republic Act No. 116 is to amend Section 198 of the Revised Administrative Code regarding the registration of chattel mortgages and the fees collectible in connection therewith.
Every register of deeds is responsible for keeping a book of records of chattel mortgages.
The entry must include a correlative number, the names of the mortgagee and the mortgagor, the sum or obligation guaranteed, date of the instrument, name of the notary acknowledging the same, and a note indicating that the property mortgaged is detailed in the instrument filed, with the proper file number.
The register of deeds must certify the date, hour, and minute when the mortgage was received, and on officer's return of sale or discharge of mortgage, also certify the date, hour, and minute when such return was received.
Fees depend on the amount of the mortgage, following a prescribed schedule with varying charges based on the mortgage value brackets, starting from three pesos for the first five hundred pesos or fractional part and increasing accordingly.
The fee is three pesos regardless of the amount involved.
Yes, duly certified copies of records and filed instruments are receivable as evidence in any court.
Yes, both the records and the alphabetical index of mortgagors and mortgagees must be open to public inspection.
The fees are three pesos for recording each notice of embargo, one peso for each release of mortgage, and one peso for each release of embargo.
Two pesos for each certificate containing up to two hundred words, with an additional charge of thirty centavos for every one hundred words in excess of the first two hundred.