Question & AnswerQ&A (EXECUTIVE ORDER NO. 173)
Railway companies, tramway companies, street-car companies, sugar-central companies, and other public service corporations owning and operating railroads or tramways are covered under this Act.
The main purpose is to provide a record of mortgages or trust deeds issued by public service corporations to secure bonds on their property, thus establishing liens on such properties.
The liens become effective and take precedence from the time the mortgages are filed with the division of archives, patents, copyrights, and trade-marks of the Executive Bureau.
The liens cover all the real, personal, or mixed property of the corporation described in the mortgage, including property acquired afterward if so stipulated in the mortgage terms.
Yes, liens arising from the imposition of lawful taxes, fines, and assessments on the property are excepted and have priority over these mortgages.
No, Section 2 explicitly states that the Act does not deprive grantees or beneficiaries of any rights or liens that exist independently under the law.
The chief is responsible for endorsing the date and hour of filing with an official signature, which serves as prima facie evidence of when the instruments were filed.
They are preserved and indexed in the same manner as corporate papers and documents filed under Act No. 1459 and its amendments.
The fee is twenty-five pesos for filing each instrument.
Yes, Section 6 provides that a certified copy by the chief of the division has the same legal effect as the original document.