Amendment on Sale and Mortgage Regulations

Amendment on Sale and Mortgage Regulations

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Title Supreme Court: Amendment on Sale and Mortgage Regulations

Law: Republic Act No. 111

Decision Date: Jun 2, 1947

Republic Act No. 111, enacted in 1947, amends the Bulk Sales Law by requiring the registration of sworn statements containing the names and addresses of all creditors, aiming to regulate the sale, transfer, mortgage, or assignment of goods in bulk and imposing penalties for violations.

registration requirement

sworn statements

Legal basis and amendment made

Section 1 of Republic Act No. 111 amends Section 9 of Act No. 3952.
The operative amendment rewrites the text of Section 9 to govern registration and the fee for the required sworn statement of creditors.

What must be filed and where

Section 9 requires a sworn statement that contains the names and addresses of all creditors of the vendor or mortgagor.
The sworn statement is the one provided for in Section 3 of Act No. 3952.
The sworn statement must be registered in the Bureau of Commerce.

Required fee for registration

Section 9 charges a registration fee of PHP 5 for the registration of each such sworn statement.
The PHP 5 fee is charged to the vendor or mortgagor of the stock of goods, wares, merchandise, provisions or materials, in bulk.

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