Amendment on Sale and Mortgage Regulations

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Republic Act No. 111: 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

A

Requirement for Sworn Statement Registration

The vendor or mortgagor must prepare a sworn statement listing the names and addresses of all creditors.
This sworn statement, originally required under section three of Act No. 3952, must be registered with the Bureau of Commerce.

Registration Fee

A fee of five pesos is imposed for the registration of each sworn statement.
The fee is charged to the vendor or mortgagor who is dealing with the stock of goods, wares, merchandise, provisions, or materials in bulk.

Effectivity of the Amendment

This amendment takes effect immediately upon approval by the legislative body.
It ensures compliance with updated procedural requirements concerning the registration of creditor information during bulk transactions involving goods or materials.

END