Fees for Registration and Related Services
- A fee of one peso is charged for entry or presentation of any document into the primary entry book, excluding supporting papers unless specifically requested.
- Filing and recording fees for chattel mortgages are progressive and based on the mortgage amount, with detailed brackets and corresponding fees ranging from three pesos and fifty centavos to over five hundred pesos plus additional charges for higher amounts.
- Registration in the province where the property is located suffices; additional registrations in other city or province incur 20% of the initial fees, but not less than the minimum fee.
- Recording sales, conveyances, or assignments related to the property subject of a recorded mortgage is charged at 10% of the mortgage amount or unpaid balance stated.
- Additional fixed fees apply for recording notices of attachment (4 pesos), release of mortgage (5% of the mortgage amount), release of attachment (2 pesos), sheriff's return of sale (3 pesos), powers of attorney or similar instruments (3 pesos), and other related instruments (2 pesos).
- Certified copies are charged according to existing laws.
- Certificates regarding entries or documents within 200 words cost three pesos; additional words cost fifty centavos per 100 words or fraction.
Legal and Procedural Provisions
- The Act amends Section 198 of the Revised Administrative Code, integrating previous amendments by Republic Act No. 116.
- The Act emphasizes procedural details for recording and certifying various documents relating to chattel mortgages.
- Specifies orderly recording practices ensuring public accessibility and legal reliability.
- Penalties for non-compliance with fee payments or failure to record properly are governed by applicable laws.
- The effective date of the Act is sixty days after approval, ensuring transition time for implementation.