Act No. 2243

Legal Principle: Mortgages executed by public service corporations (including railway, tramway, street-car, and sugar-central companies) create liens on their property to secure bonds.
Key Definitions:
- Mortgages: Legal instruments securing a debt by property.
- Public Service Corporations: Entities that provide services to the public, regulated by law.
Requirements:
- Mortgages must be filed with the division of archives, patents, copyrights, and trademarks of the Executive Bureau.
Timeframe:
- Liens take effect upon filing of the mortgage.
Consequences:
- Liens are superior to future mortgages, liens, and encumbrances, except for lawful taxes, fines, and assessments.
- Subsequent property conveyances are subject to these liens.

Legal Principle: The Act does not diminish any existing rights or liens of grantees or beneficiaries independent of this legislation.
Key Definitions:
- Grantees: Individuals or entities that receive property rights from a grantor.
Important Notes:
- Rights under existing laws remain intact despite this Act.

Legal Principle: The chief of the division of archives must endorse the filed instruments.
Requirements:
- Endorsement must include the date and hour of filing, along with an official signature.
Consequences:
- This endorsement serves as prima facie evidence (presumed to be true unless disproven) regarding filing date and time.

Legal Principle: Instruments filed under this Act are to be preserved and indexed similarly to other corporate documents.
Requirements:
- Documents must be managed in accordance with Act No. 1459 and its amendments.

Legal Principle: A fee is mandated for the filing of instruments.
Requirements:
- A fee of twenty-five pesos is to be collected for each filing.

Legal Principle: Certified copies of filed instruments hold the same legal weight as originals.
Requirements:
- Certificates must be issued by the chief of the division of archives.

Legal Principle: The Act becomes effective upon its passage.
Important Note:
- This provision indicates immediate applicability following legislative approval.

Act No. 2243 establishes a formal framework for recording mortgages and trust deeds by public service corporations.
It defines the creation of liens on corporate property, ensuring they take precedence over other claims except for tax-related encumbrances.
The Act preserves the rights of existing beneficiaries and outlines specific procedures for document filing and preservation.
A filing fee is implemented, and certified copies are recognized as legally equivalent to originals, enhancing legal clarity and enforceability.