Creation and Priority of Liens
- Liens attach from the time the mortgage is filed with the Division of Archives, Patents, Copyrights, and Trade-marks of the Executive Bureau.
- Such liens take precedence over all subsequent mortgages, liens, and encumbrances.
- Exceptions include liens arising from lawful taxes, fines, and assessments.
- Any later conveyance of the property remains subject to these liens.
Preservation of Existing Rights
- The Act does not diminish or remove any rights or liens the grantees or beneficiaries hold under the mortgage instruments independently of this law.
Filing and Documentation Procedures
- The chief of the Division of Archives must endorse the date and hour of filing on the mortgage instruments with an official signature.
- This endorsement serves as prima facie evidence of the time of filing.
Record Keeping and Indexing
- The mortgage instruments must be preserved and indexed similarly to corporate documents filed with the Division under Act No. 1459 and its amendments.
Fees for Filing
- A filing fee of twenty-five pesos is charged per instrument filed with the Division of Archives.
Certification of Copies
- Certified copies by the chief of the Division carry the same legal effect as the original mortgage instruments.
Effectivity
- The Act became effective immediately upon its passage on February 11, 1913.