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Act No. 3135 (Regulating The Sale of Property Under Special Powers Inserted in or Annexed To Real Estate Mortgages)

This document summarizes Act No. 3135 which regulates the sale of property under special powers in real estate mortgages in the Philippines. It outlines requirements for notice of sale, location of sale, minimum bidding period, and oversight by local officials. It also allows the debtor and other interested parties to redeem the property within one year of sale according to the Code of Civil Procedure.

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Reuben Mercado
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92 views1 page

Act No. 3135 (Regulating The Sale of Property Under Special Powers Inserted in or Annexed To Real Estate Mortgages)

This document summarizes Act No. 3135 which regulates the sale of property under special powers in real estate mortgages in the Philippines. It outlines requirements for notice of sale, location of sale, minimum bidding period, and oversight by local officials. It also allows the debtor and other interested parties to redeem the property within one year of sale according to the Code of Civil Procedure.

Uploaded by

Reuben Mercado
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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ACT NO.

3135
AN ACT TO REGULATE THE SALE OF PROPERTY UNDER SPECIAL POWERS INSERTED IN OR ANNEXED TO
REAL-ESTATE MORTGAGES
SECTION 1. When a sale is made under a special power inserted in or attached to any real-estate mortgage
hereafter made as security for the payment of money or the fulfillment of any other obligation, the provisions
of the following sections shall govern as to the manner in which the sale and redemption shall be effected,
whether or not provision for the same is made in the power.
SECTION 2. Said sale cannot be made legally outside of the province in which the property sold is situated;
and in case the place within said province in which the sale is to be made is the subject of stipulation, such
sale shall be made in said place or in the municipal building of the municipality in which the property or part
thereof is situated.
SECTION 3. Notice shall be given by posting notices of the sale for not less than twenty days in at least three
public places of the municipality or city where the property is situated, and if such property is worth more
than four hundred pesos, such notice shall also be published once a week for at least three consecutive weeks
in a newspaper of general circulation in the municipality or city.
SECTION 4. The sale shall be made at public auction, between the hours of nine in the morning and four in the
afternoon; and shall be under the direction of the sheriff of the province, the justice or auxiliary justice of the
peace of the municipality in which such sale has to be made, or a notary public of said municipality, who shall
be entitled to collect a fee of five pesos for each day of actual work performed, in addition to his expenses.
SECTION 5. At any sale, the creditor, trustee, or other persons authorized to act for the creditor, may
participate in the bidding and purchase under the same conditions as any other bidder, unless the contrary
has been expressly provided in the mortgage or trust deed under which the sale is made.
SECTION 6. In all cases in which an extrajudicial sale is made under the special power hereinbefore referred
to, the debtor, his successors in interest or any judicial creditor or judgment creditor of said debtor, or any
person having a lien on the property subsequent to the mortgage or deed of trust under which the property is
sold, may redeem the same at any time within the term of one year from and after the date of the sale; and
such redemption shall be governed by the provisions of sections four hundred and sixty-four to four hundred
and sixty-six, inclusive, of the Code of Civil Procedure, in so far as these are not inconsistent with the
provisions of this Act.
SECTION 7. This Act shall take effect on its approval.
Approved: March 6, 1924

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