RA 11057 - Personal Property Security Act (2018)

R.A. No. 11057, approved in 2018, is known as the "PERSONAL PROPERTY SECURITY ACT".

It applies to all transactions of any form that SECURE AN OBLIGATION with MOVABLE COLLATERAL, EXCEPT interests in AIRCRAFTS subject to Republic Act No. 9497, or the "Civil Aviation Authority Act of 2008", and interests in SHIPS subject to Presidential Decree No. 1521, or the "Ship Mortgage Decree of 1978. (Section 4).

Please note SECTION 68 of the law, which provides that notwithstanding the entry into force of the Act under Section 67, the IMPLEMENTATION thereof shall be CONDITIONED UPON THE REGISTRY BEING ESTABLISHED AND OPERATIONAL UNDER SECTION 26.

NOTABLE PROVISIONS:

SECTION 26. ESTABLISHMENT OF ELECTRONIC REGISTRY.—

(a) The Registry shall be established in and administered by the LRA.

(b) The Registry shall provide electronic means for registration and searching of notices.

Section 27. PUBLIC RECORD .—

(a) Information contained in a registered notice shall be considered as a public record.

(b) Any person may search notices registered in the Registry.

(c) The electronic records of the Registry shall be the official records.

SECTION 62. IMPLEMENTING RULES AND REGULATIONS. — Within six (6) months from the passage of this Act, the DOF in coordination with the Department of Justice, through the LRA, shall promulgate the necessary rules and regulations for’ the effective implementation of this Act.

SECTION 63. RULES ON ENFORCEMENT PROCEDURE.— Subject to Section 47, the expedited hearing/proceedings shall be conducted in a SUMMARY MANNER consistent with the declared policies of this Act and in accordance with the rules of procedure that the SUPREME COURT may promulgate.

SECTION 66. REPEALING CLAUSE .— The following laws, and all laws, decrees, orders, and issuances or portions thereof, which are inconsistent with the provisions of this Act, are hereby repealed, amended, or modified accordingly:

(a) Sections 1 to 16 of Act No. 1508, otherwise known as "THE CHATTEL MORTGAGE LAW";

(b) Articles 2085-2123, 2127, 2140-2141, 2241, 2243, and 2246-2247 of Republic Act No. 386, otherwise known as the "CIVIL CODE OF THE PHILIPPINES";

(c) Section 13 of Republic Act No. 5980, as amended by Republic Act No. 8556, otherwise known as the "FINANCING COMPANY ACT OF 1998";

(d) Sections 114-116 of Presidential Decree No. 1529, otherwise known as the "PROPERTY REGISTRATION DECREE";

(e) Section 10 of Presidential Decree No. 1529, insofar as the provision thereof is inconsistent with this Act; and

(f) Section 5(e) of Republic Act No. 4136, otherwise known as the "LAND TRANSPORTATION AND TRAFFIC CODE".

SECTION 68. IMPLEMENTATION .— Notwithstanding the entry into force of this Act under Section 67, the IMPLEMENTATION of the Act shall be CONDITIONED UPON THE REGISTRY BEING ESTABLISHED AND OPERATIONAL UNDER SECTION 26.

Read -

https://www.officialgazette.gov.ph/2019/10/10/implementing-rules-and-regulations-of-republic-act-no-11057/

https://www.dof.gov.ph/advocacies/personal-property-security-act/

http://www.investphilippines.info/arangkada/ra-11057-personal-property-security-act/