Bill Type
Congress Name
Long Title
AN ACT CREATING THE FIELD OF LAND TITLE INSURANCE AMENDING FOR THE PURPOSE PRESIDENTIAL DECREE NO. 612 OTHERWISE KNOWN AS THE INSURANCE CODE OF 1978 AS AMENDED BY PRESIDENTIAL DECREE NO. 1455 AND 1460 AND BATAS PAMBANSA BLG. 874
Date filed
July 1, 2004
Scope
Legislative History
| House Bill/Resolution NO. HB00307 |
| FULL TITLE : AN ACT CREATING THE FIELD OF LAND TITLE INSURANCE AMENDING FOR THE PURPOSE PRESIDENTIAL DECREE NO. 612 OTHERWISE KNOWN AS THE INSURANCE CODE OF 1978 AS AMENDED BY PRESIDENTIAL DECREE NO. 1455 AND 1460 AND BATAS PAMBANSA BLG. 874 |
| ABSTRACT : In recent months, the Registry of Deeds in many cities and municipalities were rocked by widespread incidents of faking of land titles. These incidents have shaken the very foundation of the Torrens System of land titling. This bill seeks to amend the Insurance Code by creating the field of land title insurance. Title insurance protects whoever is dealing with land titles from any loss which may be incurred should the title later on turn out to be fraudulent or fake. With the introduction of this insurance, those who transact in real estate are compelled to declare the true value of their transaction. |
| PRINCIPAL AUTHOR/S : LAPUS, JESLI A. |
| DATE FILED : 2004-07-01 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Marcos (039 ) |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2004-07-27 |
Abstract
In recent months, the Registry of Deeds in many cities and municipalities were rocked by widespread incidents of faking of land titles. These incidents have shaken the very foundation of the Torrens System of land titling. This bill seeks to amend the Insurance Code by creating the field of land title insurance. Title insurance protects whoever is dealing with land titles from any loss which may be incurred should the title later on turn out to be fraudulent or fake. With the introduction of this insurance, those who transact in real estate are compelled to declare the true value of their transaction.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.