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 DECREES NOS. 1455 AND 1460 AND BATAS PAMBANSA BLG. 874
Date filed
July 10, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 930, 12th Congress of the Republic |
| 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 DECREES NOS. 1455 AND 1460 AND BATAS PAMBANSA BLG. 874 |
| ABSTRACT : This type of insurance guarantees a potential buyer of real estate or one loaning money on mortgage that the property in question is free from any title defect. This will serve to increase the confidence of real estate buyers or mortgages over the Torrens Title since they are assured that title insurance would guarantee them some form of compensation should a defect in the land title later be discovered. |
| PRINCIPAL AUTHOR/S : BARINAGA, ROSELLER L. |
| DATE FILED : 2001-07-10 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Syjuco (023 ) |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2001-07-25 |
Abstract
This type of insurance guarantees a potential buyer of real estate or one loaning money on mortgage that the property in question is free from any title defect. This will serve to increase the confidence of real estate buyers or mortgages over the Torrens Title since they are assured that title insurance would guarantee them some form of compensation should a defect in the land title later be discovered.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.