Report of the governor general of the Philippine Islands. [1908]

650 REPORT OF THE PHILIPPINE COMMISSION.
(b) Upon the security of a chattel mortgage to the bank on crops already
harvested, gathered, and stored: Provided, however, That no loan on the security
of such crops so harvested, gathered, and stored as aforesaid shall exceed forty
per centum of the market value thereof on the date of the loan. The property
mortgaged shall be insured by the mortgagor for the benefit of the mortgagee
to the full amount of the loan.
SEC. 13. All mortgages on real property and chattel mortgages on harvested,
gathered, and stored crops shall be registered with the register of deeds in the
jurisdiction where situate, and it shall be the duty of the register of deeds
to indorse on such real or chattel mortgage, and on his record thereof, the date
and hour of its reception, and such registration with the register of deeds of
such real or chattel mortgage shall be notice to all the world of the lien created
by such mortgage and of the terms and conditions thereof. The expenses of
registration shall be paid by the borrower.
SEc. 14. The bank shall not exact more than ten per centum per annum on
any loan made by it.
SEC. 15. Loans shall not be made for a period exceeding ten years, and may
be made payable in installments as the board of directors may determine in
each case.
SEC. 16. No fee or charge of any kind whatsoever by way of commission shall
be exacted or paid for granting or obtaining loans, and any official of the bank
exacting, demanding, or receiving any fee for service in obtaining a loan or
for the use of his influence to obtain a loan shall be punished by imprisonment
for not less than one year nor more than five years, in the discretion of the
court.
SEC. 17. Within one year after foreclosure sale of property has been accomplished the mortgagor of the property shall have the right to redeem said
property from the bank upon payment of the amount found due by the court
in the decree of foreclosure with interest thereon at the rate specified in the
mortgage, together with all costs incurred by the bank by reason of the foreclosure and sale and the care of the property.
SEC. 18. The agricultural banking corporation provided for in this act shall
have the general powers mentioned in section thirteen of " the corporation law,"
which are not in conflict or inconsistent with the provisions of this act.
SEC. 19. All acts or parts of acts inconsistent with the provisions of this act
are hereby repealed.
SEC. 20. This act shall take effect on July first, nineteen hundred and eight.
Enacted June 18, 1908.