PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
ACTS
ACT NO. 2125 - AN ACT AMENDING
SECTION FOURTEEN OF ACT NUMBERED ELEVEN HUNDRED AND TWENTY, BY
PROVIDING FOR THE SUSPENSION OF PAYMENTS OF RENTALS OR INSTALLMENTS ON
THE PURCHASE PRICE OF THE SO-CALLED FRIAR LANDS, AND THE INTEREST
THEREON, IN THE EVENT OF CALAMITIES ARISING IN CONSEQUENCE OF THE ACTS
OF GOD OR OF THE PUBLIC ENEMY.
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Section 1. Section fourteen of Act Numbered Eleven hundred
and twenty is hereby amended by adding to the end thereof the following: "Provided, That when, by reason
of fire, flood, drought, or other calamity arising in consequence of
the act of God or of the public enemy, the crops of a lessee or
purchaser shall be damaged or destroyed to such an extent that the
prevailing market value of the harvest for the year in which such
calamity occurs shall be less than one-half of the value of an average
annual harvest, the Director of Lands, by administrative order, shall
suspend the collection of rental, or the installment of the purchase
price, or interest due on the deferred payments, or both installment
and interest, corresponding to the periods of such calamity, if it
shall be made to appear to his satisfaction that such loss has actually
occurred, without contributory negligence on the part of said lessee or
purchaser, and that the latter has no sufficient income other than that
derived from the sale of his crops from which to make payment of the
rental or installment and interest due.
"The rental or installment or interest so suspended shall be distributed through the periods remaining on the contract of lease or the sale certificate." Sec. 2. The public good requiring the speedy enactment of this bill, the same shall take effect on its passage, in accordance with section one of Act Numbered Nineteen hundred and forty-five of the Philippine Legislature. |
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Since 19.07.98.