REPUBLIC ACT NO. 1275 - AN
ACT TO AMEND SECTION THIRTY-EIGHT, THIRTY-NINE, AND FORTY OF
COMMONWEALTH ACT NUMBERED FOUR HUNDRED SEVENTY BY ALLOWING DELINQUENT
TAXPAYERS TO REPURCHASE WITHIN TWO YEARS FROM THE DATE THEIR REAL
PROPERTY WAS SOLD AT PUBLIC AUCTION TO SATISFY TAXES THEREON |
Section 1.
Sections thirty-eight, thirty-nine and forty of Commonwealth At
Numbered Four hundred and seventy are amended to read as
follows: "Sec. 38.
Repurchase of real property after sale. – Within the term of two years
from the date of the sale, the delinquent taxpayer or any other person
in his behalf shall have the right to repurchase the property sold by
paying to the provincial treasurer or his deputy the total amount of
taxes and penalties due up to the date of repurchase, the costs of sale
and the interest, at the rate of twelve per centum per annum, on the
purchase price, and such payment shall invalidate the sale certificate
issued to the purchaser or to the provincial board and shall entitle
the person making the same to a certificate from the provincial
treasurer or his deputy, stating that he had repurchased the property,
and the provincial treasurer or his deputy, upon surrender by the
purchaser of the certificate of sale previously issued to him, shall
forthwith return to the latter the entire sum paid by him plus the
interest at twelve per centum per annum herein provided for, and said
property shall thereafter be free from the lien of said taxes and
penalties. "Sec. 39.
Possession and usufruct of real property within two years from date of
sale. – After the sale and before repurchase, or before the expiration
of the term of two years hereinabove fixed for such repurchase, the
real property shall remain in the possession of the delinquent taxpayer
who shall have the right to the usufruct thereof. "Sec. 40.
Issuance of final bill of sale. – In case the delinquent taxpayer does
not repurchase the property sold as herein provided within the period
of two years from the date of the sale, the provincial treasurer shall
make an instrument sufficient in form and effect to convey to the
purchaser the property purchased by him, or to the province, as the
case may be, free from any encumbrance whatsoever, and the said
instrument shall succinctly set forth all proceedings upon which the
validity of the sale depends. Any balance of the proceeds of the sale
left after deducting the amount of the taxes and penalties due, and the
costs, shall be returned to the original owner or his representative." Sec. 2. This Act shall only apply to future sales. Sec. 3. This Act shall take effect upon its approval.cralaw Approved: June 14, 1955 |