AN ACT AMENDING CERTAIN SECTIONS OF REPUBLIC ACT NUMBERED FOUR HUNDRED ONE
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AN ACT AMENDING CERTAIN SECTIONS OF REPUBLIC ACT NUMBERED FOUR HUNDRED ONE
Republic Act No. 1596
June 16, 1956
Case Overview and Summary
Summary of Republic Act No. 1596Condonation of Interest on Pre-War Obligations
- Subsection (d), Section 2 of Republic Act No. 401 is amended to allow condonation of interest on pre-war obligations under certain conditions:
• If the debtor was unable to pay the obligation or interest during the war period because the creditor's assets were under enemy control or administered by the Enemy Alien Property Custodian, and the debtor paid the interest to the enemy entity believing it was valid or due to fear of reprisals. (Section 1)
• If the debtor voluntarily pays the entire pre-war unpaid principal obligation on or before December 31, 1957, the interest on the principal obligation from January 1, 1946, to the date of payment is also condoned, provided that the debtor has paid at least 10% of the principal within three months from the approval of this Act. (Section 1)
• If the pre-war obligation is subject to court litigation, all interests shall be condoned if the entire outstanding pre-war obligation is paid within 60 days from the finality of judgment against the debtor. (Section 1)
Application of Paid Interest to Principal Obligation
- Section 3 of Republic Act No. 401 is amended to allow the application of interest paid on debts or obligations outstanding on December 8, 1941, corresponding to the period from January 1, 1942, to December 31, 1945, to the payment of the principal obligation if the payment is made from February 28, 1945, to December 31, 1956. (Section 2)
Amends
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Statutes
Republic Acts
pre-war obligations
condonation of interest
principal obligation
enemy control
Enemy Alien Property Custodian
voluntary payment
court litigation
interest paid
application of interest to principal
Law
AN ACT AMENDING CERTAIN SECTIONS OF REPUBLIC ACT NUMBERED FOUR HUNDRED ONE
Republic Act No. 1596
•June 16, 1956
REPUBLIC ACT No. 1596
AN ACT AMENDING CERTAIN SECTION OF REPUBLIC ACT NUMBERED FOUR HUNDRED ONE, SO AS TO EXTEND THE PERIOD WITHIN WHICH VOLUNTARY PAYMENT WITHOUT INTERESTS OF PRE-WAR OBLIGATIONS MAY BE MADE AS WELL AS THE PERIOD WITHIN WHICH INTERESTS PAID SHALL BE APPLIED IN PAYMENT OF THE PRINCIPAL OBLIGATION
Section 1. Subsection (d), section two of Republic Act Numbered Four hundred one, as amended, is further amended to read as follows:
"(d) When the debtor was unable to pay an obligation which became due and demandable, or the interest which should have been paid during the said period because the assets of the creditor were under the control of the enemy and/or administered through the so-called Enemy Alien Property Custodian or other enemy instrumentality, and the debtor paid the interests to it in the belief that such payment was valid and effective payment to the creditor or because of fear that failure to comply with the demand would lead to reprisals on his person or property.
"If the debtor, however, makes a...
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Amends
n/a
Amended by
n/a
Tags
Statutes
Republic Acts
pre-war obligations
condonation of interest
principal obligation
enemy control
Enemy Alien Property Custodian
voluntary payment
court litigation
interest paid
application of interest to principal
REPUBLIC ACT No. 1596
AN ACT AMENDING CERTAIN SECTION OF REPUBLIC ACT NUMBERED FOUR HUNDRED ONE, SO AS TO EXTEND THE PERIOD WITHIN WHICH VOLUNTARY PAYMENT WITHOUT INTERESTS OF PRE-WAR OBLIGATIONS MAY BE MADE AS WELL AS THE PERIOD WITHIN WHICH INTERESTS PAID SHALL BE APPLIED IN PAYMENT OF THE PRINCIPAL OBLIGATION
Section 1. Subsection (d), section two of Republic Act Numbered Four hundred one, as amended, is further amended to read as follows:
"(d) When the debtor was unable to pay an obligation which became due and demandable, or the interest which should have been paid during the said period because the assets of the creditor were under the control of the enemy and/or administered through the so-called Enemy Alien Property Custodian or other enemy instrumentality, and the debtor paid the interests to it in the belief that such payment was valid and effective payment to the creditor or because of fear that failure to comply with the demand would lead to reprisals on his person or property.
"If the debtor, however, makes a...
Login to see full content