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Owner:
Register of Deeds:
Entry in the registration book
Prepare a new certificate of title
Shall note upon the Original and Duplicate
Title the:
Date of the conveyance
Volume and page of the registration
bookin which the new certificate is
registered
Reference number
*Original and Owners Duplicate shall be stamped
CANCELLED
*Deed of conveyance shall be filed with a notation of
the number and place of registration of the certificate
of title of the land conveyed
What if the conveyance involves portion of land?
No transfer of certificate to the Grantee shall be
issued as provided in Section 50
What is Mortgage?
contract in which the debtor guarantees to
the creditor the fulfillment of a principal obligation,
subjecting for the faithful compliance therewith a real
property in case of non fulfillment of said obligation
at the time stipulated
Principle of equity
Discharge or cancellation
Upon full payment of the
indebtedness
Or Expiration of lease agreement
Registered land may be discharged
or cancelled
by means of an instrument
executed by the mortgage or
lessee
in a form sufficient in law
filed with the Register of Deeds
appropriate memorandum upon
the certificate of title shall be made
A mortgage given to secure
advancements
is a continuing security and is not
discharged by repayment of the amount
named in the mortgage, until the full
amount of the advancements are paid.
Where the annotation on the back of a
certificate of title about a first mortgage
states that the mortgage secured
the payment of a certain sum of
money plus interest plus
other obligations arising
thereunder, there is no necessity for
any notation of the later loans on the
mortgagors title.
Pactum Commissorium
A stipulation in a contract of mortgage
that the ownership of the property would
automatically pass to the mortgagee in
case no redemption was effected within
the stipulated period is void .
QUIZ
Conveyance that involves portion of land, transfer of
certificate
to the Grantee shall be issued
(False,Sec 50 provides that NO transfer of certificate
to the Grantee shall be issued)