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(NAR) VOL. 6 NO. 4 / OCTOBER - DECEMBER 1995
[ LTO MEMORANDUM CIRCULAR NO. 95-222, October 12, 1995 ]
REGISTRATION OF MOTOR VEHICLES SUBJECT OF LEASE AGREEMENTS
Section 5(e) of R.A. 4136 as amended, provides that "Mortgages, Attachments and other encumbrances of motor vehicles, in order to be valid against third parties must be recorded in the Bureau. Voluntary transactions or voluntary encumbrances shall likewise be properly recorded on the face of all outstanding copies of the certificate of registration of the vehicle concerned.
In pursuance of the above-mentioned provision of the law, registration of motor vehicles subject of Lease Agreements shall be considered as Voluntary Encumbrances but shall be issued Certificate of Registration (CR) with the notation "LEASED TO _______".
The amount of P100.00 shall be collected for every annotation or cancellation of the Lease Agreement.
This Memorandum Circular takes effect immediately.
For strict compliance.
Adopted: 12 Oct. 1995
(SGD.) MANUEL F. BRUAN
Brig. Gen. AFP (Ret.)
Assistant Secretary