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(NAR) VOL. 29 NO. 1/ JANUARY - MARCH 18

[ MEMORANDUM CIRCULAR NO. 2018-2129, February 19, 2018 ]

ADDENDUM TO THE GUIDELINES OBSERVED FROM THE INITIAL REGISTRATION TO ANNOTATION OF MORTGAGE AND OTHER LIENS ON INCUMBRANCES



Adopted: 19 January 2018
Date Filed: 19 February 2018

To address the issue of banks having difficulties from inquiring registered motor vehicle (MV) owners with this Office, it is hereby required that the notarized Deed of Chattel Mortgage provided for under item no. 1 of LTO Memorandum Circular No. 2017-2062 shall include a provision stipulating that the registered MV owner authorizes the bank to facilitate car history verification.

In addition,  the Motor Vehicle  Inspection  Report  (MVIR)  under item no. 5.1 of same Circular shall no longer be required for Annotation of Mortgage.

Further, it is reiterated that Miscellaneous Transactions requiring the records of registration  from  the  Regional  Office/District  Office  must  be  completed  within seven (7) days from receipt of the application. To ensure compliance to the prescribed period, electronic transmittal between LTO offices is authorized.

Prior orders/issuances inconsistent herewith are hereby suspended. For immediate compliance.

(SGD) EDGAR C. GALVANTE
Assistant Secretary
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