PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES
REPUBLIC ACTS
REPUBLIC ACT NO. 1286 - AN
ACT AMENDING SECTION TWO (d) OF REPUBLIC ACT NUMBERED FOUR HUNDRED AND
ONE, AS AMENDED, BY EXTENDING UP TO DECEMBER THIRTY-ONE, NINETEEN
HUNDRED AND FIFTY-SIX, THE VOLUNTARY PAYMENT WITHOUT INTERESTS OF
PREWAR OBLIGATIONS |
Section 1.
Section two (d) of Republic Act Numbered Four hundred and one, as
amended by Republic Acts Numbered Six hundred seventy-one and Nine
hundred nineteen, is hereby further amended to read as
follows: "Sec. 2. (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 voluntary payment of the entire prewar unpaid principal obligation on or before December thirty-one, nineteen hundred and fifty-six, the interests on such principal obligation corresponding from January one, nineteen hundred and forty-six to the date of payment are likewise hereby condoned." Sec. 2. This Act shall take effect upon its approval. Approved: June 15, 1955 |