REPUBLIC ACT No. 1096 - AN ACT FURTHER AMENDING SECTION FIFTY-EIGHT OF ACT NUMBERED FOUR HUNDRED NINETY-SIX, KNOWN AS THE "LAND REGISTRATION ACT," TO FACILITATE DEALINGS IN LANDS SOLD BY THE GOVERNMENT PENDING APPROVAL OF THE SUBDIVISION SURVEYS.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

SECTION 1. Section fifty-eight of Act Numbered Four hundred ninety-six, known as the Land Registration Act, is hereby further amended by adding at the end thereof the following additional paragraph:

"For the purpose of securing loans from banking and credit institutions, the foregoing prohibition against the acceptance for registration or annotation of a subsequent deed or other voluntary instrument shall not apply in the case of deeds of sale duly executed by the Government, or any of its instrumentalities, with respect to portions of lands registered in the name of the Republic of the Philippines.”

SEC. 2. All laws and regulations, or parts thereof inconsistent with the provisions of this Act, are hereby repealed.

SEC. 3. This Act shall take effect upon its approval.

Approved, June 15, 1954.