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Act No. 1459 Section 122

Section 122

SEC. 122. Such bank may purchase, hold, and convey real estate for the following purposes and no other: Such as shall be necessary for its immediate accommodation in the transaction of its business; Such as shall be mortgaged to it in good faith by way of security Tor debts previously contracted; Such as shall be conveyed to it in satisfaction of debts previous]v contracted in the course of its dealings; Such as it shall purchase at sales under judgments, decrees, mortgage, or trust deeds held by the bank or shall purchase to secure debts due to it. But no bank shall hold the possession of any real estate under mortgage or trust deeds or the title and possession of any real estate purchased to secure any debts due to it for a longer period than five years.

Read the full instrument → · Open the chapter this section belongs to: CHAPTER II.—Special provisions. →

Other provisions in CHAPTER II.—Special provisions.

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗ · Data as of July 4, 2026

CitationAct No. 1459 Section 122 (LawPlayer, data as of July 4, 2026)

Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

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