Section 13
SEC. 13. Transfer of Non-Performing Accounts and Assets, Including Acquired Assets of the Development Bank of the Philippines to the Company.—As of the effectivity of this Decree, all the non-performing accounts, assets, including acquired assets of the Development Bank of the Philippines as hereinbelow defined, which are in the books of the Development Bank of the Philippines as of are hereby transferred to the Company, which shall exercise the powers and succeed to all the rights and interest of the Development Bank of the Philippines in respect of such non-performing accounts,- assets, and acquired assets thus transferred. As used in this Decree, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): "Non-Performing Accounts"—DBP accounts including but not limited to loans, contract mortgage receivables, equities, bond investment, advances, guarantees and accounts receivable which have been classified thus by the Development Bank of the Philippines. "Assets"'—All property of every kind and nature which is, or may be made available for the payment of the debts of an obligor classified as non-performing account, including but not be limited to, all tangible and intangible assets of that obligor assigned, mortgaged or otherwise alienated in favor of the Development Bank of the Philippines or which may be attached/garnished by the Development Bank of the Philippines in an appropriate action. "Acquired Assets"—shall also refer to all tangible and intangible property presently owned by registered in the name of the Development Bank of the Philippines which were acquired as a consequence of its lending operations and which arc no longer used, or are not presently needed by the Development Bank of the Philippines.