April 11, 1978

MEMORANDUM

TO                :     All Regional Directors

SUBJECT    :     Certificates of Land Transfer used as collateral for loans

        We are furnishing you herewith for your information and guidance, copies of the Circular-Letter dated March 27, 1978 of the Governor of the Central Bank of the Philippines advising all banks that prior to acceptance of the Certificates of Land Transfer (CLT) issued pursuant to Presidential Decree No. 27 as collateral for loans, a certification be first secured from the offices of the Register of Deeds to the effect that the CLT being presented is still valid.

Please disseminate this information to our field personnel and all others concerned.

FOR THE SECRETARY: 

(SGD.) BENJAMIN R. LABAYEN, CESO I
Assistant Secretary