"It ig scarcely necessary to review the defects of the present legal aspect of the Jand~business and the Judiciary procedure regarding the foreclosure of mortgages. Our land Yeforms aim at the rationalization of the existing land system. While enabling th marisagne to expedite they' purport to protect" both the exercise of his right of m
interests of the mortgagor and the mortgagee.
"With our proposed scheme, there will be a more complete and uniform system of recording title deeds, land, certificates and beneficial owners of land. Under the Consular title deed system, no oficial records exist in the Consulate or the Land Bureau Whenever land title changes hands: between the beneficial owners; while the private records kept by the re istered owners are, in many cases, Inadequate and in lack of uniformity. 'The registration of mortgages with the Land Bureau, however, enables the public to keep a close' track of the true lawful land owners. Abuses arising from acts of _unserupulous Persons in securing loans on mortgages with title deeds obtained through [fraudulent or illegal means, will be eliminated. Owners who lose their land certificates or title deeds, as often happens, will not be left' unprotected, and lenders of money on mortgages will feel assured that they Jare dealing with legal title owners.
"Where a loan is made on a duly registered mortgage, therefore, view of the careful scrutiny of the Fights of ownership, the legality of Atle of the mortgagor is indisputable. Any default in the payment of loan will automatically entitle the mortgagee to a sale of the mortgaged Property through admihistative sanc-
Text read from the printed page and cleaned; old type leaves the occasional error.