Instruction No. 80
AUTHORITY TO EXECUTE AND DELIVER DEEDS OF ABSOLUTE SALE TO DEBTORS WHO HAVE FULLY PAID THEIR OBLIGATIONS IN RELATION TO THE PROPERTIES THEY HAVE PURCHASED AND PAID FOR BY INSTALLMENTS FROM THE AGRICULTURAL AND INDUSTRIAL BANK.
September 7, 1942
The CHAIRMAN OF THE EXECUTIVE COMMISSION
This is to inform you that, since it goes with the collection of the obligations, there is no objection to granting authority to the Agricultural and Industrial Bank to execute and deliver deeds of absolute sale to debtors about which you inquired under date of August 28, 1942.
DIRECTOR GENERAL OF THE
JAPANESE MILITARY ADMINISTRATION
EDITOR’S NOTE: Published below is the letter of August 28, 1942, mentioned in Instruction No. 80:
August 28, 1942
The DIRECTOR GENERAL
This Office is in receipt of an inquiry from the Agricultural and Industrial Bank as to whether or not the authority granted to it by the Military Administration to collect and receive payments on outstanding loans and obligations includes the authority to execute and deliver deeds of absolute sale to debtors who have fully paid their obligations in relation to the properties that they have purchased and paid for by installments from the Bank.
It will be recalled that the Bank reopened its doors on February 14, 1942, upon the verbal instructions of the Honorable S. Kobayashi of the Financial Department of the Military Administration and the Director of Financing of the Central Administrative Organization but only for the purpose above-mentioned. There has been no written confirmation nor any explanation of the scope of this authority up to this date.
In view of these facts, this Office finds it difficult to determine the extent of the authority under which the Bank now operates in relation to the present inquiry, although the view has been advanced that since it is authorized to make collections, it may, as an incident to its authority, execute and deliver a deed of absolute sale. It will, therefore, be appreciated if the matter is soon resolved for the proper guidance of the institution concerned.
JORGE B. VARGAS
Chairman of the Executive Commission
Source: Office of the Solicitor General Library