INSOLVENCY PROCEEDINGS IN REM
> Consequently, a liquidation of similar import or other equivalent general liquidation must also necessarily be a proceeding in rem
so that all interested persons whether known to the parties or not
may be bound by such proceeding
> Where the action filed by the private respondent is not one which can be considered as equivalent general liquidation having the same import as an insolvency or settlement of the decedent’s estate proceeding, the well-established principle must be applied that a purchaser in good faith and for value takes registered land free from liens and encumbrances other than statutory liens and those recorded in the certificates of title
PREFERENCE OF CREDITS NOT LIMITED TO INSOLVENT DEBTORS NOTICE OF INSOLVENCY; POWERS OF ASSIGNEE
> It shall be the duty of the officer serving the notice of the institution of such proceedings to file a copy thereof with the office of the RD for the province and city where the land is situated
> The assignee shall be entitled to the entry of a new certificate of the registered land of the debtor or bankrupt, upon presenting and filing of a certified copy of the assignment in insolvency or order or adjudication in bankruptcy, together with the insolvent’s or bankrupt’s certificate of title
> Among the powers of the assignee is to sue and recover all the estate, assets, debts, and claims belonging to or due such debtor, and to take into his possession all the estate of such debtor except property exempt by law from execution, whether attached or delivered to him or afterwards discovered
JUDGMENT OR ORDER VACATING INSOLVENCY PROCEEDINGS
> A certified copy of the judgment or order may be registered
> Where a new certificate has been entered in the name of the assignee or trustee, such certificate shall be surrendered for cancellation and forthwith the debtor shall be entitled to the entry of the new certificate to him
Section 83. Notice of insolvency. Whenever proceeding in bankruptcy or insolvency, or analogous proceedings, are instituted against a debtor who owns registered land, it shall be the duty of the officer serving the notice of the institution of such proceedings on the debtor to file a copy thereof with the office of the Register of Deeds for the province or city where the land of the debtor lies. The assignee or trustee appointed by the court in such proceedings
shall be entitled to the entry of a new certificate of the registered land of the debtor or bankrupt, upon presenting and filing a certified copy of the assignment in insolvency or order or adjudication in bankruptcy with the insolvent's or bankrupt's duplicate certificate of title; but the new certificate shall state that it is entered to him as assignee in insolvency or trustee in bankruptcy or other proceedings, as the case may be.
Section 84. Judgment or order vacating insolvency proceedings. Whenever any of the proceedings of the character named in the preceding section against a registered owner, of which notice has been registered, is vacated by judgment, a certified copy of the judgment or order may be registered. Where a new certificate has been entered in the name of the assignee or trustee, such certificate shall be surrendered for cancellation and forthwith the debtor shall be entitled to the entry of a new certificate to him.
