Be it enacted by the Senate and House of Representatives of the Philippines in Legislature assembled and by the authority of the same:

SECTION 1. Section one hundred and fourteen of Act Numbered Four hundred and ninety-six, entitled "The Land Registration Act," as amended, is hereby further amended by inserting at the end thereof, the following additional clause:

"Notwithstanding the rates hereinabove provided, in all other contracts where the actual value of the encumbrance or real right sought to be registered is not fixed in the contract or cannot be determined from the terms thereof, the basis for fixing the registration fees shall be the assessed value during the current year of the property affected."

SEC. 2. This Act shall take effect upon its approval.

Approved, December 3, 1926.