Section 62Sec./Art. 62

Limitation on Land Rights - Except in case of hereditary succession by one heir, landholdings acquired under this Code may not be resold, mortgaged, encumbered or transferred until after the lapse of ten years from the date of full payment and acquisition and after such ten-year period, any transfer, sale or disposition may be made only in favor of persons qualified to acquire economic family-size farm units in accordance with the provisions of this Code: Provided, That a purchaser who acquired his landholding under a contract to sell may secure a loan on the same from any private lending institution or individual for an amount not exceeding his equity on said landholding upon a guaranty by the Land Bank.