Supplementary Provisions, Article 3Statutory Liens Relating to Pledges or Mortgages Established on Property Belonging to Unincorporated Associations, etc.

Where the provisions of Article 11-4 of the New Act apply to property belonging to an association or foundation that is not a corporation but has a representative or administrator designated, on which a pledge or mortgage was established before the enforcement of this Act (excluding the portion relating to the proviso to Article 1 of the Supplementary Provisions; the same applies hereinafter in the following Article), notwithstanding Article 15, paragraph (8) of the New Act, if the holder of the pledge or mortgage proves that fact by a notarial deed, local tax is not to take priority over the claim secured by that pledge or mortgage, up to the value of that property.