• The priority of security interests and liens in the same collateral shall be determined according to time of registration of a notice or perfection by other means, without regard to the order of creation of the security interests and liens.

• A security interest in an instrument or negotiable document that is perfected by possession of the instrument or the negotiable document shall have priority over a security interest in the instrument or negotiable document that is perfected by registration of a notice.

• A person who provides services or materials with respect to the goods, in the ordinary course of business, and retains possession of the goods shall have priority over a perfected security interest in the goods until payment thereof.

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• Property Manager refers to a professional administrator of real properties who is engaged by the Real Estate Investment Trust (REIT) to provide the property management services.
  

• REIT shall appoint a Property Manager who shall be independent of the REIT, its promoter/s or sponsor/s.
  

• The Property Manager shall be responsible for managing all aspects of the real estate owned by the REIT.

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• Trust receipt transaction is one where the entrustee has the obligation to deliver to the entruster the price of the sale, or if the merchandise is not sold, to return the merchandise to the entruster.

• The entruster’s security interest in goods, documents, or instruments pursuant to the written terms of a trust receipt shall be valid as against all creditors of the entrustee for the duration of the trust receipt agreement.

• In case of loss of goods, documents or instruments which are the subject of a trust receipt, pending their disposition, irrespective of whether or not it was due to the fault or negligence of the entrustee, the loss shall not extinguish his obligation to the entruster for the value thereof.

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• An entity may only engage in the business of a REIT Fund Manager once it has obtained the necessary license to act as such, in accordance with the rules and regulations of the Securities and Exchange Commission (Commission).
  

• A REIT Fund Manager can either be a registered domestic corporation, a trust entity with an existing Bangko Sentral ng Pilipinas (BSP) license, or a foreign corporation duly licensed to do business in the Philippines.
  

• Its chief executive officer or any equivalent officer, or trust officer must have two (2) full-time and qualified professional employees, who shall have a track record and experience in financial management as well as experience in the real estate industry for at least three (3) years.

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