Moveable and Immovable Property Act of the Kingdom of Bhutan, 1999.

A basic Act relating to loans, mortgages and other security interests in moveable and immovable property. Part V lays down provisions relating to mortgages or moveable and immoveable property, including agricultural land and it is established where the mortgaged property is agricultural land and the balance of such lands remaining in the possession of the mortgagor is less than five acres, and default has been made in making any payment of principal or interest due under the mortgage agreement, or in the observance of any covenant in a mortgage agreement, no rights of a mortgagee under the mortgage agreement or third Part are enforceable without prior permission of the Court.The text consists of 122 sections divided into 7 Parts as follows: General provisions (I); Validity of agreements (II); Attachment, perfection and priorities of security interest in moveable property (III); Default – rights and remedies in respect of moveable property (IV); Mortgages (V); Registration (VI); Miscellaneous provisions (VII).