Property Mortgaged or Pledged with Banks Proclamation (No. 97/1998).

https://www.fao.org/faolex/results/details/en/c/LEX-FAOC095730

Resource information

Resource Language

inglês

ISBN / Resource ID

LEX-FAOC095730

License of the resource

Copyright details

© FAO. FAO is committed to making its content freely available and encourages the use, reproduction and dissemination of the text, multimedia and data presented. Except where otherwise indicated, content may be copied, printed and downloaded for private study, research and teaching purposes, and for use in non-commercial products or services, provided that appropriate acknowledgement of FAO as the source and copyright holder is given and that FAO's endorsement of users' views, products or services is not stated or implied in any way.

This Proclamation amends the Civil Code concerning the sale of property mortgaged or pledged with banks in order to create a conducive environment to economic development by enabling banks to collect their debts from debtors efficiently and thereby promoting a good business culture. It declares contracts authorizing a creditor bank with which a property has been mortgaged or pledged and whose claim is not paid within the time stipulated in the contract, to sell the property by auction upon giving a prior notice of at least 30 days to the debtor and to transfer the ownership of the property to the buyer, to be valid. It also provides for some other matters relative to the recovery of debts related to land-based credit.

Amended by: Property Mortgaged or Pledged with Banks (Amendment) Proclamation (No. 216/2000). (2000-07-06)

Legislation