Book3 Title12 Chapter05
From Thai Codification Draft of 1924
DRAFT: CIVIL AND COMMERCIAL CODE FOR KINGDOM OF SIAM
BOOK III ON SPECIFIC CONTRACTS. (April 1924)
- Reconstructed from the Documents in Vols. 86, 87, 88, and 89 of “The Archives of the History of Thai Codification”.
- For the details, please, refer to the "Introductory Notes" to the "Reconstructed Book III on Specific Contracts".
TITLE XII. Mortgage.
Chapter V. Rights and Duties of the Transferee of a mortgaged property.
Section 819.
- The transferee of a mortgaged property may remove the mortgage, provided that he be not the principal debtor, a surety or an heir of either of them.
《Genealogies》
Section 820.
- The transferee may remove the mortgage at any time <
until, or within one month after>[, but if] he has been notified by the mortgagee of his intention to enforce the mortgage[, he must do so within one month thereafter].
《Genealogies》
Section 821.
- The transferee who wishes to remove the mortgage must offer to all the registered creditors to pay such sum of money as he thinks fit.
《Genealogies》
Section 822.
- [I] The form of the offer may be made to contain the following particulars :
- (1) the place and description of the mortgaged property,
- (2) the date of transfer of ownership,
- (3) the name of the former owner,
- (4) the name and residence of the transferee,
- (5) the sum offered,
- (6) a calculation of the total amount due to each of the creditors including accessories, and of the sums which would be distributed to them according to their respective ranks.
- [II] A certified copy of the entries in the official register referring to the property mortgaged will be enclosed.
《Genealogies》
Section 823.
- If all the creditors accept the offer, the mortgages, and preferential rights, if any, are removed by the payment of the sum offered.
《Genealogies》
- Draft of 1919: Ob.756
- Code of January 1925: -
- Code of January 1929: -
Section 824.
- [I] If a creditor refuses the offer, he is entitled to apply to the Court within one month from the date of the offer, for an order to have the mortgaged property sold by public auction, provided that he notifies his refusal to the transferee and to the other registered creditors.
- [II] The transferee can bid at the auction.
《Genealogies》
Section 825.
- If the nett proceeds of the auction are not more than the sum offered by the transferee, the creditor demanding sale shall bear the costs of the auction.
《Genealogies》
Section 826.
- If a creditor does not answer the offer of the transferee within one month from the date of the offer, the mortgage or preferential right is removed by the transferee depositing in lieu of performance the sum offered to such creditor.
《Genealogies》
Section 827.
- If the transferee who has been notified by the mortgagee of his intention to enforce the mortgage does not either perform the obligation or remove the mortgage, the mortgage is enforced against him in the same manner as if it were to be enforced against the mortgagor.
《Genealogies》
Section 828.
- Any right over the mortgaged property existing in favour of the transferee before the transfer and extinguished by merger in consequence of the transfer, shall revive in his favour when the enforcement or the removal of the mortgage results in the transfer of the ownership to another person.
《Genealogies》
- Draft of 1919: Ob.761
- Code of January 1925: -
- Code of January 1929: -
Section 829.
- In case of enforcement or removal of mortgage, if the value of the mortgaged property has been reduced by the fault of the transferee, he is liable to pay compensation to the mortgagee up to the extent of the injury suffered by him thereby.
《Genealogies》
Section 830.
- In case of enforcement or removal of mortgage, if the value of the mortgaged property has been increased by the transferee, he is entitled to reimbursement of his expenses out of the proceeds of the sale up to the amount of the increase of value at the time of the auction.
《Genealogies》
