Book3 Title13 Chapter03
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 XIII. Pledge.
Chapter III. Enforcement of Pledge.
Section 860.
- If the obligation and accessories for which the pledge is security are not performed, the pledgee is entitled to have the pledge enforced in the manner described in the following sections.
《Genealogies》
- Draft of 1919: Ob.801
- Code of January 1925: -
- Code of January 1929: -
Section 861.
- [I] The pledgee must first notify by registered letter the debtor to perform the obligation and accessories within a reasonable time to be fixed in the notice.
- [II] If the debtor fails to comply with the notice, the pledgee can sell the pledge by public auction.
- [III] The pledgee must notify the pledgor by registered letter of the day and time when, and of the place where, the auction shall be held.
《Genealogies》
Section 862.
- If notification is impossible, the pledgee can sell the pledge by public auction one month after the obligation became due.
《Genealogies》
Section 863.
- The buyer of a pledge duly sold by public auction acquires over it the same rights as if he had bought it from the owner.
《Genealogies》
- Draft of 1919: Ob.804
- Code of January 1925: -
- Code of January 1929: -
Section 864.
- If the pledge is a sum of money, the pledgee is entitled to appropriate it up to the amount of the obligation and accessories.
《Genealogies》
Section 865.
- [I] The pledgee must appropriate the nett proceeds of the public auction or of his collection to the extinction of the obligation and accessories and must return the surplus, if any, to the pledgor.
- [II] If the proceeds are less than the amount due, the debtor of the obligation remains liable for the difference.
《Genealogies》
Section 866.
- If several properties are pledged as security for one obligation, the pledgee can sell such of them as he may select, but he cannot sell more than required for the satisfaction of his claim.
《Genealogies》
Section 867.
- As long as the obligation is not due, the pledgor cannot agree that the pledgee shall, in case of non-performance, become the owner of the pledge or dispose of it otherwise than as provided by this Chapter.
《Genealogies》
