Book3 Title12 Chapter01

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 I. General Provisions.

Section 781.

• [I] A contract of mortgage is a contract whereby a person, called the mortgagor, agrees to assign a property to another person, called the mortgagee, as security for the performance of an obligation, without delivering the property to the mortgagee.
• [II] The mortgagee is entitled to be paid out of the mortgaged property in preference to ordinary creditors and <even though>[regardless as to whether or not] the ownership of the property has been transferred to a third person.

《Genealogies》

1. Draft of 1919: Ob.714
2. Code of January 1925: 702
3. Code of January 1929: 702

Section 782.

• [I] Immovables of any kind can be mortgaged.
• [II] The following movables can also be mortgaged, provided they are registered according to law:
• (1) Ships or vessels <having displacement> of <and over> six tons [and over], steam-launches or motor-boats <having displacement> of <and over> five tons [and over].
• (2) Floating houses.
• (3) Beasts of burden.
• (4) Any other movables <for>[regard to] which the law shall provide registration <to>[for] that <effect>[purpose].

《Genealogies》

1. Draft of 1919: Ob.715
2. Code of January 1925: 703
3. Code of January 1929: 703

Section 783.

• A property which is not transferable cannot be mortgaged.

《Genealogies》

1. Draft of 1919: Ob.716
2. Code of January 1925: -
3. Code of January 1929: -

Section 784.

• A contract of mortgage must specify the property mortgaged.

《Genealogies》

1. Draft of 1919: Ob.717
2. Code of January 1925: 704
3. Code of January 1929: 704

Section 785.

• No property can be mortgaged except by its present owner.

《Genealogies》

1. Draft of 1919: Ob.718
2. Code of January 1925: 705
3. Code of January 1929: 705

Section 786.

• A person whose right of ownership over a property is subject to a condition, can mortgage the property only subject to the same condition.

《Genealogies》

1. Draft of 1919: Ob.719
2. Code of January 1925: 706
3. Code of January 1929: 706

Section 787.

• A contract of mortgage may secure any obligation, even conditional or future.

《Genealogies》

1. Draft of 1919: Ob.720
2. Code of January 1925: 707
3. Code of January 1929: 707

Section 788.

• A contract of mortgage is void or voidable according as to whether the obligation secured is void or voidable.

《Genealogies》

1. Draft of 1919: Ob.721
2. Code of January 1925: -
3. Code of January 1929: -

Section 789.

• [I] A contract of mortgage must specify the obligation for the performance of which the mortgaged property is assigned as security, and its amount in Siamese currency.
• [II] If the obligation is unlimited, the parties shall fix the highest amount for which the mortgaged property is assigned as security.

《Genealogies》

1. Draft of 1919: Ob.722
2. Code of January 1925: 708
3. Code of January 1929: 708

Section 790.

• A person may mortgage a property as security for the performance of an obligation by another person.

《Genealogies》

1. Draft of 1919: Ob.723
2. Code of January 1925: 709
3. Code of January 1929: 709

Section 791.

• The performance of one and the same obligation may be secured by the mortgage of several properties belonging <to> either [to] one or [to] several owners.
• The parties may agree:
• (1) that the mortgagee shall enforce his right against the mortgaged properties in a specified order.
• (2) that each property is security only for a specified part of the obligation.

《Genealogies》

1. Draft of 1919: Ob.724
2. Code of January 1925: 710
3. Code of January 1929: 710

Section 792.

• As long as the obligation is not due, the mortgagor cannot agree that the mortgagee shall, in case of non-performance, become the owner of the mortgaged property or dispose of it otherwise than in conformity with the provisions concerning enforcement of mortgage (Chapter <IV>[V]).

《Genealogies》

1. Draft of 1919: Ob.725
2. Code of January 1925: 711
3. Code of January 1929: 711

Section 793.

• [I] Notwithstanding any clause in the contract to the contrary, a property mortgaged to a person can be mortgaged to another person during the continuance of the previous contract.
• [II] But beasts of burden cannot be subjected to successive mortgages.

《Genealogies》

1. Draft of 1919: Ob.726
2. Code of January 1925: 712
3. Code of January 1929: 712

Section 794.

• The parties to a contract of mortgage may agree that the obligation shall be performed by instalments.

《Genealogies》

1. Draft of 1919: Ob.727
2. Code of January 1925: 713
3. Code of January 1929: 713

Section 795.

• A contract of mortgage must be made in writing in the presence of and registered by the competent official in accordance with the rules relating thereto.

《Genealogies》

1. Draft of 1919: Ob.728
2. Code of January 1925: 714
3. Code of January 1929: 714