Book3 Title12 Chapter01
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 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.
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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].
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Section 783.
- A property which is not transferable cannot be mortgaged.
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- Draft of 1919: Ob.716
- Code of January 1925: -
- Code of January 1929: -
Section 784.
- A contract of mortgage must specify the property mortgaged.
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Section 785.
- No property can be mortgaged except by its present owner.
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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.
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Section 787.
- A contract of mortgage may secure any obligation, even conditional or future.
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Section 788.
- A contract of mortgage is void or voidable according as to whether the obligation secured is void or voidable.
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- Draft of 1919: Ob.721
- Code of January 1925: -
- 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.
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Section 790.
- A person may mortgage a property as security for the performance of an obligation by another person.
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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.
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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]).
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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.
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Section 794.
- The parties to a contract of mortgage may agree that the obligation shall be performed by instalments.
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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.
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