1924th Book3 Title13 Chapter01

DRAFT: CIVIL AND COMMERCIAL CODE FOR KINGDOM OF SIAM. (April 1924)

BOOK III ON SPECIFIC CONTRACTS. (April 1924)

• The following text of the Draft for the Book III of the "Civil and Commercial Code for the Kingdom of Siam" was reconstructed from the Documents in Vols. 40, 41, 42, 43, 44, 45, 46, 47, 86, 87, 88, and 89 of “The Archives of the History of Thai Codification”.
• For the details, please, refer to the page of "Introduction" and the "Introductory Notes" to the "Reconstructed Book III on Specific Contracts".

← Previous Page | Next Page →

TITLE XIII. Pledge.

Chapter I. General Provisions.

Section 836.

• A contract of pledge is a contract whereby a person, called the pledgor, agrees to deliver to another person, called the pledgee, a movable property, called pledge, as a security for the performance of an obligation to the pledgee.

- Thai translation: P.86/154

《Genealogies》

1. Draft of 1919: Ob.776
2. Code of January 1925: 747
3. Code of January 1929: 747

Section 837.

• A contract of pledge is complete only on delivery of the pledge.

- Thai translation: P.86/154

《Genealogies》

1. Draft of 1919: Ob.777
2. Code of January 1925: -
3. Code of January 1929: -

Section 838.

• A property which is not transferable cannot be pledged.

- Thai translation: P.86/154

《Genealogies》

1. Draft of 1919: Ob.778
2. Code of January 1925: -
3. Code of January 1929: -

Section 839.

• A movable property which is already mortgaged cannot be pledged.

- Thai translation: P.86/154

《Genealogies》

1. Draft of 1919: Ob.779
2. Code of January 1925: -
3. Code of January 1929: -

Section 840.

• The pledge is security for the performance of the obligation and for the following accessories:
  • (1) Interest, if any.
  • (2) Compensation in case of non-performance of the obligation.
  • (3) Costs of enforcement of the right of pledge.
  • (4) Expenses for the preservation of the pledge.
  • (5) Compensation for injury caused by non-apparent defects of the pledge.

- Decision of the Revising Committee, 12th October 1923, P.42/48

- Thai translation: P.86/155

《Genealogies》

1. Draft of 1919: Ob.780
2. Code of January 1925: 748
3. Code of January 1929: 748

Section 841.

• The parties to a contract of pledge can may agree that the pledge shall be kept by a third person.

- Collaboration of Dr.James, 3rd instalment, August 1923, P.41/99

- Thai translation: P.86/155

《Genealogies》

1. Draft of 1919: Ob.781
2. Code of January 1925: 749
3. Code of January 1929: 749

Section 842.

• If the pledge is a right represented by a written instrument, the contract of pledge is void unless such instrument be is delivered to the pledgee and the contract of pledge be is notified in writing to the debtor of the right.

- Collaboration of Dr.James, 3rd instalment, August 1923, P.41/99

- Thai translation: P.86/155

《Genealogies》

1. Draft of 1919: Ob.783
2. Code of January 1925: 750
3. Code of January 1929: 750

Section 843.

• Instruments to bearer may also be pledged by mere delivery.

- Thai translation: P.86/155

《Genealogies》

1. Draft of 1919: Ob.784
2. Code of January 1925: -
3. Code of January 1929: -

Section 844.

• [I] If the instrument is transferable by indorsement, the contract of pledge is void unless the pledgor indorses such instrument to the pledgee and the indorsement shows that it was made for the purpose of pledge.
• [II] No notification to the debtor of such instrument is necessary.

- Thai translation: P.86/156

《Genealogies》

1. Draft of 1919: Ob.785
2. Code of January 1925: 751
3. Code of January 1929: 751

Section 845.

• [I]If the instrument is a share certificate or other such instrument issued to a named person and not transferable by indorsement, the contract of pledge is void unless such instrument is pledged by making on it a statement to that effect.
• [II] No notification to the debtor of such instrument is necessary.

- Thai translation: P.86/156

《Genealogies》

1. Draft of 1919: Ob.786
2. Code of January 1925: 753
3. Code of January 1929: 753

Section 846.

• If a pledged right becomes due before the obligation for which it is security is due, the debtor of such right must deliver to the pledgee the property due. The property delivered constitutes a pledge in lieu of the pledged right. If the property delivered is money, it shall be appropriated to the performance of the obligation.

- Thai translation: P.86/156

《Genealogies》

1. Draft of 1919: Ob.787
2. Code of January 1925: 754
3. Code of January 1929: 754

Section 847.

• If a right is pledged, it cannot be extinguished or modified to the injury of the pledgee without the consent of the pledgee.

- Thai translation: P.86/158

《Genealogies》

1. Draft of 1919: Ob.788
2. Code of January 1925: 755
3. Code of January 1929: 755

Section 848.

• [I] In the cases when a property is pledged by a person other than its owner, the contract is voidable unless the pledgee has received the pledge believing in good faith that the pledgor is the owner, or unless the owner authorizes or ratifies the contract, or unless the pledgor becomes owner of the property.
• [II] If the property pledged is a property lost or a property obtained through an offence or the pledging of which constitutes an offence, the contract of pledge is void.

- Thai translation: P.86/158

《Genealogies》

1. Draft of 1919: Ob.789
2. Code of January 1925: -
3. Code of January 1929: -

Section 849.

• If a person who has pledged property as a security for the performance of an obligation by another person performs the obligation, he is entitled to recover from that person the amount of the performance.

- Thai translation: P.86/158

《Genealogies》

1. Draft of 1919: Ob.790
2. Code of January 1925: -
3. Code of January 1929: -

Section 850.

• If a person has pledged property as a security for the performance of an obligation by another person and the pledge is enforced, the owner of the pledge is entitled to recover from such person the amount up to which the pledgee has been satisfied by such enforcement.

- Collaboration of Dr.James, 3rd instalment, August 1923, P.41/99

- Thai translation: P.86/160

《Genealogies》

1. Draft of 1919: Ob.791
2. Code of January 1925: -
3. Code of January 1929: -

Section 851.

• The provisions of this Title XII XIII apply to contracts of pledge entered into with licensed pawnbrokers only in so far as they are not contrary to the laws or regulations concerning pawnbrokers.

- Thai translation: P.86/160

《Genealogies》

1. Draft of 1919: Ob.792
2. Code of January 1925: 757
3. Code of January 1929: 757