The legal issues concerning real setate as secured in loan contract : Comparative study of mortgage in Thailand and The Lao people's democratic republic
Legal issues concerning real estate as secured in loan contract : Comparative study of mortgage in Thailand and The Lao people's democratic republic
Abstract:
This thesis aims to study on the problems and obstacles in the provisions of the law on guarantees the contract performance 2005 Act in the Lao People's Democratic Republic (Lao PDR) in issues relating to the scope of the mortgage, types of the mortgage property, the rights and obligations of mortgagors and mortgagees including the enforcement of mortgage by doing a comparative study on the civil and commercial code, chapter 3 of the 12 characteristics of mortgage in Thailand.
From the result of study, found that the law on guarantees the contract performance 2005 Act was not defined the scope of the mortgage. The law was not defined the rights of the mortgage as security for repayment, including what types of properties that can be mortgaged. The law did not stated clearly about the rights and obligations of mortgagors and mortgagees and the mortgage of land would be included the buildings or not as well as the rules of the mortgage and removing the mortgaged property out, the law was not clearly defined as well. With the unclear of the law, the law enforcement strongly impacts of fairness and public interest in Lao PDR.
Therefore, it is expedient to amendment and revise the law on guarantees the contract performance 2005 Act, which clearly defines the scope of the mortgage, category the types of properties that can be mortgaged, the rights of mortgagors and mortgagees as well as the enforcement of the mortgage has to be more details and clarity like the Civil and Commercial Code Characteristics of Thai mortgage in order to make the more fair of the law enforcement on a mortgage in Lao PDR.