Abstract:
The Civil Procedure Code, clause 309 (2) stipulates the public auction of major real estatcs and assets can be undertaken in different parts and periods of time under the authorization of legal execution officers who expect that revenucs from the sale of real estates and assie shall sufficiently cover any expensec incurred by the tegal execution proceedings, and that the sate separated real cstates and asscts shall some what increase revenues. Under the above mentioned method, the public auction shall be implemented accordingly and eftectively for the benefits of all parties concerned, including debtors, credilors and the legal exccution officers. However, . under the present chounstances most ot the real estates have been under the mortgage. either in from of' collaterals or guarantced asscts for rcsidential property loans, making it very difficult for the legal cxecut.ion department to sell all kinds of sale located on the lands under mortgage This is part of the problems of why the sale of confiscated rca estates and as cannot meet the projectedAccording to results of the study, such a problem stemmed from a lack or legal provisions saying that the separation of real cstutes and assets under mortgage contraucls can he sold proportionately. In addition, the Civil and Commerec Code's clause 717, prohibits the sale of property under mortgage contracts. The suggestion is that fegal bodies concerned should rind ways to add some provisions to allow the sak of soparated rcal cstatcs ad assets under mortgage in diticrent parts and timeframes.