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Property Mortgaged or Pledged with Banks Proclamation (No. 97/1998).

Country/Territory
Ethiopia
Document type
Legislation
Date
1998
Source
FAO, FAOLEX
Original source
Federal Negarit Gazeta No. 16, 4th year, 19 February 1998, pp. 674-676.
Subject
Land & soil
Keyword
Ownership Legal proceedings/administrative proceedings Transfer Contract/agreement
Geographical area
Africa, Eastern Africa, Landlocked Developing Nations, Least Developed Countries, Sahel
Abstract

This Proclamation amends the Civil Code concerning the sale of property mortgaged or pledged with banks in order to create a conducive environment to economic development by enabling banks to collect their debts from debtors efficiently and thereby promoting a good business culture. It declares contracts authorizing a creditor bank with which a property has been mortgaged or pledged and whose claim is not paid within the time stipulated in the contract, to sell the property by auction upon giving a prior notice of at least 30 days to the debtor and to transfer the ownership of the property to the buyer, to be valid. It also provides for some other matters relative to the recovery of debts related to land-based credit.

Full text
English
Website
www.ethiopar.net

References - Legislation

Amended by

Property Mortgaged or Pledged with Banks (Amendment) Proclamation (No. 216/2000).

Legislation | Ethiopia | 2000

Keyword: Ownership, Legal proceedings/administrative proceedings, Transfer

Source: FAO, FAOLEX