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