Provided that the settlor is a legal or natural person duly registered in the Trade and Personal Property Rights Register and that the mortgaged property is not a dwelling house, it may be
agreed in the mortgage contract that ownership of the said house shall be transferred to the
creditor.
After the thirty days’ time limit following an unheeded notice to pay by an extrajudicial act, the mortgagee-creditor may cause the transfer to be recorded by deed made in accordance with the manner and form required by the State Party for the transfer of real property.
Official translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 45
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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