Any deed relating to a mortgage and concerning transfer, change of rank, subrogation renunciation, termination shall be established by a notary or by a private deed in accordance with the national law of the place where the property is situated following a model which conforms to the rules applicable in the State Party concerned and published as a proof the mortgage was consented to or constituted.
The termination of a mortgage shall result from the following:
- The extinction of the principal debt;
- Renunciation of the mortgage by the mortgagee-creditor;
- The lapse of the registration certified, under his responsibility, by the Conservator of the land publicity register;
- The redemption of a mortgage resulting from a report of award on a forced expropriation and on the payment or the deposit of the final compensation for an expropriation based on public interest.
Official translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 46
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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Section 201 of the Acte uniforme révisé portant organisation des sûretés/akn/ohada/act/loi/2010-12-15/aus-2010
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