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
Spot-checked
In force from 15 December 2010
Source page 45