The President of the competent court who had authorized the mortgage, may at short notice order that the said mortgage be discharged or reduced subject to the debtor depositing with a court appointed receiver sums covering the principal debt, interest and costs specifically allocated to the debt. Any application for the discharge or reduction of the mortgage shall be made within the month the writ of summons relating to the action for the validation of the mortgage or to the debt was served on the debtor.
Where an action over the debt in dispute is finally determined by the court, all sums relating to that debt deposited with the receiver shall be specifically allocated to the payment of the debt owed the plaintiff in preference to all others. The said sums shall remain sequestered throughout the duration of the proceedings.
Official translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 50
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 218 of the Acte uniforme révisé portant organisation des sûretés/akn/ohada/act/loi/2010-12-15/aus-2010
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