Sharing the notes [2014] "There is always a room for the readers to excite themselves with 'CORRECTION' & 'CREATIVITY'". JUAL JANJI ü This transaction is not recognized under NLC. ü Court only recognized this transaction under the contract of sale. – S.206(3) ü CONCEPT : 1. The borrower will ‘transfer’ the land to the lender as security of loan transaction, and lender will ‘take possession’ of it. 2. Upon the ‘take possession’, the lender may make out any profits from the lands, and those profits shall belongs solely to the lender, as symbolising an interest for the loan that he had given to the borrower. 3. Remedy for the borrower Ø He can discharged the land (get back the land) after made a full payment within the period of time agreed. 4. Remedy for th...
Sharing the notes [2014] "There is always a room for the readers to excite themselves with 'CORRECTION' & 'CREATIVITY'". Malaysia Land Law National Land Code [NLC] CHARGE (S.241(1) NLC) ü Who can charge? - S.205 & S.43 (Indi. ; not a minor, Corp, Govt, Any authorized body) ü Concept : 1. Here, the chargor (pencagar / land owner / etc) will charged his land to the chargee (penerima cagaran / Bank) as security for the loan made, and registered as per NLC. (Registration give statutory right to the chargee). 2. Chargor’s right / remedy Ø Tender payment (Sec. 266 (1)). v Here, the chargor have right at any time before the order for sale is being made to make a full payment for the loan he indebted to, and get an order to stop such sale of land, and reinstate his right to get the land. 3. Char...
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