LAW NOTES : Malaysia Land Law - Summary Notes for Land Law : Mortgage

Sharing the notes  [2014]
"There is always a room for the readers to excite themselves with
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 Malaysia Land Law
National Land Code [NLC]


MORTGAGE


ü  (Law French for “dead pledge (sumpah mati)”)
ü  Common law concept, doesn’t stated under NLC.
ü  Def. : Mortgage is a method by which individuals take a loan by putting their title as security of the loan.
ü  Concept :
1.        Mortgagor (the borrower/peminjam) will uses mortgage to pledge his real property to the lender (mortgagee/pemberi pinjam) as security against the debt.
2.       To mortgage, the mortgagor had to “TRANSFER THE TITLE (OWNERSHIP)” to the mortgagee.
3.       Mortgagor’s right / remedy
Ø  “Equity Of Redemption”
Ø   Sec.206(3) of NLC for mortgage done via contract.
4.       Mortgagee’s right / remedy
Ø  Sale of the land to cover the loan given.
5.       Usually mortgage is used to buy any property without paying the value upfront (wang pendahulu / duit muka). So, here the party will mortgage their property to secure the remaining value of the property that they have agreed to buy.
6.       Eg : Ali agreed to buy a house from Jojo for RM20k. So he mortgage his land to Jojo to secure the price of the house that he had yet to pay.
ü  CASE :
§  CHUAH ENG KONG
v  F :  The borrower in this case had entered into the loan agreement for RM60k. He then had transfer all the title, right and interest to the lender as a symbol of security for the loan. Later he defaulted in payment (expiry date), and the lender asked him to vacate the land. Before the bankruptcy declared, the borrower said he can paid for the loan.

v  FC : Borrower entitle with the “equity of redemption”, which give him second chance to redeem the land (pay the loan) after the expiry date. Although we have NLC, but still the existence of equitable mortgage is accepted as it not contradicting with the Code. 

DONE BY ;

AMERA MOHD YUSOF
FACULTY OF LAW, UM

Comments

  1. RobertNovember 19, 2016 at 10:22 PM

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