https://www.fao.org/faolex/results/details/en/c/LEX-FAOC049861

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English

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LEX-FAOC049861

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This Act shall apply to any agreement, regardless of its form, which is intended to give rights in personal property, including houses on land not owned individually or entirely by the party or parties purporting to give an interest in the house, as security for the performance of any obligation. Such Agreements include, among others, pledges, conditional sales agreements, chattel mortgages, and leases under which ownership of personal property is to pass upon completion of the terms of the lease. Sections 1 to 12 regulate the relationship of debtors and creditors and exercise of rights in relation to personal property. Only citizens of the Republic or corporations wholly owned by citizens of the Republic may hold title to land in the Republic (sect. 13). Remaining sections concern measurement of land and the recording of land transfers.

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