A basic Act relating to loans, mortgages and other security interests in moveable and immovable property. Part V lays down provisions relating to mortgages or moveable and immoveable property, including agricultural land and it is established where the mortgaged property is agricultural land and the balance of such lands remaining in the possession of the mortgagor is less than five acres, and default has been made in making any payment of principal or interest due under the mortgage agreement, or in the observance of any covenant in a mortgage agreement, no rights of a mortgagee under the mortgage agreement or third Part are enforceable without prior permission of the Court.The text consists of 122 sections divided into 7 Parts as follows: General provisions (I); Validity of agreements (II); Attachment, perfection and priorities of security interest in moveable property (III); Default – rights and remedies in respect of moveable property (IV); Mortgages (V); Registration (VI); Miscellaneous provisions (VII).
Authors and Publishers
Following Britain’s victory in the 1865 Duar War, Britain and Bhutan signed the Treaty of Sinchulu, under which Bhutan would receive an annual subsidy in exchange for ceding land to British India. Ugyen WANGCHUCK - who had served as the de facto ruler of an increasingly unified Bhutan and had improved relations with the British toward the end of the 19th century - was named king in 1907. Three years later, a treaty was signed whereby the British agreed not to interfere in Bhutanese internal affairs, and Bhutan allowed Britain to direct its foreign affairs.