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TRANSCRIPT
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Abstract
A guarantor or mortgagor may legally waive their rights in favour of a creditor.
In practice, however, creditors may not enforce the mortgage or demand performance
of the debtor s obligations from the guarantor as soon as they are entitled to do so. The
later the enforcement or demand is made by a creditor, the more interest and charges
will accrue on the secured obligation.
In order to rectify this situation which is seen as unfair to guarantors, mortgagors and
debtors, the National Council for Peace and Order (the NCPO proposed a draft Civil
and Commercial Code Amendment Act, for the consideration of the National Legislative
Assembly (the NLA . On 2 October 2014, the NLA approved the draft Amendment Act.
The draft Civil and Commercial Code Amendment Act seeks to protect guarantors
and mortgagors by limiting their liabilities. This briefing sets out below the proposed
key changes to the Civil and Commercial Code under the draft Civil and Commercial
Code Amendment Act and the implications. While guarantors and mortgagors would
be expected to benefit from the change, a creditor s rights as the beneficiary of
a guarantee or as a mortgagee would be adversely impacted.
Although the draft Civil and Commercial Code Amendment Act provides greater
protection to the guarantor and the mortgagor, these guarantor and mortgagor-friendly
provisions may impact on the ability of entrepreneurs and large business enterprises to
obtain credit or financing from banks or other financial institutions.
Keywords: Guarantee, Mortgage, Financial Institution
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