Study on the Relationship between Line of Credit Mortgages Evolution and Compulsory Enforcement in R.O.C.

• Main Authors: Shu-Cyuan Jhuang, 莊樹全
• Other Authors: Fu-Ching Wang
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/41619152149784951448

碩士 === 國立雲林科技大學 === 科技法律研究所 === 104 === Rights In Rem of the Civil Code was amended on March 28, 2007 to add 17 more articles (Article 881-1 to 881-17) to Section 2 - Ownership of the Real Property of Chapter 2 – Ownership, the mortgage in Taiwan has been formally divided into General Mortgages and Line of Credit Mortgages to be in consistent with the practice of the line of credit mortgages in the past 70 years in Taiwan. With the development of modern market economies, real estate, which is typically money in the amount of the purchase price, can definitely serve as security for the repayment of money borrowed. Thus, immovable properties are the most common form of collateral for loan. The Article 369 of Civil Code of Japan states “Superficies and emphyteusis can be the subject matter of a mortgage.” Other special laws states industrial property rights, mineral rights and surface rights can be taken as objects of mortgage. Article 882 of Civil Code of Taiwan states “A superficies,an agricultural right and a dian may be the object of a mortgage.“ In the event that the borrower defaults, the creditor must institute proceedings in execution or application for compulsory execution in order to regain some or all of the amount originally loaned to the borrower. The second half of the study explores the compulsory execution. Compulsory execution is a procedure regulated by law, through which the holder of a subjective right, recognized by a writ of execution, compels the defaulting party, assisted by the competent national bodies, to fulfill the obligation mentioned in the respective writ, thus ensuring observance of the infringed right and reestablishment of the rule of law. Any debtor being falsely accused may make use of a legal remedy by filing a petition with the court for an impartial judgment. Thus, a sound judicial relief system is vital to the protection of people’s right to property.