Section Code: 0744 - 0746
Thai Civil and Commercial Code
Chapter 6: Extinction of Mortgage
Section 744. A mortgage is extinguished:
- By extinction of the obligation secured, otherwise than by prescription.
- By release of the mortgage granted in writing to the mortgagor
- By the mortgagor being discharged.
- By the mortgage being removed.
- By action sale of the mortgaged property by order of the Court as a result of enforcement or removal of mortgage.
- By foreclosure of the mortgage.
Section 745. Statute of Limitation
The mortgagee may enforce the mortgage even after the obligation secured has been barred by prescription, but arrears of interest on the mortgage cannot be enforced for more than five years.
Section 746. End of Mortgage must be registered
Any performance, either wholly or partly, or any extinction, or any agreement modifying the mortgage or the obligation secured, must be registered by the competent official on the request of the interested party, failing which it cannot be set up against a third person.