Section Code: 0715 - 0721
Thai Civil and Commercial Code
SPECIFIC CONTRACTS
TITLE XII
MORTGAGE
Chapter 2: Extent of Mortgage
Section 715. Mortgaged Property = Security
A mortgaged property is security for the performance of the obligation and for the following accessories:
- Interest.
- Compensation in case of non-performance of the obligation
- Costs of enforcement of the mortgage.
Section 716. Part Performance
A mortgage, even part performance, extend to all the properties mortgaged and the whole of each of them.
Section 717. Divided Mortgaged Property
If a mortgaged property is divided into parcels, the mortgage continues notwithstanding to extend to each and all of such parcels.
Section 718. Mortgage Restrictions
A mortgage extends to all things which are connected with the mortgaged property, subject, however to the restrictions contained in the following sections.
Section 719. Land Mortgage does not extend to Building on the Land
A mortgage over land does not extend to the buildings erected by the mortgagor upon such land after the date of the mortgage, unless there is in the contract a special clause to that effect.
However, in any case, the mortgagee can have such buildings sold with the land, but he can exercise his preferential right only against the price obtained for the land.
Section 720. A Mortgage of Buildings does not expend to the land
A mortgage over buildings erected or constructed made upon or under the land of another person does not extend to such land, and vice versa.
Section 721. Mortgage does not extend to the fruits of property
A mortgage does not extend to the fruits of the mortgaged property except after the mortgagee has notified the mortgagor or the transferee of his intention to enforce the mortgage.