Business Services Industry
Thailand's Draft Collateral Law Is Flexible.
Knight Ridder/Tribune Business News, April, 2003
By Wichit Chantanusornsiri, Bangkok Post, Thailand Knight Ridder/Tribune Business News
Apr. 18--Borrowers can expect increased financial flexibility under a draft business collateral law now being reviewed by the government.
At the same time, the law will also strengthen creditors' rights and accelerate the process of seizing assets pledged as collateral in cases of loan defaults.
The new law will expand the category of assets able to be used as collateral. Under the current civil code, assets pledged as collateral against a debt must be assets whose ownership can be registered, such as a title deed for a land plot or a car.
Once pledged as collateral, use and possession of the assets will remain with the borrower, so long as...
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