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Parate Executie
Parate execution also known as Parate executie also simply known as the Parate is a practical foreclosure procedural law which allows the sale of mortgaged properties without going through legal and formal court proceedings. Hence this procedure is known as a non-court procedure. This execution has been popularly executed in Sri Lanka and has been vital in the country's law. Parate execution can be executed only by the licensed commercial banks of Sri Lanka which are governed by the Banking Act no 30 of 1988. The purpose of the procedure is to help the banking sector to recover the loans in the event of default. Under this procedure, the banks can acquire the property of borrowers but they can't afford to gain the ownership of the property. The mortgaged properties are transferred in the name of the bank at a nominal price if it is not sold in the market. Nonetheless, the bank is require to re-sell the property for adjustments of its dues and refund of excess money to borrowers. Ban ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Sri Lanka
The legal system in Sri Lanka comprises collections of codified and uncodified forms of law, of many origins subordinate to the Constitution of Sri Lanka which is the highest law of the island. Its legal framework is a mixture of legal systems of Roman-Dutch law, English law, Kandian law, Thesavalamai and Muslim law. This mixture is a result of the diverse history of the island as a result criminal law is based on English law while much of the common law is Roman-Dutch law, with certain aspects such as marriage, divorce, and inheritance associated with Kandian law, Thesavalamai and Muslim law based on the community and geography. ''Daily News'' The |
Law Of Indonesia
Law of Indonesia is based on a civil law system, intermixed with local customary law and the Roman Dutch law. Before the Dutch presence and colonization began in the sixteenth century, indigenous kingdoms ruled the archipelago independently with their own custom laws, known as (unwritten, traditional rules still observed in the Indonesian society). Foreign influences from India, China and the Middle East have not only affected culture, but also the customary laws. The people of Aceh in Sumatra, for instance, observe their own sharia law, while ethnic groups like the Toraja in Sulawesi still follow their animistic customary law. Dutch presence and subsequent colonization of Indonesia for over three centuries has left a legacy of Dutch colonial law, largely in the Indonesian civil code and criminal code. Following independence in 1945, Indonesia began to form its own modern Indonesian law, modifying existing precepts. Dutch legal decisions maintain some authority in Indonesia t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |