What legal remedies are available in the event of a violation of the debtor's rights...?

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... or a lender in the context of a mortgage?

25.06.2023 22:07 361

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Photo of lorina200215 Lorina Fedan

In case of breach by the debtor of the main obligation in accordance with the mortgage, the mortgagee has the right to satisfy the claims secured by it at the expense of the subject of the mortgage, preferably before other persons, whose rights or claims to the mortgaged immovable property are not registered in accordance with the procedure established by law or registered after the state registration of the mortgage. If the priority of a separate right or claim on mortgaged real estate arises in accordance with the law, such right or claim has priority over the claim of the mortgagee only if it arises and is registered before the state registration of the mortgage.

In case of breach by the mortgagor of the obligations established by the mortgage contract, the mortgagee has the right to demand early fulfillment of the main obligation, and in case of non-fulfillment - to levy a foreclosure on the subject of the mortgage.

In the event of the mortgagor's breach of obligations regarding the preservation or insurance of the subject of the mortgage, the mortgagee may take measures to preserve or insure the subject of the mortgage in his own interests and at his own expense. The mortgagor is obliged to immediately reimburse the mortgagor at the request of the mortgagor for all costs incurred in connection with taking measures to preserve and insure the subject of the mortgage.

26.06.2023 16:17

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