Thailand Civil and Commercial Code Sections-747-796

TITLE XIII

PLEDGE

CHAPTER I

GENERAL PROVISIONS

Section 747 A pledge is a contract whereby a person, called the pledgor, delivers to another person, called the pledgee, a movable property as security for the performance of an obligation.

Section 748 The pledge is a security for the performance of the obligation and for the following accessories:

1. Compensation in case of non-performance of the obligation.
2. Costs of enforcement of the pledge.
3. Expenses for the preservation of the pledged property.
4. Compensation for injury caused by non-apparent defects of the pledged property.

Section 749 The parties to a pledge may agree that the pledged property shall be kept by a third person.

Section 750 If the pledged property is a right represented by a written instrument, the pledge is void unless such instrument is delivered to the pledgee and the pledgee is notified in writing of the debtor’s rights under the instrument.

Section 751 If an instrument to order is pledged, such pledge cannot be set up against third persons unless its creation is endorsed upon the instrument. No notification to the debtor under such instrument is necessary.

Section 752 If an instrument issued to a named person and not transferable by indorsement is pledged, the pledge must be stated on such instrument, and cannot be set up against the debtor under such instrument or third persons unless it is notified to such debtor.

Section 753 If a named certificate for shares or debentures is pledged, such pledge cannot be set up against the company or other third persons unless the creation of the pledge is entered in the company’s books in accordance with the provisions of Title XXII relating to the transfer of shares or debentures.

Section 754 If the pledged right becomes due before the obligation for which it is security is due, the debtor of such right must deliver to the pledgee the property which is the subject of the right, and it becomes pledged in lieu of the pledged right. If the pledged right is an obligation to pay a sum of money and becomes due before the obligation secured, the payment must be made jointly to the pledgee and pledgor; if they cannot come to an agreement, each of them is entitled to demand that such sum be deposited in the Deposited Office for their common benefit.

Section 755 If a right is pledged, it cannot be extinguished or modified to the injury of the pledgee without the consent of the pledgee.

Section 756 Before the obligation is due, any agreement that the pledge shall, in case of non-performance, become the owner of the pledged property or dispose of it otherwise than in accordance with the provisions concerning Enforcement of Pledge, shall be invalid.

Section 757 The provisions of this Title XIII apply to contracts of pledge entered into with licensed pawnbrokers only insofar as they are not contrary to the Laws or Regulations concerning Pawnbrokers.

CHAPTER II

 RIGHTS AND DUTIES OF PLEDGOR AND PLEDGEE

Section 758 The pledgee is entitled to retain all the pledged property until he has received full performance of the obligation and accessories.

Section 759 The pledgee is bound to keep the pledged property in safe custody and take as much care of it as a person of ordinary prudence would take of his own property.

Section 760 If, without the consent of the pledgor, the pledgee uses the pledged property or lets a third person have custody over it, he is liable for any loss or damage to the pledged property, even if caused by force majeure, unless he proves that the loss or damage would have happened in any case. 

Section 761 Unless otherwise provided by the contract, if the pledged property produces legal fruits, the pledgee shall appropriate them in payment of any interest that may be due to him, and, if no interest is due, in payment of the principal of the obligation secured.

Section 762 The pledgor is bound to reimburse the pledgee for any expenses which were necessary for the preservation or maintenance of the pledged property unless otherwise provided in the contract.

Section 763 The following actions cannot be brought later than six months after the return or sale by auction of the pledged property:

1. An action for compensation for damage caused to the pledged property by the pledgee.
2. An action for reimbursement of expenses incurred for the preservation or maintenance of the pledged property.
3. An action for compensation for injury caused to the pledgee by non-apparent defects in the pledged property.

CHAPTER III

ENFORCEMENT OF PLEDGE

Section 764 On enforcement of the pledge, the pledgee must first notify the debtor in writing to perform the obligation and accessories within a reasonable time to be fixed in the notice. The pledgee must notify the pledgor in writing of the time and place of the auction.

Section 765 If notification is impracticable, the pledgee may sell the pledged property by public auction after one month from the time the obligation became due.

Section 766 The pledgee of a bill shall, without previous notification being necessary, collect it on the day of its maturity.

CHAPTER IV

EXTINCTION OF PLEDGE

Section 769 A pledge is extinguished:

1. When the obligation secured is extinguished otherwise than by prescription, or
2. When the pledgee allows the pledged property to return into the possession of the pledgor.

TITLE XIV

WAREHOUSING

CHAPTER I

GENERAL PROVISIONS

Section 770 A warehouseman is a person who, in the usual course of his business, undertakes the storage and custody of goods for remuneration.

Section 771. All provisions of this Code regarding the deposit of property You shall apply this to the storage of goods in the warehouse only to the extent that it does not conflict with the provisions of this nature.

Section 772. The provisions of sections 616, 619, 623, 625, 630, 631 and 632 regarding the carriage are You have to apply it to the storage of items in the warehouse. Allowed as appropriate to the script.

Section 773. The warehouseman is required to allow the holder of the warehouse receipt or the warrantee inspects the goods and takes samples at a reasonable time during working hours at any time.

Section 774. The warehouseman may require the consignor to withdraw the goods before the end of the agreed period. He said he couldn’t do it. If there is no deadline to return the product The warehouseman can return it only after giving one month’s notice to the depositor. But you will not allow the depositor to be forced to withdraw the goods before two months have elapsed. From the date of delivery

CHAPTER II

Section 775. If the depositor wants to know the warehouseman must deliver documents removed from the register that include a specific warehouse receipt. and give a warrant for the goods to the depositor

Section 776. the warehouse receipt It gives the depositor the right to endorse the transfer of ownership of the goods to another person.

Section 777. the warrant for the goods It gives the depositor the right to endorse and pledge the goods which are recorded in the warrant. without having to deliver the product to the endorser.

But when the depositor wishes to pawn the goods, The warrant must be separated from the warehouse receipt. and deliver the warrant to the endorser.

Section 778. Warehouse receipt and goods warrant the serial number must match the number on the stub. and signed by the warehouseman.

In addition, the warehouse receipt and product warrant Please provide the following details:

(1) name or brand and the depositor’s office.

(2) Warehouse location.

(3) Retention fee for keeping.

(4) Condition of the stored goods. and the weight or size of the goods, including the condition, quantity, and packaging marks.

(5) Place and date of issuance of warehouse receipt and warehouse receipt.

(6) If it is specified for how long the goods are to be kept, such determination must also be informed.

(7) If the stored item is insured Show the amount of insurance at the time of insurance. and the name or brand of the insurer as well.

In addition, the warehouseman must record these details on the stub as well.

Section 779. warehouse receipts are also good. Warning for the product is good. He said that it could not be issued or endorsed to the holder.

Section 780. When does the depositor endorse the warrant of goods to the pawnbroker? The contracting party must also record the endorsement on the warehouse receipt.

If not so noted He said that the pledge could not be raised as a defense against the purchaser of the goods indefinitely.

Section 781. When the warrant for goods has been endorsed and delivered to the pawnbroker. It is important that the depositor and the pawnee write it down in the product warrant. that the information as provided in the preceding section has been recorded on the warehouse receipt.

Section 782. When does the person who pawns the goods and delivers the warranty of the goods to the endorser? The recipient of such an endorsement must send a letter informing the warehouseman of the amount of the debt for which the goods are pledged as collateral. both the amount of interest and the date on which the debt is due for payment When the warehouseman receives such notice, he must write down all the items on the stub.

If and not written down on the stub like that He said that the pledge could not be raised as a defense against the creditors of the depositor.

Section 783. The holder of documents including both the warehouse receipt and the warehouse warrant the warehouseman may separate the stored goods into several parts and have the documents delivered to him, one for each part. In such case, the holder of the document must return the original document to the warehouseman.

In addition, the cost of separating products and delivering new documents is the document holder must serve.

Section 784. Ownership of stored goods He said that the transfer may be made only by endorsing the warehouse receipt.

Section 785. Goods which are kept may be pledged only by endorsing the warrant. When the product is warranted, it has been endorsed. The goods may be pledged to another person by endorsing the warehouse receipt in the same way as endorsing the warrant for the goods.

Section 786. As long as the goods kept are not pawned You may not transfer the warehouse receipt and the goods warrant separately as long as that is the case.

Section 787. when endorsing the first goods receipt Must note the amount of debt for which the product has been pawned as collateral. Both the amount of interest to be paid and the date on which the debt is due.

Section 788. Goods kept in the warehouse It can be taken only when the warehouse receipt is surrendered.

Section 789. If the warrant of goods has been separated and endorsed by the pledge Goods can be accepted only when both the warehouse receipt and the goods warrant are surrendered.

However, the holder of the warehouse receipt may return the goods to him at any time upon depositing money with the warehouseman in the full amount of the debt which was recorded in the warehouse receipt. with both interest until the due date for repayment of that debt as well.

Moreover, the amount deposited in this way must be paid by the warehouseman to the holder of the warrant when he surrenders the warrant.

Section 790. If the debt for which the goods are pledged as security is not paid on the due date, The holder of the warehouse receipt has submitted an objection in accordance with the regulations. Prefer to let the warehouseman sell the goods at auction. But you are prohibited from auctioning it before eight days from the date of objection.

Section 791. The warrantee of goods must send a letter informing the depositor of the time and place of the auction.

Section 792. The warehouseman must deduct the money owed to him for the storage of the goods from the net amount sold at auction. and when the warrantee expropriates the goods, The remaining money must be given to him according to the amount owed to him.

If there is any money left, how much? Must be used against the later pawnee when he surrenders the warehouse receipt. or if there is no later pawnee or the later pawnee has received the debt. Then pay the remaining amount to the warehouse receipt holder.

Section 793. If the net amount sold at public auction is not sufficient to pay the debt to the warrantee of the goods, The warehouseman must return the warehouse warrant to him. and write down the amount of money that has been paid in the product warrant Then write it down in your account book as well.

Section 794. The holder of the warrant shall have the right of recourse against all or any of the previous endorsers for the unpaid amount. But it must be sold at public auction within one month from the date of objection.

Moreover, you are prohibited from filing recourse after one year has elapsed from the date of the auction.

Section 795. All provisions of this Code regarding bills You can use it up to the product warrant and the warehouse receipt which has been endorsed as well. just that it does not conflict with all the provisions of this nature

Section 796. If the document including both the warehouse receipt and the goods warrant or any of them is lost When the holder of the document provides appropriate insurance, the warehouseman may reissue it.

In such cases, it is important for the warehouseman to write the letter on the stub.

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