Section 705.- No property can be mortgaged except by the owner for the time being.

 

Section 706.- A person whose right of ownership over a property is subject to a condition may mortgage such property only subject to such condition.

 

Section 707.- The provisions of Section 681 concerning Suretyship apply mutatis mutandis.

 

Section 708.- A contract of mortgage must contain, in Thai currency, either a sum certain or a maximum amount for which the mortgaged property is assigned as security.

 

Section 709.- A person may mortgage his property as security for the performance of an obligation by another person.

 

Section 710.- The performance of one and the same obligation may be secured by the mortgage of several properties belonging either to one or to several owners.

                The parties may agree :

                (1) That the mortgagee shall enforce his right against the mortgaged properties in a specified order ;

                (2) That each property is security only for a specified part of the obligation.

 

Section 711.- Before the obligation is due, any agreement that the mortgagee shall, in case of non-performace, become the owner of the mortgaged property or dispose of it otherwise than in accordance with the provisions concerning Enforcement of Mortgage, shall be invalid.

 

Section 712.- Notwithstanding any clause in the contract to the contrary, a property mortgaged to one person may be mortgaged to another person during the continuance of the previous contract.

 

Section 713.- Unless otherwise agreed in the contract of mortgage, the mortgagor may pay off the mortgage by instalments.

 

Section 714.- A contract of mortgage must be made in writing and registered by the competent official.

 

CHAPTER II

EXTENT OF MORTGAGE

 

Section 715.- A mortgaged property is security for the performance of the obligation and for the following accessories :

                (1) Interest ;

                (2) Compensation in case of non-performance of the obligation ;

                (3) Costs of enforcement of the mortgage.