Article (2) of Law No. (14) of 2008 defines a Mortgage as a contract where a creditor acquires a Real Right in a property or unit. This right grants the creditor preference over ordinary creditors for the repayment of their claim from the property's…
Article (2) of Law No. (14) of 2008 defines a Mortgage as a contract where a creditor acquires a Real Right in a property or unit. This right grants the creditor preference over ordinary creditors for the repayment of their claim from the property's price. This preference remains effective regardless of whose possession the property is in. This definition establishes the mortgage as a powerful security instrument that anchors the lender's interests to the physical asset itself.
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