| Release Date: | 1424-11-21 |
|---|---|
| Release Tool: | Royal Decree |
| Issuance Instrument Number: | m/75 |
| Validity: | Cancelled |
| Date of last amendment: | 1433-01-05 |
| Summary: | By AI The Saudi Council of Ministers approved the Commercial Mortgage Law under Decision No. 1, which defines the commercial mortgage as a means to secure commercial debt and specifies its conditions. The mortgaged asset must be specifically identified and saleable, and it must be linked to the secured debt. The law requires the transfer of possession of the mortgaged item to the mortgagee for it to be effective against third parties. The mortgage must be registered in the records of the issuing autho... |