Senin, 26 November 2018

Mortgages under Indonesian law

                                                            Mortgages under Indonesian law
                                                                              Author: 
                                                              Eka Priambodo, SH., MH.  
                          Advocates and Students of the Doctoral Program in Indonesian Islamic Law

      Mortgage is an additional agreement that is attached to a Financing Agreement between a creditor and a Debtor. Mortgage rights have an understanding regulated in Underwriting Rights Act No. 4 of 1996 and the Civil Code, as follows:      Article 1 paragraph (1) Underwriting Law:"Underwriting Rights on land and objects related to land, hereinafter referred to as Underwriting Rights, are collateral rights charged to land rights as referred to in Law No.5 of 1960 concerning Basic Agrarian Principles, as follows or not the following other objects which constitute a unit with the land for repayment of certain debts which give a priority position to certain creditors, to other creditors. "
      According to Article 1162 of the Civil Code:"Mortgage rights are a right of right over immovable objects to take compensation from them for the settlement of an agreement."