Foreclosure and Private Forfeiture

Property acquired before negotiation and appropriation of a loan cannot be taken by the lender in case of default unless the loan contract at issue specifically identifies said property as subject to forfeiture in case of borrower non-performance (default). Any property not serving as a means of livelihood, and acquired after appropriation of a loan, can upon court authorization be seized as repayment in the case of default. The debt is reduced by the fair market value of the seized property, and if a surplus results, that surplus must be delivered to the borrower.

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This is a preliminary draft. Pending changes are in The To-Do List