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