North Cyprus Law | Memorandums | Hak Hukuk

North Cyprus Law | Free Legal AdviceNorth Cyprus Law | Memorandums | Hak Hukuk

A judgement creditor may, for the time and to the extent hereinafter specified, render any immovable property in which her/his judgement debtor is beneficially interested, and which is registered in the books of the District Land Office in the debtor’s name, a security fort the payment of her/his judgement debt by registering her/his judgement at the District Lands Office. This charge on the property or the registration of the judgement onto the said immovable property in practice is called a memorandum.

The said Registration of a judgement or in other words memorandum shall ordinarily remain force for two years only from the date when the judgement was first registered. The memorandum MAY, from time to time be prolonged by an order of the Court for any further period or periods not exceeding one year at any one time. İn practice this period is usually a total of 4 years but as you can see from this article the law gives the Court a discretion to grant orders which prolong memorandums.

No order shall be made prolonging the memorandum by the court unless;

a) the application for it is made at least one month before the expiration of the existing period for which it is registered; and

b) the Court is able, after hearing and considering the application and all evidence adduced in support of it, to make its order before the expiration of the existing period; and

c) notice of the application and of the time fixed for its hearing has been given to the District Lands Officer of the district within which the property is situate; and

d) the Court is satisfied that the judgement was not a collusive judgement, or obtained with a view to defeat other creditors, and also that a prolongation of the period of registration will not prejudicially affect the judgement debtor or any other judgement creditor or creditors.

During the time that the registration or memorandum remains in force, the interest of the debtor in the property shall be charged with the payment of the debt due under the judgement in priority to all debts or obligations of the debtor not specifically charged upon the property before the deposit of the memorandum and notwithstanding any transfer or mortgage made after the registration of the judgement, the property, or so much of it as shall be necessary to be sold to satisfy the judgement, shall, at any time while the registration remains in force, be ordered by the Court to be sold in execution of the judgement. The remedy of any person into whose name it may have been transferred, or to whom it may have been mortgaged, shall be in damages only against the person by whom the property was transferred or mortgaged to her/him.

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