When we request a loan from a bank for the acquisition of a vehicle, the latter is pledged, which implies that the asset cannot be sold to a third party without prior authorization from the financial institution.
It is understood that a car pledge (รับจำนำรถจอด, which is the term in Thai) exists when a car is delivered to a creditor for the security of its credit. The asset delivered is called pledge. The creditor who owns the asset is called the pledgee and can only constitute a pledge contract on furniture.
However, there are two types of pledge contract: with or without. Both will dictate the conditions of the relationship between the property, the creditor and the debtor. In this post, we will explain the difference between these two figures.
Pledge Contract With Tenure
This means that the creditor keeps possession of the property as collateral. For example, in the case of a pawnshop when it grants a certain amount of money and remains in the custody of an object of value as collateral, in the event that the debtor defaults on the payment.
Pledge Contract Without Tenure
Contrary to the previous case, the possession of the asset belongs to the debtor, as well as the responsibilities that arise accordingly. What should a pledge without tenure contain? The documents must have the following information:
- Names, identification and signatures of the contracting parties
- The maximum amount covered by the security interest
- The generic or specific description of the goods given as collateral
- A description of the guaranteed obligations, whether present or future or of the concepts, classes, amounts or rules for their determination
Likewise, every pledge contract without tenure includes a clause that does not allow the sale of the vehicle unless prior authorization is obtained from the creditor, in order to protect the interests of the latter.