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Amendment to Thai General Collateral Law to be Effective 11/2/2015

Thai general collateral law, i.e. Title XI and XII of the Civil & Commercial Code of Thailand (CCC), has been amended and will become effective as of 11/2/2015. The amendments are meant to confer to guarantors and mortgagors more right protection and justice, and definitely expose creditors to a higher level of financial risks. The amendments to the CCC are highlighted below. 1. Suretyship/Guarantee 1.1 In case of a future or conditional obligation, it may be secured for the event in which it would have effect, provided the objectives of the secured obligation, description of the secured obligation, the maximum secured amount, and the period the secured debt can be originated must be speci

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