Alkhaleej, 6 August 2023: Federal Decree-Law No. 50/2022 (the new Commercial Transactions Law), which came into force at the beginning of 2023, provides detail on commercial mortgages.
The law explains that a commercial mortgage is one that is over a movable asset as security for a commercial debt.
The law clarifies that if a debtor does not pay the debt secured by the mortgage on the due date, the creditor may, after seven days from the date of warning the debtor to pay, request the court to authorise them to sell the mortgaged property. The request is considered urgently, and the court determines the method of sale.
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