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ARTICLE · 05 AUGUST 2015

Mortgage Act Amendments Adopted

Schoenherr (Schönherr Rechtsanwälte)
Schoenherr (Schönherr Rechtsanwälte)
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The long-anticipated amendments to the Serbian Mortgage Act, published in the Official Gazette of RS no. 60/2015, entered into force on 16 July 2015.

SerbiaFinance and Banking
Ivan Pantovic
Ivan Pantovic
Jelena Arsić
Jelena Arsić
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The long-anticipated amendments to the Serbian Mortgage Act ("Mortgage Act"), published in the Official Gazette of RS no. 60/2015, entered into force on 16 July 2015. We would like to highlight the following changes:

1. Reaffirmation of out-of-court foreclosures

One of the aims of the Mortgage Act is to improve the out-of-court foreclosure procedure against the mortgaged real estate. In order to achieve this improvement, several deficiencies of the former law have been repaired.

1.1 Under the former law, for a mortgage to be qualified as an out-of-court mortgage (enforceable instrument), the consent of the person having direct possession (neposredna dr~avina) over the mortgaged real estate (e.g. lessee) was required. Such consent is now no longer necessary.

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