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FINANCIAL LAW - Danaharta Act
Related Topics : Banking Law . Broker Disputes . Commodities Law . Investment Terms . Raising Capital . Securities Law . Buying On Hire Purchase . Exchange Control Rules . Danaharta Act

National Land Code (Amendment) Act 1998 - Effect of Statutory Vesting

#1: Selling Bank lends borrower RM x million
#2: Borrower grants Selling Bank 1st charge over land as security
#3: Danaharta buys the loan from Selling Bank through statutory vesting
#4: Danaharta steps into shoes of Selling Bank and takes the bank's rights and obligations under the loan
#5: Danaharta becomes new chargee and enjoys same priority as Selling Bank

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