Land Deed Was Pawned Out...

[Jim's_a_Thai_Fox]

Hi there,

I have an interesting scenario that I would like to run you and get your thoughts.

My biz partner and I are share holders of a firm. This firm owns a chanote of land. In reality, though my partner and I are 49% shareholders, we paid 50/50 for the land. Whilst I was out of the country working, my partner pawned the land. The reasons why are irrelevant here. The deal was that we had one year to pay back the loan or the land deed automatically transferred into the loan shark company.

So, we managed to pay back the loan back last month and my partner collected the chanote, which is now in a safe in Bkk with his employer. However, he has told me that there is a 2 month limit on the time from when he got the chanote to then putting it back into the company name - i.e. if we don't do this, even after paying back the loan and physically possessing the deed, we still run the risk of losing the land...

The fun part is this - my partner is out of the country and shall be for another month. The deed is in a safe with his employer in Bkk. All company docs are with his wife in Buriram, and he has no idea where the stamp is either. Basically, this whole thing is a total cluster <deleted>.

I am trying to get my biz partner's obnoxious wife to EMS the company docs so that I can have a new stamp made whilst getting my biz partner's employer to EMS me the land deed. I then hope to head to the land department and transfer the deed into my GF's name (I paid the loan back on my partner's behalf and he has agreed to 'give me the land' as payment). Basically, I have yet to see the land deed and can't even have my missus call the loan shark people (their contact info is on the deed).

Can anyone tell me what sort of arrangement this might be between the loan sharks and our firm, that even after paying the loan back we could still lose the land if we don't move fast enough? My partner is the MD of our little firm - would he have to be present at the land office to effectuate a transfer of the deed into my GF's name?

What a monster pain in the arse! Sorry about this confusing scenario - if you have any advice on how best to proceed, I would be grateful.

Cheers

JAmes

[churchill]

Cannot be a lot of help but generally when there is a loan taken out on a Chanode paper it is registered at the Land Office - Once the loan is repaid along with taxes ect the paper reverts to the original owner .

If the paper is not in your name , whoes name is it now in? and have you got power of attorney to register the paper in your name at the land office ?>

It sound to bit dodgy to me !

[MJo]

PM Heng and tell him not to try any tricks

[khundon]

Say goodbye to your Rai.

[hhgz]

"What a monster pain in the arse! "

I have to tell you, the pair of you are a walking billboard for clueless. You're going to lose the land, and now you have to figure out how to get your partner to pay you back.

[chiangmaibruce]

So, we managed to pay back the loan back last month and my partner collected the chanote, which is now in a safe in Bkk with his employer. However, he has told me that there is a 2 month limit on the time from when he got the chanote to then putting it back into the company name - i.e. if we don't do this, even after paying back the loan and physically possessing the deed, we still run the risk of losing the land...

James, I can only speculate but this is how it looks:

YOU (not "we") paid back the loan. And YOU should have been with him when he handed over the money, then gone with him immediately to the land office to sign over the chanote then put it in your safe. Ideally you should also have got him to sign a statement before you fronted the money, to say he would sign over the chanote (as insurance against memory loss). Depending on the 'why' (he pawned the land), you should probably then should have severed your business relationship with him.

Now I would guess that his wife does not have the chanote, that the money was not given to the loan shark, but that they used the money for something else. He just needs two months (just to start with) to stall you from catching on in the hope that he will either find some replacement money or find an excuse to stall you for another few months.

Drive to Buriram and get your papers, then go to his employer and get the chanote. If I am correct then your next stop will be a solicitors office. Good luck

[Gary A]

If a mortgage was recorded on the back of the chanote, that was done at the land office. That mortgage is removed at the same land office when the money is repaid. What is a relatively simple thing looks to be complicated because something is very wrong.