Signing papers in a Thai Bank

[Liquorice]

Before a wife can take on a loan or act as guarantor on another person's loan, the financial institution is required to have a statement of no objection from her spouse. It is a legal requirement, not just a bank regulation. It is because the financial obligation may affect the couple's joint assets.

It has nothing to do with being a foreigner or a Thai.

Generally this document is very simple, just one paragraph and doesn't mention any figures.

You my friend are very wrong in your advice. In a bank a single spouse can act in behalf of the other. This applies to takin money out as well as gettin land loans and loans on property. I have seen many instances with my wife and her family as proof of this. Also, my wife has taken several loans outand cosigned others without usin or showing my income to the bank and without my participation.

Firstly, I didn't give any advice. I simply stated the this law exists in Thailand's Civil and Commercial Code. Whether you did or didn't sign, or didn't know that you had signed doesn't prove anything.

The following is an English translation of Section 1476 of the Civil and Commercial code.

Section 1476. In managing the Sin Somros in the following cases, the husband and wife have to be joint manager, or one spouse has to obtain consent from the other:

(1) Selling, exchanging, sale with the right of redemption, letting out property on hire-purchase, mortgaging, releasing mortgage to mortgagor or transferring the right of mortgage on immovable property or on mortgageable movable property. (2) Creating or distinguishing the whole or a part of the servitude, right of inhabitation, right of superficies, usufruct or charge on immovable property. (3) Letting immovable property for more than three years. (4) Lending money (5) Making a gift unless it is a gift for charitable, social or moral purposes and is auitable to the family condition. (6) Making a compromise. (7) Submitting a dispute to arbitration. (8) Putting up the property as guarantee or security with a competent official or the Court.

The management of the Sin Somros in any case other than those provided in paragraph one can be made only by one spouse without having to obtain consent from the other.

In practice, since it is impractical or even impossible for a financial institution to determine whether certain joint assets/liabilities are Sin Somros or Sin Suan Tua, they will usually require the letter of consent anyway.

With respect, that law is about property.

The OP stated is was about land, which a farang cannot own, so why would he be asked to sign anything in that respect.

It could all be completely innocent, but until he knows what he is signing............don't.

[thedemon]

Before a wife can take on a loan or act as guarantor on another person's loan, the financial institution is required to have a statement of no objection from her spouse. It is a legal requirement, not just a bank regulation. It is because the financial obligation may affect the couple's joint assets.

It has nothing to do with being a foreigner or a Thai.

Generally this document is very simple, just one paragraph and doesn't mention any figures.

You my friend are very wrong in your advice. In a bank a single spouse can act in behalf of the other. This applies to takin money out as well as gettin land loans and loans on property. I have seen many instances with my wife and her family as proof of this. Also, my wife has taken several loans outand cosigned others without usin or showing my income to the bank and without my participation.

Firstly, I didn't give any advice. I simply stated the this law exists in Thailand's Civil and Commercial Code. Whether you did or didn't sign, or didn't know that you had signed doesn't prove anything.

The following is an English translation of Section 1476 of the Civil and Commercial code.

Section 1476. In managing the Sin Somros in the following cases, the husband and wife have to be joint manager, or one spouse has to obtain consent from the other:

(1) Selling, exchanging, sale with the right of redemption, letting out property on hire-purchase, mortgaging, releasing mortgage to mortgagor or transferring the right of mortgage on immovable property or on mortgageable movable property. (2) Creating or distinguishing the whole or a part of the servitude, right of inhabitation, right of superficies, usufruct or charge on immovable property. (3) Letting immovable property for more than three years. (4) Lending money (5) Making a gift unless it is a gift for charitable, social or moral purposes and is auitable to the family condition. (6) Making a compromise. (7) Submitting a dispute to arbitration. (8) Putting up the property as guarantee or security with a competent official or the Court.

The management of the Sin Somros in any case other than those provided in paragraph one can be made only by one spouse without having to obtain consent from the other.

In practice, since it is impractical or even impossible for a financial institution to determine whether certain joint assets/liabilities are Sin Somros or Sin Suan Tua, they will usually require the letter of consent anyway.

With respect, that law is about property.

The OP stated is was about land, which a farang cannot own, so why would he be asked to sign anything in that respect.

It could all be completely innocent, but until he knows what he is signing............don't.

The law isn't particularly about landed property though the majority of bank loans are likely to involve property. Neither is it about being a foreigner or a Thai and it doesn't matter whether it is the wife or the husband that is assuming the liability. It is simply a requirement that a lender makes sure that one spouse is aware that the other spouse is taking on a liability that could affect their joint matrimonial assets and liabilities.

I'm not saying that the document the op refers to is this document because there isn't enough information to make that determination. I'm simply suggesting that it might be because from my experience it is always required.

I can't say whether, in practice, it is always required by all banks of all borrowers. Other posters here suggest that they haven't had to sign anything.

But what I can say for an absolute fact is that I have had to sign this document in relation to transactions in my wife's name many times. Likewise when I took a mortgage from a Thai bank on 2 condominiums purchased in my name, my wife had to sign the same document. If she didn't sign, they would not have given me the loan.

[thedemon]

One thing I forgot to add. Just because a foreigner cannot own land in their own name and despite the (completely separate) document required by the land department, it doesn't necessarily mean that land cannot form part of joint matrimonial property (Sin Somros). There are instances where Thai courts have ruled on that basis.

[thesetat2013]

Before a wife can take on a loan or act as guarantor on another person's loan, the financial institution is required to have a statement of no objection from her spouse. It is a legal requirement, not just a bank regulation. It is because the financial obligation may affect the couple's joint assets.

It has nothing to do with being a foreigner or a Thai.

Generally this document is very simple, just one paragraph and doesn't mention any figures.

You my friend are very wrong in your advice. In a bank a single spouse can act in behalf of the other. This applies to takin money out as well as gettin land loans and loans on property. I have seen many instances with my wife and her family as proof of this. Also, my wife has taken several loans outand cosigned others without usin or showing my income to the bank and without my participation.

Firstly, I didn't give any advice. I simply stated the this law exists in Thailand's Civil and Commercial Code. Whether you did or didn't sign, or didn't know that you had signed doesn't prove anything.

The following is an English translation of Section 1476 of the Civil and Commercial code.

Section 1476. In managing the Sin Somros in the following cases, the husband and wife have to be joint manager, or one spouse has to obtain consent from the other:(1) Selling, exchanging, sale with the right of redemption, letting out property on hire-purchase, mortgaging, releasing mortgage to mortgagor or transferring the right of mortgage on immovable property or on mortgageable movable property. (2) Creating or distinguishing the whole or a part of the servitude, right of inhabitation, right of superficies, usufruct or charge on immovable property. (3) Letting immovable property for more than three years. (4) Lending money (5) Making a gift unless it is a gift for charitable, social or moral purposes and is auitable to the family condition. (6) Making a compromise. (7) Submitting a dispute to arbitration. (8) Putting up the property as guarantee or security with a competent official or the Court.

The management of the Sin Somros in any case other than those provided in paragraph one can be made only by one spouse without having to obtain consent from the other.

In practice, since it is impractical or even impossible for a financial institution to determine whether certain joint assets/liabilities are Sin Somros or Sin Suan Tua, they will usually require the letter of consent anyway.

With respect, that law is about property.

The OP stated is was about land, which a farang cannot own, so why would he be asked to sign anything in that respect.

It could all be completely innocent, but until he knows what he is signing............don't.

The law isn't particularly about landed property though the majority of bank loans are likely to involve property. Neither is it about being a foreigner or a Thai and it doesn't matter whether it is the wife or the husband that is assuming the liability. It is simply a requirement that a lender makes sure that one spouse is aware that the other spouse is taking on a liability that could affect their joint matrimonial assets and liabilities.

I'm not saying that the document the op refers to is this document because there isn't enough information to make that determination. I'm simply suggesting that it might be because from my experience it is always required.

I can't say whether, in practice, it is always required by all banks of all borrowers. Other posters here suggest that they haven't had to sign anything.

But what I can say for an absolute fact is that I have had to sign this document in relation to transactions in my wife's name many times. Likewise when I took a mortgage from a Thai bank on 2 condominiums purchased in my name, my wife had to sign the same document. If she didn't sign, they would not have given me the loan.

Again you give the wrong information.

Maybe there is a law which requires banks to do this and maybe not. But i know for sure first han that it can be done without the spouse being informed. I have seen it happen on several occasions personally.

And no! My wife never did this to me. But her mother and sisters borrowed money on her fathers land without his knowledge and when i inquired at the government bank how this was done they cleatly said the spouse has full rights to do so without the fathers knowledge.

Please stop posting things that you know nothing about because if you believe all you read online and quote ot as fact you are giving others a false sense of security

[gandalf12]

Get a laywer to review them first

[glegolo]

35 posts and almost the same number of good advices.....

Not a single reaction from OP.....

is this a troll or what??

Glegolo