Section 733 — Mortgagee's right limited to mortgaged property
Statutory text (Thai original)
แห่งประมวลกฎหมายแพ่งและพาณิชย์ ตามที่ได้แก้ไขเพิ่มเติมโดยพระราชบัญญัตินี้พระราชบัญญัติแก้ไขเพิ่มเติมประมวลกฎหมายแพ่งและพาณิชย์ พุทธศักราช ๒๔๗๙[298]
Verbatim from the Royal Gazette / Office of the Council of State
English translation
If the estimated value of the property, in case of foreclosure, is or the net proceeds, in case of auction, are less than the amount due, the debtor of the obligation is not liable for the difference.
This English translation is provided for reference only and has not yet been firm-verified — always rely on the Thai original.
Firm annotation
Section 733 is a major borrower protection — the consumer mortgage default in Thailand limits the lender's recovery to the property itself, even if the property sale proceeds don't cover the debt. The lender's contract must contain an express provision waiving this protection to reach other assets, and even then post-2014 reforms restrict overreaching. The provision drives a structural feature of Thai mortgage practice: lenders typically require both a mortgage AND a separate personal guarantee (§680) to maximize recovery options.
Supreme Court decisions interpreting this section
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