The value of the cancellation
The value of cancellation given by the debtor as security for the payment of the loan has been made easier. Before the legislation, to cancel the guarantee was required for a procedure with three stages:
- The early repayment of the financing in full;
- A deed by which the bank instructed the notary to proceed with the cancellation;
- The execution of the cancellation by the Territory.
The simplification comes from the fact that it is now possible cancellation of the guarantee as a direct result of such termination of the loan. In this regard, the bank is obliged to give the customer a receipt indicating the date of termination of the loan and transfer within thirty days of the Conservative (the office of public real estate records), the provision without applying any burden. The conservative, received the notice, shall cancel the loan.

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