On July 7, 2015, the long awaited amendments to Serbia’s 2005 Mortgage Act have been adopted. The amendments brought several important changes, primarily aimed at increasing the efficacy of the foreclosure proceedings, but also at eliminating some provisions shown to be obsolete. The following is a brief overview of the aforementioned key amendments. In terms of mortgage creation, one rather simple improvement is that the person having the direct possession of the real estate is no longer required to give its written statement agreeing with establishing the mortgage over the respective real estate. This should make the procedure of creating […]
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