An article authored by Athina Evagorou, Associate at Elias Neocleous & Co LLC, highlights the practical implications provided by the introduction of Article 44Θ of the Transfers and Mortgages Law N. 9/1965, which may be utilised by mortgage lenders seeking authorisation from the Court to commence an auction, notwithstanding that their mortgage is not the primary encumbrance over a property.
The article also explores the limitations of the existing legal framework and the inconsistencies that may arise due to varying judicial approaches. Additionally, the author comments on the potential for mortgage lenders to begin employing this specific section of the law to establish the prerequisites for the successful prosecution of legal proceedings, thereby enhancing the current framework through case law.
The full article in Greek can be found on Phileleftheros online here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.