Cabinet Decision No. 5/2018 Concerning the Implementing Regulation of Federal Law No 20/2016 on Mortgaging Moveable Properties to Secure a Debt
The Cabinet:
Pursuant to the perusal of the Constitution,
Federal Law No. 1/1972 on Competencies of the Ministries and Powers of the Ministers and its amendments;
Federal Law No. 20/2016 on Mortgaging Moveable Properties to Secure a Debt and its amendments; and
Based on the proposal of the Minister of Finance and the approval of the Cabinet,
Has issued the following Decision:
Article 1 - Definitions
In application of the provisions of the present Decision, the following words and expressions shall have the meanings assigned thereto, unless the context requires otherwise:
State: United Arab Emirates.
Minister: Minister of Finance.
Lien: A security right giving rise to an accessory real right to keep possession of a movable property to secure the performance of an obligation.
Mortgaged Property: Movable property that is placed as a guarantee to secure the performance of an obligation.
Mortgagee: Lender who benefits from the lien.
Mortgager: Owner of the Mortgaged Property.
Principal: The debtor who owes the secured obligation if he is not the owner of the Mortgaged Property.