Many Thai people nowadays need a revolving fund to pay
for their everyday living costs. One of the ways to get a needed
revolving fund is borrowing. Normally, a creditor often requires security to
ensure the performance of a debtor. However, security in some cases does not
secure the performance of an obligation. For this reason, a creditor is not
treated as a secured creditor under Thai law. This study is therefore designed
in an attempt to examine and analyze the
fact and legal provisions in relation to limitations on Thai law regarding
using a private vehicle as security for the performance of an obligation.
Overall, this study aims to explore the ways that lead to an amendment to Thai
law. Thus, a private vehicle can be properly used by the general public as
security for the performance of an obligation.
The study reveals that
according to Thai legal provisions set forth in the Civil and Commercial
Code (CCC) and the Business Security Act (BSA) B.E. 2558 (2015), a private
vehicle is not properly considered to be security for the performance of an
obligation to be used by the general public. It is therefore
suggested that there should be an amendment to the Thai Civil and Commercial
Code (CCC) for a private vehicle to be properly accepted as
security for the performance of an obligation. This also helps assure the
creditor of the payment. An amendment therefore helps lead to a more effective
and systematic approach to using a private vehicle as security for the
performance of an obligation.
