Loi du 21 mai 1879 concernant l'organisation et le fonctionnement du Crédit foncier Luxembourgeois.

AI-assisted research summary: This provision is the preamble: it identifies the law, notes the Council of State was heard, the Chamber of Deputies gave assent, and the Grand Duke orders the law.

AI-assisted research summary: The Luxembourg mortgage credit company is granted rights and is subject to the rules that follow for mortgages securing loans made by the mortgage credit institution.

AI-assisted research summary: To clear known legal mortgages, an extract of the deed creating the mortgage must be served on the listed interested persons.

AI-assisted research summary: If the borrower is the woman’s husband, service must be delivered to the woman personally; it may be made at her home only if she was present at the loan contract and received the notary’s warning.

AI-assisted research summary: If the woman was not present at the contract or did not receive the notary’s warning, and service was only made at home, additional formalities must be completed to clear unknown legal mortgages.

AI-assisted research summary: If the borrower is a guardian of a minor or interdicted person, the justice of peace must convene the family council; if the council approves, the mortgage must be registered within 15 days.

AI-assisted research summary: To purge unknown legal mortgages, the mortgage deed extract must be notified to the relevant state prosecutors, published in a newspaper in the district where the property is located, and the registration must be made within 40 days of that publication.

AI-assisted research summary: If the registration deadline is missed, the purge gives the credit land company priority over legal mortgages, and third parties still have to follow the Civil Code formalities.

AI-assisted research summary: The mortgage takes effect from the date of registration, and it does not need renewal of registration during the period set for repayment of the loans.

AI-assisted research summary: The buyer must pay the annuities due into the society’s fund within eight days of the sale.

AI-assisted research summary: For 25 years after promulgation, no new authorization for a mortgage credit company may be granted in the Grand Duchy unless the stated funding and interest-rate condition fails, subject to acquired rights.

AI-assisted research summary: The privilege from article 11 stops if, within the first ten years after this law is promulgated, the Société de crédit foncier luxembourgeois has not made loans totaling 10 million francs.

AI-assisted research summary: A public administration regulation will determine the Government Commissioner’s duties and how the control is exercised.