Lending a land use right certificate to borrow money, will the land be handled to repay the debt in Vietnam??
It is quite common for family members or acquaintances to borrow a Land Use Right Certificate (LURC) or otherwise known as a red book or pink book to borrow money from a bank. So, in case the borrower fails to repay the debt, will the security asset, which is the land use right, be liquidated by the bank to recover the debt? At the same time, if the mortgaged land is still owned by other people, who are not the person named on the LURC, how will it be handled, who will be the priority to be paid?
