Sharjah Law No. 11 of 1973 on the Establishment of Property as Security for Debt

We, Sultan bin Mohammed Al Qasimi, Ruler of the Emirate of Sharjah

Decree the following law:

Law on the Pledging of Property as Security for Debt

Name of the Law and Effective Date 

Article 1

This law shall be called the Law on the Pledging of Property as Security for Debt No. 11 of 1973 and come into force on the date of its issuance.

Article 2 - Definitions

The following words shall have the meanings assigned to them below, unless the context or the context of the text indicates otherwise.

Ruler: His Highness the Ruler of Sharjah or his representative.

Director: Director of the Land Registry Office.

Property: Fixed assets that cannot be moved from one place to another, such as land and buildings.

Insurance: A fixed right on Property that is locked up to fulfil a debt obligation.

Article 3 - General Provisions on Insurance

The Insurance register alone—and nothing else—is the basis for Insurance on Property. The rights of the secured creditor shall not be established on the Property—even if both parties agree—except by declaring those rights through their registration in the Insurance reg...