The Law Reform Commission submits for review a Discussion Paper entitled “The Enforcement Of Mortgage-type Security Over Real Estate: Is Reform Of The Law Necessary?"
The Discussion Paper is prepared in response to a referral by the Honourable Attorney General requesting that the Law Reform Commission review and consider whether it is necessary to reform the law relating to the enforcement of mortgage-type securities over land and, in particular, over residential properties.
This request followed a heightened level of public comment, and concern, regarding the number of such procedures, colloquially referred to as 'foreclosures', in the recent past.
The dominant theme of the public commentary has been the level of hardship, it is claimed, that has been experienced by the owners of residential property, who have been affected by these procedures.
Stakeholders and members of the general public are invited to generally comment on the issues identified in the Discussion Paper and, in particular, to submit their views on the questions and reform options presented for discussion.
The Paper may be viewed on the website www.lrc.gov.ky or www.gov.ky, or a copy may be collected from the Office of the Commission.
Submissions should be forwarded no later than 30th April, 2019 to the Director of the Law Reform Commission, 4th floor Government Administration Building, Portfolio of Legal Affairs, 133 Elgin Avenue, George Town, Grand Cayman, P.O. Box 136, Grand Cayman, KY1-9000; either by email to [email protected], or in writing – by post or hand-delivered.