Dear fellow members:
Please note that in today's (30/11/2005) Government Gazette is published the Act Amending the Civil and Commercial Code (No. 14) B.E. 2548 (2005), by virtue of which (as the name suggests) certain provisions of the CCC are legally repealed and replaced.
In short, most of the changes being made to the CCC (of which there are about 15) relate to changes in monetary value to take into account the effect inflation has on the value of money over a period of time. Notable, however, (and the main reason for this post) is the change to Section 653 of the CCC.
Previously Section 653 read as follows:
Following today's publication, this shall be amended to read:A loan of money for a sum exceeding 50 baht in capital is not enforceable by action unless there be some written evidence of the loan signed by the borrower.
[note: my emphasis]A loan of money for a sum exceeding 2,000 baht in capital is not enforceable by action unless there be some written evidence of the loan signed by the borrower.
If any of my fellow members would like to see the changes in full, please feel free to ask.
~W~