Late Sleep and Reading "Jual Janji"

I don't want to make this blog to be to formal to be read. So last night I slept pretty late around 4 am did my stuff on the blogs, blog hoping, commenting the entries and commenting at Facebook.
Around 3 something in that very early morning, I started to feel so sleepy, so before I went for dreaming time, just did some reading on "Jual Janji", plus the first test of Land Law II is just around the corner.

So what we know about "Jual Janji". Jual Janji is a security transaction which was practiced traditionally a long time ago and it is based of the Islamic concept. In Jual Janji, lender (creditor) will advance some money and the borrower (debtor) will transfer the interest of the land to the lender. Borrower required to pay the loan in stipulated time and failure to pay in the stipulated time, the lender can invoke "Jual Putus".

SK Das defined Jual Janji as
a conditional transfer with the right to repurchase or known as conditional sales

while

WE Maxwell defined Jual Janji as
dealing between the owner of the land where he sells his proprietory right to the creditor, upon full payment, borrower can take back the land

After Jual Janji is made and during the period of the loan, lender not suppose to deal with the land because the land is only as security. This was decided in the case of MOHD ISA V HJ IBRAHIM (1968) 1 MLJ 186. In this case there were two Jual Janji agreements, the lender who hold the possession of land in the first Jual Janji agreement, had made the second Jual Janji agreement with the Appellant. Respondent brought an action claiming that the transfer of the land to Appellant (in the second Jual Janji agreement) to be declared void.

(to be continue)

Based on lecture's note on 07 July 2009