Newsletter – Our Notary Successfully Filing First Ever Security Assignment

Mr. Sun Samnang (Samnang), the Director of Nitei Niron Notary Public, has assisted a major client to file a first-ever hypothec assignment (or at least one of the few first hypothec assignments) with the cadastral office to transfer security over an immovable property from one security agent to another.

Prakas No. 30 on Procedure for Registration of Real Rights Pertaining to the Civil Code has been issued jointly by the Ministry of Land Management, Urban Planning and Construction and the Ministry of Justice, on 29 January 2013, and came into effect six months later, thus on 30 July 2013. This inter-ministerial Prakas aims to ensure effective registrations of immovable property, including land, in accordance with the Civil Code, which was promulgated on 08 December 2007 but was not implemented until 21 December 2011. The edict regulates application procedures for registration of real rights over immovable property, including procedures for assignment of a hypothec (formerly known as mortgage).

Like many other laws in Cambodia, implementation takes time. Although there was a grace period of six months from the date of its issuance and long after its effective date, the implementation of the above Prakas remained much more difficult than expected, most likely due to scarce internal guidance within the cadastral administration for officials. Thanks to the fine patronage from Samnang, however, the cadastral office has now accepted to register the first ever assignment of hypothec from a resigning security agent to a new security holder.

Samnang is the Director and Notary Public of Nitei Niron Notary Public.
Samnang’s areas of specialty include family, property, corporate and investment. Samnang has been advising and acting for investors and businesses, focusing on real estate, corporate set-up, corporate secretarial services and compliance, due diligence, and investment projects.
Samnang began his career as a legal advisor in the area of legal and judicial reform, working with various international organizations, Ministry of Justice, and courts since 2004.
Samnang is a founding partner of SP & Partners, a registered law firm of the Bar Association of the Kingdom of Cambodia and is currently teaching business laws at the Panasastra University of Cambodia.
Samnang holds two certificates of Master of Laws from the University of Hawaii School of Law, Hawaii, United States, and the Transnational University of Laws and Business, Republic of Korea, and has attended many legal trainings within the country and abroad.
Samnang speaks Khmer and English.
You may contact Samnang at
Mobile: (855) 12 3333 27
E-mail: samnang@nn-notary.com

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