Debt Recovery Claim Based on Contractual Interest and Deficiency
Interest at the rate of 1.25 baht per month was due according to the contract, whereby the debtor, Red, was obligated to repurchase the principal sum within three months. Evidence was recorded in writing upon the completion of the three-month period when Red failed to repurchase the principal sum, resulting in a letter of sale. Red intended to sell the camera at auction on the 15th of every month, to settle the principal sum and interest. Red disregarded the outcome of the auction, which yielded only 2,500 baht, leaving a deficiency of 500 baht, together with the outstanding interest. Consequently, Dam had the right to claim the outstanding debt.
Regarding the answer: Upon the termination of the seizure, it was necessary to reconsider the matter when the original debt was a borrowing of more than 50 baht and there was no written evidence. Then, a lawsuit for enforcement would be filed according to Article 653 of the Thai Commercial Code. Dam had no right to claim the outstanding interest pursuant to Section 200/2496.
Big Company Limited entered into a construction contract for a road with the Department of Public Works.