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Form LRA 53 - Charge

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3
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Document Overview

It is used when a landowner (the Chargor) formally gives their land as security to a lender (the Chargee) for a loan or other financial obligation.

This form creates a legal encumbrance over the land, giving the lender rights to enforce repayment, including the right to sell the land if the borrower defaults.

The main purposes of this form are:
1. To create a binding security interest over land in favor of a lender.
2. To enable financial institutions to recover debts if a borrower defaults, under Section 90 of the Land Act, 2012.
3. To ensure land transactions involving charges are formally registered and enforceable in law.
4. To protect both parties:
- The lender is assured of repayment security.
- The borrower has a clear record of terms, obligations, and remedies under law
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