![]() ![]() ![]() To appreciate the reasoning behind the leave question posed to the Federal Court in this case as well as the Federal Court’s resulting decision, it is imperative to go back to the basics and break down the components of a Bai Bithaman Ajil (“ BBA”) financing facility, i.e. ![]() In the course of doing so, the Federal Court revisited its findings in Gula Perak Bhd v Datuk Lim Sue Beng & other appeals 1 CLJ 153 (“ Gula Perak”). The Federal Court led by Chief Justice Tengku Maimun answered the leave question in the negative and held that a Bai Bithaman Ajil Islamic financing transaction does not contravene section 214A of the National Land Code (“ NLC”). “ Whether an unconditional agreement for the sale and purchase of an estate land by way of asset purchase agreement and asset sale agreement (‘Asset Sale & Purchase Agreements’) pursuant to Bai Bithaman Ajil financing is in breach of section 214A of the National Land Code 1965 when no prior approval is obtained from the Estate Land Board before entering into the said Asset Sale & Purchase Agreements ?” ![]() In an expansion of the 2019 addition, this new edition also includes annotations of the Sabah Land Code and Sarawak Land Ordinance.Ĭhapter 1: Background to present-day land law in Peninsular MalaysiaĬhapter 2: Torrens system in Peninsular MalaysiaĬhapter 43: Personal Law Transactions and Proprietary Interests: Including those of Individuals and Members of Personal Law GroupsĬhapter 44: Sabah Land Ordinance (Cap 68)Ĭhapter 45: Sarawak Land Code (Cap 81) (1958 Edition)In the recent case of Maple Amalgamated Sdn Bhd & Anor v Bank Pertanian Malaysia Bhd MLJU 1245, the Federal Court had to consider the following leave question: Recent legislative amendments made in the last few years, most notably the introduction of the National Land Code 2020 (Act 828), which came into force on 15 October 2020, are accompanied by explanatory commentary on the need for the amendments and their application. This title also considers the concept of indefeasibility in detail, along with interests or rights in land which are outside the scope of the Code, that could be dealt with in contract, but is given some relevance to land ownership. This is especially so, where the cases are applicable to the principles of statutory contract law and to local influences on equitable principles. In particular, references are made to cases in contract law, and equity, trusts and remedies, which are influential and relevant in the operation of land matters. This 2021 desk edition of the National Land Code looks at recent decisions, including case law from other jurisdictions, on the National Land Code, and analyses their relationship to the operation of the Code. ![]()
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