When land is used as security, it is placed at the disposal of the creditor, who enjoys ownership rights over it until the total amount is repaid. In many cases, a formal document such as a bawnanama establishes the right of the creditor. According to the bawnanama, the creditor usually refuses to accept any partial payment of the loan. After the expiration of a certain period, it also allows the creditor to “buy” the land at a predetermined “price.”
