Ekaveli

Ekaveli is a Sinhala language word, primarily used in Sri Lanka, referring to a specific type of agreement, often a form of mortgage or lien, pertaining to property. The term implies a conditional transfer of ownership or possession where the original owner retains some rights, typically the right to reacquire the property after fulfilling certain conditions, such as repaying a debt.

The exact nature and legal implications of an Ekaveli agreement can vary depending on the specific terms outlined in the document and the prevailing legal interpretations in Sri Lanka. It is a form of security interest similar to a mortgage, but it may have distinct features and legal consequences under Sri Lankan law compared to more conventional mortgages or pledges. The agreement typically involves a transfer of rights to the creditor as security for a debt.

In practice, Ekaveli can be used as a mechanism for borrowing money using property as collateral. It is important to consult with legal professionals familiar with Sri Lankan property law to fully understand the obligations and rights associated with an Ekaveli agreement before entering into such an arrangement. The intricacies of Ekaveli agreements necessitate careful consideration to avoid potential disputes regarding ownership and repayment terms.