Can NFTS be subject to a foreclosure and if yes, how is it enforced/executed?
Select jurisdiction
Brazil
Brazil
Bearing in mind that the NFT is an asset that integrates the person's patrimony,
theoretically, in the event of a foreclosure/execution, this asset, having monetary value, could
be pursued to pay off debts, pursuant to the terms of the article 789 of the Brazilian Code of
Civil Procedure (Law n. 13.105/2015).
Nigeria
Recall our answer in 1.1.1.1 above. Depending on the nature of the property and
the applicable law over the transaction, an NFT can be subject to a foreclosure
either under property law, or a sale of goods or a transferred copyright.
Enforcement would usually entail filing a suit in a court of law through local
attorneys, as the law around smart contract is yet to be fully developed in
Nigeria.