What is the latest record form of handover of mortgaged property? What are the rights and obligations of the mortgagor in the mortgage of property in Vietnam?
What is the latest record form of handover of mortgaged property in Vietnam?
Currently, the law does not have specific regulations on the record form of handover of mortgaged property.
However, such record form needs to provide content and information that is accurate, truthful and in accordance with the law.
Refer to the record form of handover of mortgaged property below:
Download the record form of handover of mortgaged property here:
What is the latest record form of handover of mortgaged property? What are the rights and obligations of the mortgagor in the mortgage of property in Vietnam?
Vietnam: How to determine the mortgage of property according to the Civil Code?
Pursuant to Article 317 of the 2015 Civil Code and Article 318 of the 2015 Civil Code, it is stipulated as follows:
Mortgage of property means the use by one party (hereinafter referred to as the mortgagor) of property under the ownership of the obligor as security for the performance of an obligation to the other party (hereinafter referred to as the mortgagee) without transferring such property to the mortgagee.
The mortgaged property shall be held by the mortgagor. The parties may agree to deliver the mortgaged property to a third person to hold.
In there:
- Where entire immoveable property or moveable property having auxiliary objects is mortgaged, such auxiliary objects shall also form part of the mortgaged property, unless otherwise agreed.
- Where a portion of immoveable property or moveable property having auxiliary objects is mortgaged, such auxiliary objects shall also form part of the mortgaged property, unless otherwise agreed by the parties.
- With respect to mortgage on land use rights that property on land is owned by the mortgagor, such property shall also part of the mortgaged property, unless otherwise agreed.
- Where mortgaged property is insured, the mortgagee must notify the insurer that the insured property is being mortgaged. The insurer shall pay the insured sum directly to the mortgagee upon occurrence of an insured event.
If the mortgagee failed to notify the insurer that the insured property was mortgaged, the insurer shall pay the insured sum in accordance with the insurance contract and the mortgagor shall be obliged to make payment to the mortgagee.
What are the rights and obligations of the mortgagor in the mortgage of property in Vietnam?
The rights and obligations of the mortgagor are specified in Article 320 of the 2015 Civil Code and Article 321 of the 2015 Civil Code, specifically:
The mortgagor's obligations include:
- Transfer documents related to the mortgaged property, unless otherwise agreed or prescribed by law.
- Take care of and preserve the mortgaged property.
- If the mortgaged property is in danger of losing its value or depreciating in value due to its exploitation, to take necessary remedial measures, including ceasing the exploitation of the mortgaged property.
- When the mortgaged property is damaged, the mortgagor is obligated to, within a reasonable period, repair or substitute another property with equivalent value, unless otherwise agreed.
- Provide information about the actual condition of the mortgaged property to for the mortgagee.
- Deliver the mortgaged property to the mortgagee for realization in one of the cases prescribed in Article 299 of the 2015 Civil Code.
- Notify the mortgagee of any third person rights with respect to the mortgaged property (if any). In the case of failure to provide such notice, the mortgagee shall have the right to cancel the contract of mortgage of property and demand compensation for damage or the right to maintain the contract and agree on the rights of the third person with respect to the mortgaged property.
- Do not sell, exchange or give the mortgaged property, except in the cases provided in Clauses 4 and 5 of Article 321 of the 2015 Civil Code.
The mortgagor's rights include:
- Exploit, and to enjoy the yield and income derived from, the property, except where the yield and income also form part of the mortgaged property as agreed.
- Invest in order to increase the value of the mortgaged property.
- Recover the mortgaged property and related documents held by a third person when the obligation secured by the mortgage is terminated or is substituted by other security.
- Sell or replace mortgaged property being goods rotating during the production and business process. In the case of a sale of mortgaged property being goods rotating during the production and business process, the right to require the purchaser to pay money, the proceeds received or the assets formed from the proceeds received shall form the mortgaged property in substitution for the property which was sold.
When a warehouse is mortgaged, the mortgagor may substitute goods in the warehouse but must ensure the value of the goods in the warehouse remains the value agreed.
- Sell, exchange or give mortgaged property not being goods rotating during the production and business process with the consent of the mortgagee or as prescribed by law.
- Lease or lend the mortgaged property provided that notice must be provided to the lessee and the borrower that the property is being mortgaged and that the mortgagee must also be notified that such notice has been provided.
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