Where the parties do not have the time limit for the performance of a land use rights transfer transaction in Vietnam, does the party have the right to transfer it to another person?
- Is guarantee contract a security contract in Vietnam?
- Where the parties do not have the time limit for the performance of a land use rights transfer transaction in Vietnam, does the party have the right to transfer it to another person?
- If the depositor refuses to enter into or perform the land use right transfer contract in Vietnam, the deposited property shall belong to the depositary?
Is guarantee contract a security contract in Vietnam?
Pursuant to the provisions of Clause 5, Article 3 of Decree 21/2021/ND-CP:
Term interpretation
In this Decree, terms below are construed as follows:
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5. “security contract” includes property pledge agreement, property mortgage agreement, deposit agreement, collateral agreement, escrow agreement, property sale agreement with ownership retention, guarantee contract or fidelity guarantee contract.
Security contracts can be agreement between securing parties and secured parties or agreement among securing parties, secured parties and persons with secured obligations.
Security contracts can be displayed in separate contracts or clauses regarding security for fulfillment of obligations in other civil transactions conforming to regulations and law.
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The security contract includes guarantee contract.
Security contracts can be displayed in separate contracts or clauses regarding security for fulfillment of obligations in other civil transactions conforming to regulations and law.
Where the parties do not have the time limit for the performance of a land use right transfer transaction in Vietnam, does the party have the right to transfer it to another person? (Image from the Internet)
Where the parties do not have the time limit for the performance of a land use rights transfer transaction in Vietnam, does the party have the right to transfer it to another person?
Deposit is a type of security for the performance of obligations. (Clause 3, Article 292 of the 2015 Civil Code)
Pursuant to Article 328 of the 2015 Civil Code on deposit:
Deposit
1. Deposit is an act whereby one party (hereinafter referred to as the depositor) transfers to another party (hereinafter referred to as the depositary) a sum of money or precious metals, gemstones or other valuable things (hereinafter referred to as the deposited property) for a period of time as security for the entering into or performance of a contract.
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Deposit is an act whereby one party transfers to another party a sum of money or precious metals, gemstones or other valuable things for a period of time as security for the entering into or performance of a contract.
Pursuant to Article 278 of the 2015 Civil Code:
Time limits for performing obligations
1. The time limit for performing an obligation shall be as agreed by the parties or as provided by law.
2. The obligor must perform the obligation strictly in accordance with the relevant time limit, unless otherwise prescribed by this Code or relevant laws.
If the obligor performs the obligation prior to the time limit and the obligee accepts such performance, the obligation shall be deemed to have been fulfilled on time.
3. Where the parties do not have an agreement and the time limit for the performance of a civil obligation is not identifiable prescribed in Clause 1 of this Article, a party may fulfill the obligation or demand the fulfillment of the obligation as the case may be at any time, but must give reasonable prior notice to the other party.
Where the parties do not have an agreement and the time limit for the performance of a civil obligation is not identifiable, a party may fulfill the obligation or demand the fulfillment of the obligation as the case may be at any time, but must give reasonable prior notice to the other party.
Therefore, in a contract for a deposit guaranteeing the performance of an agreement on the transfer of land use rights where the parties do not specifically agree on the time limit for the performance of the obligation, the party owning the land use rights has the right to transfer it to another person after giving reasonable prior notice to the other party for a reasonable period of time, if the other party fails to fulfill the obligation.
However, this provision also aims to protect the party who made the deposit, whereby the party who made the deposit also has the right to demand that the receiving party fulfill the obligation to transfer the land use rights by giving notice for a reasonable period of time.
According to current laws and regulations, there is no specific definition of what constitutes a reasonable period of time. However, the parties can refer to a period of approximately 1 to 2 months as a reasonable period of time when giving notice to demand the fulfillment of the obligation
If the depositor refuses to enter into or perform the land use right transfer contract in Vietnam, the deposited property shall belong to the depositary?
Pursuant to Clause 2 Article 328 of the 2015 Civil Code:
Deposit
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2. Upon a contract being entered into or performed, any deposited property shall be returned to the depositor, or deducted from the amount of an obligation to pay money. If the depositor refuses to enter into or perform the contract, the deposited property shall belong to the depositary. If the depositary refuses to enter into or perform the contract, it must return the deposited property and pay an amount equivalent to the value of the deposited property to the depositor, unless otherwise agreed.
Pursuant to the provisions of Point b, Clause 2, Article 38 of Decree 21/2021/ND-CP as follows:
Rights and obligations of parties in deposit, security collateral
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2. Depositees and parties receiving collateral have the rights and obligations to:
a) request depositors and parties putting up security collateral to cease exchanging, replacing or establishing other civil transactions with deposited properties and security collateral properties without consent of depositees and parties receiving security collateral;
b) possess deposited properties in case depositors violate commitment regarding contract conclusion and execution; possess security collateral properties in case hired properties are no longer available to be returned to depositees;
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Therefore, if the depositor refuses to enter into or perform the contract, the deposited property shall belong to the depositary
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