Is it possible to deposit gold when buying land in Vietnam?
Is it possible to deposit gold when buying land in Vietnam? What are regulations on deposit under current law in Vietnam? Is the land purchase deposit required to be made in writing in Vietnam?
I currently want to buy a household plot in Dong Nai, can I make a deposit in gold and do I have to make the deposit in writing?
Is it possible to deposit gold when buying land in Vietnam?
Pursuant to Clause 1, Article 328 of the 2015 Civil Code, the deposit is as follows:
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.
Thus, it can be seen that gold is of course one of the assets to use as a legal deposit in Vietnam.
What are regulations on deposit under current law in Vietnam?
Pursuant to Article 328 of the 2015 Civil Code, the deposit is prescribed as follows:
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.
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.
Is the land purchase deposit required to be made in writing in Vietnam?
Pursuant to Article 328 of the 2015 Civil Code mentioned above, the deposit is one of the measures to secure the performance of an obligation, it only needs to be for the right purpose. Therefore, whether the signing of a deposit contract is made in writing or not is agreed upon by both parties.
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