Can I receive authorization from the old car owner to carry out the procedure to remove the vehicle mortgage registration in Vietnam?

Can I receive authorization from the old car owner to carry out the procedure to remove the vehicle mortgage registration in Vietnam?

Pursuant to Article 138 of the 2015 Civil Code, regulations on authorized representatives are as follows:

1. Each natural or juridical person may authorize another natural or juridical person to enter into and perform a civil transaction.

2. Members of a household, co-operative group or a non-juridical person may agree to authorize another natural or juridical person to enter into and perform a civil transaction related to their common property.

3. A person aged from fifteen years to below eighteen years may be an authorized representative, except where the law provides for that the civil transaction must be entered into and performed by a person who has reached eighteen years of age.

Pursuant to Clause 1, Article 50 of Decree 102/2017/ND-CP stipulating applications for registration of mortgage, modification, correction of nonconformities, deregistration, notice of intention to dispose of collateral being other personal/movable property are as follows:

1. An application for registration of mortgage, modification, correction of nonconformities, deregistration, notice of intention to dispose of collateral being other personal/movable property shall include:

a) An application form for registration (1 original);

b) A mortgage contract or a contract for revision to a mortgage contract if the application form for registration only bears signature and seal of either the grantor or the secured party (1 non-certified copy enclosed with original for collation);

c) A written authorization if the applicant for registration is an authorized person (1 original or 1 certified true copy or 1 non-certified copy enclosed with original for collation), except for the following cases: The mortgagor or mortgagee has more than one natural or juridical person who is authorized by one natural or juridical person; the applicant is the holder of user codes for the security interest database;

d) Documents justifying exemption from charges for security interest registration as prescribed in Article 12 of this Decree, if any.

According to this Article, the application for de-registration of a mortgage includes a document of authorization. It can be understood that the person performing the mortgage registration can completely authorize another person to carry out the procedure for de-registration of the mortgage through the authorization document. Thus, you can receive authorization from the old car owner to carry out the procedure to remove the vehicle mortgage registration. Written authorization can be made in the form of authorization by authorization contract or power of attorney.

Can I receive authorization from the old car owner to carry out the procedure to remove the vehicle mortgage registration in Vietnam? (Image from the Internet)

What are rights of the mortgagor in Vietnam?

Pursuant to Article 321 of the 2015 Civil Code, regulations on rights of the mortgagor are as follows:

1. 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.

2. Invest in order to increase the value of the mortgaged property.

3. 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.

4. 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.

5. 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.

6. 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.

Best regards!