Change of Secured Party and Secured Party Recipient in Civil Matters?
Based on Article 28 of Decree 21/2021/ND-CP (effective from May 15, 2021), the content is stipulated as follows:
- The buyer, transferee, or other recipient of ownership rights becomes the secured party in the case where the debt claim, receivables, or other payment claims with secured measures are sold, transferred, or otherwise assigned in ownership rights.
The new secured party must notify the guarantor of the change of the secured party before the secured obligation is performed according to the agreement or the provisions of law.
The successor becomes the guarantor, secured party, or the person with the secured obligation in the event that the guarantor, secured party, or the person with the secured obligation is a legal entity being reorganized.
The sale, transfer, or other assignment of rights and obligations stipulated in this Article and other relevant provisions on the transfer of secured payment claims, secured obligations do not require the re-establishment of the security contract.
Respectfully!
