Ensuring the Performance of Obligations by Various Security Measures and Multiple Assets
Based on Article 5 of Decree 21/2021/ND-CP (effective from May 15, 2021), the provisions are as follows:
An obligation can be secured by multiple security measures. In case this obligation is violated and there is no agreement between the securing party and the secured party regarding the choice of security measures, the secured party may choose which security measure to apply or apply all security measures.
An obligation can be secured by multiple assets. The scope of securing the performance of the obligation of each asset among the secured assets is determined according to the agreement between the securing party and the secured party. In the absence of an agreement, any of those assets can be used to secure the performance of the entire obligation.
Respectfully!
