Legal Owner Entitled to Recover Buried or Hidden Asset

18:50, 11/07/2024

To ensure the property rights of citizens regarding buried, hidden, and concealed assets, the State has issued numerous policies and regulations on this matter. Notably, Decree 29/2018/ND-CP stipulates the procedures for establishing the ownership of the entire population over properties and handling properties that have been established as belonging to the entire population.

Assets that are buried, hidden, submerged, or found and the rightful owner can be identified, the owner will receive the asset back, specifically:

- In cases where the rightful owner of the buried, hidden, submerged, or found asset is determined, the agency or unit that receives and preserves the asset shall organize the return of the asset to the lawful owner according to the decision approving the plan to handle the buried, hidden, submerged, or found assets by the competent authority.- Within 30 days from the date of the decision approving the plan to return the asset to the lawful owner by the competent authority, the agency or unit receiving and preserving the asset shall carry out the return of the asset to the lawful owner. The return of the asset is documented; the asset owner must pay reasonable costs related to searching, exploring, excavating, salvaging, preserving, and finding the asset owner.

Decree 29/2018/ND-CP takes effect from March 5, 2018, replacing Decree 29/2014/ND-CP.

- Thanh Lam -

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