Cases of registration of security interests in movable property falling under the authority of Center for Registration of Transactions and Assets in Vietnam

Cases of registration of security interests in movable property falling under the authority of Center for Registration of Transactions and Assets in Vietnam (Internet image)

1. Registration Cases of registration of security interests in movable property falling under the authority of Center for Registration of Transactions and Assets in Vietnam

According to Article 44 of Decree 99/2022/ND-CP, the cases of registering security measures by movable property, annual trees, temporary works under the authority of the Registration Center for Transactions and Assets  in Vietnamare stipulated as follows:

- Cases of registration upon request or as prescribed by law include:

+ Mortgage of movable property;

+ Retention of ownership of movable property;

+ Pledge, deposit, guarantee or escrow by movable property as agreed or at the request of the secured party;

+ Security measures by non-centralized registered securities; dividends, property rights arising from securities, except where such dividends or property rights are centralized registered securities;

+ Security measures by assets attached to land, including annual trees, temporary works;

+ Registration of notices of handling security assets as stipulated at Points a, b, c, d, and dd Clause 1 Article 44 of Decree 99/2022/ND-CP;

+ Registration of changes, deregistration for the cases stipulated at Points a, b, c, d, dd, and e Clause 1 Article 44 of Decree 99/2022/ND-CP.

- For registration concerning property rights, such rights do not include land use rights, house ownership rights, other property rights attached to land; rights to use the sea area, property rights attached to the sea area; ownership rights, and other rights that must be registered for aircraft as per aviation law, for ships as per maritime law; ownership rights to centralized registered securities as per securities law.

- Registration of pledge, deposit, guarantee, or escrow measures stipulated in Point c Clause 1 Article 44 of Decree 99/2022/ND-CP is carried out in the case where the law on securing the performance of obligations has provisions or there is an agreement in the security contract.

- The provisions of Article 44 of Decree 99/2022/ND-CP also apply to organizations and individuals with foreign nationality in cases where they have civil legal capacity and civil act capacity in accordance with the provisions of the Civil Code 2015.

2. Guidance for change of registered information of movables, annual trees, temporary works in Vietnam

Guidance on change of registered information of movables, annual trees, temporary works in Vietnam as per Article 48 of Decree 99/2022/ND-CP is as follows:

- In cases where the secured asset is a road motor vehicle or another asset requiring registration of ownership, use rights, circulation rights, or other rights as per the law, changes in such information must be consistent with the information on the newly issued or supplemented Certificate.

In cases where the secured asset is circulating goods in the process of production, business, or warehouses, registration of changes is not required when there is a change in information about the asset, except when subtracting or adding the secured asset or in cases stipulated in Clauses 2, 4, and 7 of Article 45 of Decree 99/2022/ND-CP.

- In cases of changing the effective date of the secured contract, this effective date must not be later than the date of registration of the security measure. In cases of changing the effective date of the secured contract after the security measure has been registered, deregistration of the registered content and new registration of the security measure must be carried out.

- In cases where information required to be declared on the Registration Request Form changes, the change must be registered.

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