Rights and obligations of the registration applicants of security interest in Vietnam

Rights and obligations of the registration applicants of security interest in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. Who is registration applicant of security interest?

According to Clause 1, Article 8 of Decree 99/2022/ND-CP, the registration applicant includes the secured party, the grantor; the liquidator; asset management enterprise in case the insolvent enterprise or cooperative lends property to another person but fails to apply for registration (hereinafter referred to as the asset management enterprise).

2. Rights and obligations of the registration applicants of security interest in Vietnam

2.1. Rights of the registration applicants of security interest in Vietnam

Specifically, in Clause 1, Article 9 of Decree 99/2022/ND-CP, rights of registration applicants of security interest:

- Receive registration results, information provision results; check and compare registered and provided information; request the registry specified in Clause 2, Clause 3 or Clause 5, Article 10 of Decree 99/2022/ND-CP to issue a copy of the registration certification document, in case the registration falls under this registry;

- Request the registry to reply in writing about the refusal to register, refuse to cancel registration, refuse to re-register after deregistration or refuse to provide information in accordance with Articles 15, 18, 20, 21 or 51 of Decree 99/2022/ND-CP;

- Request the registry to correct erroneous information in the registered information due to the fault of the registry or request to change information containing errors due to the fault of the registration applicant;

- Use registration results and information provision results to exercise their lawful rights and fulfill obligations at a competent agency or organization; to establish and perform civil transactions;

- To be exempt from the obligation to pay fees, pay service charges, and other payment obligations if so required by the law on fees and charges, the law on prices and other relevant laws;

- File complaints, whistleblowing reports, lawsuits or claims for damages in accordance with relevant laws in case the registry refuses to register, refuses to deregister, or refuses to re-register after deregistration, refuses to provide information specified at point b of this clause or refuses to perform the exemption from the obligation to pay fees, pay service charges or other payment obligations specified at point dd of this clause;

Make registration for change, deregistration, registration cancellation or re-registration after registration cancellation without justifiable grounds specified in this Decree.

2.2. Obligations of the registration applicants of security interest in Vietnam

According to Clause 2, Article 9 of Decree 99/2022/ND-CP, obligations of registration applicants of security interest include:

- Declare and provide information truthfully, completely and accurately in the application form for registration, information request form and take responsibility for this information; take responsibility for the name of the security contract, the content agreed upon in the security contract, other documents in the registration application;

- Pay fees, pay service charges and other payment obligations in accordance with the law on fees and charges, the law on prices and other relevant laws; pay transfer fees, charges for using other non-cash payment services (if any) in case of payment of fees, service charges and other payment obligations by non-cash payment;

Payment of postal service charges in case registration applications, documents, registration results, copies of registration certification documents, information provision results are transferred or paid through the postal services;

Pay expenses in case of returning registration results, copies of registration certification documents, results of providing information by other means as agreed between the registry and the registration applicant, the information requester specified in Clause 1, Point c, Clause 2, Article 17 and Clause 2, Article 51 of Decree 99/2022/ND-CP;

Provide documents proving that they are exempt from the obligation to pay fees, pay service charges and other payment obligations specified at Point dd Clause 1 and Clause 3 of Article 9 of Decree 99/2022/ND-CP;

- Take responsibility for their actions in forging documents, signatures or seals in the registration application;

- To be responsible for compensation for damage according to the grounds prescribed in the Civil Code and other relevant laws in the case mentioned in Point c of this Clause or in case of failure to register when there are grounds specified in Clause 1 of Article 9 of Decree 99/2022/ND-CP that causes damage to the registry, to other organizations and individuals.

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