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NEW POINTS OF DECREE 21/2021/ND-CP REGARDING SECURITY FOR FULFILLMENT OF OBLIGATIONS
NEW POINTS OF DECREE 21/2021/ND-CP REGARDING SECURITY FOR FULFILLMENT OF OBLIGATIONS
Decree No.21/2021/ND-CP on elaborating to the Civil code regarding security for fulfillment of obligations of the government comes into force from May 15th, 2021, as substitutes for Decree 163/2006/ND-CP with the following new points:
1. To provide for the scope of application of laws and agreements regarding security for fulfillment of obligations: Decree No.21/2021/ND-CP detailing the order of application when security measures are simultaneously adjusted by general law and specialized law; in case of agreement or no agreement on security measures.
2. To ensure the fulfillment of obligations by various security measures, many assets.
3. To provide additional regulations and specific and detailed descriptions of each type of assets used to ensure the fulfillment of obligations. In which, 2 types of assets are added as "assets sold in contracts for sale and purchase of assets with ownership reserves" and "assets subject to obligations in contracts but cases of violation of the custody measure".
The Decree also details the use of assets to ensure the performance of obligations such as land use rights and properties attached to land; Assets created from surface rights and enjoyable rights; Valuable papers, securities, deposit balance; Property rights arise from the contract; Investment projects, assets belonging to investment projects ... from Article 10 to Article 19 of the Decree.
4. Regulations on validity of security contracts and supplement regulations on the time of effect of the security measure against third parties;
5. Detailing the general disposal order for collaterals and separate provisions on some collaterals such as: Scoring cases where the securee or the obliged person is guaranteed to be the individual who dies or is declared dead by the court; Disposal of security assets is a synchronized object; assets with attached assets; debt collection rights, remliabils, other right to request payment; valuable papers, securities, deposit balance; bill of way invoices and documents of transport; Disposal of collateral as assets formed in the future; Disposal of invested collateral...
Decree No.21/2021/ND-CP on elaborating to the Civil code regarding security for fulfillment of obligations of the government comes into force from May 15th, 2021, as substitutes for Decree 163/2006/ND-CP with the following new points:
1. To provide for the scope of application of laws and agreements regarding security for fulfillment of obligations: Decree No.21/2021/ND-CP detailing the order of application when security measures are simultaneously adjusted by general law and specialized law; in case of agreement or no agreement on security measures.
2. To ensure the fulfillment of obligations by various security measures, many assets.
3. To provide additional regulations and specific and detailed descriptions of each type of assets used to ensure the fulfillment of obligations. In which, 2 types of assets are added as "assets sold in contracts for sale and purchase of assets with ownership reserves" and "assets subject to obligations in contracts but cases of violation of the custody measure".
The Decree also details the use of assets to ensure the performance of obligations such as land use rights and properties attached to land; Assets created from surface rights and enjoyable rights; Valuable papers, securities, deposit balance; Property rights arise from the contract; Investment projects, assets belonging to investment projects ... from Article 10 to Article 19 of the Decree.
4. Regulations on validity of security contracts and supplement regulations on the time of effect of the security measure against third parties;
5. Detailing the general disposal order for collaterals and separate provisions on some collaterals such as: Scoring cases where the securee or the obliged person is guaranteed to be the individual who dies or is declared dead by the court; Disposal of security assets is a synchronized object; assets with attached assets; debt collection rights, remliabils, other right to request payment; valuable papers, securities, deposit balance; bill of way invoices and documents of transport; Disposal of collateral as assets formed in the future; Disposal of invested collateral...
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