Realization of secured property

Realization of secured property

Realization of secured property at credit institutions in Vietnam is guided by following legal documents:

 - Civil codes 2005
 - Decree 163/2006/ND-CP dated 29 December 2006 of  Vietnamese Government on security transactions
 - Decree 11/2012/ND-CP dated 22 February 2012 of  Vietnamese Government on amendment and addition of some articles of  Decree 163/2006/ND-CP dated 29 December 2006 of  Vietnamese Government on security transactions

 Pursuant to the above legal documents, Justice Ministry, Ministry of Natural Resources and Environment and State Bank of Vietnam issued  Joint Circular No.16/2014/TTLT-BTP-BTNMT-NHNN dated 6 June 2014 providing guidance on some issues dealing with secured properties.

 This Circular provides guidance on seizure of secured property in order to conduct realization, sale of secured property, receipt of secured property in replacement of performance of obligation of securing party and the procedure for transfer of ownership of and use right to the secured property after realization.

 This Circular is not applied for realization of secured property in civil enforcement.

 Realization of secured property guided in this Circular includes:
 - Secured properties are goods circulated during the course of production and business
 - Secured properties are land use right and assets attached to the land in case of mortgage agreement registered before the land resumption by the State in accordance with laws.
 - Secured property is the right to reclaim a debt;
 - Secured property is the property which is formed in future.

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