Inscription, registration
and control of
Secured Transactions
What does it
consist of?
We provide the service of inclusion, modification and exclusion of secured transactions on the platform of the National Registry.
Movable Security
Law No. 9246
Said Law allows the constitution, publicity, priority and execution of guarantees, where one or several specific movable assets or generic groups of movable assets or real or contractual rights can be encumbered, including but not limited to the following:
Inventory and equipment, including autonomous estates
Any other circular assets
accounts receivable
All the movable assets of the secured debtor
Shares, quotas and social interests representing the capital of companies and, in general, any other asset, right, contract or action to which the parties attribute economic value and that are subject to sale, assignment in guarantee or exchange and their encumbrance is not prohibited by the Law.
It is important to mention then, that the fundamental thing for the constitution of a Guarantee of this type of contract and agreement of wills between the debtor and creditor is given and also that the debtor has possession of the property. Therefore, the secured transaction will be effective between the parties once the guarantee contract is signed, however, it will be effective against third parties from the moment the publicity is granted..
The registration of of said Guarantee in the Site is carried out by means of the electronic registration form, in which the necessary, precise and required information must be included, of the obligation agreed between the debtor and creditor, and said publicity may be subject to modifications, and/or updates according to the will of the parties. Therefore, the secured transaction constitutes a preferential real right conferred on the secured creditor over the movable assets given as security and once the registry is publicized, fully complying with the established legal requirements, its priority with respect to other creditors can be established, guaranteed and therefore will have the preferential right to be paid with the proceeds of the sale or with the giving of the goods given as guarantee.
Finally, with respect to this last aspect mentioned above, regarding the sale or dation in lieu of payment of the goods given as collateral, the issue of execution is immediately referred to and here is one of the characteristics of this type of collateral, which probably , is more attractive to creditors and is the possibility of execution without judicial intervention; the foregoing due to the high level of judicial default with which the Judiciary operates in our country.
It is important to mention that said extrajudicial execution process must always be in harmony with the national legal system and in compliance with due process to avoid the defenselessness of the debtor.
