Circular No. 03/2007/TT-BTP amends and supplements certain provisions of Circular No. 06/2006/TT-BTP dated September 28, 2006, issued by the Ministry of Justice guiding certain issues regarding the authority, procedures, and formalities for registering and providing information on secured transactions at the Registration Center for Transactions and Assets under the National Office of Secured Transactions of the Ministry of Justice.

CIRCULAR

Amending and supplementing certain provisions of Circular No. 06/2006/TT-BTP dated September 28, 2006 of the Ministry of Justice guiding certain issues regarding the authority, procedures, and formalities for registration and provision of information on secured transactions at the Registration Center for Secured Transactions and Assets under the National Office of Registration of Secured Transactions of the Ministry of Justice.

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Based on the Civil Code dated June 14, 2005;

Pursuant to Decree No. 62/2003/NĐ-CP dated June 6, 2003 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Justice;

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Pursuant to Decree No. 08/2000/NĐ-CP dated March 10, 2000 of the Government on registration of secured transactions;

Pursuant to Decree No. 163/2006/NĐ-CP dated December 29, 2006 of the Government on secured transactions,

In order to ensure uniformity in the implementation of legal normative documents on registration of secured transactions, the Ministry of Justice amends and supplements certain provisions of Circular No. 06/2006/TT-BTP dated September 28, 2006 of the Ministry of Justice guiding certain issues regarding the authority, procedures, and formalities for registration and provision of information on secured transactions at the Registration Center for Secured Transactions and Assets under the National Office of Registration of Secured Transactions of the Ministry of Justice as follows:

1. Amend Point 2.1 Clause 2 Section I as follows:

“2.1. The following cases shall be registered at the Registration Center:

a) Mortgage of assets, including mortgage of future assets, pledge of assets, deposit, pawn, and guarantee (hereinafter collectively referred to as secured transactions);

b) Changes, corrections of errors, extensions, and cancellations of registrations of secured transactions mentioned in Point 2.1.a of this Clause;

c) Notification documents regarding the disposal of collateral for secured transactions that have been registered.”

2. Supplement Point 2.3 Clause 2 Section I as follows:

“2.3. Registration of secured transactions shall not be carried out for guarantees and credit references.”

3. Amend and supplement Point 8.2.c Clause 8 Section I as follows:

“c) In case of requests to change the name or number of the legal status identification document of the guarantor according to Point a Clause 1 Section III of this Circular, or requests to replace the guarantor according to Point b Clause 1 Section III of this Circular, the time of registration of the secured transaction shall be the time of receipt of the request form mentioned in Point 8.1 of this Clause if the person requesting registration submits the Request Form for Change within ninety (90) days from the date of change; if submitted after the said period, the time of registration of the secured transaction shall be recalculated as the time of receipt of the valid Request Form for Change.

In case of requests to add collateral, the time of registration of the secured transaction for the additional collateral shall be the time of receipt of the valid Request Form for Change.

In case of requests to change other contents, the time of registration of the secured transaction shall be the time of receipt of the request form mentioned in Point 8.1 of this Clause;”

4. Amend and supplement Point 9.7.c Clause 9 Section I as follows:

“c) The Request Form for Registration only requires the signature and seal (if any) of the creditor or the person authorized by the creditor to request registration in the following cases: request to change the registered content regarding the creditor; request to correct errors regarding the creditor; request to change the collateral according to Clause 2 Article 20 of Decree No. 163/2006/NĐ-CP dated December 29, 2006 of the Government on secured transactions; request to register notification documents regarding the disposal of collateral; cancellation of registration of secured transactions.”

5. Amend and supplement Clause 1 Section III as follows:

“1. Within the validity period of the registration, the person requesting registration shall submit the Request Form for Change of Registered Content when there is one of the following grounds:

a) Change of the name or number of the legal status identification document or address of the guarantor or the creditor;

b) Reduction, replacement, or addition of guarantors or creditors;

c) Reduction, replacement, or addition of collateral;

d) Change of security measures for registered collateral (from pledge to mortgage or vice versa);

đ) Change in the order of priority in the settlement of collateral;

e) Change in other registered contents.”

6. Amend and supplement Clause 4 Section VII as follows:

“4. The Registration Center shall notify the parties concerned (if any) at the addresses retained in the Database about the disposal of the guarantor's assets: co-creditors receiving the guarantor's assets as collateral; sellers selling goods on deferred payment terms to the guarantor; lessors leasing assets to the guarantor; lessors leasing financial assets to the guarantor; transferees of claims from the guarantor.”

7. Amend Point 1.b Clause 1 Section IX as follows:

8. “b) A summary document containing information on secured transactions (by the guarantor's name or chassis number, vehicle identification number of motor vehicles): including the information mentioned in Point a of this Clause and any changes, additions, or corrections to the registered content and collateral (if any).”

Replace the Model Request Form for Registration of Secured Transactions (Form No. 01 BD) and the Model Request Form for Provision of Information on Secured Transactions (Form No. 08 BD) issued together with Circular No. 06/2006/TT-BTP dated September 28, 2006 of the Ministry of Justice guiding certain issues regarding the authority, procedures, and formalities for registration and provision of information on secured transactions at the Registration Center for Secured Transactions and Assets under the National Office of Registration of Secured Transactions of the Ministry of Justice with the forms issued together with this Circular.

9. Implementation

9.1. This Circular takes effect fifteen days after its publication in the Official Gazette.