LEGAL UPDATE: Did you know that the Government has issued a decree guiding secured transactions replacing and old law that has been in effect for the last 15 years?
- DN Legal
- Aug 23, 2021
- 1 min read
Updated: Oct 16
LEGAL UPDATE: Did you know that the Government has issued a decree guiding secured transactions, replacing an old law that has been in effect for the last 15 years?
See the link below for our legal update.
Some of the interesting points include:
Allowing individuals and companies to take security interests over land use rights. Previously, only banks can do so.
Adopting the common law concept of “reasonable period” and for the first time defining what it means especially in the context of enforcement of a security interest (10 days for movable assets and 15 days for real estate).
In respect of security over future assets, the new law states that the secured party will have a security interest over such assets as soon as they are formed.
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