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- 06 / 07 / 2018 -
Types of contracts registered for security measures

On June 20, 2018, the Ministry of Justice issued Circular No.08/2018/TT-BTP guiding the registration, provision of information, contract and exchange of information on registration of security measures in the Center for registration of transactions and assets. This Circular took effect since August 4, 2018.

Accordingly, the Circular No.08/2018/TT-BTP provides some new highlights as follows:

  1. Types of contracts eligibled for security measures:

– A property lease with a term of one year or more or a contract with a lease term of less than one year, but the contracting parties agree on the extension and the total leasing term (including extended term) for one year or more;

– The financial leasing contract in accordance with the law on financial leasing;

– Contracts for the transfer of the right to reclaim the debt, including the right to reclaim an existing debt or the right to reclaim a future debt;

– Change, correct errors, delete registration of contracts registered in the above contracts.

Cases are excluded: contracts for the purchase of civil aircraft, financial leasing contracts for aircraft, contracts for the purchase of sea-going vessels, financial leasing contracts for sea-going vessels, contracts related to rights of using land and assets attached to land.

  1. Besides, Circular No.08/2018/TT-BTP also regulates about those contracts must be registered security measures:

– Mortgage of movable property, except aircraft and sea-going vessels, including future mortgages;

– Reserve ownership in the case of sale and purchase of movable property, except for aircraft and sea-going vessels with reservation of ownership;

– Modify, correct errors, delete registration of security measures in the two cases above.

– A written notice on the disposal of the security property for the registered security measures.

As such, the Circular No.08/2018/TT-BTP specifically regulates the types of contracts that are registered for security measures upon request, thus providing the basis for the application and enforcement of the law on secured transactions are consistent and transparent.