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Order for Enforcement of the Electronically Recorded Monetary Claims Act


Published: 2015

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Order for Enforcement of the Electronically Recorded Monetary Claims Act
The Cabinet hereby enacts this Cabinet Order pursuant to the provisions of Article 6 (including when applied mutatis mutandis pursuant to Article 4(2)), Article 48(2), Article 49(2), Article 50, Article 53(1), Article 58(1), and Article 92 of the Electronically Recorded Monetary Claims Act (Act No. 102 of 2007).
Chapter I Accrual, Assignment, etc. of Electronically Recorded Monetary Claims (Article 1 to Article 11)
Chapter II Electronic Monetary Claim Recording Institutions (Article 12 and Article 13)
Chapter III Miscellaneous Provisions (Article 14 and Article 15)
Supplementary Provisions
Chapter I Accrual, Assignment, etc. of Electronically Recorded Monetary Claims
(Information Necessary for Requesting an Electronic Recording to Be Made)
Article 1 The contents of the information required to be submitted to an Electronic Monetary Claim Recording Institution when a person requests an Electronic Recording to be made as prescribed in Article 6 of the Electronically Recorded Monetary Claims Act (hereinafter referred to as the "Act") are as follows:
(i) the name and address of the requester;
(ii) if the requester is a corporation, the name of its representative;
(iii) if the request for an Electronic Recording to be made is from an agent, the name and address of the agent and, if the agent is a corporation, the name of its representative;
(iv) if the request for an Electronic Recording to be made is on behalf of another person pursuant to the provisions of Article 423 of the Civil Code (Act No. 89 of 1896) or other laws and regulations, a statement to the effect that the requester is a subrogee, the name and address of the other person, and the cause of subrogation;
(v) if the requester is the heir or other general successor of an Electronically Recorded Claim Holder, Electronically Recorded Claim Obligor or Electronically Recorded Person, a statement to that effect;
(vi) in the case referred to in the preceding item, if the request for an Electronic Recording to be made is from the heir or other general successor of an Electronically Recorded Claim Holder and the heir or other general successor will become an Electronically Recorded Person, the name of the Electronically Recorded Claim Holder and its address at the time of general succession;
(vii) except for the cases referred to in the preceding three items, if the requester is not the Electronically Recorded Claim Holder or Electronically Recorded Claim Obligor (or if neither an Electronically Recorded Claim Holder or an Electronically Recorded Claim Obligor exists and the requester is not the Electronically Recorded Person), the name and address of the Electronically Recorded Claim Holder, Electronically Recorded Claim Obligor or Electronically Recorded Person; and
(viii) in addition to what is listed in the preceding items, if the person requests an Electronic Recording to be made that is referred to in the Electronic Recording column of the Appended Table, matters listed in the column headed "Information Necessary for Requesting an Electronic Recording to Be Made."
(Matters Recorded in an Electronic Recording for a Trust)
Article 2 The following matters must be recorded in an Electronic Recording that is made for a trust:
(i) a statement to the effect that an [Electronically Recorded Monetary Claim, etc. ] is a part of the trust property;
(ii) the necessary matters for specifying the Electronically Recorded Monetary Claims, etc. (meaning the Electronically Recorded Monetary Claims, etc. prescribed in Article 48(1) of the Act, hereinafter the same in this Chapter) that are part of the trust property;
(iii) the date that the Electronic Recording was made.
(Requests for an Electronic Recording to Be Made for a Trust)
Article 3 (1) The trustee may independently request an Electronic Recording to be made for the trust.
(2) In the cases listed in the following items, the trustee must request an Electronic Recording to be made for the trust at the time of requesting that an Electronic Recording set forth in the relevant item be made:
(i) if an Electronically Recorded Monetary Claim becomes part of the trust property through the accrual of an Electronically Recorded Monetary Claim (excluding those connected with the record of a guaranty and a Special Right to Reimbursement) or through the assignment of an Electronically Recorded Monetary Claim: a record of the accrual or a record of the assignment;
(ii) if an Electronically Recorded Monetary Claim becomes part of the trust property through the transfer of an Electronically Recorded Monetary Claim by reason of the assignment of the right to reimbursement as prescribed in Article 28 of the Act: a record of the alteration prescribed in that Article;
(iii) if a pledge becomes part of the trust property through the creation of a pledge on an Electronically Recorded Monetary Claim (including a sub-pledge): a record of the pledge's creation (including the Electronic Recording of a sub-pledge);
(iv) if a pledge becomes part of the trust property through the transfer of a pledge resulting from the assignment of a claim secured by a pledge on an Electronically Recorded Monetary Claim (including a sub-pledge): a record of the alteration due to the transfer of the pledge or sub-pledge.
(3) A beneficiary or settlor may request an Electronic Recording to be made for the trust on behalf of the trustee.
(Record of an Alteration, etc. because of a Change of Trustees)
Article 4 (1) Notwithstanding the provisions of Article 29(1) of the Act, if the trustee's duties have terminated due to the trustee's death, an order for the commencement of guardianship or commencement of curatorship issued to the trustee, an order for the commencement of bankruptcy proceedings issued to the trustee, the trustee's dissolution for a reason other than the merger of a corporation, or a dismissal order issued to the trustee by the court or a competent government agency (including a national government administrative agency to which the authority of the competent government agency is delegated, and a prefectural executive agency that administers affairs under the jurisdiction of said competent government agency), and a new trustee has been appointed, the newly appointed trustee may independently request a record of the alteration to be made because of the change of trustees for an Electronically Recorded Monetary Claim, etc. that is part of the trust property.
(2) Notwithstanding the provisions of Article 29(1) of the Act, if there are two or more trustees and the duties of one of the trustees have terminated due to any of the causes prescribed in the preceding paragraph, one of the other trustees may independently request a record of the alteration to be made because of the termination of the trustee's duties in relation to an Electronically Recorded Monetary Claim, etc. that is part of the trust property,.
(Making an Electronic Recording when [an Electronically Recorded Monetary Claim, etc.] Ceases to Be Part of the Trust Property)
Article 5 (1) Notwithstanding the provisions of Article 29(1) of the Act, the trustee may independently request a record of an alteration be made showing the deletion of an Electronic Recording (when an Electronically Recorded Monetary Claim, etc. that was part of the trust property ceases to be part of the trust property because it has become the trustee's own property, the trustee and the beneficiary may make the request).
(2) With regard to the application of the provisions of the preceding paragraph when there is a trust caretaker, the term "beneficiary" is deemed to be replaced with "trust caretaker."
(3) In the cases listed in the following items, the trustee must request a record of an alteration to be made showing the deletion of an Electronic Recording for the trust at the time of requesting that the Electronic Recording set forth in the relevant item be made:
(i) if an Electronically Recorded Monetary Claim ceases to be part of the trust property due to the assignment of an Electronically Recorded Monetary Claim that was part of the trust property: a record of the assignment;
(ii) if an Electronically Recorded Monetary Claim ceases to be part of the trust property due to the transfer of an Electronically Recorded Monetary Claim by reason of the assignment of the right to reimbursement prescribed in Article 28 of the Act: a record of the alteration that is prescribed in said Article;
(iii) if an Electronically Recorded Monetary Claim has ceased to be part of the trust property due to the Payment, etc. of the obligation under an Electronically Recorded Monetary Claim that was part of the trust property (meaning "Payment, etc." prescribed in Article 24(i) of the Act; the same applies in item (v)), and a record of that Payment, etc. is made (except for a record pursuant to the provisions of Article 63(2) or Article 65 of the Act): a record of the Payment, etc. ;
(iv) if a pledge on an Electronically Recorded Monetary Claim (including a sub-pledge; the same applies in the following item) has ceased to be part of the trust property due to the transfer of said pledge resulting from the assignment of the claim secured by said pledge, which was part of the trust property: a record of the alteration due to the transfer of the pledge or sub-pledge;
(v) if a pledge on an Electronically Recorded Monetary Claim ceases to be part of the trust property due to the Payment, etc. of the claim secured by said pledge, which was part of the trust property, and a record of Payment, etc. is made for said Payment, etc. : a record of the Payment, etc.
(Matters Recorded in the Electronic Recording of a Compulsory Execution, etc.)
Article 6 The following matters must be recorded in the Electronic Recording of a compulsory execution, etc. :
(i) details of the compulsory execution, etc. (meaning a compulsory execution, disposition due to tax delinquency, or other restriction on disposal; hereinafter the same applies in this Article and the following Article);
(ii) the cause of the compulsory execution, etc. ;
(iii) the necessary matters for specifying the Electronically Recorded Monetary Claim, etc. connected with the compulsory execution, etc. ;
(iv) if it was a creditor that effected the compulsory execution, the name and address of the creditor;
(v) date that the Electronic Recording was made.
(Deletion of the Electronic Recording of a Compulsory Execution, etc.)
Article 7 If, after an Electronic Recording is made of a Compulsory Execution, etc. , the attaching creditor receives payment from a third-party obligor, the petition for an attachment order under execution is withdrawn, the attachment under a disposition due to tax delinquency is canceled, or procedures for the compulsory execution, etc. connected to the relevant Electronic Recording are terminated, and documents to that effect have been served, the Electronic Monetary Claim Recording Institution must, without delay, make a record of the alteration showing the deletion of the Electronic Recording of the compulsory execution, etc.
(Deletion of Electronic Recordings Made After a Provisional Disposition)
Article 8 If, after an Electronic Recording is made of a compulsory execution, etc. involving a provisional disposition that prohibits the disposition of property in order to preserve the right to request an Electronic Recording to be made of an Electronically Recorded Monetary Claim, etc. , the creditor under the provisional disposition requests an Electronic Recording to be made in which the obligor under the provisional disposition is the Electronically Recorded Claim Obligor, the creditor may independently request that a record of the alteration be made showing the deletion of the Electronic Recording that was made after the provisional disposition.
(Correction to Electronic Recordings)
Article 9 (1) If a matter listed in item (xii) or item (xv) of Article 16(2) of the Act is recorded in the record of an accrual, and if the record of an assignment, the record of a guaranty, the record of a pledge's creation, or the record of a division conflicts with the contents of the record of the accrual, the Electronic Monetary Claim Recording Institution must correct the Electronic Recording. However, if there is a third party with an interest in the Electronic Recording, such corrections may be made only with the consent of the third party.
(2) The provisions of Article 10(3) through (5) of the Act apply mutatis mutandis to the correction of an Electronic Recording pursuant to the provisions of the preceding paragraph.
(Matters Recorded in the Correction, etc. of an Electronic Recording)
Article 10 When an Electronic Monetary Claim Recording Institution corrects an Electronic Recording pursuant to the provisions of Article 10(1) of the Act or paragraph (1) of the preceding Article, or restores an Electronic Recording pursuant to the provisions of Article 10(2) of the Act, it must also record the date of such correction or restoration.
(Commissioning Electronic Recordings)
Article 11 The provisions of the Act that are related to procedures for making an Electronic Recording based on a request for an Electronic Recording to be made as prescribed in this Cabinet Order include a case in which such provisions are applied mutatis mutandis pursuant to Article 4(2) of the Act, and the terms "request" and "requester" in this Cabinet Order shall include commission and person commissioning, respectively.
Chapter II Electronic Monetary Claim Recording Institutions
(Minimum Amount of Capital)
Article 12 The amount specified by Cabinet Order which is referred to in Article 53(1) of the Act is 500 million yen.
(Financial Institutions)
Article 13 Financial institutions specified by Cabinet Order which are referred to in Article 58(1) of the Act are as follows:
(i) banks prescribed in Article 2(1) of the Banking Act (Act No. 59 of 1981) (including branch offices of foreign banks prescribed in Article 47(2) of the same Act);
(ii) long-term credit banks prescribed in Article 2 of the Long-Term Credit Bank Act (Act No. 187 of 1952);
(iii) the Shoko Chukin Bank, Ltd. ;
(iv) the Norinchukin Bank;
(v) credit cooperatives and federations of cooperatives that conduct business set forth in Article 9-9(1)(i) of the Small and Medium Sized Enterprise Cooperatives Act (Act No. 181 of 1949);
(vi) Shinkin Banks and federations of Shinkin Banks;
(vii) workers' banks and the Rokinren Bank;
(viii) agricultural cooperatives and federations of agricultural cooperatives (limited to those engaged in the business prescribed in Article 10(1)(iii) of the Agricultural Cooperatives Act (Act No. 132 of 1947));
(ix) fishery cooperatives (limited to those engaged in the business prescribed in Article 11(1)(iv) of the Fisheries Cooperatives Act (Act No. 242 of 1948)), federations of fishery cooperatives (limited to those engaged in the business prescribed in Article 87(1)(iv) of the same Act), fishery processing cooperatives (limited to those engaged in the business prescribed in Article 93(1)(ii) of the same Act), and federations of fishery processing cooperatives (limited to those engaged in the business prescribed in Article 97(1)(ii) of the same Act); and
(x) the Bank of Japan;
Chapter III Miscellaneous Provisions
(Authority Excluded from the Scope of Authority Delegated to the Commissioner of the Financial Services Agency)
Article 14 The authority specified by Cabinet Order that is referred to in Article 92(1) of the Act is as follows:
(i) designation pursuant to the provisions of Article 51(1) of the Act;
(ii) public notice pursuant to Article 51(2) and Article 75(2) of the Act; and
(iii) rescission of a designation under Article 51(1) of the Act pursuant to the provisions of Article 75(1) of the Act.
(Delegation of Authority to the Director-General of a Local Finance Bureau, etc.)
Article 15 (1) Among the authority delegated to the Commissioner of the Financial Services Agency pursuant to the provisions of Article 92(1) of the Act, the authority delegated pursuant to the provisions of Article 73(1) of the Act (referred to as the "Authority to Order Reports, etc." in the following paragraph) may be exercised by the Director-General of the Local Finance Bureau with jurisdiction over the area where the head office of the relevant Electronic Monetary Claim Recording Institution is located (if the area is located within the jurisdictional district of the Fukuoka Local Finance Branch Bureau, the Director-General of the Fukuoka Local Finance Branch Bureau).
(2) In addition to it being permitted for the Director-General of the Local Finance Branch Bureau who is prescribed in the preceding paragraph and the Director-General of the Fukuoka Local Finance Branch Bureau to exercise the Authority to Order Reports, etc. in connection with a business office other than the head office of the relevant Electronic Monetary Claim Recording Institution or from a person to whom the relevant Electronic Monetary Claim Recording Institution has entrusted its business (hereinafter referred to as a "Business Office, etc."), the Director-General of the Local Finance Bureau with jurisdiction over the area where the head office, etc. is located (if the area is located within the jurisdictional district of the Fukuoka Local Finance Branch Bureau, the Director-General of the Fukuoka Local Finance Branch Bureau) may also exercise that authority.
(3) If the Director-General of a Local Finance Bureau or the Director-General of the Fukuoka Local Finance Branch Bureau has issued an order to the Business Office, etc. of the relevant Electronic Monetary Claim Recording Institution to submit a report or materials or has conducted an inspection or asked questions at such a Business Office, etc. (hereinafter referred to as an "Order for Reports, etc." in this paragraph) pursuant to the provisions of the preceding paragraph, the Director-General may issue an Order for Reports, etc. to the head office or a Business Office, etc. other than the first-mentioned Business Office, etc. of the Electronic Monetary Claim Recording Institution, if he/she finds it necessary.
Appended Table (In relation to Article 1)
|Item|Electronic Recording|Information Necessary for Requesting an Electronic Recording to Be Made|
|(i)|the record of an accrual|(a) matters listed in Article 16(1)(i) to (vi) of the Act|
|||(b) matters listed in Article 16(2)(i) to (xiv) of the Act|
|(ii)|the record of an assignment|(a) the record number of the Monetary Claims Record in which a record of the assignment will be made|
|||(b) matters listed in Article 18(1)(i) to (iii) of the Act|
|||(c) matters listed in Article 18(2)(i) to (iv) of the Act|
|(iii)|the record of a Payment, etc.|(a) the record number of the Monetary Claims Record in which a record of the Ppayment, etc. will be made.|
|||(b) matters listed in Article 24(i) to (v) of the Act|
|(iv)|the record of an alteration|(a) the record number of the Monetary Claims Record in which a record of the alteration will be made|
|||(b) matters listed in Article 27(i) to (iii) of the Act|
|||(c) if the relevant person is requesting that a record of an alteration be made due to the transfer of a pledges or sub-pledge in a partial assignment of a secured claims, the amount of the secured claim that is the subject of the assignment|
|(v)|the record of a guaranty|(a) the record number of the Monetary Claims Record in which a record of the guaranty will be made|
|||(b) matters listed in Article 32(1)(i) to (iii) of the Act|
|||(c) matters listed in Article 32(2)(i) to (ix) of the Act|
|(vi)|the record of a pledge's creation (excluding the Electronic Recording prescribed in the following item)|(a) the record number of the Monetary Claims Record in which a record of the pledge's creation will be made|
|||(b) matters listed in Article 37(1)(i) to (iii) of the Act|
|||(c) matters listed in Article 37(2)(i) to (vii) of the Act|
|(vii)|the record of a revolving pledge's creation|(a) the record number of the Monetary Claims Record in which a record of the revolving pledge's creation will be made|
|||(b) matters listed in Article 37(3)(i) to (iv) of the Act|
|||(c) matters listed in Article 37(4)(i) to (v) of the Act|
|(viii)|the Electronic Recording of a changes in the order of priority of pledges|(a) the record number of the Monetary Claims Record in which the Electronic Recording will be made|
|||(b) matters listed in Article 39(1)(i) to (iii) of the Act|
|(ix)|the Electronic Recordings of a sub-pledge (excluding an Electronic Recordings prescribed in the following item)|(a) the record number of the Monetary Claims Record in which an Electronic Recording will be made for the sub-pledge|
|||(b) the Pledge Number of the pledge that is the subject matter of the sub-pledges|
|||(c) matters listed in Article 37(1)(i) to (iii) of the Act as applied mutatis mutandis pursuant to Article 40(2) of the Act|
|||(d) matters listed in Article 37(2)(i) to (vii) of the Act as applied mutatis mutandis pursuant to Article 40(2) of the Act|
|(x)|the Electronic Recordings of a sub-pledge that creates a revolving pledge|(a) the record number of the Monetary Claims Record in which such an Electronic Recording will be made for the sub-pledge|
|||(b) the Pledge Number of the pledge that is the subject matter of the sub-pledges|
|||(c) matters listed in Article 37(3)(i) to (iv) of the Act as applied mutatis mutandis pursuant to Article 40(2) of the Act|
|||(d) matters listed in Article 37(4)(i) to (v) of the Act as applied mutatis mutandis pursuant to Article 40(2) of the Act|
|(xi)|an Electronic Recordings certifying the principal secured by revolving pledge|(a) the record number of the Monetary Claims Record in which the Electronic Recording will be made|
|||(b) matters listed in Article 42(1)(i) to (iii) of the Act|
|(xii)|the record of a division|(a) the record number of the Original Monetary Claims Record|
|||(b) a statement to the effect that Electronically Recorded Monetary Claims will be divided|
|||(c) matters listed in Article 44(1)(iii) of the Act|
|||(d) matters listed in Article 45(1)(ii) to (iv) of the Act|
|||(e) matters listed in Article 46(1)(iii) and (iv) of the Act|
|||(f) in a cases listed in the items of Article 47 of the Act, matters specified by ordinance of the competent ministry in accordance with the rules set forth in these provisions, notwithstanding the provisions of items (c) to (e).|
|(xiii)|an Electronic Recording for a trust|(a) the record number of the Monetary Claims Record in which the Electronic Recording will be made for the trust|
|||(b) matters listed in Article 2(i) and (ii)|
|(xiv)|the Electronic Recording of a compulsory execution, etc.|(a) the record number of the Monetary Claims Record in which an Electronic Recording of the compulsory execution, etc. will be made|
|||(b) matters listed in Article 6(i) to (iv)|