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Mortgage Refinancing System No. 25798 - Modification - Full Text Of The Norm

Original Language Title: SISTEMA DE REFINANCIACION HIPOTECARIA LEY NRO. 25798 - MODIFICACION - Texto completo de la norma

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image inicio sitio infoleg MInisterio de Justicia y Derechos Humanos
HIPOTECARIAN REFINANCIATION SYSTEM Act No. 25.908 Replace Articles 11 and 16 of Act No. 25.798. Sanctioned: June 23, 2004. Cast: July 12, 2004.

The Senate and Chamber of Deputies of the Argentine Nation assembled in Congress, etc. sanction with force of Law:

ARTICLE 1 Replace article 11 of Law 25,798 with the following:

Article 11: Instruments to subscribe. The executive branch shall determine the instruments to be signed by the debtors for the purposes of the subrogation provided for in article 16 (j), as well as the procedure for the implementation of the system established by this Act.

ARTICLE 2 Replace article 16 of Law 25,798 with the following:

Article 16: Instrumentation of the system. For the purposes of the implementation of the system created by this law, the following mechanism will be followed:

(a) The trustee will consider the eligibility of the mutual respect for which the option provided for in article 6 has been exercised, and shall declare its admissibility or not within forty-five (45) days from the exercise of the option. In the event of the trust ' s silence at the end of the deadline, the mutual has been accepted into the system;

(b) Once the eligible mutual is declared admissible, the trustee shall sign with the debtor the instruments provided for in article 11, thereby improving the implementation of the system;

(c) In the event of pending a process of foreclosure against the debtor, by default in the performance of the eligible mutual, the accreditation in the file of the exercise of the option provided for in Article 6 shall not suspend the course of the proceedings, but shall limit the effects of the remate sentence to:

I. The determination of the origin or not of the executive judgment.

II. The final settlement of the required debt, including capital, interests and costs, for the purposes of item (g). Interests to apply may not exceed the average passive interest rate in pesos published by the Central Bank of the Argentine Republic, or the agreed rate, if any.

Compliance with the final judgement may only be continued if the trustee does not consider the mutual admissible, which must be notified to the relevant court. In the event that the non-admissibility of the mutual has not been notified within ten (10) days after the period established in point (a), the judge shall consider the mutual acceptance and order the trustee to sign the instruments that perfect the implementation of the system;

(d) In the event that the exercise of the option provided for in Article 6 is subsequent to the date on which the judgement of remate has been signed, and prior to the date of the auction, the performance of the judgement is suspended until the trustee notifies the non-admissibility of the mutual as set out in the previous point;

(e) If a foreclosure process is pending, by default in the performance of the eligible mutual, conducted in accordance with Title V of Law 24.441, the debtor may credit the exercise of the option at any stage of the proceedings, and the judge shall order the interim suspension of the release or the auction until the trustee notifies the non-admissibility of the mutual as set out in item c);

(f) Accredited in the file the improvement of the implementation of the system, the trustee will proceed to make the payments according to the following point, without prejudice to the rights of the creditor according to point k. The judge shall have the completion of the proceedings and the filing of the proceedings upon the termination of the eligible mutual debtor;

(g) The trustee will proceed to update the eligible mutuals, for which purpose it will cancel the unpaid arrears from the arrears to the date of such payment, plus the interest settled in accordance with item (c) II. For the purposes of payment, the trustee may issue financial instruments in accordance with applicable rules.

In addition, the trustee shall cancel the expenses and fees determined by the award of auction pursuant to item (c);

(h) The trustee, in respect of the creditor, will henceforth observe the original conditions of the mutual, without prejudice to the applicable rules in the area of updating coefficient and interest rate;

(i) The trustee shall restructure the aggressions in accordance with the terms set forth in article 17 of this law;

(j) The payments made by the trustee to the creditor shall have all the effects of the legal subrogation, transferring all the rights, actions and guarantees of the creditor to the trustee, both against the principal debtor and its co-deputies. The provisions of the Civil Code regarding subrogation shall be supplemented;

(k) The creditor party shall maintain the royal right to mortgage for the portion not yet replaced by the trustee in accordance with this article;

(l) The debtor shall proceed to cancel its obligation by payment to the trustee in accordance with the provisions set out in subparagraph (i) of this article, being freed from such obligations.

The only releasing payments of the debtor will be those made to the trustee, so the real mortgage right will remain to the full satisfaction of the amount owed.

In no case shall the payments made by the trustee to the creditor exceed the current market value of the property subject to the security right, as reported in accordance with article 7 (d) of this law.

Article 3 Contact the Executive.

IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, TO THE VEINTS OF THE MONTH OF JUNE OF THE YEAR DOS MIL CUATRO.

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EDUARDO O. CHANGE. . DANIEL O. SCIOLI. . Eduardo D. Rollano. . Juan Estrada.