The Senate and Chamber of Deputies
of the Argentine Nation gathered
in Congress, etc.
with force of
PRINCIPLE OF INTERPRETATION OF PUBLIC EMERGENCYARTICLE 1 The purpose of this Act is to clarify and interpret the application of the public emergency policy set in social, economic, administrative, financial and exchanged matters as stated in Act No. 25,561 of its amendments, supplements, extensions and clarifications, including Act No. 25,798, its modifications and extensions, as provided for in article 4 of Act No. 26,084 and to establish a special procedure, in the protection of the debtors of the following currencies:
(a) That debts have been secured with real mortgage rights;
(b) That the debtor is a physical person or undivided succession;
(c) That the fate of the mutual has been the acquisition, improvement, construction and/or expansion of housing, or the cancellation of mutual constituted originally for any of the aforementioned destinations;
(d) That such housing is unique and familiar;
(e) The debtor shall have incurred a arrears between 1 January 2001 and 11 September 2003;
(f) The amount of mutual origin may not exceed CIEN MIL PESOS ($ 100,000), in accordance with article 11 of Act No. 25.561.
OF SPECIAL PROCEDURESARTICLE 2 Liquidation of the creditor and debtor:
The judge, on his own motion or at the request of a party, shall appeal to the creditor to submit an updated settlement of the debt subject to the dispute within a period of TEN (10) days, subject to the notice of decaying the right.
Submitted the liquidation by the creditor or the expiry of the time limit, the transfer or intimation shall be made, in the same terms and conditions to the debtor, in order to express the observations it deems relevant and/or submit its settlement.Article 3 Failure of the debtor and the present liquidation creditor:
If neither party submits the updated settlement provided for in the preceding article, the judge shall proceed without further action to determine the debt as provided for in article 6 of the present article.ARTICLE 4 Conciliation hearing:
Submitted the liquidations by the creditor and/or the debtor, the ex officio judge or at the request of a party, shall summon a compulsory conciliation hearing for the purpose of seeking a compromise.ARTICLE 5o Conciliation period:
In the event of disagreement or incomparency of any or both parties to the conciliation hearing, the judge shall set a time limit for TREINTA (30) days for the carrying out of treatments to establish the amount of the debt and the conditions of payment. The term shall be extended at the request of the debtor and creditor.
At this time, and at the request of the debtor, the trustee will be transferred to a car in the terms of Article 12 of the present, in order to report the amount to be paid for the inclusion in the Hypotecrian Refinancing Scheme provided for in Law No. 25,798, which may be charged in part or in total.
The judge may only terminate the conciliation period before its expiry, by the approval of the agreement or the express withdrawal of the parties to continue to negotiate.ARTICLE 6 Determination of debt by the judge:
After the period established in the preceding article, without the parties having agreed, the judge shall proceed within a period of VEINTE (20) days to determine the amount owed.
To this end, on the basis of the constitutional right to access to decent housing and the comprehensive protection of the family, and taking into account the public emergency standards and those of general scope that are related to imprevision, improper enrichment, imbalance of benefits, abuse of law; in particular usury and anatocism, the limits imposed by morals and good customs, public order and injury, shall evaluate and consider the following:
(a) The interests and penalties of any nature applied;
(b) Deadline clauses;
(c) Capitalization systems that may be usurary;
(d) Payments, payments to account and all other forms thereof;
(e) Any other circumstance that is relevant to the determination of the debt that the parties have claimed in the updated liquidations presented, in the hearing and in the conciliation period.
According to the conversion to pesos and the equitable readjustment established in Article 11 of Law No. 25.561 (conformed in Article 3 of Law No. 25.820) and in Article 8 of Decree No. 214/02, and the update by the coefficient of variation of wages set out in Article 4 of Law No. 25.713 (conformed in Article 1 of Law No. 25,796), the determination of the debt to the dollar The resulting amount should be added to an interest which may not exceed 2.5 per cent per year for all purposes, from the arrears to the cash payment. Capitalization of interests is expressly prohibited.
In no case shall the Reference Stabilization Coefficient (C.E.R.) be applied, nor any other updating mechanism as provided for in this article.ARTICLE 7 Payment:
Sign the liquidation of the debt, the debtor must make the payment effective within a period of USDA and CINCO (45) days from his notification.
If the payment, at the request of the debtor, is made, in a partial or total manner, with contributions from the Trust Fund provided for in Law No. 25,798, the period may be extended to CUARENTA and CINCO (45) days exclusively in respect of such amounts, for the purpose of carrying out the procedures inherent in compliance with the legal subrogation provided for in the following paragraphs.
The funds available for accession to the Hipotecaria Refinancing Scheme will be credited through a successful demonstration of the trustee of the availability of the amount in favour of the creditor, which is filed in cars.
The payment of the total amount of the debt shall be in respect of the original creditor, the total and final cancellation of all oweds and the subrogation of all rights, shares and guarantees in favour of the trustee in the corresponding proportion, in full.ARTICLE 8 . Inapplicability of Title V of Law No. 24.441: Title V of Law No. 24.441 shall not be applicable. Article 9 Suspension of executions:
In order to comply with the special procedure established, the proceedings are suspended from the entry into force of the present procedure: the execution of judicial decisions; judicial and extrajudicial auctions; the evictions in any of its forms, approved or pending approval and any other procedure which is aimed at the dismantling of the properties referred to in Article 1 of the present.
The suspension shall be in all cases, with the exception of those in which the sale has been perfected, as such when the auction has been approved, the price or the part corresponding if the facilities have been provided and the tradition of the good has been made to the buyer.
The suspension set forth in the preceding paragraphs shall apply until the provisions of the special procedure have been complied with.ARTICLE 10. : Nulity:
The acts and other procedural procedures that are contrary to the suspension set forth in the preceding article shall be declared null and void, without having completed the special procedure here.
OF THE INTERPRETATION AND IMPLEMENTATION OF THE LEY No. 25.798ARTICLE 11. The Bank of the Argentine Nation shall have procedural legitimation for all the purposes provided for in Law No. 25,798, as trustee and as guarantor of the interests inherent in its creation. ARTICLE 12. Article 19 of Law No. 25,798 shall not apply to the debts set out in Article 1 of the present. ARTICLE 13. Article 21 of Law No. 25,798, in the sense that the legal subrogation is operated, shall be deemed to be a default in the payment of THREE (3) consecutive quotas or CINCO (5) alternatives. ARTICLE 14. Please clarify article 16 (g) of Act No. 25,798, that: provided that the subrogation has not occurred, the trustee shall respond to the interests that have been accrued from the subscription of the mutual party to the date of payment, and must readjust the relevant legal instruments.
GENERAL PROVISIONSARTICLE 15. In the event of doubt as to the application, interpretation or scope of this Act, the judges shall decide in the most favourable sense to the subsistence and preservation of decent housing and the comprehensive protection of the family, in the terms of article 14 bis of the National Constitution. ARTICLE 16. Application:
This law shall be governed throughout the national territory by the imposition of articles 14 bis and 75 subsections 12 and 32 of the National Constitution and the public emergency declared by article 1 of Act No. 25.561.ARTICLE 17. Effects:
The above provisions are of public order and shall have effect from the entry into force of the public emergency rules which are clarified by the present.
Without prejudice to this and to any event, this law shall be applied retroactively to all the cases contemplated in the present paragraph, unless the sale has been improved in the terms and conditions of the second paragraph, of article 9 of this law and provided that the rights protected by constitutional guarantees are not affected, as a direct derivation of article 14 bis of the National Constitution, insofar as the comprehensive protection of the family and the establishment of access to decent housing is ordered to the National Congress.ARTICLE 18. Entry into force:
This law shall enter into force on the day after its publication in the Official Gazette.ARTICLE 19. Contact the Executive.
IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, TO THE DAYS OF THE MONTH YEAR DOS MIL SEIS.
ALBERTO E. BALESTRINI. . JOSE J. B. PAMPURO. . Enrique Hidalgo. . Juan H. Estrada.