PROVISIONAL MEASURE NO. 2.160?24, OF July 26, 2001

Disposes on the Banking Credit Cédule and adding device to the Law No. 4,728 of July 14, 1965 to institute the fiduciary divestiture in warranty of fungible or rightwing thing.

THE PRESIDENT OF THE REPUBLIC, in the use of the assignment that confers it on art. 62 of the Constitution, adopts the following Provisional Measure, with force of law:

CHAPTER I

OF THE BANK CREDIT BALLOT

Art. 1º The Banking Credit Cédule is title of credit issued, by physical or legal person, in favour of financial institution or entity to this equator, representing promise of payment in cash, arising from credit operation, of any modality.

§ 1º The creditor institution shall integrate the National Financial System, being admitted to the issuance of the Bank Credit Cédule in favour of an institution domiciled abroad, provided that the obligation is subject exclusively to law and venue Brazilians.

§ 2º The Bank Credit Cédule in favor of institution domiciled abroad could be issued in foreign currency.

Art. 2º The Bank Credit Cédule could be issued, with or without warranty, real or fidejussory, cedularly constituted.

Single paragraph. The warranty constituted shall be specified in the Banking Credit Cédule, observed the provisions of Chapter II of this Provisional Measure and, in so far as they are not with these conflicting, those of the applicable common or special legislation.

Art. 3º The Banking Credit Cédule is extrajudicial executive title and represents debt in cash, certain, net and exigible, whether by the sum therein indicated, whether by the debtor balance demonstrated on calculation spreadsheet, or in the excerpts from the current account-current, drawn up as provided for in § 2º.

§ 1º In the Banking Credit Cédule will be able to be paced:

I? the interest on the debt, capitalized or not, the criteria of its incidence and, if it is the case, the periodicity of its capitalization, as well as the expenses and the remaining burdens arising from the obligation;

II? the criteria for monetary updating or exchange rate variation as permitted under law;

III? the cases of occurrence of mora and incidence of the fines and contractual penalties, as well as the early maturity hypotheses of the debt;

IV? the criteria for ascertaining and mishandling, by the issuer or by third guarantor, of the debt collection expenses and the fees of the law, judicial or extrajudicial proceedings, with the right to extrajudicial law fees shall not be able exceed the limit of ten percent of the total value due;

V? when it is the case, the debt guarantee modality, its extension and the chances of replacement of such a guarantee;

VI? the obligations to be fulfilled by the creditor;

VII? the creditor's obligation to issue excerpts from the account? current or debt calculation spreadsheets, or from its debtor balance, in accordance with the criteria set out in the Bank Credit Cédule itself, noted the provisions of § 2º; and

VIII? other conditions of granting the credit, its guarantees or liquidation, additional obligations of the issuer or of the third secured obligation, provided that it does not contravenes the provisions of this Provisional Measure.

§ 2º Always that necessary, the ascertaining of the exact value of the obligation, or of its debtor balance, represented by the Bank Credit Cédule, will be done by the creditor by means of calculation spreadsheet or of the statements of the account? current, or of both, documents such that will integrate Cédula, observed that:

I? the realized calculations should highlight clearly, accurate and easy understanding and understanding, the principal value of the debt, its charges and contractual expenses due, the repayment of interest and the criteria of its incidence, the share of monetary or exchange rate update, the share corresponding to fines and too much contractual penalties, the collection expenses and attorney fees due up to the date of the calculation and, finally, the total debt value; and

II? the representative bank credit Cédule of debt arising from the bank credit opening contract into account? current will be issued by the total credit value put at the disposal of the issuer, competing against the creditor, pursuant to this paragraph, discriminate in the extracts of the account? current or in the calculation spreadsheets, which will be attached to Cédula, the used plots of open credit, the increases in the credit limit initially granted, the possible debt amortizations and the incidence of the charges in the various periods of use of the open credit.

Art. 4º The Banking Credit Cédule must concurrent having the following essential requirements:

I? the denomination "Cédula de Credit Bank";

II? the issuer's promise to pay the debt in cash, certain, net and chargeable at its maturity or, in the case of debt arising from the bank credit opening contract, the issuer's pledge to pay the debt in cash, certain, net and required corresponding to the credit used;

III? the date and place of the payment of the debt and, in the case of installment payment, the dates and values of each provision, or the criteria for that determination;

IV? the name of the creditor institution, and may contain clause to the order;

V? the date and place of its issuance; and

VI? the signing of the issuer and, if it is the case, of the third guarantor of the obligation, or of their respective mandators.

§ 1º The Bank Credit Cédule will be transferable upon endorsement in black, to which they will apply, in what couberate, the norms of the right exchange, in which case the endossatar, even not being a financial institution or entity to it equiped, may exercise all the rights by it conferred, including charging the interest and too much charge in the form paced on the Cédula.

§ 2º The Banking Credit Cédule will be issued in writing, in so many avenues as to the parties that it intervies, signed by the issuer and the third secured, if any, or by its respective mandators, owing each party to receive a pathway.

§ 3º Only the route of the creditor shall be negotiable, and shall appear in the remaining ways the expression "non-negotiable".

§ 4º The Cédula de Crédito Banking can be adressed, rectified and ratified upon written document, dated, with the requirements set out in the caput of this article, passing that document to integrate Cédula for all purposes.

CHAPTER II

OF CEDULARLY CONSTITUTED GUARANTEES

Art. 5º The constitution of guarantee of the obligation represented by the Banking Credit Cédule is disciplined by this Interim Measuring, being applicable provisions of the common or special legislation that do not go with it conflicting.

Art. 6º The guarantee of the Banking Credit Cédule could be either fidejussory or real, in this latter case constituted by the well-patrimony of any species, available and disposable, movable or immaterial, material or immaterial, present or future, fungible or unfungible, consumable or otherwise, the title of which is owned by the issuer itself or the third guarantor of the principal obligation.

Single paragraph. The rights pledge is for the mere notification to the debtor of the apested right.

Art. 7º The constitution of the guarantee can be made in the Bank Credit Cédule itself or in separate document, in this case doing? if, in the Cédula, mention of such circumstance.

Art. 8º The constitutive good of the warranty should be described and individualized so that it allows for its easy identification.

Single paragraph. The description and individualisation of the constitutive good of the guarantee could be replaced by the remission to the document or certificate expedited by the competent entity, which will integrate the Banking Credit Cédule for all purposes.

Art. 9º The guarantee of the obligation will cover, in addition to the principal constitutive of the warranty, all its accessories, benefits of any kind, valuations to any title, fruit and any good linked to the main good by physical, intellectual, industrial or natural accesses.

§ 1º The creditor may be able to avert, in the competent organ for the registration of the constitutive good of the guarantee, the existence of any other good by it covered.

§ 2º Until the effective settlement of the guaranteed obligation, the goods covered by the guarantee will not be able, without prior written authorization from the creditor, be altered, withdrawn, dislocated or destroyed, nor will they be able to have their intended destination, except where the warranty is constituted by semovents or by vehicles, automotors or not, and the removal or displacement of these goods is inherent in the activity of the issuer of the Bank Credit Cédula, or the third provider of the guarantee.

Art. 10. The constitutive goods of pignoratan warranty or object of fiduciary disposal may, at the discretion of the creditor, remain under the direct possession of the issuer or the third provider of the guarantee, pursuant to the possessory constituting clause, in case in that the parties should specify the place in which the good will be guarded and retained until the effective settlement of the guaranteed obligation.

§ 1º The issuer and, if it is the case, the third provider of the guarantee will respond in solidarity by the guard and conservation of the constitutive good of the warranty.

§ 2º When the warranty is provided by legal person, this shall indicate representatives to respond in accordance with § 1º.

Art. 11. For the effectiveness, in the face of third parties, of pignoraterial warranty or fiduciary disposal, it will be sufficient, in the case of motor vehicles of any kind, the averaging of the burden on the respective organ in which the registration for the acquisition is to be made or transfer of rights.

Art. 12. The creditor may require that the constitutive good of the warranty be covered by insurance until the effective settlement of the guaranteed obligation, where the creditor will be appointed as sole beneficiary of the security-related policy and will be authorized to receive the indemnification to liquidate or amortize the guaranteed obligation.

Art. 13. If the constitutive good of the warranty is misappropriated, or if it is damaged or perish by fact attributable to the third party, the creditor sub? rogar?se?shall on the right to compensation due by the expropriate or the third causative of the damage, up to the amount required to liquidate or amortize the guaranteed obligation.

Art. 14. In the cases provided for in the arts. 12 and 13 of this Provisional Measure, provide? se-entitled to the creditor to require the replacement of the guarantee, or its reinforcement, waiving the right to the perception of the value relating to the indemnity.

Art. 15. The creditor may require the replacement or reinforcement of the warranty, in the event of loss, deterioration or decrease of its value.

Single paragraph. The creditor shall notify the issuer in writing and, if it is the case, the third guarantor, so that they replace or strengthen the guarantee within fifteen days, under penalty of advance due maturity of the secured debt.

CHAPTER III

OF THE SPECIAL PROVISIONS

Art. 16. In revolving credit operations, the credit limit granted will be repurchased, automatically and during the term of the Banking Credit Cédule, whenever the debtor, not being in arrears or defaults, amortize or liquidate the debt.

Art. 17. For purposes of protest lavrature, the Bank Credit Cédule may be forwarded, by copy, to the officer of the office, provided that the creditor institution declares to be in possession of its sole negotiable route and indicates the value by which it will be protested, including in the case of partial protest.

Art. 18. The validity and efficacy of the Banking Credit Cédule does not depend on registration, but the actual guarantees, by it constituted, shall be subject, to be worth against third parties, to the records or aversions provided for in the applicable law, with the amendments introduced by this Provisional Measure.

Art. 19. Financial institutions, under the conditions set out by the National Monetary Council, may issue representative title of the Bank Credit Cédules by them held in deposit, of which they will constarve:

I? the location and date of the issue;

II? the name and qualification of the depositor of the Banking Credit Cédules;

III? the denomination "Certificate of Banking Credit Cédules";

IV? the specification of the deposited ballots, the name of its issuers, and the value, place and date of the payment of the credit by them incorporated;

V? the name of the issuing institution;

VI? the statement that the financial institution, in the quality and with the depositary and mandated responsibilities of the holder of the certificate, will promote the collection of the Bank Credit Cédules, and that the ballots deposited, as well as the product of the collection of your principal and charges, will only be delivered to the holder of the certificate, against presentation of this;

VII? the place of the delivery of the object of the deposit; and

VIII? the remuneration due to the financial institution by the deposit of the ballots object of the issue of the certificate, if convenor.

§ 1º The financial institution responds by the origin and authenticity of the Cédules of Bank Credit deposited.

§ 2º Issued the certificate, the Banking Credit Cédules and the importations received by the financial institution at the title of payment of principal and charges will not be able to be object of penhora, harness, kidnapping, search and seizure, or any other embarrassment that prevents its delivery to the certificate holder, but this may be the object of attachment, or of any precautionary measure by obligation of its holder.

§ 3º The certificate can be issued in the scriptural form, being governed, in what is applicable, by the contained in the arts. 34 and 35 of Law No. 6,404 of December 15, 1976.

§ 4­º The certificate may be transferred upon endorsement or transfer term, if scriptural, and in any case, the transfer shall be dated and signed by the its holder or mandatary with special powers and averaged to the issuing financial institution, within the maximum of two days.

§ 5º The expenses and charges arising from the transfer and averaging of the certificate will be supported by the endossatarium or transferee, unless otherwise convention.

CHAPTER IV

OF THE GENERAL PROVISIONS

Art. 20. Applies? if the Banking Credit Cédules, in what does not contravene the provisions of this Provisional Measure, the foreign exchange legislation, waived the protest to ensure the right of collection against endorsers, their guarantors and third parties guaranteed.

Art. 21. Credit and receivables securities, represented in the scriptural or physical form, which have been the subject of discount, will be able to be admitted to the rediscount to the Central Bank of Brazil, observing? if the standards and instructions downloaded by the National Monetary Council.

§ 1º The credit securities and receivables of which it treats the caput to consider-deemed to be transferred, for the purposes of rediscount, to the property of the Central Bank of Brazil, provided that inscribed in a term of constant electronic tradition of the Central Bank Information System? SISBACEN, or, still, in the term of tradition provided for in § 1º of the art. 5º of Decree No 21,499, of June 9, 1932, with the essay given by art. 1º of Decree No. 21,928 of October 10, 1932.

§ 2º Understanding in the terms of tradition referred to in § 1º the credit and receivables ' securities relating to them and described, observing? if the requirements, the criteria and the forms established by the National Monetary Council.

§ 3º The inscription will produce the same legal effects of the endorsement, only by perfecting with the receipt, by the financial institution proponent of the rediscount, of message of acceptance from the Central Bank of Brazil, or, not being electronic the term of tradition, after the signing of the parties.

§ 4º The credit securities and representative documents of receivables, inscribed on the terms of tradition, may, at the discretion of the Central Bank of Brazil, remain in the direct possession of the beneficiary financial institution of the rebate, which will keep them and retain them in deposit, and shall proceed, as the Commissioner del accrediere, to its judicial or extrajudicial collection.

Art. 22. It is increased the art. 66?A to Section XIV of Law No. 4,728 of July 14, 1965, with the following essay:

" Art. 66 ?A. Applies? if to the fiduciary disposal in warranty of fungible or the right to the provisions of the art. 66, and the following:

I? unless otherwise stipulated, the fiduciary disposal in warranty of fungible or right thing will transfer to the fiduciary creditor the direct and indirect possession of the well disposed in warranty;

II? the fiduciary divestiture in guarantee of fungible or rightwing thing will be worth against third parties:

a) in the case of movable property and bearer securities, from tradition;

b) in the case of mobile goods subject to registration, nominative securities and shares, ranging from enrolment, annotation or averaging, in the legal form;

c) in the case of credits, from notification to debtor.

§ 1º In the case of inadimplement or lives of the guaranteed obligation, the trustee will be able to sell the good to third parties, regardless of auction, public hoisting, or any other judicial or extrajudicial measure, unless otherwise expressly provided for in the contract, and shall apply the price of the sale on the payment of its credit and the expenses arising and to deliver to the debtor, accompanied by demonstrative of the carried out operation, the balance ascertained, if any.

§ 2º Applied? if, in what couber, the arts. 758, 762, 763, 774, 775 and 802 of the Civil Code to fiduciary divestiture in warranty of fungible or rightwing thing. " (NR)

Art. 23. They are convalidated the acts practiced on the basis of the Provisional Measure No. 2.160?23 of June 28, 2001.

Art. 24. This Interim Measure takes effect on the date of its publication.

Brasilia, July 26, 2001; 180º of Independence and 113º of the Republic.

FERNANDO HENRIQUE CARDOSO

Silvano Gianni