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Provisional Measure No. 1,925, 03 February 2000

Original Language Title: Medida Provisória nº 1.925, de 03 de fevereiro de 2000

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PROVISIONAL MEASURE NO. 1.925-4, OF February 3, 2000.

Disposes about the Banking Credit Cédule.

THE PRESIDENT OF THE REPUBLIC, in the use of the assignment that confers him the 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 ballot 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 bank credit ballot 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 extracts from the 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 monetary update criteria, as permitted under law, or the criteria of currency exchange update, in the were of § 2º of the art. 1º and in the remaining cases permitted in 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-os criteria for ascertaining and mishandling, by the issuer or by third guarantor, of debt collection expenses and the fees of law, judicial or extrajudicial proceedings, with the right to extrajudicial law fees will not be able to surpass the limit of ten percent of the total value due;

V-when to be 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 extracts 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, observed the provisions of § 2º; and

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

§ 2º Where necessary, the ascertaining of the exact value of the obligation, or of its debtor balance, represented by the Bank Credit Cédule, shall be made by the creditor by means of calculation spreadsheet or of the excerpts of the account-current, or of both, documents those that will integrate Cédula, noted that:

I-the realized calculations should evidenced in clear, accurate and easy understanding and understanding, the core value of the debt, its charges and contractual expenses due, the share of interest and the criteria of its incidence, the share of monetary or currency update, the share corresponding to fines and too many contractual penalties, the collection and fee expenses advocacy due up to the date of the calculation and, finally the total value of the debt; and

II-the representative bank credit Cédule of debt arising from the account-current bank credit opening contract will be issued by the total value of the credit placed at the disposal of the issuer, competing for the creditor, pursuant to this paragraph, to discriminate in the excerpts of the current account or in the calculation sheets, which will be attached to Cédula, the used plots of the open credit, the increases in the credit limit initially granted, the possible debt write-offs and the incidence of charges in the various periods of open credit utilization.

Art. 4º The Bank Credit Cédule must contain the following essential requirements:

I-the denomination?Bank Credit Ballot?;

II-the issuer's pledge 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 promise of the issuer of paying the debt in cash, certain, net and chargeable corresponding to the credit used;

III-the date and place of the debt payment 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 is the case, of the third guarantor of the obligation, or of their respective mandators.

§ 1º The Bank Credit Cédule may be the object of assignment in accordance with the provisions of common law, in which case the transferee, even not being a financial institution or entity to it equated, will be subrogated in all the rights of the transferor, and may, including, charge the interest and too much charge in the paced form in the Cédula.

§ 2º The Cédula de Crédito Banking will be issued in writing, in so many avenues as many as the parties that it intervies, signed by the creditor, the issuer and the third guarantor, if any, or by their respective mandators, owing each party to receive a pathway.

§ 3º Only the route of the creditor will be negotiable, owing in the remaining ways and expression?.

§ 4º The Banking Credit Cédule can be adressed, rectified and ratified upon documents written, dated, with the requirements set out in the preceding paragraph, 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 Cédula de Credit Bank is disciplined by this Interim Measuring, the provisions of the common or special legislation being applicable that are not with it conflicting.

Art. 6º The assurance of the Banking Credit Cédule could be either fidejussory or real, in this latter case constituted by well-patrimonial of any kind, available and disposable, movable or immovable, material or immaterial, present or future, fungible or unfungible, consumable or not, whose title belongs to 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 making, in the Cédula, mention of such a circumstance.

Art. 8º The constitutive good of the warranty should be described and individualized so that it allows 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 main constitutive constitutive of the guarantee, 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 the terms of the preceding paragraph.

Art. 11. For the efficacy, in the face of third parties, of pignoraterial guarantee or fiduciary disposal, it will be sufficient, in the case of motor vehicles of any kind, the averaging of the burden on the respective transit organ, where the registration should be made for the acquisition 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 settle 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-roars in the right to the indemnity due by the expropriant or the third causer of the damage, up to the amount required to settle or amortize the guaranteed obligation.

Art. 14 In the cases provided for in the art. 12 and 13 of this Provisional Measure, shall be provided 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, when authorized by the Central Bank of Brazil and under the conditions established by the National Monetary Council, will be able to issue Certificates of Bank-CCB Credit Cédules with effective ballast in Cédula de Crédito Banking held in custody, to negotiate these credits on the national or international market, with people members or not from the National Financial System.

§ 1º The Banking Credit Cédules issued in the forecast form in this Provisional Measure, which give rise to the CCBs, should remain custodious in an authorized financial institution pursuant to the caput, which will make the collection together to the respective debtors.

§ 2º The CCBs may be unfolded or regrouped by convenience of the issuer or the acquirer.

§ 3º The capital ingress, in the case of trading on external market, will be registered at the Central Bank of Brazil upon proof of the effective trading of foreign exchange in the Country.

§ 4º The CCBs may be issued in physical or scriptural form and, in both cases, registered in magnetic files organized by the issuer, of which they will contain:

I-the place and date of issuance;

II-the name of the depositor of the Banking Credit Cédules;

III-the name of the issuing financial institution;

IV-the denomination?Bank-CCB Credit Cédule Certificate?;

V-the express indication of the respective ballot or ballots under which it has been issued, the principal value, the charges convening and the amortization season, total or partial, and the final maturity;

VI-the name of the debtors ' issuers of the Bank Credit Cédules; and

VII-the place and dates of payment of the principal bailout and the charges of the Credit Cédules Banking.

§ 5º The CCB may be transferred upon endorsement or term of assignment, if scriptural, and shall in any case the transfer be dated and signed by its holder or mandatary with special and averaged powers together with the issuing institution, within the maximum of two days.

§ 6º The expenses and charges arising from the transfer and averaging of the CCB shall be borne by the transferee, unless otherwise agreed.

CHAPTER IV

OF THE GENERAL PROVISIONS

Art. 20. It applies to the Banking Credit Cédules, in that it does not counter the provisions of this Provisional Measure, the foreign exchange legislation, waived the protest to ensure the right of return against endorsers, guarantors and third parties guaranteed.

Art. 21. The titles of credits and receivables, 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 the norms and instructions downloaded by the National Monetary Council.

§ 1º The credit securities and receivables of which it treats the caput shall be deemed to be transferred, for the purposes of rediscount, to the property of the Central Bank of Brazil, provided that they enrolled 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 Entend in the terms of tradition referred to in the preceding paragraph the credit and direct receivables related to them and described, noting the requirements, the criteria and the forms established by the National Monetary Council.

§ 3º The enrollment will produce the same legal effects of the endorsement, only by perfecting with the receipt, by the financial institution proponent of the rebate, 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 rights receivables, enrolled in 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 a commissioner del credere, to its judicial or extrajudicial collection.

Art. 22. They are convalidated the acts practiced on the basis of the Provisional Measure No. 1.925-3, of January 6, 2000.

Art. 23. This Interim Measure takes effect on the date of its publication.

Brasilia, February 3, 2000; 179º of Independence and 112º of the Republic.

FERNANDO HENRIQUE CARDOSO

Amaury Guilherme Bier