PROVISIONAL MEASURE NO. 2.160-25, OF August 23, 2001

Disposes on the Banking Credit Cédule and adds device to the Law No. 4,728 of July 14, 1965, to institute 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 Bank Credit Cédule is amount 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 must integrate the National Financial System, being admitted to the issuance of the Bank Credit Cédule in favour of institution domiciled abroad, provided that the obligation is subject exclusively to the Brazilian law and venue.

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

Art. 2º The Cédula de Crédito Banking can 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 in calculation spreadsheet, or in the extracts of the account-current, drawn up as provided for in § 2º.

§ 1º In the Bank 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 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-the criteria for ascertaining and the mishandling, by the issuer or by third guarantor, of the debt collection expenses and the honorary law, judicial or extrajudicial fees, being that the honorary extrajudicial advocacy will not be able to exceed the limit of ten per cent of the total value due;

V-when for 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 they do not contravenes the provisions of this Provisional Measure.

§ 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 current account extracts, or from both, documents those that will integrate Cédula, observed that:

I-the realized calculations should evidenced in clear, accurate and easy-to-understand manner and understanding, the core 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 currency update, the share corresponding to fines and too much penalties contractual, the expenses of collection and honorary law 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 contract of opening of bank credit into account-current will be issued by the total value of the credit put at the disposal of the issuer, competing against the creditor, pursuant to this paragraph, to discriminate in the extracts of the current account or calculation spreadsheets, which will be attached to the Cédula, the used plots of open credit, increases in the credit limit initially granted, possible debt amortizations and the incidence of charges in the various periods of open credit utilization.

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

I-the denomination "Cédula de Credit Bank";

II-the issuer's promise of paying 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 chargeable corresponding to the credit used;

III-the date and place of 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-o 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 Banking Credit Cédule will be transferable upon endorsement in black, to which they will apply, in what they have coured, the norms of the right of the Exchange, in which case the endossatlary, even not being a financial institution or entity to it equated, may exercise all rights by it conferred, including charging the interest and too much charge in the paced form on 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 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 the expression "non-negotiable".

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

CHAPTER II

OF GUARANTEES CEDULARLY CONSTITUTED

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

Art. 6º The Bank Credit Cédule warranty may be fidejussory or real, in this latter case constituted by well-patrimonial of any kind, available and disposable, movable or immaterial, material or immaterial, present or future, fungible or unfungible, consumable or not, whose entitlement belongs to the issuer itself or the third guarantor of the principal obligation.

Single paragraph. The pledge of rights constitutes by 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 by making, in the Cédula, mention of such circumstance.

Art. 8º The constitutive good of the warranty should be described and individualized in such a way that it allows its easy identification.

Single paragraph. The description and individualisation of the constitutive good of the guarantee may 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 of the guarantee, all its accessories, benefits of any kind, valuations to any title, fruit and any good linked to the main good by accessorise physical, intellectual, industrial or natural.

§ 1º The creditor may be able to avert, in the competent organ for the record 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 warranty will not be able, without prior written authorization from the creditor, be changed, withdrawn, dislocated or destroyed, nor will they be able to have their intended modified, 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 Cédule, or the third provider of the warranty.

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 solidarily by the guard and conservation of the constitutive good of the warranty.

§ 2º When the guarantee 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 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 perished by fact attributable to the third party, the creditor undergoes the right to the indemnity due by the expropriate or the third causer 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, 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, to either replace or strengthen the guarantee within fifteen days, under penalty of early 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 protesting, 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 established by the National Monetary Council, may issue representative title of the Bank Credit Cédules by them held in deposit, from which they will constarve:

I-o site and the date of the issue;

II-the name and qualification of the depositor of the Bank Credit Cédules;

III-the denomination "Certificate of Bank 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 declaration that the financial institution, in the quality and with the depositary and mandated responsibilities of the certificate holder, will promote the collection of the Banking Credit Codes, and that the ballots deposited, as well as the proceeds of the collection of its principal and charges, shall only be delivered to the holder of the certificate, against presentation of this;

VII-the place of 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 issuance of the certificate, if convened.

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

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

§ 3º The certificate may 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, owing, in any case, the transfer is dated and signed by 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 shall be borne by the endossatary or transferee, unless otherwise convention.

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 collection against endorsers, their guarantors and third parties warranted.

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 the standards 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 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 Entend enrolled in the terms of tradition referred to in § 1º the credit and receivables ' securities relating to them and described, observing them 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 institution financial proponent of the rediscount, 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 and documents securities representative of receivables, entered 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, having to proceed, as a commissioner del credere, to your 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. It applies to the fiduciary disposal in guarantee 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 rightful thing will transfer to the fiduciary creditor the direct and indirect possession of the well disposed in warranty;

II-the fiduciary disposal in warranty of fungible or duty-worthless thing will be worth against third parties:

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

b) in the case of movable property subject to registration, nominative securities and shares, ranging from enrollment, annotation or averaging, in the legal form;

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

§ 1º In the case of inadimplement or mora 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 from and delivery to the debtor, accompanied by demonstrative of the carried out operation, the balance ascertained, if any.

§ 2º Applied, 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. 2.160-24, of July 26, 2001.

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

Brasilia, August 23, 2001; 180º of Independence and 113º of the Republic.

FERNANDO HENRIQUE CARDOSO

Pedro Malan