Amends Act No. 19.229, And Empowers The Ministry Of National Property To Sign Acts In Favour Of Mortgagors That Indicates


Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
"Sole article.-Introducense, in law No. 19.229, the following modifications: 1. delete the final clause of article 1."
2. replace article 6 ° by the following: "article 6.-the Ministry of national property, through resolution issued with the sole signature of the Minister in this portfolio, acting ex officio or at the request of who has an interest therein, shall be cancelled mortgage debt and will boost mortgages, encumbrances and prohibitions, concerning real estate and loan portfolio to referred first of the article 1 of this law" (, in the following cases: to) if the respective obligation is listed as fully paid in the records of debtors of the former National Association of savings and loan;
b) if the obligation does not appear in the records of debtors of the former National Association of savings and loan;
c) if in the opinion of the Ministry of national assets is credited in unquestionable way the obligation is extinguished or is not enforceable.
Provisions shall apply above mortgage credits assigned to the former National Association of savings and loan by the Instituto de normalización Previsional, whose guarantees and prohibitions remain registered in favour of this Institute, former social welfare or Social Security Service boxes.
With regard to credits granted to banks, financial companies and other natural or legal persons whose security interests are still registered in favour of the former National Association of savings and loan, or Central Caja de Ahorros and loans, the Ministry of national assets may be cancelled by such credits and raise mortgages them, encumbrances and prohibitions in the manner provided in subsection first , prior written consent of the creditor and its representation. If guarantees were registered in favor of former social welfare or Social Security Service boxes, is the Instituto de normalización Previsional who will grant the respective public writings of cancellation and hoist of mortgages, encumbrances and prohibitions prior consent on behalf of the creditor.
The conservative real estate competent with the single presentation of certified copy of resolutions that are including cancellations and hoists, must practice the inscriptions, subinscripciones and corresponding.
Shall be exempt from all right and tax notarial formalities and registration interim re-enrolments, subinscripciones, cancellations, hoists, and annotations that are necessary to formalize decisions and writings which issued or granted in accordance with the provisions of this Act. "."
3 Incorporanse, then of article 8, the following articles 9 and 10, new: "article 9.-shall be granted to the Ministry of national property, respect of credits arising from housing assignments, the powers conferred by article 6 of the decree with force of law N ° 33, of the Ministry of labour and welfare in 1987, the national savings and loan Association. The Ministry of national property shall exercise these powers directly credits fiscal domain, or with the express consent of the assignees, in his case the case.
Article 10.-The housing cooperatives, of construction of housing, financing of housing and housing and services housing, existing or in liquidation, open or closed, which maintained on behalf of the State Treasury debt originated in mutual mortgage obtained from an Association of savings and loan, the Central box of savings and loans, or a welfare institution, for the acquisition or construction of their homes they may be extinguished in whole or part, as appropriate, obligations on its behalf keep their partners or cooperated, provided that such obligations comply with the conditions laid down by the Ministry of finance, in exercise of the powers granted by article 4 of this law.
Cooperatives that make use of this ability, are entitled to the Treasury to lower them debt that remain in their favor, by an amount equal to the amount of the debt extinguished pursuant to the preceding paragraph. ".".