Key Benefits:
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DECEMBER No. 488
THE LEGISLATIVE ASSEMBLY OF THE REPUBLIC OF THE SALVADOR,
CONSIDERING:
I.- Article 101 of the Constitution provides that the State shall promote economic and social development through increased production, productivity and rational use of resources. To that end, it will promote the various sectors of production and defend the interest of consumers, and thus boost the economy to generate new sources of employment or strengthen existing ones;
II.- That in order to achieve a more robust and dynamic economy, combat poverty and promote productive development, a comprehensive policy should be established that includes the modernization of legislation, creating an agile and modern legal framework that enhances the economic value of different types of movable goods, so that they can be guaranteed and adequately support the obligations of all kinds that contravene the various sectors of the country ' s economy, primarily micro, small and medium-sized entrepreneurs; ;
III.- That while civil and commercial legislation contemplates a number of types of mobiliary guarantees, the regulation of their registration and execution is diverse, so it is necessary to establish a uniform regime of agile, transparent, safe and economically accessible procedures for the constitution, registration, advertising, cancellation or realization of those procedures, for which it is necessary to establish a specific electronic record, equipped with security measures indispensable for its proper functioning;
IV.- That the legal and practical experiences of the modern market have been reflected in a Model Law on Mobility Guarantees, adopted by the Assembly of the Organization of American States; so many countries are basing their reform efforts on this subject in the Model Law mentioned above, which would provide an appropriate basis for regional harmonization if used to issue homogeneous laws in those countries that have a legal framework on this subject.
TANTO,
in the use of its constitutional powers and at the initiative of the President of the Republic, through the Minister of Economy,
Describe the following:
MOBILIARY GARANTIAS LAW
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PART I AMBITE OF GENERAL IMPLEMENTATION
CHAPTER I OBJECT, ALCANCE AND APPLICATION OF THE LAW
Object
Art. 1.- The purpose of this Law is to regulate the mobility guarantees and the Register of Mobiliary Guarantees.
Scope and scope of application of the Act
Art. 2.- This Law shall apply to the creation, registration, advertising, cancellation or realization of any liability of any kind, present or future, determined or determinable, and to the creation and execution of any kind of actions, rights or obligations on tangible property, incorporated goods, commercial things, rights, actions or obligations of another nature that are guaranteed with movable property or business.
Definitions
Art. 3.- For the purposes of this Law, it is understood that:
(a) Guaranteed Acreedor: The person in whose favour is constituted a guarantee of mobility, with or without displacement, either for his own benefit or for the benefit of a third party;
(b) Derivative or Attributable Goods: Those that can be identified as coming from the originally encumbered assets, such as the fruits, new goods, including, among others, cash and deposits in deposit accounts of money and investment accounts or similar, resulting from the disposal, transformation or replacement of the movable goods in guarantee of the original obligation, regardless of the number and sequence of these dispositions, transformations or substitutions. These also include the values paid for insurance compensation that protected the guaranteeing assets, as well as any other right to compensation for loss and damages caused to the guaranteeing and dividend payments;
(c) Assurance: They are all those goods to which Art refers. 6 of the
This Law;
(d) Furniture by Incorporation or Destination: Those properties that are or are intended to be a physical part of a property, either because of its incorporation or destination that are used or intended specifically for the property and which can be separated without physical detriment from the real property or the property itself. These movable assets include the assets referred to in article 563 of the Civil Code; but they do not include those movable assets that are part of the inventory of the guarantor debtor;
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(e) Buyer or Purchaser at the Regular Course of Mercantile Operations: It is a third party that, acting in good faith and without knowledge that its operation is carried out on tangible property subject to a security right whose transfer is prohibited by the secured creditor, purchases or acquires and takes possession of these by a guarantor debtor engaged in the trade of goods of the same type as the assets subject to the monetary guarantee, within the normal course of its business operations;
The relatives of the guarantor debtor shall be exempted from this category from the ranks of kinship for consanguinity or affinity, as provided for in article 132 of the Family Code, their associates, their legal representatives, cash interveners or liquidators and any person who has a working or corporate relationship with the same.
(f) Control: It is the right of the guarantor debtor to the secured creditor to limit
the provision and management of cash deposits, investment accounts or similar accounts that serve as a financial guarantee. Such authority shall be effective by the guarantor debtor in writing instructing the financial entity, accompanying it from the respective copy of the contract for the promotion of the property objects of guarantees, being an essential requirement for the validity of the constitution of such guarantee the express confirmation of the corresponding entity;
(g) Investment Account: refers to an account opened in a financial entity, where securities may be deposited or credited for investment in various economic operations;
(h) Depositary: It is the third, to whom the surrender of tangible property, money, shares or other property or rights is made, for receipt, care and care, and to whom the obligation is to return it;
(i) Deudor Garante: The person, whether the main debtor or a third party, constitutes a guarantee of a loan under this Law. The third party ' s liability as a financial guarantee in support of a debtor for the purposes of this Law is limited to movable assets in guarantee;
(j) Electronic Document: Any data message, sent, received or filed by electronic, optical or any other technology that forms part of an electronic record;
(k) Representative Documents of Goods: The documents issued to record in writing the existence, origin, place in which they reside, quantity, owner and other data on movable property. The representative documents of goods may be negotiable or not, may or may not imply the ownership of the goods described, and include, among others, the shipping knowledge;
(l) Mobiliary Warranty with Displacement: It is the property in which possession is transferred by the guarantor debtor to the secured creditor or to a third party indicating it, who shall retain such property as deposit;
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(m) Safeguarding without Displacement: It is the property that is retained by the guarantor debtor, who remains the depositary of the same, so it must be registered in the registry for its effects against third parties;
(n) Specific Purchase Guarantee (GEC)): It is a privileged guarantee of specific movable property, granted in favour of a creditor, whose loan directly financed its acquisition, even if such property belongs to a category of previously encumbered assets, such as inventories;
(o) Iinventory: It refers to one or more movable property of a person, for sale or lease in the ordinary course of the commercial activity of that person. The inventory does not include movable property in possession of a guarantor debtor for ordinary use or consumption;
(p) Priority: The preferential right of any secured creditor to receive priority over the remaining creditors of the same debtor;
(q) Registration: The Register of Mobiliary Guarantees as part of the National Registry Centre;
(r) Authorized user: They are those natural or legal persons who have been authorized by the Register to have a confidential electronic access key to the System of the Register of Mobiliary Guarantees;
(s) Registration forms: They are the electronic formats used to register the constitution, modification, extensions, total or partial cancellation, or executions of mobiliary guarantees before the registration.
CHAPTER II
SISTEMA UNITARIO
Concept of the Mobiliary Guarantee
Art. 4.- The monetary guarantee is the real right of a guarantor debtor and in favour of a creditor, to guarantee the fulfilment of one or more of its or a third party ' s obligations. This right is preferred with respect to the secured creditor, for the possession and enforcement of the movable assets secured, without prejudice to the privileged provisions provided for in the Constitution.
The established loan guarantee shall be specific to the obligations stipulated in the contract and shall not be extended to other obligations, as provided for in Article 20 (b) of the Consumer Protection Act.
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For the purposes of the application of this Law and its registration, such as: the sale of furniture with a reservation of domain, the sale of resolute clauses containing identifiable movable goods in an undoubted manner, the sale of furniture with respect to the title of furniture, the sale of the assets, the sale of the assets, the sale of the assets, the sale of the assets, the sale of the assets,
Cancellation or Extinction of Mobiliary Guarantees
Art. 5.- The guarantee will be extinguished with the registration of the cancellation in the Register.
When the guarantor debtor has fulfilled the obligation, the secured creditor shall grant the cancellation of the tax, submitting the respective form to the Register of Guarantees within a maximum of five working days, counted from the payment of the owed. In the event that the guarantor debtor has paid the obligation proportionally, and the guarantee offered corresponds to several objects or one that admits comfortable division, and at the request of the guarantor, the garment will be degraded proportionally to the payments made, in accordance with the provisions of Art. 1538 of the Trade Code.
Tax and judicial charges shall be governed only for the purposes of advertising, registration and priority by the provisions of Titles III, IV and V of this Law.
Where a loan guarantee is registered in accordance with this Law, the secured creditor shall have the preferential right and may make use of it to be paid with the assets attributable to the encumbered assets, noting the rules of due process.
Cancellation of those guarantees that have not been registered in the Register and which fall on deposit accounts of money, investment accounts or similar, shall be carried out by written notice with authenticated signature to be given by the secured creditor to the corresponding Institution, within a period not exceeding three working days after the guarantor debtor has cancelled the entire obligation. Such notice shall constitute the cancellation of the control referred to in article 3 of this Act.
CHAPTER III AND OBLIGATIONS
Assurance
Art. 6.- In order to guarantee present and future obligations, a natural or legal person may, in addition to the cases provided for in other laws, constitute financial guarantees for another natural or legal person on:
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(a) tangible property;
(b) Introductory properties;
(c) Future property rights that the guarantor debtor acquires after the establishment of the collateral;
(d) Expendable property;
(e) Intellectual property rights;
(f) Money deposit accounts and investment accounts or similar;
(g) Insulated elements of the business;
(h) Social actions and participations representing the capital of commercial companies;
(i) In general, any other good, right, contract or action to which the parties attribute economic value is liable to alienation and is not prohibited by law; including, among others, derivative or attributable property, as defined in this Law.
Guaranteed obligations
Art. 7.- Guaranteed obligations, in addition to the main debt, may include:
(a) Regular and morbid interests that generate the main sum of the secured obligation, calculated as set out in the warranty or credit contract;
(b) Commissions to be paid to the secured creditor, as determined by the security or credit contract, provided that the provisions of article 12-A of the Consumer Protection Act are met.
PART II CONSTITUTION, PUBLICITY, RIGHTS AND OBLIGATIONS
CHAPTER I CONSTITUTION OF MOBILIARY GARANTIAS
Constitution
Art. 8.- A monetary guarantee is constituted, except for exceptions contained in other laws, by written contract between the guarantor debtor and the secured creditor. The same document may be the same as that of the monetary guarantee and that of the contract to which it accesses or may be documented separately.
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Mobiliary security contracts entered into in a foreign country will provide a mobiliary guarantee for movable property located in El Salvador, subject to Salvadoran laws.
Constitution of Mobiliary Guarantees on Property whose Property consists of a Specific Register
Art. 9.- Those assets that are subject to registration in a specific registry may only be secured by the holder of such registration.
Mobiliary guarantee must be registered with the Register of Mobiliary Guarantees to establish its priority. The latter must immediately notify the specific registry in which the tangible asset is registered for the corresponding marginalization.
Where an international agreement, agreement or treaty requires that the title of movable property be registered in a special registry and also contains rules relating to mobiliary guarantees established on the ownership of such property, these shall prevail over the provisions of this Law.
Real Law on Original Guarantee and Derivative or Attributable Goods
Art. 10.- Where a security right has been duly constituted in accordance with this Law, the secured creditor shall have the right to be paid with the proceeds of the sale of the Pygun asset, with the securedr and its derivative or attributable assets, or with any other property, as provided by the parties.
The effects and priority of the monetary guarantee against third parties shall be established in accordance with the provisions of this Law.
Elements of the Mobiliary Guarantee Contract
Art. 11.- The loan guarantee contract shall be granted by public writing or authenticated private document, and shall also contain the following formalities:
(a) Place and date of conclusion of the contract;
(b) Names and generals of the parties, relation of their respective identity document, Tax Identification Number and signatures that allow the precise identification of the contractors;
(c) The maximum amount guaranteed by the insurance;
(d) Time or condition subject to the secured obligation;
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(e) The description of the assets in guarantee, and, where appropriate, of the tangible property derived, in the understanding that such a description may be carried out in a generic or specific manner, according to the nature of the same;
(f) The express mention of the goods described will guarantee the secured obligation. The contract should state whether the assets have been previously secured;
(g) A description of secured obligations;
(h) The terms and conditions, for the case that the asset in guarantee is deteriorated or diminished in such a way that it does not cover the value of the credit;
(i) The rights and obligations of the guarantor debtor or its assignee, which are different from those specified in this Law;
(j) Authorization by the guarantor debtor to the secured creditor to submit the Initial Registration Form, as provided for in this Law. This authorization may also be established by means of a separate written agreement, but mention should be made of such a situation in the contract;
(k) Where in a security right the guaranteeing assets are granted with displacement, either at the hands of the secured creditor or a third party designated by the secured creditor, this circumstance shall be established in the contract body and the guarantee shall be effected between the parties when the requirement set out in article 13 of this Law is met;
(l) Others contained in the regulations governing the implementation of this Act.
Effectiveness of the Guarantee without Displacement
Art. 12.- If the guaranteeing assets continue to be in possession of the guarantor debtor after the creation of the loan guarantee, the contract for which it is constituted shall be in writing and shall have effects between the parties from the time of their subscription, except agreement to the contrary. Regarding third parties, effects will arise from the time of registration in the Register.
The security right in future assets shall encumber the personal or real rights of the guarantor debtor in respect of such assets only from the time the guarantor debtor acquires such rights.
Guaranteed Acreedor Position Guaranteed
Art. 13.- A mobiliary guarantee with displacement on a tangible property, with effects between the parties from the time the secured creditor or a third party designated by the secured creditor obtains the possession of the secured property. In respect of third parties, the priority of the collateral shall be established from the time of registration in the Register.
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If the contract establishes it, the possession of the proceeding of security may be in the hands of the secured creditor or a third party. If the possession of such property is changed, the guarantor debtor must be notified by letter, with receipt.
Without limiting the scope of the provisions of the preceding subparagraph, the following monetary guarantees do not require registration in the Register to acquire or retain their priority:
(a) Mobiliary guarantees granted in favour of pawning houses or mercy mountains on tangible goods with market value less than twenty minimum monthly wages in the industry;
(b) Mobiliary guarantees on representative documents of goods in warehouses or in possession of a carrier;
(c) Mobiliary guarantees on securities issued in paper or electronic form, the latter as set out in the Law on Electronic Annotations in Accounting Values;
(d) Mobiliary guarantees on representative securities of negotiable or non-negotiable goods issued in paper or electronic form;
(e) Mobiliary guarantees on deposit accounts of money and investment accounts or similar.
CHAPTER II RIGHTS AND OBLIGATIONS OF THE PARTIES
Rights and Obligations of the Deudor Garante on the Guarantee without Displacement
Art. 14.- If the monetary guarantee is undisplaced, the guarantor debtor or whoever has in his power the assets subject to the guarantee, unless otherwise agreed, shall have the right to use them and dispose of their fruits. Such rights shall be subject to the following obligations:
(a) To guard and retain the pygnorate in order to avoid losses and deterioration of the guaranteeing goods; and in the specific case of the brands, to use them effectively in the trade, without prejudice to the provisions of Art. 5 of the Trademarks and Other Different Signs Act;
(b) Allow the secured creditor to inspect the assets under warranty to verify their quantity, quality and conservation status;
(c) Payment of all costs, expenses and taxes related to the guaranteeing goods;
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(d) To suspend the exercise of such a right, when the secured creditor notifies the secured creditor of its intention to proceed with the execution of the security right in the assets delivered under the terms of this Law;
(e) The other rights and obligations of the parties and which are not contrary to this Law.
The procurement of appropriate insurance on the assets delivered in security, against destruction, loss or damage to the secured creditor may be agreed; if such an agreement does not exist, the guarantor debtor assumes the risk of loss or damage of the secured property.
It may not be agreed on consumption against the provisions of the Consumer Protection Act.
Rights and Obligations of the Guaranteed Acreedor
Art. 15.- Corresponds to the secured creditor:
(a) To exercise reasonable care in the custody and preservation of the guaranteeing property in its possession, taking the necessary measures to preserve the value of the guarantee and the rights derived therefrom;
(b) Keeping the guaranteeing goods in your possession, so that they remain identifiable, but in the event that they are expendable, you must maintain the same quantity and quality;
(c) Where the secured asset is an intellectual property right that requires maintenance to preserve its validity, the breach of the obligation contained in subparagraphs (a) and (c) of the preceding article shall give the creditor the right to take the necessary measures to maintain the validity of the right, in accordance with the provisions of Art. 7 of this Law;
(d) Use the guaranteeing assets that are in possession only within the scope of the warranty contract;
(e) Coordinate the guarantor debtor, the costs or proven maintenance costs established in the contract, when the assets given in security are in the possession of the creditor or a third party, as provided for in article 13 of this Law, unless otherwise agreed or otherwise reported by the PDP to the secured creditor;
(f) At the request of the guarantor debtor, the secured creditor shall inform third parties in writing of the outstanding amount of payment in respect of the secured credit and the description of the assets covered by the security right; the guarantor debtor may request this information once every three months at no cost;
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(g) To grant the cancellation of the loan guarantee to the guarantor debtor once the contracted obligation has been fulfilled, without conditional on the existence of other obligations not covered by that guarantee;
(h) Any other rights and obligations that do not contradict this Law.
In the fulfilment of its obligations, the secured creditor will respond to even the slightest fault.
Rights of the Garante Deudor when the Main Obligation has been fulfilled
Art. 16.- When the principal obligation of the guarantor debtor in favour of the secured creditor is fully paid, the guarantor debtor shall be entitled to the following:
(a) Provide the registration form for the cancellation of the loan guarantee within a period not exceeding five working days after the termination of the obligation;
(b) The cancellation of the control exercised over the assets it has granted in security, informing the institutions participating in it;
(c) May the possession of the guaranteeing goods be returned to you in the terms of the warranty contract and in a period not exceeding the provisions of the article in paragraph h. 19 of the Consumer Protection Act.
A creditor that does not comply with the obligations set forth in this article shall be liable for damages that may cause the guarantor debtor.
PART III PUBLICITY
CHAPTER I GENERAL REGULATIONS
Effects against Third Parties
Art. 17.- The rights conferred by the security right shall be effective against third parties only when the security right is publicized, except in cases expressly provided for in this Act.
The advertising of a monetary guarantee shall be given by registration in the Register of Mobiliary Guarantees, in accordance with the provisions of this Law.
The priority of mobility assurances shall be determined only through registration in the Register.
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Specific Purchase Guarantee (GEC)
Art. 18.- The advertising of a specific purchase guarantee is constituted by the registration of a registration form, in which reference will be made to the priority, specific and special character of the guarantee and describing the assets encumbered by it.
In the event that the secured assets are part of the inventory of the guarantor debtor, the secured creditor with a GEC, in addition to enrolling the collateral that is in its favour, shall notify in writing and in accordance with the provisions of this law other secured creditors with the same encumbered assets with such specific purchase guarantee.
Registration and notifications shall be made before the guarantor debtor enters into the security right or, no later than five working days. The notification shall be effective as long as the parties have established the respective contract.
CHAPTER II MOBILIARY GARANTIAS ON CREDITS
Scope of Implementation
Art. 19.- Mobiliary guarantees on credits are those that are on the credits that the guarantor debtor has in his favour.
The rules on the constitution, publicity and priority set out in this law relating to mobiliary guarantees on credits will also apply to any kind of assignment of receivables.
Effect of cessions
Art. 20.- The assignment of a receivable shall be effective between the guarantor debtor and the secured creditor from the time the parties agree on the assignment. The effectiveness and priority of a secured creditor ' s right, because of the assignment of more than one receivable, of future receivables, of a part of a receivable or of an undivided right to such credit, may not be denied, if they are at least described as follows:
(a) Individually identified as assignment credits;
(b) In any other way, such that they are identifiable as receivables subject to the assignment at the time of the assignment or, in the case of future receivables, at the time of the underlying contract.
Guarantees Cedidas a Favor del Acreedor Guaranteed
Art. 21.- In the warranty contract, the guarantor debtor shall respond in favour of the secured creditor for any disturbance or violation of its right.
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The secured creditor shall have the right to assign to third parties its credit with the guarantees provided, therefore, the respective contract shall state that the receivable has not been transferred previously.
Advertising and priority of Credit Guarantee
Art. 22.- It is given publicity to a monetary guarantee granted by a guarantor debtor on receivables, through its registration and will be effective against the guarantor debtor and third parties.
Invalidity of the Prohibition of the Granting of the Mobiliary Guarantee
Art. 23.- A monetary guarantee on a receivable is valid, regardless of any agreement between the debtor of the assigned receivable and the guarantor debtor who intends to limit the assignment or transmission of the same receivable.
Inalterability of the Subyacent Legal Relationship
Art. 24.- A loan guarantee may not modify the underlying legal relationship, nor make the debtor ' s obligations of the receivable that was transferred or encumbered more onerous, without the latter ' s consent.
Payment of Assigned or Gravy Credit
Art. 25.- The debtor of the assigned or encumbered receivable, while not legally reported, may extinguish its obligation by paying the guarantor debtor or the assignee, if any.
Any balance due to the secured creditor or the assignor shall be paid from the time the debtor of the assigned receivable receives notice of the assignment or levy, to which it is indicated in the first notification received. The notification of the assignment shall indicate what receivables were transferred, the name of the secured creditor and the terms and conditions of payment.
In connection with the notification, if the debtor of the assigned receivable has indicated in the contract an address, it shall be used to make the notification, except in cases already regulated by other laws. In the event that the debtor of the assigned receivable has not indicated an address in the contract, or in the event that the information regarding the contract address is uncertain or inaccurate, the secured creditor must, once the circumstances have been verified, proceed to the notice through the publication of three successive and consecutive notices in a national circulation newspaper, of which there is verifiable record. The debtor of the assigned receivable, the day after the last publication, will be considered as notified.
Reasonable Proof of Guarantee
Art. 26.- The debtor of the assigned receivable may request the secured creditor reasonable evidence that the collateral has been constituted, and that such evidence is not provided within a period of time.
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eight working days prior to the date of payment, the debtor of the assigned receivable may fulfil its obligation by paying the guarantor debtor or by consigning the payment. A reasonable proof of the assignment shall mean any written by the guarantor debtor or any equivalent evidence indicating that the receivables have been transferred.
Exceptions Opposable by Credit Deuter
Art. 27.- They are opposed by the debtor of the assigned or encumbered receivable against the secured creditor, all actual and personal exceptions resulting from the original contract and any other contract or legal act that is part of the same transaction.
The debtor of the assigned or encumbered receivable may object to any other right of compensation against the secured creditor, provided that it is holder of the same at the time of receipt of the notice.
The debtor of the assigned or encumbered receivable may not object to the secured creditor ' s exceptions and rights of compensation against the guarantor debtor on the grounds of non-compliance with the transfer prohibition clause.
CHAPTER III NON-SECOND OBLIGATIONS
Right to Notification of Guaranteed Acreedor
Art. 28.- Where the asset is a non-pecuniary obligation, the secured creditor must notify the person obliged to fulfil or enforce the obligation for his or her benefit, to the extent permitted by the nature of the same.
The obligation may be refused only on the basis of a case that clearly and reasonably indicates that it is not the person in favour of the person who must execute the obligation, or where he has not expressly consented to the performance of the obligation, either in favour of the secured creditor or the guarantor debtor.
CHAPTER IV DOCUMENTARY CREDITES OR INTERNATIONAL CREDICT CHARTERS
Guarantee on Payment of the Funds of the Credit Card
Art. 29.- The beneficiary may constitute a loan guarantee on the funds of a letter of credit, once they are paid, against the submission of documents in compliance with the requirements of the letter of credit if the issuing or confirming bank expressly accepts or consents to the assignment of such funds.
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For the purposes of your advertising, this money guarantee shall be deemed enforceable against the issuing or confirming bank and third parties, from the date and time in which the bank gives its acceptance under the terms and conditions governing the payment of the letter of credit and its registration in the Register.
The provisions of this article do not exclude other guarantees on documentary credits or on the right to the return of the beneficiary of a documentary credit, provided that they comply with the advertising requirements set out in this Law, without prejudice to the provisions of the Consumer Protection Act.
CHAPTER VALORES AND REPRESENTATIVE DOCUMENTS OF MERCADERIES
Publicity of Title Guarantees Representative Values and Documents of Goods
Art. 30.- Guarantees may be held on securities or on representative documents of goods that may be issued in different forms, whether issued on paper or electronically, which shall be regulated by the following provisions:
I. Guarantees on Titles Representative Values and Documents of Negotiable Goods Emitted on Paper
A loan guarantee on a value title or representative document of negotiable goods issued on paper shall be publicized by means of its endorsement in security and delivery to the secured creditor, followed by registration in social books, if necessary and as appropriate. The loan guarantee on titles values and representative documents of goods issued on paper may also be registered in the Register of Mobiliary Guarantees for advertising purposes.
When representative documents of an inventory have been secured, it will be possible to create coexisting levies on assets contained in that inventory, provided that:
(a) The guarantee includes derivative or attributable property;
(b) This decision has been communicated to the creditor;
(c) The assets represented by the titles issued have been identified.
II. Guarantees on Representative Documents of Negotiable Goods Emitted in Electronic Form
The following procedure shall be observed for the advertising of the depository guarantee created on representative documents of negotiable goods issued electronically:
(a) The issuer of the representative document shall, inter alia, indicate the name, relationship of the personal identification document, and Tax Identification Number of the sender or depositor of the goods;
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(b) At the request of the sender or depositor of the goods, the carrier or depositary shall issue the representative document, which shall bear the name and the Tax Identification Number of the secured creditor;
(c) Once this designation has been made, the carrier or depositary shall retain this title in its electronic data bank, as depository of the same, and the issued title shall be transferred exclusively through the transfer in the data bank of the representative document issuer;
(d) The document may be inspected in the data bank of the issuer by any interested party.
Guarantees on Representative Documents of Non- Negotiable Goods Emitted in Paper or Electronic Form
Art. 31.- If the monetary guarantee is created on representative documents of non-negotiable goods issued on paper, its advertising shall be made by the issuance of the document on behalf of the secured creditor as a legitimate holder in this quality, at the request of the sender or depositor.
If the monetary guarantee is created on representative documents of non-negotiable goods emitted electronically, its advertising shall be carried out in accordance with the procedure established in article 30, Roman II of this Law.
Delivery of Representative Documents of Goods to the Garante Deudor
Art. 32.- In the case of mobiliary guarantees on representative documents of goods issued in paper, whose advertising was carried out by the delivery of the goods to the secured creditor, the representative document may then be delivered to the guarantor debtor, for the withdrawal, stockpiling, manufacture, manufacture, shipping or sale of the goods covered by the representative document.
The secured creditor shall maintain its priority for a term of ten working days after the delivery of the representative title to the guarantor debtor. However, in order to maintain its priority after the above-mentioned deadline, the secured creditor must enroll the security right in the Register, prior to the expiry of the above-mentioned deadline.
CHAPTER VI ATTENTION BY A THIRD
Constitution and Publicity of the Mobiliary Guarantee on Goods in Position of a Third Depositary
Art. 33.- For the purposes of advertising and priority of this collateral on assets in possession of a third party, registration is required in the Register, and in addition, the third party shall be notified of the constitution of the collateral by the secured creditor, in a non-term period
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over eight working days. Prior to such notification, the third party shall have no liability for the secured creditor with the assets in its possession.
Constitution and Publication of the Mobiliary Guarantee on Deposits in Bank Accounts or Investment Accounts or Similar
Art. 34.- The loan guarantee on deposits in cash deposits or investment accounts or similar deposits is constituted and published by the secured creditor in accordance with the provisions of Article 3 (f) of this Law.
CHAPTER VII OTHER CORPORAL OR INCORPORAL WEEKS
Publicity of the Guarantee on Other Corporate or Incorporated Goods
Art. 35.- A mobiliary guarantee on other tangible or incorporated property, whether present or future, and its derivative or attributable property, which have not been specifically regulated in the preceding articles, shall be publicized by registration in the Register for effects against third parties.
Advertising on Intellectual Property Guarantee
Art. 36.- A mobiliary guarantee on intellectual property rights, such as industrial and commercial secrets, copyright, patents, trademarks, trade names and other goods derived or attributable to them may be established.
The advertising of the monetary guarantee on the rights mentioned in the preceding paragraph is constituted by its registration in the Register of Mobiliary Guarantees and shall be subject to the provisions of this Law.
The Register of Mobiliary Guarantees shall, where appropriate, request the respective annotation in the Register of Intellectual Property, as set out in article 9 of this Law; for this purpose the registration number or deposit of the secured asset shall be recorded in the respective form.
CHAPTER VIII CONVERSION OF A MOBILIARY GARANTIA
Guarantee Conversion Method
Art. 37.- A collateral with displacement, as well as a right of retention granted by the Law, may be converted into an undisplaced guarantee by retaining its original priority, provided that such a guarantee is publicized through the registration of the Registration Form, prior to the return of the movable property to the guarantor debtor.
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A non-displacement guarantee may be converted into a collateral with displacement while retaining its priority, provided that such a guarantee is publicized, in accordance with the provisions of article 13 of this Act.
PART IV REGISTER OF MOBILIARY GARANTIAS
CHAPTER I PRELATION BY INSCRIPTION
Effects of Registration
Art. 38.- The financial guarantee to which you are advertised by the registration of the Registration Form in the Register will be effective against third parties and add all its effects from the time of submission to the Mobiliary Guarantees Register.
CHAPTER II
REGISTRATION, SERVICES AND ADMINISTRATION
The Register
Art. 39.- The Register of Mobiliary Guarantees shall be part of the National Register Centre and shall be aimed at the registration of the constitution, modification, extension, extinction and execution of mobiliary guarantees and consequently advertising them.
The Register of Mobiliary Guarantees is public, electronic, automatic registration, equipped with indispensable security mechanisms that guarantee and safeguard the rights registered, as well as the information contained therein.
The registration forms will be subject to the applicable electronic system.
Registration seats
Art. 40.- The registration of Mobiliary Guarantees in the Register shall be carried out in accordance with this Law and its Regulations.
Characteristics of the Register
Art. 41.- The registration of Mobiliary Guarantees in the Register will have the following characteristics:
(a) It will operate through the registration of standard forms, according to the requirements
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established by the Regulations of this Law, which shall contain information on the advertising, constitution, modification, extension, cancellation, termination and enforcement of monetary guarantees, without having to register the contracts of financing or the guarantee of money;
(b) It will be organized by a personal electronic folio system, depending on the individual or legal person, which is the guarantor debtor. It must be transparent and publicize all existing levies on the debtor ' s movable property. It shall be ordered on the basis of the tax identification numbers of the guarantor debtors, as provided for in the Regulations of this Law;
(c) Registration forms shall be submitted to the Register in electronic format;
(d) The Register shall centralize and register the guarantees granted on movable property defined by this Law;
(e) It is an electronic record that allows the registrations listed above, limiting only to the verification that each of the fields of the registration forms are complete with the relevant information;
(f) It shall be provided with the necessary security measures for electronic communications, including electronic authentication or certification of the existence of the above-mentioned registrations;
(g) Based on the security referred to in the preceding paragraph, it may be interconnected with similar records from other countries with which the relevant conventions are concluded.
Registration services
Art. 42.- The Registrars shall issue to the person requesting it, verbatim certification or in seating extract. In any certification, the Registrars shall record the marginal annotations contained in the registration concerned.
Legal relations and rights are presumed to exist, as they appear in the inscriptions.
The contents of the Register ' s inscriptions shall be accurately reputed to any person who has contracted, relying on his statements, unless the Register itself indicates to him possible causes of inaccuracy of the Register.
Emission of Technical Instructions
Art. 43.- The National Registry Centre shall be responsible for issuing technical instructions to facilitate the implementation of this Act.
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CHAPTER III OPERATIONS TO THE REGISTRATION
Applications before the Register
Art. 44.- Any person may have access to the Register and apply for registrations. In the same way, you can request the issuance of certificates of registration or existing charges.
Interested persons may apply for authorised users and have a confidential access to the Register system, with which they may submit the respective registration forms, consult and request registration or tax certificates. To be authorized, they shall follow the procedure established in the Regulations of this Law.
Authorized users will be civilly and criminally responsible for the accuracy of the information presented in the Register of Mobiliary Guarantees.
Mobiliary Guarantee Registration Form
Art. 45.- The registration of the monetary guarantee regulated by this Law shall be carried out by means of an Electronic Registration Form, which shall contain at least the following data:
I. From the guarantor debtor and the secured creditor:
(a) Full name, domicile, nationality, Tax Identification Number and ID number that allows identification;
(b) In the case of societies, the name or social reason, its Tax Identification Number, nationality and domicile. The full name, Tax Identification Number, the number of the respective identity document and the relationship of the personry of the legal representative or a member of the society, for which it will be sufficient to cite the registration numbers under which the respective documents are registered in the Trade Register, being entitled to the Register to assign a Unified Identification Number, dealing with societies;
(c) Ownership of the parties;
(d) Electronic addresses, if any;
(e) Other personal identification data from the parties here indicated, as provided in the Regulations of this Law.
II. Cause of registration, specifying whether it is the original registration, or the modification, extension, cancellation, extinction or the execution of it.
III. A description of the guaranteeing movable goods, which may be generic or specific.
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IV. If it is a specific loan guarantee for the purchase, GEC will have to mention that aspect in particular, and identify the assets acquired, in a way that allows them to be distinguished from the general asset of the guarantor debtor.
V. In the case of goods by incorporation or destination, the type of property in question, as well as the number of registration, or in its absence, the precise location and identification of the property and the name of its owner or owner, as well as where these property is or is expected to be radiated.
VI. Date and exact time of receipt of the application for registration, added by electronic process in the Register.
Where there is more than one guarantor debtor providing a guarantee on the same movable property, such debtors should be identified separately on the form. Similarly, it should be done when the security right is in favour of several creditors.
Requirements for the Registration of Specific Mobility Guarantee for Purchase (GEC)
Art. 46.- In order for a specific loan guarantee for the purchase, GEC, to be effective against third parties, the preferred secured creditor must meet the following requirements:
(a) Perform the registration of the Registration Form before the acquisition of the property by the guarantor debtor or, no later than five working days after the date on which the guarantor debtor has acquired his possession and domain;
(b) Specify in the Register Form that the secured obligation has as its destination the financing for the acquisition of the assets that constitute the guarantee of the assets; and,
(c) Notify, prior to the acquisition of the assets by the guarantor debtor or, no later than five working days after the date on which the guarantor debtor has acquired its possession and domain, all secured creditors registered with the same debtor ' s claims against secured property that could be qualified within the description of the assets subject to the GEC.
Rectification and Modification of Registrations
Art. 47.- Registration data may be rectified at any time by the registration of a Modification Form, and its effects are retrotracted to the date of the original registration that is rectified.
In the event that the guarantee is amended, it will have effects from the time of registration of the modification.
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Legitimation to Request Registration
Art. 48.- The secured creditor or any person authorized by it shall be entitled to request, through the respective Register Form, the inscriptions referred to in this Law, in order to publicize the collateral.
The cancellation or modification of a registry by a substantial or fraudulent error shall be governed by the rules laid down in the Civil Code or the Criminal Code, as the case may be, by court order, following due process.
CHAPTER IV
REGISTRATION ARANCEL
Tariff of the Register
Art. 49.- The process of registration of mobility guarantees will cause the payment of registration rights in the following ranges:
One dollar ($1.00) of the United States of America for every centennial of dollars or fraction of hundreds, the amount of which is up to one thousand five hundred dollars of the United States of America ($1.500.00).
Fifteen dollars ($15.00) of the United States of America, for those inscriptions which amount to more than one thousand five hundred dollars ($1,500.00), up to a maximum of ten thousand dollars ($10,000.00) of the United States of America; over the excess of this last amount will be paid in addition, one dollar ($1.00) of the United States for every centennial of dollars or a fraction of hundreds to a maximum of $12,000.
For the cancellation procedure whose value does not exceed ten thousand dollars ($10,000.00) of the United States of America, six dollars will be paid ($6.00); for the excess of ten thousand dollars of the United States of America will also be paid, twenty cents of dollars ($0.20) for each hundred dollars or fraction of hundreds, up to a maximum of one hundred and fifty dollars ($150.00) of the United States of America.
In the case of the execution procedure, five United States dollars ($5.00) will be paid for the registration of the respective implementation form.
For any undetermined value document, as well as any other document not specified in this tariff, six United States dollars ($6.00) will be paid for registration fees.
Certifications, Constances and Authorized User Password
Art. 50.- The following rights will be charged for certifications:
(a) For the verbatim certification of registration, for the first ten sheets, six United States dollars ($6.00), plus twenty-five cents ($0.25) for each of the additional sheets of the certification requested;
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(b) For each excerpt of an inscription, twelve dollars ($12.00) from the United States of America;
(c) Any other verbatim certification, not specified in the previous verbatims, three United States dollars ($3.00) per document issued;
(d) To obtain the authorized user password, an annual amount of $15 ($15.00) will be charged from the United States of America; and,
(e) For each record of the debtor ' s record, five United States dollars ($5.00) will be charged.
Payment form
Art. 51.- The tariffs set forth in this Law shall be paid by means of orders of entry into the Collectors or Banks authorized by the National Registry Centre; the National Registry Centre shall also implement the mechanisms to enable payment by appropriate electronic means.
CHAPTER V DILIGENCES OF REGISTRAL INSCRIPTIONS
GARANTIA MOBILIARIA
Cancellation of Registration
Art. 52.- Inscriptions are waived for the following reasons:
(a) For cancellation;
(b) Direct consequence of a post-registration legal act;
(c) By court order.
Cancellation upon request of the Deuter
Art. 53.- The secured creditor shall be obliged to extend to the guarantor a Cancellation Form within five working days of payment of the secured obligation or obligations. Damage or prejudice
Art. 54.- Failure to comply with the obligation set forth in the preceding article shall result in the compensation of the damages or damages caused to the debtor referred to in that provision, in accordance with the law.
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Unilateral request by the Deudor of Cancellation of a Registration
Art. 55- The guarantor debtor who intends to cancel the registration of a monetary guarantee, without the participation of the secured creditor, must apply to the competent judge, establishing the reasons for its claim. The judge shall decide what is appropriate under the law.
PART V
CHAPTER ON PRELATION REGULATIONS
Priority from the Inscription of the Constitutive Act of the Mobiliary Guarantee by Registration Form
Art. 56.- The priority of a mobiliary guarantee in accordance with this Law, as well as judicial and tax charges, is determined by the time of its advertising, which may precede the creation of a guarantee.
The guarantee that has been registered in the Register of Mobiliary Guarantees has priority over that unpublished guarantee. If the loan guarantee was not issued, its priority against other secured creditors with unpublished loan guarantees will be determined by the date of the warranty contract.
Priority and Other Rights
Art. 57.- They will have preference for the monetary guarantees that have been registered in the Register, even if they have been constituted after unpublished monetary guarantees.
Protection of Buyer or Purchaser
Art. 58.- Notwithstanding what is stated in the previous article, a buyer or acquirer in the normal course of the business of the guarantor debtor shall receive the free movable property of any gravel constituted on them.
The secured creditor may authorize the guarantor debtor to dispose of the assets, free of any levy and outside the ordinary course of the business of the guarantor debtor, in which case, whoever acquires such assets, shall also acquire them free of such a liability.
The secured creditor may not interfere with the rights of use and enjoyment of a leaser or licensee of movable property that have been delivered under a lease or licence granted in the ordinary course of the business of the leaser or licensor.
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Preferential priority of the Specific Mobility Guarantee for Purchase (GEC)
Art. 59.- GEC secured creditors will not be affected by any GEC restriction between the guarantor debtor and another secured creditor.
The GEC shall extend exclusively to the specific movable property acquired under it and to the funds specifically attributable to the sale of the same, provided that the secured creditor complies with the conditions laid down in the Law.
Modification of Prelation by Will of Guaranteed Acreetors
Art. 60.- The priority of a loan guarantee may be amended by written agreement between the secured creditors involved, unless it affects the third party ' s right or is prohibited by law. The modification of priority rights should be inscribed in the Register to have legal effects between the parties and be effective against the guarantor debtor and against third parties.
Special Priority Cases
Art. 61.- Where appropriate, without prejudice to the provisions of Art. 13 of this law, the right of priority shall be determined by the following rules:
I. The priority of monetary guarantees on representative documents of goods shall be governed by the following:
(a) A monetary guarantee on a representative document of goods, whether it is contained in paper or electronic form, shall have priority with respect to any tax on the goods represented by that document, provided that the document was validly issued in accordance with the rules contained in this Law. Exceptions are made to cases of retention rights or levies by the provision of the Act, which are registered prior to the establishment of the Mobiliary Guarantee on the representative document;
(b) In the case of a mobiliary guarantee on representative documents of negotiable goods issued on paper, published through its endorsement and possession, it shall have priority on a loan guarantee on the same representative document, published through its registration in the Register;
(c) In the case of a qualifying guarantee on titles values published by his possession, or his possession and endorsement, he shall have priority on a loan guarantee on the same title value published through his registration in the Register.
II. The priority of a loan guarantee shall be determined at the time of registration in the Register. In the case of a security right on the funds of a letter of credit, the secured creditor that first receives notification of acceptance of payment by the issuing or confirming bank and has entered the security right in the Register shall have priority
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any other monetary guarantee on such funds. The right of this secured creditor does not affect the other rights of the beneficiary of a documentary credit.
III. A mobiliary guarantee on goods by incorporation or destination, to which it has been advertised in the manner established by this Law, shall have priority in respect of the guarantees of the property, provided that the guarantor has been registered in the Register prior to its accession or incorporation.
IV. The priority of a loan guarantee on cash deposit accounts and investment accounts or similar accounts will be determined at the time of its entry into control.
V. The holder of a negotiable value title that is in possession of it, with endorsement or without endorsement, as appropriate, in the ordinary course of the commercial operations or business turn of the person who transferred it, receives it free of tax.
PART VI PROCEDURES OF IMPLEMENTATION
CHAPTER I REGISTRARY INSCRIPTION OF IMPLEMENTATION
Start of the Execution Process by the Registration of the Application Form
Art. 62.- The secured creditor that intends to initiate an execution in case of default of the guarantor debtor, shall register a Registered Application Form in the Register, which shall be notified to the guarantor debtor for the purposes of the law.
Registration Form for Execution
Art. 63.- The Application Form must contain at least:
(a) A description of the cause of default by the guarantor debtor;
(b) Number of registration of the registration form of the guarantor for which the execution is attempted, with its registration date;
(c) Statement of the amount of capital owed, plus interest agreed upon in the contract accrued during the validity of the credit or guaranteed credits.
Election of Procedure by Guaranteed Acreedor
Art. 64.- Inscribed the application form, the secured creditor may choose between an arbitration process, an extrajudicial trial before a notary, or a court proceedings before a competent judge.
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In the case of accession contracts, the option of the notarial or arbitral proceedings shall be agreed between the parties through a free discussion clause, separate from such contracts.
Initiated the process of execution before notary, any party may, at any time, before the final ruling, request the suspension of the notarial performance and the file be returned to the secured creditor. The right to appeal to the court is irrenunciable by the guarantor debtor.
CHAPTER II: NEW EXECUTION OF THE MOBILIARY GARANTIA
Notification Note
Art. 65.- If the secured creditor chooses the extrajudicial proceedings before the notary, the latter, by a notary notification, shall issue a copy of the application form to the guarantor debtor, the principal debtor of the secured obligation, to the person in possession of the assets given in guarantee and to any person with a valid deposit of the same movable assets in guarantee, in accordance with the provisions of this Law.
Time to Answer
Art. 66- Upon receipt of the notarial notification, the guarantor debtor shall have a period of three working days, counted from the day after the receipt of the application registration form, to oppose it or not, in written form; in the event of opposition, the notary shall refrain from knowing further of that process; likewise, if the debtor fails to answer within the aforementioned period, the notary may not continue with this procedure.
In the event of a lack of opposition from the main debtor of the secured obligation or the guarantor debtor in the case for which the execution is promoted, in accordance with the Registered Execution Form, the secured creditor may apply in accordance with article 71 of this Law or in accordance with the sale at auction provided for in Chapter III of this Title.
Opposition of the Deudor
Art. 67.- If the principal debtor of the secured obligation or the guarantor debtor objected to the execution, the notary shall refrain from knowing and returning the file to the secured creditor within a maximum of three working days.
Voluntary Delivery of Property
Art. 68.- In the absence of opposition from the main debtor of the secured obligation or from the guarantor debtor in the case in which the enforcement of the attorney is promoted by the secured creditor, the notary may continue to know the performance.
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In the case of a non-displacement security right in tangible property under the supervision and notary inventory, the assets under warranty shall be delivered to the secured creditor or to a third party, at the request of the first and with the consent of the guarantor debtor.
CHAPTER III VENTATIVE IN PUBLICA NO JUDICIAL OR IN PRIVATE SUBASTA
Nature of the Subasta
Art. 69.- The parties may, in common agreement, request that the goods be sold in public non-judicial auction or in private auction.
The notary shall direct the valuation of the assets by means of an accepted expert of common agreement by the parties, who shall be duly registered as such in the Superintendency of the Financial System; unless by the nature of the good the parties agree their price.
Receiving the expert report and dealing with non-judicial public auctions, a notice of auction will be issued in two national circulation newspapers, indicating place, date and time to carry out this.
Supplementary application
Art. 70.- The designated notary shall act under the fundamental provisions of this Act, as well as the Act on the Noteable Exercise of Voluntary Jurisdiction and Other Diligences, and other laws in force in what are relevant and applicable.
Dation in Payment
Art. 71.- The parties may agree, in common agreement, on the payment of the goods for the value they establish.
Right of the Deudor to Declare by Termination or Suspension of the Execution Process
Art. 72.- At any time, before the secured creditor has secured the assets, the guarantor debtor, as well as any other interested person, has the right to terminate the enforcement procedures, either:
(a) Paying the total amount owed by the guarantor debtor to the secured creditor, as well as the expenses incurred by the secured creditor in the enforcement procedure, accepted by the debtor;
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(b) If the secured obligations are not complied with in accordance with the terms set forth in the contract and there is no compensatory clause in the same case, the guarantor debtor, during the enforcement process of the security right, shall have the right to satisfy the obligations incurred, by means of quotas or partial estimates and also to pay the expenses incurred in that process, all in common agreement with the creditor, and may request as a consequence that the same is declared suspended.
Payment Priority Order on Liquidation Outcome Goods
Art. 73.- The attributable property resulting from the non-judicial or private public auction, as well as the equivalent in the event of the taking of the goods in payment, shall apply to the cancellation of the obligation guaranteed in the following order:
(a) Satisfaction of the balance owed from the secured obligation, first applied to mortar interest, then regular and finally capital interest;
(b) The payment of taxes that violate the monetary guarantee, if any, since the law is a tax on the good in such circumstances;
(c) Execution, deposit, repair, insurance, preservation, or auction expenses incurred by the secured creditor;
(d) Satisfaction of secured obligations with lower priority mobiliary guarantees;
(e) The remnant, if any, shall be delivered to the guarantor debtor.
If the balance owed by the guarantor obligor exceeds the proceeds of the ibucable assets to the realization of the movable assets in collateral, the secured creditor retains its action to demand the payment by the remaining obligor of the obligation by the appropriate means.
Execution of a Mobiliary Guarantee on Property by Incorporation or Destination
Art. 74.- Where a secured creditor has a registered security right in respect of the assets by incorporation or destination and, furthermore, has a mortgage guarantee on the property to which the secured creditor has been incorporated or destined, the secured creditor may, in its election, execute all or any of the aforementioned guarantees, in accordance with the provisions of this Law and other laws concerning the enforcement of guarantees against real property. If such a secured creditor has priority, it may withdraw the assets by incorporation or destination. Such secured creditor must pay the owner or mortgage creditor of the property, provided that it is not the same guarantor debtor, any damage caused to the property by the removal of the property by incorporation or destination, in accordance with the provisions of this Law.
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Agreement between Parties
Art. 75.- At any time, before or during the enforcement procedure, the guarantor debtor may agree with the secured creditor conditions other than those previously regulated, whether on the delivery or recovery of the asset, the conditions of sale, auction or on any other aspect, provided that such agreement does not affect third parties.
Rights of the Defender against Abuses in the Process
Art. 76.- In any event, the right of the guarantor debtor to claim damages to the competent authority, for the abusive exercise of its rights by the secured creditor or other claimant party and experts shall be safeguarded.
Rights of Guaranteed Inferiors in Prelation
Art. 77.- Any secured creditor below priority may be subrogated from the rights of the higher priority secured creditor, paying the amount of the secured obligation of the first creditor.
Order of Priority between Guaranteed Acredents
Art. 78.- Guaranteed creditors may exercise their enforcement rights and take control of the assets in the order of their priority.
CHAPTER IV JUDICIAL EXECUTION DILIGENCES OF MOBILIARY GARANTIA
Diligences of Judicial Execution of Mobiliary Guarantee
Art. 79.- If the secured creditor chooses the judicial procedure, it must be followed in accordance with the Civil and Commercial Procedure Code.
PART VII
CHAPTER UNICO ARBITRAJE
Arbitration on Mobiliary Guarantees
Art. 80.- Any dispute arising in respect of the invalidity, interpretation and enforcement of a guarantee may be submitted by the parties to arbitration in accordance with the applicable law.
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Arbitration on the Implementation of Mobility Guarantees
Art. 81.- The enforcement of the monetary guarantee may be carried out before an arbitral tribunal, following an agreement between the parties.
PART VIII
CONFLICT OF LEYS AND TERRITORIAL FUND
IMPLEMENTATION OF THIS LAW
Linking the Mobiliary Guarantee in several countries
Art. 82.- In the event that a monetary guarantee is linked for any reason to more than one country, issues relating to the validity, advertising and priority of the guarantee shall be regulated by the law of the country in which they are based at the time of the creation of the guarantee.
Effects of Transfer of Goods in Guarantee to another Country
Art. 83.- If the security assets are transferred to a country other than the one in which the security right was publicized, the law of the country of the new location of the security assets shall govern the issues relating to the advertising and priority of the loan guarantee against third parties that acquire rights in the guarantee, following the establishment of the new location. However, the priority of the security right registered in accordance with the law of the place of the previous location remains, if the guarantee is given publicity in accordance with the law of the country of the new location of the assets in guarantee, within 90 business days of the transfer.
Conflicts between Goods in Guarantee with and without Displacement
Art. 84.- The priority of a non-displacement guarantee on negotiable non-movable property against third parties that acquire a collateral with displacement on such assets is governed by the law of the country where the assets are placed at the time of acquisition of the collateral with displacement.
Deudor location
Art. 85.- In order to apply the rules of this Title, a guarantor debtor shall be considered domiciled in the country where he has registered in the register of merchants or companies or maintains the main centre of his business.
If the guarantor debtor is not a merchant registered in the business or corporate registry, it does not operate a business in a habitual way or does not maintain a business center, the guarantor debtor will be considered domiciled in the country of his habitual residence.
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PART IX GENERAL PROVISIONS AND VIGENCE
UNICO CHAPTER
Prevalence
Art. 86.- In the scope of their application, these provisions shall prevail over any other contracting provisions; and that which has not been expressly regulated in this Law and its Regulations may be supplemented by the applicable laws and regulations.
Contracts and existing or existing legal situations at the time of entry into force will continue to be governed by the originally agreed terms and conditions.
The garments registered prior to the validity of this law shall maintain their priority in accordance with the registrations contained in the respective records. The parties have the right to register such garments in the Register of Mobiliary Guarantees in order to publish the information in response to the person of the guarantor debtor and thus lose the priority acquired. However, any levy that is constituted on these property after the validity of this Act shall be governed by the provisions of this Act and shall be referred to the existence of a garment, in order to avoid hidden levies.
Obligation to Rule
Art. 87.- The President of the Republic shall issue the Regulations of this Law within six months of publication in the Official Gazette.
Vigilance
Art. 88.- This Decree shall enter into force six months after its publication in the Official Gazette, and the National Register Centre must begin operations of the Register of Mobiliary Guarantees no later than six months after its entry into force.
DADO en EL SALON AZUL DEL PALACIO LEGISLATIVE: San Salvador, at the nineteenth day of September, two thousand thirteen.
OTHON SIGFRIDO MORALES, PRESIDENT.
ALBERTO ROMERO RODRIGUEZ, GUILLERMO ANTONIO GALLEGOS NAVARRETE, FIRST VICEPRESIDENT. SECOND VICEPRESIDENT.
JOSE FRANCISCO MERINO LOPEZ, FRANCISCO ROBERTO LORENZANA DURAN, TERCER VICEPRESIDENT. VICEPRESIDENT FOURTH.
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ROBERTO JOSE d’AUBUISSON MUNGUIA, QUINTO VICEPRESIDENT.
LORENA GUADALUPE PEÑA MENDOZA, CARMEN ELENA CALDERON SOL DE ESCALON, FIRST SECRETARIAT. SECOND SECRETARIAT.
SANDRA MARLENE SALGADO GARCIA, JOSE RAFAEL MACHUCA ZELAYA, TERCERA SECRETARIA. SECRETARY FOURTH.
IRMA LOURDES PALACIOS VASQUEZ, MARGARITA ESCOBAR, QUINTA SECRETARIA. SECRETARY SIX.
FRANCISCO JOSE ZABLAH SAFIE, REYNALDO ANTONIO LOPEZ CARDOZA, SEPTIMO SECRETARIO. OCTAVO SECRETARY.
Presidential House: San Salvador, on October four, two thousand thirteen.
PUBLIQUESE,
Carlos Mauricio Funes Cartagena, President of the Republic.
José Armando Flores Alemán, Minister of Economy.
D. O. No. 190 Volume No. 401 Date: October 14, 2013
SV/ielp 11-11-2013
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