Decree No. 102/2017/ND-CP regarding registration of security transactions
Effective date: 15 October 2017
This Decree provides for
(1) procedures for registration of security transactions, effect period of registration, application dossier and competent authorities; and
(2) provision of information on registered security transactions.
Under the Decree, the security transactions registration of which is compulsory include mortgage of land use rights; mortgage of assets attached to land; pledge or mortgage of aircrafts; and mortgage of seagoing vessels. Other security transactions such as mortgage of other movable assets or future assets attached to land may be registered as requested by the relevant parties.
Civil Code No. 91/2015/QH13 dated 24 November 2015.
Civil Procedure Code No. 92/2015/QH13 dated 25 November 2015.
There are a number of significant amendments including:
- Maximum agreed loan interest rate shall be 20% per year (instead of 150% of basic interest rate as current laws). The loan interest shall be 50% of such maximum rate in the absence of any agreement.
- An aggrieved party to a breach of contract altering the contracting parties’ position significantly (e.g. causing serious damage) may request the Court to terminate or adjust such contract in order to mitigate damages. The Court may only exercise its discretion to adjust the contract if termination of the damages suffered is more adverse.
- Sex reassignment surgery (male to female and vice versa) and the legal status of a transgender person shall now be recognized.
- The limitation period for initiating a lawsuit relating to civil contracts and to demand compensation for damages arising from out-of-contract obligations is increased to three years (from two years previously).
- The limitation period for inheritance is 30 years for real property and 10 years for other assets.