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ARTICLE · 28 APRIL 2021

New Regulations On Secured Transactions Coming Into Force

Duane Morris LLP
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The new decree No. 21/2021/ND-CP ("Decree 21") guiding the implementation of the Civil Code on securing the performance of obligations will come into force on 15 May 2021.

VietnamCorporate/Commercial Law
Oliver Massmann
Oliver Massmann
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The new decree No. 21/2021/ND-CP ("Decree 21") guiding the implementation of the Civil Code on securing the performance of obligations will come into force on 15 May 2021, replacing the current Decree No. 163/2006/ND-CP (amended by Decree No. 12/2012/ND-CP).

Notable new provisions in Decree 21

1. The definition of securing party now include the obligor in a duplex contract for the measure of lien.

2. Security property to be formed in the future:
The secured party establishes the right to part or all of the security property being a future property from the time part or all of such security property is formed. Previously, this right is only formed when the securing party formed rights over such property.

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Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.

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