On November 30, 2022, the Government issues Decree No. 99/2022/ND-CP on the registration of security interests.
Currently, the following security interests are subject to registration: Mortgage of land use rights; Mortgage of land-attached assets the ownership of which has been certified in the certificate of land use rights and ownership of houses and land-attached assets; Pledge or mortgage of aircraft; Mortgage of seagoing ships.
However, Article 4 of this Decree prescribes 04 cases for the registration of security interests as follows:
- Registration of mortgage or pledge, title retention in accordance with law provisions.
- Registration under its agreements between the guarantor and guarantee or in accordance with the requirements from the guarantee, except for the pledge.
- Registration of written notices of disposal of collateral in case an asset is used to secure the performance of more than one obligation or agreement.
- Registration of registered contents; deregistration of the registered contents in the above cases.
The registration will become valid from the time of registration to the time of deregistration.
Registration's valid time is the base for defining the economic confrontation valid time of registration of security interests with the third party in accordance with the provisions of the Civil Code, except for the case that economic confrontation valid time of deregistration and registration of security interests.