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General aspects of the Moveable State Guarantess Law | General aspects of the Moveable State Guarantess Law |
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General aspects of the Moveable State Guarantees LawFrom January 1st, of 2008, the small and medium companies or entrepeneurs will be able to ask for loans or credits, for their own needs and projects and whose guarantees can be personal moveable state property. This is due to the new law passed by the Congress of the Republic to have access on credits where the guarantees can be machinery, vehicles, and harvests, among others. The Congress approved the decree 51-2007 that creates the Moveable State Guarantees Law, which will allow the small and medium companies or entrepreneurs, to obtain loans, by other kind of guarantees, different from the state mortgage and pledges. According with Ernesto Morales, Vice-President of the Federation of Small and Medium Companies (FEPYME), where he indicates that the small and medium industrialist will be able to select upon and immediate way and lower interest rates on the traditional banking credit. The norm creates the legal frame so that within the legal certainty, the industrialists and business, can give as guarantee a series of moveable goods, like the inventory of their companies, accounts and invoices to be collected, titles of credit, intellectual property rights, harvests, among others. “The traditional financial system was demanding only mortgages nothing else, in this case the FEPYMES can now give in guarantee its own equipment, machinery and any other guarantee that is not specifically a mortgage”, expressed Morales. In Aragón & Aragón we can advice about this subject, contact us. |
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