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Legal subjects
The Moveable State Guarantess Law | The Moveable State Guarantess Law |
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Moveable State Guarantess
From the 1 of January of the 2008, the small and medium industrialists and business, will be able to have loans or credits, whose guarantees can be personal moveable state property. This due to the law approved by the Congress of the Republic to have access on credits where the guarantees can be machinery, vehicles, harvests, among others. The Congress approved the decree 51-2007 that it creates the Law of Moveable State Guarantees, which will allow the small and medium industrialists to obtain credits by means of guarantees, different from the state mortgage and pledges. According to it indicated Ernesto Morales, vice-president of the Federation of Small and Medium Companies (FEPYME), the small and medium industrialist will be able to choose to of a way but immediate and smaller 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 in guarantee a series of moveable goods, like the inventory of their companies, accounts to receive, invoices to receive, titles of credit, rights of intellectual property, harvests, among others. “ The traditional financial system what demanded was mortgages nothing else, in this case the FEPYMES can now give in guarantee its own equipment, its own 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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