Guarantee Registry already operating in Guatemala
The Property Guarantee Registry (RGM) received its first registration for $10 million on Monday.
Wednesday, January 14, 2009
According to prensalibre.com "Erasmo Velasquez, vice minister of Economy, confirmed that the Nuevos Almacenes S.A. company, which runs the Cemaco stores, registered a guarantee for its warehouse stock, in order to request a loan from a bank abroad."
The registration of sugar inventory in the Property Guarantee Registry (RGM) is the biggest since its creation.
When there aren’t sufficient assets to use as collateral for bank financing, producers are registering their crops in the "Registro de Garantías Mobiliarias" (Movable Collateral Registry - RGM).
In the 2 months that the Secured Transaction Registry has been operating, there have been 91 inscriptions for amounts of up to $20 million.
The Property Registry will be in charge of temporarily recording the real estate guaranties.
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