Guatemala: Law of Real Estate Guarantees comes into effect
The Property Registry will be in charge of temporarily recording the real estate guaranties.
Wednesday, September 17, 2008
This resolution, contained in decree 46-2008 and which has been in effect since January of this years, will allow an individual to offer his work tools, harvest, sales and productions, etc as a guarantee to obtain credit. The transaction will be recorded in a registry in order to legalize it.
The Ministry of the Economy will be in charge of the Registry (RGM) which will start to function on January 2.
The Property Guarantee Registry (RGM) received its first registration for $10 million on Monday.
The new law will allow lenders to accept personal property as a guarantee for loans.
A law project will enable creditors to accept movables as collateral for loans.
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