Currently, Secured Transactions Law in Brazil is fragmented. There are two different types of security interests. First, there are “real” security interests, which involve the obligation being secured by an asset, and secondly, there are “fiduciary real” security interests, which entail a transfer of title of the asset in question to the creditor, although the possession of the asset remains with the debtor. The return of the title is automatic and occurs once the obligation is performed. Immovables such as land, aircrafts or ships are governed by “special mortgages”. However, Brazil published a law in 2017 facilitating the registration of security interests. This law allows for security interests to be created without the need of a notary, but rather, an online registry. The registry has not been fully implemented yet, but the National Monetary Council and the Central Bank recently approved the regulations that will govern the registry.
Last Checked October 2020
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