Have you ever noticed the term “fiduciary alienation” in the document when purchasing a used car? If you have noticed or not, do you know what it means? Most people have no idea what it is, however, regardless of their knowledge, continue with this article and learn a little more about this legal expression used in business.
Briefly, fiduciary alienation consists of a transfer of a good from the debtor to the creditor, that asset can be movable and immovable, and functions as a guarantee that ensures that the creditor will have the debt paid. However, even if the creditor owns the property, the debtor can still use it, except doing business with a third party. In Brazil this mode is more used in the purchase of vehicles.
What determines the law of fiduciary alienation?
According to Article 22 of Law 9514/97, fiduciary alienation is a legal transaction in which the debtor negotiates the transfer of the property with the creditor. Such transfer shall be for the purpose of using the good as collateral.
Characteristics of fiduciary alienation
– Fiduciary: company that granted the loan or financing, ie the creditor;
– Trustor: person who requested the loan or financing, ie the debtor.
What is fiduciary alienation for?
This type of credit was created to replace the mortgage in the operations with assets in guarantee, because the process involving the mortgage was very bureaucratic, which came to fall into disuse.
In the mortgage, it was necessary to use legal actions to execute the asset in case of default, with the fiduciary alienation the institutions can take back the assets with extrajudicial processes. In addition, reducing the risk of default has turned into better terms of payment.
What information is required in a fiduciary alienation agreement?
– Amount of debt
– Term and conditions of payment of the loan;
– Interest rates and incidental charges;
– Description of the disposal object, as well as the indication of ownership and mode of acquisition;
– Clause ensuring the free use of the property by the debtor, at his own risk;
– Indication of property value and review criteria for the case of auction sale.
This negotiation allows the client to have access to the loan with a guarantee, because it has low interest rates, allows high request values and long installment terms. Compared to conventional loans, it can be an attractive modality. However, if there is a debt in these modalities, it is possible to migrate and pay lower rates.
Do you need a personal loan online? Count on the Financial Group, the process here is safe, fast and without bureaucracy. Order yours now.