Measures for Chattel Mortgage Registration will come into force on September 1 2016
With the increasing needs of financing and transitions of commodities, the disputes on the chattel mortgage are increasing rapidly. In order to protect the guarantee of the creditor’s rights more effectively, recently, the SAT has amended the Measures for Chattel Mortgage Registration. The highlights of the amendment are as follows: To clarify that the right to chattel mortgage shall be established when a chattel mortgage contract comes into force Article 2 has added that ‘the right to chattel mortgage shall be established when a chattel mortgage contract comes into force’. In order to avoid the disputes on whether a chattel…