On October 12 2010 a decision was published in the Official Gazette that establishes the procedure for making and annotating records in the Personal Property Security Registry. It entered into force the following day. The decision is directly related to an agreement published in the Official Gazette on September 23 2010 whereby several aspects of the Regulations for the Public Commercial Registry were amended to make provision for the Personal Property Security Registry.
The decision establishes provisions related to the recording of transactions whereby security over personal property is created, modified, assigned or cancelled; such transactions must be recorded with the Personal Property Security Registry. The Department of the Economy will administer the registry, which will work automatically by means of a system to be created by the department. All filings relating to security over personal property will be carried out using the system.
The decision is intended to update and amend the previous registration system in order for all new filings, annotations, terminations and notices regarding the registry to be entered digitally using specific forms.(1)
Additionally, the decision abrogated an agreement published on September 18 2010, which contained the following registration forms:
- M18 Cancellation of Lien;
- M19 Amendment Agreement;
- M21 Lien;
- M27 Debtor Substitution;
- M35 Pledge without Transfer of Possession;
- M36 Security Trust; and
- M37 Termination of Pledge without Transfer of Possession.
These forms have been replaced by those on the registry's website.
If an operation relating to security over personal property was registered before the decision entered into force, it will continue to be regulated by the public registry forms that were in force at the time of its creation; thus, the amendment, assignment, rectification, termination, consultation or certification of such security will continue to be governed by the earlier forms.
For further information on this topic please contact Miguel Angel Peralta, Daniel Rios Zertuche or Christian Dorantes Picazo at Basham Ringe y Correa SC by telephone (+52 55 5261 0474), fax (+52 55 5261 0557) or email ([email protected], [email protected] or [email protected]).
(1) The forms and a user's guide are available at www.rug.gob.mx.