new mortgage registration model in lithuania central mortgage office lithuania 4 december 2012
TRANSCRIPT
NEW MORTGAGE REGISTRATION MODEL IN LITHUANIA
CENTRAL MORTGAGE OFFICE
LITHUANIA
4 December 2012
A BRIEF OVERVIEW OF REGISTERS MANAGED BY CENTRAL MORTGAGE
OFFICE
Register: Activity since:
Mortgage Register of the Republic of Lithuania 1 April 1998
Register of Wills 1 July 2001
Register of Property Seizure Acts 1 January 2002
Register of Marriage Settlements 1 July 2002
Register of Contracts 17 July 2002
Register of Legally Incapable Persons and Persons with Limited Legal Capacity
1 January 2011
Register of Notarially Certified Powers of Attorney 1 January 2011
Central Mortgage Office was established on the 29 September 1997
Registers managed by the Office:
Objects of the Register:
wills; facts of acceptance of inheritance.
Data about the content of will and testator’s will are not stored and processed in the Register of Wills.
REGISTER OF WILLS
12234ąččęėįšž
STATISTICS OF THE REGISTER OF WILLS
17444 wills were registerd from 1 January 2012 till 1 October 2012.
12234ąččęėįšž
STATISTICS OF THE REGISTER OF WILLS
The Register of Property Seizure Acts is a public state register where property seizure acts accepted by state institutions (officers) are registered in accordance with the order established by law.
Objects of the Register are property seizure acts of:
courts bailiffs prosecutors State Tax Inspectorate under the Ministry of Finance of the Republic of
Lithuania State Social Insurance Fund Board under the Ministry of Social
Security and Labour of the Republic of Lithuania other institutions and officers by which rights to the property located
in the Republic of Lithuania are temporarily restricted by force by seizing the property in accordance with the grounds and order established by laws.
REGISTER OF PROPERTY SEIZURE ACTS
Till 1 July 2012
Data might be transferred to the register:• by fax• by mail• personally
Refusal to register of property seizure act: Decision is made by mortgage judge
There was no time limit in order to eliminate data inaccuracies and shortcomings
PROPERTY SEIZURE ACTS REGISTRATION
Since 1 July 2012
Data might be transferred to the register:• electronically • by fax (for unexpected
problems to transfer data)
Refusal to register of property seizure act: Decision is made by Central Mortgage Office
There is a time limit of 10 workdays in order to eliminate data inaccuracies and shortcomings
REGISTER OF PROPERTY SEIZURE ACTS
STATISTICS
Objects of the Register:
marriage settlements; cohabitation settlements on the division of jointly
acquired and used property at the end of co-habitation;
facts of the division of property (settlements and court decisions on division of joint property of spouses).
2. REGISTER OF MARRIAGE SETTLEMENTS
STATISTICS OF THE REGISTER OF MARRIAGE SETTLEMENTS
536 marriage settlements were registered form 1 January 2012 till 1 October 2012
Objects of the Register:
Contracts of Instalment Sale Contracts of Sale with Right of Redemption; Leasing (financial lease) agreements.
The object of such contracts is a thing which has not/can not be registered (in appropriate property register), acquired for the business or services.
3. REGISTER OF CONTRACTS
STATISTICS OF THE REGISTER OF CONTRACTS
In accordance with Article 2(2) of the Law Amending Article 31 of the Law on the Notariat of the Republic of Lithuania and agreement between the Chamber of Notaries of Lithuania and the Central Mortgage Office of 22 December 2010, the Chamber of Notaries of Lithuania transferred data about persons acknowledged by the court as legally incapable or with limited legal capacity accumulated before the beginning of the Register’s activities.A list of 8,161 person was transferred to the Register.In 2011 the courts of Lithuania presented data to the Register about 835 incapable persons or persons with limited capacity.
6. REGISTER OF LEGALLY INCAPABLE PERSONS OR PERSONS WITH LIMITED
LEGAL CAPACITY
Persons acknowledged as legally incapable by court judgement;
Persons whose legal capacity was limited by court judgement ;
Fourteen to eighteen-year-old minors whose rights to independently use their income and property were restricted or withdrawn by court judgement.
OBJECTS OF THE REGISTER OF LEGALLY INCAPABLE
PERSONS OR PERSONS WITH LIMITED
LEGAL CAPACITY
Objects of the Register:
1) The powers of attorney certified by a notary or a consular officer: that entitle to make agreements requiring a notarial form; that entitle an individual to carry out the matter related to the
entities, except the cases defined by the provisions of law that permit to provide any other form of power;
by which an individual provide a right of management, using and disposal of his/her real estate;
other powers of attorney certified by a notary.
2) the powers of attorney certified by the authority equal to a notary: the military powers of attorney, certified by a commander
(head) of military subunit, formation, military institution and school;
prisoners’ powers of attorney certified by the head of an imprisonment place;
powers of attorney certified by a captain of long voyage ships navigating with the flag of the Republic of Lithuania for the persons that navigate such ships.
4. REGISTER OF NOTARIALLY CERTIFIED POWERS OF
ATTORNEY
MORTGAGE REGISTER OF THE REPUBLIC OF LITHUANIA
AFTER 1 JULY 2012
contractual mortgages (pledges)
legal mortgages (pledges)
mortgage (pledge) transactions
Data about these objects is stored and processed in the Mortgage Register as well as data about the marks of notary executive records.
OBJECTS OF THE MORTGAGE REGISTER
refused excess functions of a mortgage judge in mortgage (pledge) registration process, also, refused mortgage divisions upon district courts
people applying for a loan can cope mortgage related affairs in a “one-stop shop” way
simpler mortgage (pledge) registration process
established a possibility to pledge assets of enterprise
DURING THE MORTGAGE REFORM (1)
There is no standardized form of the bond anymore
Contractual mortgage (pledge) comes into force after it is signed by the parties of transaction (if there is no other conditions)
The registration of contractual mortgages is not obligatory anymore
Mortgage (pledge) registration has been made administrative, not judicial process
DURING THE MORTGAGE REFORM (2)
Faster forced recovery process
Forced recovery process starts after the notary makes an executive record.
Executive record is considered to be executive document which can be presented to a bailiff
DURING THE MORTGAGE REFORM (3)
CONTRACTUAL MORTGAGES (PLEDGES) REGISTRATION PROCEDURE
LEGAL MORTGAGES (PLEDGES) REGISTRATION
Administrators of taxes, Administration institutions of the
State Social Insurance Fund
Board, notaries
Mortgage RegisterCreditorCourt
Mortgage judge
Before 1 July 2012 If the legal mortgage (pledge) had been established by a court decision, creditor had to submit the original of the legal mortgage (pledge) bond to the mortgage
division
After 1 July 2012
Electronically transferred data
Mortgage RegisterCreditor Court Mortgage
judge
Electronically transferred
data
Bond
Bond
Creditor
Creditor
FORCED RECOVERY PROCEDURE
Creditor
Mortgage judge
Creditor
Bailiff
Before 1 July 2012
Mortgage judge
Creditor
Creditor and owner
Request for a forced recovery
Decision to seize property
Request for a sale by auction
Receiving-order
Presentation of receiving-order
Mortgage judge
Recovered fund
Allocation of recovered fund
Creditor
Notary
Creditor
Bailiff
Creditor and owner
After 1 July 2012
Residents’ Register of the Republic of Lithuania;Register of Legal PersonsRegister of Real Estate;Register of Sea-Going ShipsRegisters of Inland Waterway VesselsRegister of Railway Rolling Stock and ContainersRegister of TrademarksRegister of PatentsRegister of DesignsRegister of Tractors, Self-Propelled and Agricultural Machines and their Trailers;Register of Civil AircraftsRegister of Road Vehicles;Register of Weapons;Register of Addresses;Register of Foreigners.
INTERACTION WITH RELATED REGISTERS
Registration fee has been paid for the mortgage (pledge) registration, for its data change recording or for the mortgage (pledge) deregistration:
registration – 108 LTL (31 EUR) data change recording – 31 LTL (9 EUR) deregistration – 10 LTL (3 EUR)
REGISTRATION FEE
