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Security Laws and Procedures in Brazil

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Overview of Security Options

Brazil offers various security options to protect financial interests. Some key points include:

• Pledge Law: Allows creation of pledges over assets such as real estate, movable property, financial instruments, and cash deposits.
• Mortgages: Can be granted on real estate but must be enforced judicially through a public auction.

Procedure for Granting Security

The procedure for granting security involves:

• A private agreement between the obligor and the lender (or security agent) is executed to create the pledge.
• Registration is not necessary for validity, but it is advisable for enforcement purposes.
• Perfection of the pledge can be achieved through registration.

Enforcement of Security

To enforce security, the following should be considered:

• Enforcement Triggers: Clearly specify the triggers in finance and security documents.
• Common enforcement triggers include:
  • Event of default under the loan agreement
  • Delivery of a notice of enforcement by the secured creditor
• Different types of security have different regimes, including:
  • Judicial foreclosure for mortgages on real estate
  • Out-of-court procedures for pledges over movable assets

Insolvency Proceedings in Brazil

In case of borrower insolvency, a creditors’ meeting will be established to decide whether the debtor should enter into reorganization or liquidation proceedings. Claims will be paid in the following order:

• Labour claims
• Alimony claims (for individuals)
• Secured claims
• Tax claims
• Unsecured claims

Overall, this article highlights the importance of clear documentation and registration for enforcement purposes in Brazil’s security laws and procedures.