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NEW MORTGAGE REGISTRATION MODEL IN LITHUANIA

An overview of the various registers managed by the Central Mortgage Office in Lithuania, including the Register of Wills, Register of Property Seizure Acts, Register of Marriage Settlements, Register of Contracts, Register of Legally Incapable Persons, and Register of Notarially Certified Powers of Attorney.

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NEW MORTGAGE REGISTRATION MODEL IN LITHUANIA

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  1. NEW MORTGAGE REGISTRATION MODEL IN LITHUANIA CENTRAL MORTGAGE OFFICE LITHUANIA 4 December 2012

  2. A BRIEF OVERVIEW OF REGISTERS MANAGED BY CENTRAL MORTGAGE OFFICE

  3. Central Mortgage Office was established on the 29 September 1997 Registers managed by the Office:

  4. REGISTER OF WILLS • 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.

  5. STATISTICS OF THE REGISTER OF WILLS 12234ąččęėįšž 17444 wills were registerd from 1 January 2012 till 1 October 2012.

  6. STATISTICS OF THE REGISTER OF WILLS 12234ąččęėįšž

  7. REGISTER OF PROPERTY SEIZURE ACTS • The Register of Property Seizure Acts is a public state registerwhere 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 Ministryof Finance of the Republic of Lithuania • State Social Insurance Fund Board under the Ministryof Social Security and Labour of the Republic of Lithuania • other institutions and officersby which rights to the property located in the Republic of Lithuaniaare temporarily restricted by force by seizing the propertyin accordance with the grounds and order established by laws.

  8. PROPERTY SEIZURE ACTS REGISTRATION • 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 • 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

  9. REGISTER OF PROPERTY SEIZURE ACTSSTATISTICS

  10. 2. REGISTER OF MARRIAGE SETTLEMENTS • 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).

  11. STATISTICS OF THE REGISTER OF MARRIAGE SETTLEMENTS 536 marriage settlements were registered form 1 January 2012 till 1 October 2012

  12. 3. REGISTER OF CONTRACTS • 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.

  13. STATISTICS OF THE REGISTER OF CONTRACTS

  14. 6. REGISTER OF LEGALLY INCAPABLE PERSONS OR PERSONS WITH LIMITEDLEGAL CAPACITY In accordance with Article 2(2) of the Law Amending Article 31 of the Lawon the Notariat of the Republic of Lithuania and agreementbetween the Chamber of Notaries of Lithuania and the Central Mortgage Office of 22 December 2010, the Chamber of Notaries of Lithuaniatransferred 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.

  15. OBJECTS OF THE REGISTER OF LEGALLY INCAPABLE PERSONS OR PERSONS WITH LIMITEDLEGAL CAPACITY • Persons acknowledged as legally incapableby court judgement; • Persons whose legal capacity was limited by court judgement ; • Fourteen to eighteen-year-old minors whose rights toindependently use their income and property were restricted or withdrawn by court judgement.

  16. 4. REGISTER OF NOTARIALLY CERTIFIED POWERS OF ATTORNEY • 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.

  17. MORTGAGE REGISTER OF THE REPUBLIC OF LITHUANIAAFTER 1 JULY 2012

  18. OBJECTS OF THE MORTGAGE REGISTER • 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.

  19. DURING THE MORTGAGE REFORM (1) • 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

  20. DURING THE MORTGAGE REFORM (2) • 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

  21. DURING THE MORTGAGE REFORM (3) • 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

  22. CONTRACTUAL MORTGAGES (PLEDGES) REGISTRATION PROCEDURE

  23. LEGAL MORTGAGES (PLEDGES) REGISTRATION Before1 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 Bond Mortgage Register Mortgage judge Creditor Court Creditor Electronically transferred data After1 July 2012 Bond Mortgage Register Mortgage judge Creditor Creditor Court Administrators of taxes, Administration institutions of the State Social Insurance Fund Board,notaries Electronically transferred data

  24. FORCED RECOVERY PROCEDURE Before1 July 2012 After 1 July 2012 Request for a forced recovery Creditor Creditor Mortgage judge Decision to seize property Request for a sale by auction Creditor Mortgage judge Notary Receiving-order Creditor Creditor Presentation of receiving-order Bailiff Bailiff Recovered fund Mortgage judge Allocation of recovered fund Creditor and owner Creditor and owner

  25. INTERACTION WITH RELATED REGISTERS Residents’ Register of the Republic of Lithuania; Register of Legal Persons Register of Real Estate; Register of Sea-Going Ships Registers of Inland Waterway Vessels Register of Railway Rolling Stock and Containers Register of Trademarks Register of Patents Register of Designs Register of Tractors, Self-Propelled and Agricultural Machines and their Trailers; Register of Civil Aircrafts Register of Road Vehicles; Register of Weapons; Register of Addresses; Register of Foreigners.

  26. REGISTRATION FEE • 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)

  27. THANK YOU FOR YOUR ATTENTION! www.hipotekosistaiga.lt info@hipotekosistaiga.lt

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