Background

On 5 March 2013, the Minister of Law and Human Rights (“MoHLR”) enacted the Regulation of MoHLR No. 1 of 2013 on Procedures for Electronic Registration of Fiduciary Security (“Regulation No. 1/2013”). The Regulation No. 1/2013 revokes Decision of MoHLR No. M.01.UM.01.06 of 2000 on Shape of Forms and Procedures for Registering Fiduciary Security. The application of registering  fiduciary security submitted before the enactment of Regulation No. 1/2013, must be completed manually in the period of 60 (sixty) days from 5 March 2013.

The electronic registration of fiduciary security is submitted to the MoHLR by filing the electronic application. The electronic registration of fiduciary security consists of (i) registration of fiduciary security application; (ii) registration of change of fiduciary security; and (iii) deletion of fiduciary security.

Electronic Registration of Fiduciary Security Application

Fiduciary security is a security right over movable goods, either tangible or intangible, and immovable goods, especially for buildings that cannot be encumbered under the mortgage right, which remains in the possession of the fiduciary provider, as a security for the repayment of certain debt, and providing a preferred position to the fiduciary receiver towards other creditors.

Registration of the fiduciary security is conducted by the applicant by filling in the application form, which contains information as follows:

a. identity of applicant;

b. identity of fiduciary provider;

c. identity of fiduciary receiver;

d. deed of fiduciary security;

e. master agreement;

f. value of security; and

g. value of fiduciary security object.

After completing the form, the applicant will print the evidence of registration and pay the registration fee through collecting bank (bank persepsi). Afterwards, the applicant can print the certificate of fiduciary security signed by the officer of fiduciary security application. The officer of fiduciary security application is an officer appointed to receive the registration and electronically sign the certificate of fiduciary security.

Electronic Registration for Amendmenet of Fiduciary Security

Electronic registration for change of fiduciary security is conducted by filling in the application form of amendment. The applicant fills in the form of application for amendment of fiduciary security, which contains information:

a. number, date, month and year of the last fiduciary security certificate; and

b. name and place of notary before the change.

The application of registration for amendment of fiduciary security shall conform to information as contained in the deed of amendment of fiduciary security. After completing the application form, the applicant can print the registration evidence of amendment of fiduciary security and pay the registration fee through collecting bank (bank persepsi). After the payment is made, the applicant can print the certificate of amendment of fiduciary security signed electronically by the officer of fiduciary security application.

Registration of Fiduciary Guarantee Abolition

Petition for abolition of the fiduciary guarantee certificate must be made in writing by the applicant to the Minister of Law and Human Rights by attaching:

a. letter of full payment from recipients of fiduciary or a statement of waiver  or explanation letter of loss of fiduciary guarantee object;

b. Fiduciary guarantee certificates; and

c. Proof of payment of the cost of removal of the Fiduciary Guarantee certificate in accordance with the provisions of laws and regulations.

After the applicant pays the cost of abolition of the fiduciary guarantee certificate, then the Fiduciary Registration Office will publish a certificate stating the fiduciary guarantee certificate is no longer valid.

Nicke Laura