Abstract
Fiduciary Guarantee (Fiduciary Law) which approved by the House of Representatives of the Republic of Indonesia (DPR RI) on September 9, 1999 has accommodate the public needs to help business activities and to provide legal certainty to the interested parties. With the increase in the development activities and the needs for funding, a majority of funds are needed to meet the lending and borrowing activities that require protection for the lender and the borrower through a guarantee institution that can provide legal certainty and protection to the lender or the borrower. Viewed from the current lending practices, there is a difficulty on the part of the Fiduciary Guarantee to conduct the fiduciary execution if the Fiduciary Grantor defaults since in fact the goods being a fiduciary object are still in the possession of the Fiduciary Grantor or Debtor, then in line with the provisions of article 1977 of the Indonesian Civil Code, known as the principle of bezit geldt als volkomen titel.
Highlights
If we examine the regulation of the Fiduciary execution under the Fiduciary Law, in accordance with considerations in point c the legislators want to provide legal protection to the interested parties
In addition to that clause, sometimes for its benefit the Creditor is authorized to withdraw and sell the Fiduciary object made separately from the basic agreement but in reality the Bank generally being the Fiduciary Grantee may not take the guarantee objects with violence from the possession of the Debtor, for instance, by visiting the Debtor’s house to take the car from the Fiduciary Grantor’s garage or to forcibly take the car when it is parked in a supermarket or to forcibly stop the car when it is on the way and tow the car by virtue of a power of attorney that has been granted
The sale of goods being a Fiduciary Guarantee object under an agreement privately executed between the Fiduciary Grantor and the Fiduciary Grantee shall be made within 1 month after written notice by the Fiduciary Grantor and the Fiduciary Grantee to the interested parties and announced in at least 2 daily newspapers circulating in the relevant area
Summary
On September 30, 1999, in the framework of legal reform the Government has promulgated, among other things, Law Number 42 of 1999 on Fiduciary Guarantee (Fiduciary Law) whose bill was approved by the House of Representatives of the Republic of Indonesia (DPR RI) on September 9, 1999. 2. Accommodating of the public needs as a means to help the business activities and to provide legal certainty to the interested parties. Meeting the principles of specialty and publicity that bind third parties and provide legal certainty assurance to the interested parties. This paper will further limit the description of the regulation of the execution of fiduciary guarantee under the Fiduciary Law and see things that should be anticipated within the framework of fiduciary execution
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