Question:
Dear Lawyer, our Company currently has a contract for the purchase of an aerial work platform (the vehicle is not allowed to operate on public roads and must be towed for movement) that needs to be registered as collateral at the Transaction Registration Center. Could you please advise our Company on which category of collateral this asset falls under in the registration form? Additionally, can we register ownership rights to the asset and the right to collect debts in this application?
Answer:
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Collateral Information in the Registration form:
Based on Subsection 3.1, Section 3 of the Technical safety inspection procedure for Aerial work platforms QTKĐ: 18 - 2016/BLĐTBXH, included in the Appendix issued with Circular 54/2016/TT-BLĐTBXH:
3.1. An aerial work platform is a specialized vehicle and equipment used to raise, lower, and move people and work tools at heights.”
Accordingly, the aerial work platform is classified as a specialized vehicle for off-road use (Item 5.1.ii of the registration form).
Note: Based on our experience, if the aerial work platform has a license plate (and frequently operates on public roads), the Transaction Registration Center may classify it as a motor vehicle (Item 5.1.i of the registration form).
However, according to the information provided by the Company, this type of aerial work platform is not permitted to operate on public roads and must be towed for movement, so it will be classified as a specialized vehicle (Item 5.1.ii of the registration form).
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Regarding the Registration of Ownership Rights and Debt Collection Rights:
According to Article 105.1 of the 2015 Civil Code, assets include physical objects, money, valuable papers, and property rights.
As stipulated in Article 105.2 of the 2015 Civil Code, assets encompass real estate (such as land, houses, etc.) and movable property (which are assets that are not real estate, such as the aerial work platform, road rollers, property rights, etc.). Therefore, the aerial work platform is classified as a "physical object" and not as "property rights" according to Article 105.1 of the 2015 Civil Code.
Furthermore, ownership rights are a completely different concept from property rights. For example, when stating that the Company has ownership rights to an asset (such as the aerial work platform, road roller, or property rights), it means that the Company is the "owner" of that asset. The statement "Ownership rights to the goods shall only be transferred to the Buyer..." in the Contract means that the Company officially "sells" the vehicle to the buyer only when the buyer makes full payment.
