Post by account_disabled on Mar 12, 2024 22:42:02 GMT -5
The importance of agriculture for the Brazilian economy has been a reality since the beginning of colonization. Having covered the entire historical trajectory of the country, agribusiness currently represents around a quarter of the national gross domestic product. The strength of this economic sector is strongly linked to legal instruments aimed at promoting and facilitating its financing.
In the wake of the pressing objective of reducing the cost of rural credit, Provisional Measure 897/2019 was recently issued, which, among other measures, established the so-called asset allocation of rural properties. The purpose of this asset is to guarantee the new credit title also created by the MP, the so-called rural real estate certificate (CIR).
The initiative, although well-intentioned, created a different figure from the affected assets already provided for in Brazilian Law, with vicissitudes that could undermine the objectives of reducing the cost of agricultural and livestock financing and, also, with possible harmful effects on other assets. existing allocations. Without the intention of exhausting the analysis of the topic, this article aims to provide some reflections on such particular delineations promoted by MP 897/2019 in relation to the affected patrimony.
The allocation heritage
Initially, it is worth noting that, traditionally, the allocation technique aims to form an autonomous patrimonial whole, from a set of assets that do not mix with the personal heritage of the establishing subject. The Portugal Mobile Number List assets of the earmarked assets are entirely dedicated to achieving a specific purpose, so that only creditors related to the respective final activity can make use of the assets that comprise it.[1]
In Brazilian law, the technique of asset allocation is available, for example, for use in real estate development activities,[2] at the developer's option. Through the institution of allocation assets, the land, accessions and other assets and rights linked to the project form separate assets, which are not mixed with other assets comprising the developer's assets.
In addition to enabling greater flexibility in asset management, the great advantage is that, in the event of an economic-financial imbalance on the part of the owner of the allocated assets, the assets forming part of that asset remain protected and entirely focused on the purpose for which they were affected. For this reason, the affectation technique entails what is understood as “asset shielding”.
In the example of real estate development, the separate assets are aimed at protecting the purchasers of the real estate units and other creditors of the development, since the developer's private creditors — unrelated to the specific development — will not be able to reach the assets affected by that activity.
The peculiar regime of MP 897: allocated assets for guarantee purposes
Already at the start, the allocated assets established by MP 897/2019 are distinguished from other allocated assets existing in Brazilian legislation, insofar as, consisting of only one rural property or fraction thereof, and the accessions and improvements therein,[3] cannot cover other assets owned by the settlor.
The scope is also different from the existing models, as the Agribusiness MP's allocated assets are not aimed at the development of an activity or enterprise, but are limited to closing a guarantee instrument for any credit operation. In other words, once the separate assets consisting of rural property or a fraction thereof have been established, it will be available for a single purpose, which is the binding as collateral of one or more rural real estate certificates (CIRs).[4]