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the Law no. 196/07.09.2020 for the amendment and completion of the Law no. 297/2018 regarding the National Register of Movable Advertising and for the abrogation of the Government Ordinance no. 89/2000

15 September 2020

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On 11.09.2020, entered into force the Law no. 196/07.09.2020 for the amendment and completion of the Law no. 297/2018 regarding the National Register of Movable Advertising and for the abrogation of the Government Ordinance no. 89/2000 regarding some measures for the authorization of the operators and the registration in the Electronic Archive of Real Movable Guarantees.

The normative act establishes a series of novelties regarding the procedure for carrying out the movable advertising, as well as the attributions of the competent bodies delegated with the entry of the matriculations in the National Register of Movable Advertising, but the notable amendament, which produces significant effects on the legal subjects, parts of the legal claims, refers to the amendment of para. 3 in art. 4 of Law no. 297/2018.

Thus, the rule of law specified above stipulates that all the contracts under private signature, agreements concluded by the parties without the mediation of the public notary, which have been provided by the legislator with the prerogative of enforceable title,  may be enforced only under the formal, procedural precondition of their registration in the National Register of Movable Advertising.

In other words, the creditor, party to an agreement signed under private signature, entitled to the satisfaction of his own claim, will not be able to oppose the payment to his debtor, only to the extent that the agreement has been made public through this form of movable advertising.

For example, among the privately signed contracts to which the legislator confers the character of executory title, are listed: the promissory notes, the loan agreements, the lease agreements, the mortgage contracts, etc.

Last but not least, the registration of contracts under private signature with executory character in the National Register of Movable Advertising is mandatory, even if the special legal norms under which these types of acts produce their legal effects do not mention the condition of fulfilling this legal formalism.