National Seminar on the Formulation of Policy for Academic Papers on Fiduciary Guarantee Law
The Faculty of Law Universitas Indonesia together with the Directorate General of General Legal Administration of the Ministry of Law and Human Rights held a National Seminar with the theme of the Fiduciary Guarantee Law on Tuesday, December 18, 2018 at Margo Hotel Depok Ballroom. The seminar was attended by academics and several agencies in Indonesia.
Based on Article 1 of Law Number 42 of 1999 “Fiduciary is the transfer of ownership rights of an object on the basis of trust provided that the object whose ownership rights are transferred remains within the control of the owner of the object. Whereas the Fiduciary Guarantee is a guarantee of material for both tangible and intangible movable objects in connection with debts between debtors and creditors. A fiduciary guarantee is given by the debtor to the creditor to guarantee the repayment of his debt. This fiduciary guarantee gives a position that prioritizes fiduciary privileges to other creditors. The legal basis that guarantees fiduciary matters includes Government Regulation number 21 of 2015, National Police Regulation number 8 of 2011 and Financial Services Authority Regulation Number 29 / POJK.05 / 2014 concerning the Implementation of Financing Business Enterprises.
Findings from OJK (Financial Services Authority) regarding the issue of fiduciary registration. There are still financing companies that are late to register a fiduciary guarantee even though there is a clause on imposing a fiduciary guarantee in a financing contract. Many financing companies make withdrawals of motorized vehicles even though they do not have a fiduciary guarantee certificate by using experts who are not yet certified and use an approach that is intimidating to the debtor. Whereas according to Article 23 of the POJK 29/2014 Provisions, Financing Companies are prohibited from executing collateral objects if the fiduciary registration office has not issued a fiduciary guarantee certificate and submitted it to the Financing Company.
Prof. Dr. Rosa Agustina, S.H., M.H. in this seminar explained about the proposal regarding Amendment to Law No. 42 of 1999 concerning Fiduciary Guarantees. At the time of registration, the guarantee for the period of fiduciary registration is 7 days after the issuance of the fiduciary certificate accompanied by the consequences of the law if the deed is not immediately registered. And structuring the organization regarding the function of the fiduciary registration office in the regional office of the Ministry of Law and Human Rights as a service center for policy information and communication related to fiduciary.
It is necessary to consider the criminal provisions against debtors who rent the collateral objects without written approval from creditors as criminal offenses and criminal sanction should not only apply to the transfer of collateral objects entirely, but also to objects which are objects of fiduciary collateral or become an entity with collateral objects.
Prof. Dr. Agus Sardjono, S.H., M.H. added that Intellectual Property Rights as fiduciary objects require the role of various supporting institutions such as database repository, appraisal authority, auction authority, IP Office, CMO, Bank Indonesia, OJK, and credible management.
