The Mexican Ministry of Economy (Secretaria de Economía) has granted The National Law Center for Inter-American Free Trade (NatLaw) the electronic signature required to file an initial registration, modification, cancellation or extension relating to a security interest (garantía mobiliaria) in the Registro Único de Garantías Mobiliarias of Mexico (RUG).
NatLaw contributed to Mexico’s secured transactions reform, which included the implementation of a filing system to perfect security interests in a manner similar to the filing of a UCC-1 financing statement. US lenders may find Mexico’s reform relevant as it may change the way they execute lending to Mexico, especially in the light of UCC 9-301 and 9-307.
Under UCC 9, the law that governs perfection is that of the debtor’s location as long as the law of that jurisdiction “generally requires information concerning the existence of a nonpossessory security interest to be made generally available in a filing … system as a condition or result of the security interest's obtaining priority over the rights of a creditor with respect to the collateral.”
NatLaw is the only institution outside Mexico with an electronic key authorized by Mexico’s government to make filings in Mexico’s Registry. For that reason, I’d like to introduce you to Isis N. Isunza, a research attorney at NatLaw, who can provide further information. Please feel free to contact her at firstname.lastname@example.org or visit their webpage www.natlaw.com.
These services can be used by anyone who contemplates extending credit to Mexican borrowers or foreign borrowers with assets located in Mexico.
This all makes this process simpler for those interested in cross-border trade with Mexico.
NatLaw is a member of Global Chamber through Global Chamber Tucson.
We welcome you to learn more about these new RUG e-submit services by clicking on this NatLaw link finding more detailed information.
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