Lei nº 11.076, de 30 de dezembro de 2004 (Law No. 11,076 of December 30, 2004 (Agribusiness Deposit Certificate CDA, Agricultural Warrant WA, CDCA, LCA and CRA))

English translation of the Portuguese text from planalto.gov.br (the Portuguese text is the official one). Retrieved 2026-10-26.

LAW No. 11,076, OF 30 DECEMBER 2004

Compiled text

Conversion of Provisional Measure No. 221, of 2004

Production of effect

Provides for the Agricultural Deposit Certificate – CDA, the Agricultural Warrant – WA, the Agribusiness Credit Rights Certificate – CDCA, the Agribusiness Credit Letter – LCA and the Agribusiness Receivables Certificate – CRA, gives new wording to provisions of Laws Nos. 9,973, of 29 May 2000, which provides for the storage system for agricultural products, 8,427, of 27 May 1992, which provides for the granting of economic subsidy in rural credit operations, 8,929, of 22 August 1994, which establishes the Rural Product Note – CPR, 9,514, of 20 November 1997, which provides for the Real Estate Financing System and establishes the fiduciary alienation of real property, and amends the Inspection Fee dealt with in Law No. 7,940, of 20 December 1989, and provides other measures.

THE PRESIDENT OF THE REPUBLIC I make known that the National Congress decrees and I sanction the following Law:

CHAPTER I OF THE CDA AND THE WA

Section I Initial Provisions

Art. 1 The Agricultural Deposit Certificate - CDA and the Agricultural Warrant - WA are instituted.

§ 1 The CDA is a credit instrument representing a promise to deliver agricultural products, their derivatives, by-products and economically valuable residues, deposited in accordance with Law No. 9,973, of 29 May 2000.

§ 2 The WA is a credit instrument that confers a right of pledge over the product described in the corresponding CDA.

§ 2 The WA is a credit instrument representing a promise of payment in money that confers a right of pledge over the corresponding CDA, as well as over the product described therein. (Wording given by Law No. 11,524, of 2007)

§ 3 The CDA and the WA are linked instruments, issued simultaneously by the depositary, at the request of the depositor, and may be transferred linked or separately, by endorsement.

§ 4 The CDA and the WA are extrajudicial enforcement instruments.

Art. 2 The rules of exchange law shall apply to the CDA and the WA insofar as applicable, and the following:

I - endorsements must be complete;

II - endorsers are not liable for delivery of the product, but only for the existence of the obligation;

III - exchange protest is waived to ensure the right of recourse against endorsers and guarantors.

Art. 3 The CDA and the WA shall be:

I - paper-based, before their registration in the registration and financial settlement system referred to in art. 15 of this Law, and after their deregistration;

II - book-entry or electronic, while they remain registered in a registration and financial settlement system.

Art. 3 The CDA and the WA may be issued in paper or book-entry form.

(Wording given by Provisional Measure No. 897, of 2019).

§ 1 Issuance in book-entry form shall occur by means of entry in an electronic bookkeeping system managed by an entity authorized by the Central Bank of Brazil to carry out bookkeeping activity.

(Included by Provisional Measure No. 897, of 2019)

§ 2 The CDA and the WA issued in paper form shall assume book-entry form while they remain deposited with a central depositary.

(Included by Provisional Measure No. 897, of 2019)

§ 3 Transactions occurring during the period in which the CDA and the WA issued in paper form are deposited shall not be transcribed on the back of the instruments.

(Included by Provisional Measure No. 897, of 2019)

Art. 3 The CDA and the WA may be issued in paper or book-entry form.

(Wording given by Law No. 13,986, of 2020

I - (revoked);

(Wording given by Law No. 13,986, of 2020

II - (revoked).

(Wording given by Law No. 13,986, of 2020

§ 1 Issuance in book-entry form shall occur by means of entry in an electronic bookkeeping system managed by an entity authorized by the Central Bank of Brazil to carry out bookkeeping activity.

(Included by Law No. 13,986, of 2020) .

§ 2 The CDA and the WA issued in paper form shall assume book-entry form while they remain deposited with a central depositary.

(Included by Law No. 13,986, of 2020) .

Art. 3-A The Central Bank of Brazil shall be responsible for:

(Included by Provisional Measure No. 897, of 2019)

I - establishing the conditions for carrying out the bookkeeping activity referred to in § 1 of art. 3; and

(Included by Provisional Measure No. 897, of 2019)

II - authorizing and supervising the carrying out of the activity provided for in item I.

(Included by Provisional Measure No. 897, of 2019)

§ 1 The authorization referred to in item II of the caput may, at the discretion of the Central Bank of Brazil, be granted by segment, by type or by groups of entities that meet specific criteria, with individualized authorization being waived.

(Included by Provisional Measure No. 897, of 2019)

§ 2 The entity responsible for the bookkeeping referred to in item I of the caput shall issue, upon request, a full transcript certificate of the instrument, including for purposes of protest and judicial enforcement.

(Included by Provisional Measure No. 897, of 2019)

§ 3 The certificate referred to in § 2 may be issued in electronic form, subject to security requirements that guarantee the authenticity and integrity of the document.

(Included by Provisional Measure No. 897, of 2019)

Art. 3-A. The Central Bank of Brazil shall be responsible for:

(Included by Law No. 13,986, of 2020) .

I - establishing the conditions for carrying out the bookkeeping activity referred to in § 1 of art. 3 of this Law; and

(Included by Law No. 13,986, of 2020) .

II - authorizing and supervising the carrying out of the activity provided for in item I of the caput of this article.

(Included by Law No. 13,986, of 2020) .

§ 1 The authorization referred to in item II of the caput of this article may, at the discretion of the Central Bank of Brazil, be granted by segment, by type or by groups of entities that meet specific criteria, with individualized authorization being waived.

(Included by Law No. 13,986, of 2020).

§ 2 The entity responsible for the bookkeeping referred to in item I of the caput of this article shall issue, upon request, a full transcript certificate of the title, including for purposes of protest and execution.

(Included by Law No. 13,986, of 2020).

§ 3 The certificate referred to in § 2 of this article may be issued in electronic form, observing the security requirements that guarantee the authenticity and integrity of the document.

(Included by Law No. 13,986, of 2020).

Art. 3-B The settlement of payment in favor of the legitimate creditor, by any means of payment existing within the scope of the Brazilian Payment System, shall constitute proof of total or partial payment of the WA issued in book-entry form.

(Included by Provisional Measure No. 897, of 2019)

Sole paragraph. The proof of payment referred to in the caput shall be informed in the electronic bookkeeping system referred to in § 1 of art. 3, with express reference to the WA amortized or settled.

(Included by Provisional Measure No. 897, of 2019)

(Included by Law No. 13,986, of 2020).

Sole paragraph. The proof of payment referred to in the caput of this article shall be informed in the electronic bookkeeping system referred to in § 1 of art. 3 of this Law, with express reference to the WA amortized or settled

(Included by Law No. 13,986, of 2020).

Art. 3-C The system referred to in § 1 of art. 3 shall register:

(Included by Provisional Measure No. 897, of 2019)

I - the issuance of the title with its essential requirements;

(Included by Provisional Measure No. 897, of 2019)

II - the endorsement;

(Included by Provisional Measure No. 897, of 2019)

III - the amendments, ratifications and rectifications; and

(Included by Provisional Measure No. 897, of 2019)

IV - the inclusion of notifications, contractual clauses and other information.

(Included by Provisional Measure No. 897, of 2019)

Sole paragraph. In the event that liens and encumbrances are constituted, such occurrence shall be informed in the system referred to in § 1 of art. 3.

(Included by Provisional Measure No. 897, of 2019)

Art. 3-C. The electronic bookkeeping system referred to in § 1 of art. 3 of this Law shall include:

(Included by Law No. 13,986, of 2020).

I - the essential requirements of the title;

(Included by Law No. 13,986, of 2020).

II - the endorsement and the chain of endorsements, if any;

(Included by Law No. 13,986, of 2020).

III - the amendments, ratifications and rectifications; and

(Included by Law No. 13,986, of 2020).

IV - the inclusion of notifications, contractual clauses and other information.

(Included by Law No. 13,986, of 2020).

Sole paragraph. In the event that liens and encumbrances are constituted, such occurrence shall be informed in the electronic bookkeeping system referred to in § 1 of art. 3 of this Law.

(Included by Law No. 13,986, of 2020).

Art. 4 For the purposes of this Law, it is understood as:

I - depositary: legal entity able to exercise the activities of custody and conservation of the products specified in § 1 of art. 1 of this Law, of third parties and, in the case of cooperatives, of third parties and of members, without prejudice to the provisions of arts. 82 and 83 of Law No. 5,764, of December 16, 1971;

II - depositor: natural or legal person legally responsible for the products specified in § 1 of art. 1 of this Law delivered to a depositary for custody and conservation;

III - authorized registrar entity: asset registration and financial settlement system authorized by the Central Bank of Brazil.

III - authorized registrar entity

– entity authorized by the Central Bank of Brazil or by the Securities and Exchange Commission, within the scope of their competences, to exercise the activity of registration of financial assets and securities referred to in Law No. 12,810, of May 15, 2013;

(Text given by Provisional Measure No. 897, of 2019).

III - authorized registrar entity: entity authorized by the Central Bank of Brazil or by the Securities and Exchange Commission, within the scope of their competences, to exercise the activity of registration of financial assets and securities referred to in Law No. 12,810, of May 15, 2013;

(Included by Law No. 13,986, of 2020).

IV - central depository

– entity authorized by the Central Bank of Brazil or by the Securities and Exchange Commission, within the scope of their competences, to exercise the activity of centralized deposit of financial assets and securities referred to in Law No. 12,810, of 2013; and

(Included by Provisional Measure No. 897, of 2019)

IV - central depository: entity authorized by the Central Bank of Brazil or by the Securities and Exchange Commission, within the scope of their competences, to exercise the activity of centralized deposit of financial assets and securities referred to in Law No. 12,810, of May 15, 2013; and

(Included by Law No. 13,986, of 2020).

V - agricultural products

– the agricultural products, their derivatives, by-products and residues of economic value referred to in Law No. 9,973, of 2000.

(Included by Provisional Measure No. 897, of 2019)

V - agricultural products: agricultural products, their derivatives, by-products and residues of economic value referred to in Law No. 9,973, of May 29, 2000.

(Included by Law No. 13,986, of 2020).

Art. 5 The CDA and the WA must contain the following information:

I - name of the title;

II - control number, which must be identical for each set of CDA and WA;

III - mention that the deposit of the product is subject to Law No. 9,973, of May 29, 2000, to this Law and, in the case of cooperatives, to Law No. 5,764, of December 16, 1971;

IV - identification, qualification and addresses of the depositor and the depositary;

V - commercial identification of the depositary;

VI - order clause;

VII - complete address of the storage location;

VIII - description and specification of the product;

IX - gross and net weight;

X - form of packaging;

XI - number of volumes, when applicable;

XII - value of the storage, conservation and expedition services, the frequency of their collection and the indication of the party responsible for their payment;

XIII - identification of the product insurer and the insurance amount;

XIV - qualification of the guarantee offered by the depositary, when applicable;

XV - date of receipt of the product and term of the deposit;

XVI - date of issuance of the title;

XVII - identification, qualification and signature of the legal representatives of the depositary;

XVII - identification, qualification and signature of the legal representatives of the depositary, which may be made electronically, in accordance with applicable legislation;

(Text given by Law No. 14,421, of 2022)

XVIII - precise identification of the rights they confer.

Sole paragraph. The depositor and the depositary may agree that the responsibility for payment of the value of the services referred to in item XII of the caput of this article shall be that of the endorsee of the CDA.

Section II On the Issuance, Registration and Circulation of the Titles

Section II

On the issuance, centralized deposit and circulation of the titles

(Text given by Provisional Measure No. 897, of 2019).

Section II

On the Issuance, Centralized Deposit and Circulation of the Titles

(Text given by Law No. 13,986, of 2020

Subsection I On the Issuance

Art. 6 The request for issuance of the CDA and the WA shall be made by the depositor to the depositary.

§ 1 In the request, the depositor:

I - shall declare, under penalty of law, that the product is his property and is free and clear of any encumbrances;

II - shall grant, irrevocably, powers to the depositary to transfer ownership of the product to the endorsee of the CDA.

§ 2 The documents mentioned in § 1 of this article shall be filed by the depositary together with the second copies of the CDA and the WA.

§ 2 The documents mentioned in § 1 of this article shall be filed by the depositary together with their respective copies of the CDA and the WA.

(Text given by Law No. 13,986, of 2020

§ 3 Once the CDA and the WA are issued, the delivery of a deposit receipt is waived.

Art. 7 The formalization of the deposit contract is optional, under the terms of art. 3 of Law No. 9,973, of May 29, 2000, when the CDA and the WA are issued.

Art. 8 The CDA and the WA shall be issued in at least 2 (two) copies, with the following destinations:

Art. 8 The CDA and the WA, when issued in paper form, shall be issued in at least 2 (two) copies, with the following destinations:

(Text given by Law No. 13,986, of 2020

I - first copies, to the depositor;

II - second copies, to the depositary, in which the receipts of delivery of the originals to the depositor shall appear.

Sole paragraph. The titles shall have sequential numbering, identical in both documents, in a single series, with subseries prohibited.

Art. 9 The depositary that issues the CDA and the WA is responsible, civilly and criminally, including before third parties, for the irregularities and inaccuracies entered therein.

§ 1 The issuer is responsible for the existence, liquidity, certainty and enforceability of the rights indicated in the CDA and the WA.

(Included by Provisional Measure No. 897, of 2019)

§ 2 The issuer is prohibited from opposing to the third-party holder of the CDA or the WA the personal exceptions opposable to the depositor.

(Included by Provisional Measure No. 897, of 2019)

§ 1 The issuer is responsible for the existence, liquidity, certainty and enforceability of the rights indicated in the CDA and the WA.

(Included by Law No. 13,986, of 2020).

§ 2 The issuer is prohibited from opposing to the third-party holder of the CDA or the WA the personal exceptions opposable to the depositor.

(Included by Law No. 13,986, of 2020).

Art. 10 The depositor has the right to request the depositary to divide the product into as many lots as convenient and to request the issuance of the CDA and the WA corresponding to each of the lots.

Art. 11 The depositary assumes the obligation to keep, conserve, maintain the quality and quantity of the product received in deposit and to deliver it to the creditor in the quantity and quality stated in the CDA and the WA.

Art. 12 Once the CDA and the WA are issued, the product to which they refer may not be subject to embargo, attachment, sequestration or any other hindrance that impairs its free and full disposal.

Sole paragraph. In the event of judicial reorganization or bankruptcy of the depositor, the holder of the CDA and the WA retains the right to restitution of the products in the possession of the depositary on the date of the request for judicial reorganization or the declaration of bankruptcy.

(Included by Provisional Measure No. 897, of 2019)

Sole paragraph. In the event that the holder of the CDA and the corresponding WA differs from the depositor, the product subject to these titles may not be confused with property owned by the depositor or be subject to the effects of its judicial reorganization or bankruptcy, with the property rights over the thing prevailing in favor of the final endorsee who presents themselves to the depositary, pursuant to item II of § 1 of Art. 6 and § 5 of Art. 21 of this Law.

(Included by Law No. 13,986, of 2020) .

Art. 13. The deposit term to be recorded in the CDA and the WA shall be up to 1 (one) year, counted from the date of their issuance, and may be extended by the depositary at the request of the creditor, who, on that occasion, shall adjust, if necessary, the deposit conditions of the product.

Sole paragraph. The extensions shall be noted on the second copies in the possession of the depositary and in the records of the registration and financial settlement system.

Sole paragraph. The extensions shall be noted on the second copies in the possession of the depositary of the agricultural product and electronically in the records of the central depositary.

(Drafting by Law No. 13,986, of 2020

Art. 14. Incurs the penalty provided in Art. 178 of Decree-Law No. 2,848, of 7 December 1940

– Penal Code anyone who issues the CDA and the WA in disagreement with the provisions of this Law.

Subsection II Of the Registry

Subsection II

(Drafting given by Provisional Measure No. 897, of 2019).

Of the centralized deposit

Subsection II

(Drafting by Law No. 13,986, of 2020

Of the Centralized Deposit

Art. 15. The registration of the CDA and the WA in a registration and financial settlement system of assets authorized by the Central Bank of Brazil is mandatory, within up to 10 (ten) days, counted from the date of issuance of the titles, in which the respective control number of the title shall be recorded, as referred to in item II of Art. 5 of this Law.

Art. 15. The registration of the CDA and the WA in a registration and financial settlement system of assets authorized by the Central Bank of Brazil is mandatory, within up to thirty days, counted from the date of issuance of the titles, in which the respective control number of the title shall be recorded, as referred to in item II of Art. 5 of this Law.

(Drafting given by Provisional Measure No. 372, of 2007)

Art. 15. The registration of the CDA and the WA in a registration and financial settlement system of assets authorized by the Central Bank of Brazil is mandatory, within up to 30 (thirty) days, counted from the date of issuance of the titles, in which the respective control number of the title shall be recorded, as referred to in item II of

caput

of Art. 5 of this Law. (Drafting given by Law No. 11,524, of 2007)

Art. 15. The deposit of the CDA and the WA in a central depositary authorized by the Central Bank of Brazil is mandatory, within thirty days, counted from the date of issuance of the titles, which shall include the control number of the title referred to in item II of the caput of Art. 5.

(Drafting given by Provisional Measure No. 897, of 2019).

Art. 15. The deposit of the CDA and the WA in a central depositary authorized by the Central Bank of Brazil is mandatory, within 30 (thirty) days, counted from the date of issuance of the titles, which shall include the control number of the title referred to in item II of the caput of Art. 5 of this Law.

(Drafting by Law No. 13,986, of 2020

§ 1 The registration of CDA and WA in a registration and financial settlement system shall be preceded by the delivery of the titles to the custody of an institution legally authorized for that purpose, by means of endorsement-mandate.

§ 1 The deposit of CDA and WA issued in paper form in a central depositary shall be preceded by the delivery of the titles to the custody of an institution legally authorized for that purpose, by means of endorsement-mandate.

(Drafting given by Provisional Measure No. 897, of 2019).

(Drafting by Law No. 13,986, of 2020

(Drafting given by Law No. 14,421, of 2022)

§ 2 The custodian institution is responsible for carrying out the endorsement of the CDA and the WA to the respective creditor, upon withdrawal of the titles from the registration and financial settlement system.

§ 2 The custodian institution is responsible for carrying out the endorsement of the CDA and the WA to the creditor upon the write-off of the deposit in the central depositary.

(Drafting given by Provisional Measure No. 897, of 2019)

§ 2 The custodian institution is responsible for carrying out the endorsement of the CDA and the WA to the creditor upon the write-off of the deposit in the central depositary.

(Drafting by Law No. 13,986, of 2020

§ 3 Upon expiration of the 10 (ten) day period without compliance with the measure referred to in the caput of this article, the depositor must request the depositary to cancel the titles and replace them with new ones or with a deposit receipt, in their name.

§ 3 Upon expiration of the thirty-day period without compliance with the measure referred to in the caput, the depositor must request the depositary to cancel the titles and replace them with new ones or with a deposit receipt, in their name.

(Drafting given by Provisional Measure No. 372, of 2007)

§ 3 Upon expiration of the 30 (thirty) day period without compliance with the measure referred to in the

caput

of this article, the depositor must request the depositary to cancel the titles and replace them with new ones or with a deposit receipt, in their name. (Drafting given by Law No. 11,524, of 2007)

§ 4 The National Monetary Council may establish other conditions for the deposit of the CDA and the WA referred to in this article.

(Included by Provisional Measure No. 897, of 2019)

§ 4 The National Monetary Council may establish other conditions for the deposit of the CDA and the WA referred to in this article.

(Wording given by Law No. 13,986, of 2020

Subsection III Of the Circulation

Art. 16. The CDA and the WA shall be traded on stock exchange and over-the-counter markets as financial assets.

Art. 17. Upon the 1st (first) trading of the WA separate from the CDA, the registering entity shall record in its records the trading value of the WA, the interest rate and the maturity date or, alternatively, the amount to be paid at maturity or the indicator that will be used to calculate the debt amount.

Art. 17. Upon the first trading of the WA separate from the CDA, the central depository shall record in its records the trading value of the WA, the interest rate and the maturity date or, alternatively, the amount to be paid at maturity or the indicator that will be used to calculate the debt amount.

(Wording given by Provisional Measure No. 897, of 2019)

Art. 17. On the occasion of the first trading of the WA separate from the CDA, the central depository shall record in its records the trading value of the WA, the interest rate and the maturity date or, alternatively, the amount to be paid at maturity or the indicator that will be used to calculate the debt amount.

(Wording given by Law No. 13,986, of 2020

Sole paragraph. The records of transactions carried out with the CDA and with the WA, united or separate, shall be updated electronically by the authorized registering entity.

§ 1 The records of transactions carried out with the CDA and with the WA, united or separate, shall be updated electronically by the authorized registering entity. (Renumbered from sole paragraph by Law No. 11,524, of 2007)

§ 1 The records of transactions carried out with the CDA and with the WA, united or separate, shall be updated in electronic form by the central depository.

(Wording given by Provisional Measure No. 897, of 2019)

§ 1 The entries of transactions carried out with the CDA and with the WA united or separate shall be updated in electronic form by the central depository.

(Wording given by Law No. 13,986, of 2020

§ 2 If, on the maturity date of the WA, the CDA and the WA are not in the name of the same creditor and the creditor of the CDA has not deposited the debt amount, as provided in item II of § 1 of art. 21 of this Law, the holder of the WA may, at its discretion, enforce the pledge over: (Included by Law No. 11,524, of 2007)

I - the product, through its sale at auction to be held on a commodities exchange; or (Included by Law No. 11,524, of 2007)

II - the corresponding CDA, through the sale of the title, together with the WA, on a commodities or futures exchange, or on an organized over-the-counter market. (Included by Law No. 11,524, of 2007)

§ 3 In the cases referred to in items I and II of § 2 of this article, the proceeds from the sale of the merchandise or the titles, as the case may be, shall be used for immediate payment of the credit represented by the WA to its respective holder on the maturity date, and the remaining balance shall be delivered to the holder of the CDA, after deducting the expenses demonstrably incurred with the holding of the auction of the merchandise or the titles. (Included by Law No. 11,524, of 2007)

§ 4 The acquirer of the titles at the auction may place them back into circulation, observing the provisions of

caput

of this article, in the case of trading of the WA separate from the CDA. (Included by Law No. 11,524, of 2007)

Art. 18. The trading of the CDA and the WA is exempt from the Tax on Credit, Exchange and Insurance Operations or on Transactions involving Titles or Securities.

Art. 19. Transactions occurring during the period in which the CDA and the WA are registered in an asset registration and financial settlement system authorized by the Central Bank of Brazil shall not be transcribed on the back of the titles.

Art. 19. Transactions occurring during the period in which the CDA and the WA issued in paper form are deposited with a central depository shall not be transcribed on the back of the titles.

(Wording given by Provisional Measure No. 897, of 2019)

Art. 19. Transactions occurring during the period in which the CDA and the WA issued in paper form are deposited with a central depository shall not be transcribed on the back of the titles.

(Wording given by Law No. 13,986, of 2020

Art. 20. The registering entity is responsible for maintaining the record of the chain of transactions occurring during the period in which the titles are registered in an asset registration and financial settlement system authorized by the Central Bank of Brazil.

(Repealed by Provisional Measure No. 897, of 2019).

(Repealed by Law No. 13,986, of 2020

Section III Of the Withdrawal of the Product

Art. 21. For the withdrawal of the product, the creditor of the CDA shall arrange for the cancellation of the electronic registration of the CDA and request from the custodian institution the endorsement on the certificate and its delivery.

§ 1 The cancellation of the electronic registration shall occur only if:

I - the CDA and the WA are in the name of the same creditor; or

II - the creditor of the CDA deposits, in cash, with the custodian institution, the amount of principal and interest due up to the maturity date of the WA.

§ 2 The deposit of the amount of the WA debt, as provided in item II of § 1 of this article, is equivalent to the actual and effective payment of the debt, and the deposited amount shall be delivered to the creditor of the WA by the custodian institution.

§ 3 In the case of item I of § 1 of this article, the custodian institution shall deliver to the creditor, together with the CDA certificate, the WA certificate.

§ 4 In the case of item II of § 1 of this article, the custodian institution shall deliver, together with the CDA certificate, a document proving the deposited amount.

§ 5 Upon delivery of the CDA to the depositary, together with the respective WA or with the document referred to in § 4 of this article, the endorsee acquires ownership of the product described therein, and the mandate referred to in item II of § 1 of art. 6 of this Law is extinguished.

§ 5 With the delivery of the CDA to the depositary, together with the respective WA or with the document referred to in § 4, the mandate referred to in item II of § 1 of art. 6 is extinguished.

(Text as amended by Provisional Measure No. 897, of 2019)

§ 6 The conditions for the transfer of ownership or withdrawal of the product are:

§ 6 The conditions for the withdrawal of the product are:

(Text as amended by Provisional Measure No. 897, of 2019)

I - payment for the storage, conservation and shipping services, in the form of item XII and the sole paragraph of art. 5 of this Law;

II - compliance with the tax obligations, principal and accessory, related to the operation.

Section IV Of Insurance

Art. 22. For the issuance of CDA and WA, the mandatory insurance referred to in art. 6, § 6, of Law No. 9.973, of May 29, 2000, must have coverage against fire, lightning, explosion of any nature, electrical damage, windstorm, flooding, inundation, hurricane, cyclone, tornado, hail, falling aircraft or any other aerial or space devices, impact of land vehicles, smoke and any inclement weather that destroys or deteriorates the product linked to those titles.

Art. 22. For the issuance of CDA and WA, the mandatory insurance referred to in § 6 of art. 6 of Law No. 9.973, of May 29, 2000, must have coverage against fire, lightning, explosion of any nature, electrical damage, windstorm, flooding, inundation, hurricane, cyclone, tornado, hail, falling aircraft, impact of land vehicles and smoke.

(Text as amended by Law No. 13.986, of 2020

Sole paragraph. In the case of public warehouses, the mandatory insurance referred to in the caput of this article shall also contain a clause against robbery and theft.

CHAPTER II OF THE CDCA, THE LCA AND THE CRA

Section I Initial Provisions

Art. 23. The following credit instruments are hereby instituted:

I - Agribusiness Credit Rights Certificate - CDCA;

II - Agribusiness Credit Letter - LCA;

III - Agribusiness Receivables Certificate - CRA.

Sole paragraph. The credit instruments referred to in this article are linked to credit rights originating from transactions carried out between rural producers, or their cooperatives, and third parties, including financing or loans, related to the production, commercialization, processing or industrialization of agricultural products or inputs or of machinery and implements used in agricultural activity.

(Repealed by Provisional Measure No. 725, of 2016)

(Repealed by Law No. 13.331, of 2016)

§ 1 The credit instruments referred to in this article are linked to credit rights originating from transactions carried out between rural producers, or their cooperatives, and third parties, including financing or loans, related to the production, commercialization, processing or industrialization of agricultural products or inputs or of machinery and implements used in agricultural activity.

(Included by Provisional Measure No. 725, of 2016)

§ 1

The credit instruments referred to in this article are linked to credit rights originating from transactions carried out between rural producers, or their cooperatives, and third parties, including financing or loans, related to the production, commercialization, processing or industrialization of agricultural products or inputs or of machinery and implements used in agricultural activity.

(Included by Law No. 13.331, of 2016)

§ 2 Cooperative credit banks that are part of cooperative credit systems constituted under the terms of

Complementary Law No. 130, of April 17, 2009

, may use, as backing for LCA of their issuance, a credit instrument representing an interfinancial transfer made in favor of a singular credit cooperative of the system, when the entirety of the funds is destined for only one rural credit operation, provided that:

(Included by Provisional Measure No. 725, of 2016)

§ 2 Cooperative credit banks that are part of cooperative credit systems constituted under the terms of Complementary Law No. 130, of April 17, 2009, may use, as backing for LCA of their issuance, a credit instrument representing an interfinancial transfer made in favor of a singular credit cooperative of the system, when the entirety of the funds is destined for only one rural credit operation, provided that:

(Included by Law No. 13.331, of 2016)

§ 2 Cooperative banks, confederations of credit cooperatives and central credit cooperatives that are part of cooperative credit systems constituted under the terms of Complementary Law No. 130, of April 17, 2009, may use, as backing for LCA of their issuance, a credit instrument representing an interfinancial transfer made in favor of a singular credit cooperative of the system, when the entirety of the funds is destined for only one rural credit operation, provided that: (Text as amended by Law No. 13.606, of 2018)

(Repealed by Law No. 14.937, of 2024)

I - both instruments must observe identical settlement dates, indicate their mutual linkage and make reference to compliance with the conditions established in this article; and

(Included by Provisional Measure No. 725, of 2016)

I - both instruments must observe identical settlement dates, indicate their mutual linkage and make reference to compliance with the conditions established in this article; and

(Included by Law No. 13.331, of 2016)

(Repealed by Law No. 14.937, of 2024)

II - the instrument representing the rural credit operation must be given as collateral to the transferring cooperative bank.

(Included by Provisional Measure No. 725, of 2016)

II - the instrument representing the rural credit operation must be given as collateral to the transferring cooperative bank.

(Included by Law No. 13.331, of 2016)

(Repealed by Law No. 14.937, of 2024)

§ 3 The credit instruments referred to in this article may be issued with a clause for correction by exchange rate variation provided that they are fully linked to credit rights with a correction clause in the same currency.

(Included by Law No. 13,986, of 2020).

§ 4 The National Monetary Council may provide for the issuance of the credit instruments referred to in this article with a clause for adjustment by exchange rate variation.

(Included by Law No. 13,986, of 2020).

§ 5 (VETOED).

(Text given by Law No. 14,421, of 2022)

Section II Agribusiness Credit Rights Certificate

Art. 24. The Agribusiness Credit Rights Certificate - CDCA is a registered credit instrument, freely negotiable, representing a promise of payment in cash and constitutes an extrajudicial enforcement instrument.

Sole paragraph. The CDCA is issued exclusively by cooperatives of rural producers and other legal entities that carry out the activity of commercialization, processing or industrialization of agricultural products and inputs or of machinery and implements used in agricultural production. (Repealed by Provisional Measure No. 725, of 2016)

(Repealed by Law No. 13,331, of 2016)

§ 1 The CDCA is issued exclusively by cooperatives of rural producers and other legal entities that carry out the activity of commercialization, processing or industrialization of agricultural products and inputs or of machinery and implements used in agricultural production.

(Included by Provisional Measure No. 725, of 2016)

§ 1

The CDCA is issued exclusively by cooperatives of rural producers and other legal entities that carry out the activity of commercialization, processing or industrialization of agricultural products and inputs or of machinery and implements used in agricultural production.

(Included by Law No. 13,331, of 2016)

§ 2 Rural credit is considered to be the acquisition, by financial institutions authorized to operate in this credit modality, of CDCA issued with full backing in instruments representing credit rights eligible for rural credit.

(Included by Provisional Measure No. 725, of 2016)

(Included by Law No. 13,331, of 2016)

(Repealed by Provisional Measure No. 897, of 2019).

(Repealed by Law No. 13,986, of 2020

§ 3 The provisions of § 2 are subject to the conditions established by the National Monetary Council in accordance with the provisions of

art. 21 of Law No. 4,829, of 5 November 1965

(Included by Provisional Measure No. 725, of 2016)

§ 3 The provisions of § 2 are subject to the conditions established by the National Monetary Council in accordance with the provisions of art. 21 of Law No. 4,829, of 5 November 1965.

(Included by Law No. 13,331, of 2016)

(Repealed by Provisional Measure No. 897, of 2019).

(Repealed by Law No. 13,986, of 2020

§ 1 The CDCA is issued exclusively by agricultural cooperatives and other legal entities that carry out the activity of commercialization, processing or industrialization of agricultural, livestock, forestry, aquaculture and extractive products, inputs, machinery and implements.

(Text given by Law No. 13,986, of 2020

§ 2 (Repealed).

(Text given by Law No. 13,986, of 2020

§ 3 (Repealed).

(Text given by Law No. 13,986, of 2020

Art. 25. The CDCA shall have the following requirements, stated in its context:

I - the name of the issuer and the signature of its legal representatives;

II - the order number, place and date of issuance;

III - the denomination "Agribusiness Credit Rights Certificate";

IV - the nominal value;

V - the identification of the credit rights linked to it and their respective values, except as provided in art. 30 of this Law;

VI - maturity date or, if issued for installment payment, specification of the amounts and maturity dates of the various installments;

VII - interest rate, fixed or floating, with capitalization permitted;

VIII - the name of the institution responsible for the custody of the credit rights linked to it;

IX - the name of the holder;

X - "to order" clause, except as provided in item II of art. 35 of this Law.

§ 1 The credit rights linked to the CDCA shall be:

I - registered in an asset registration and financial settlement system authorized by the Central Bank of Brazil;

I - registered or deposited with an entity authorized by the Central Bank or the Securities Commission to carry out the activity of registration or centralized deposit of financial assets and securities;

(Text given by Provisional Measure No. 897, of 2019)

II - held in custody at financial institutions or other institutions authorized by the Securities Commission to provide securities custody services.

§ 1 The credit rights linked to the CDCA:

(Text given by Law No. 13,986, of 2020

I - shall be registered or deposited with an entity authorized by the Central Bank of Brazil or the Securities Commission to carry out the activity of registration or centralized deposit of financial assets and securities;

(Text given by Law No. 13,986, of 2020

II - shall be held in custody at financial institutions or other institutions authorized by the Securities Commission to provide securities custody services; and

(Text given by Law No. 13,986, of 2020

(Repealed by Law No. 14,421, of 2022)

III - may be formalized in physical or electronic form and, when corresponding to credit instruments, in paper or book-entry form.

(Redaction given by Law No. 13,986, of 2020

§ 2º The custodian institution referred to in § 1º of this article shall:

I - keep in its custody documentation evidencing the regular constitution of the credit rights linked to the CDCA;

II - perform the physical and financial settlement of the custodized credit rights, and must, for this purpose, be vested with sufficient powers to effect their collection and receipt, on behalf of and for the account of the issuer of the CDCA;

III - provide any other services contracted by the issuer of the CDCA.

§ 3º The issuance of CDCA in series shall be permitted, in which the CDCA will be linked to the same set of credit rights, and must have equal nominal value and confer the same rights to their holders.

§ 4º The CDCA may be issued with a clause for correction by exchange rate variation provided that:

(Included by Medida Provisória nº 725, de 2016)

§ 4º

The CDCA may be issued with a clause for correction by exchange rate variation provided that:

(Included by Lei nº 13.331, de 2016)

(Revoked by Lei nº 14.421, de 2022)

I - fully backed by securities representing credit rights with a correction clause in the same currency, in the form established by the National Monetary Council;

(Included by Medida Provisória nº 725, de 2016)

I - fully backed by securities representing credit rights with a correction clause in the same currency, in the form established by the National Monetary Council;

(Included by Lei nº 13.331, de 2016)

I - fully linked to credit rights with a correction clause in the same currency; and

(Redaction given by Provisional Measure No. 897, of 2019)

II - negotiated exclusively with non-resident investors under the terms of the legislation and regulations in force; and

(Included by Medida Provisória nº 725, de 2016)

II - negotiated exclusively with non-resident investors under the terms of the legislation and regulations in force; and

(Included by Lei nº 13.331, de 2016)

II - issued in favor of:

(Redaction given by Provisional Measure No. 897, of 2019)

a) non-resident investor, observing the provisions of § 5º; or

(Included by Medida Provisória nº 897, de 2019)

b) agribusiness credit rights securitization company, for the exclusive purpose of linking to CRA with an equivalent clause.

(Included by Medida Provisória nº 897, de 2019)

III - observing the other conditions to be established by the National Monetary Council.

(Included by Medida Provisória nº 725, de 2016)

III - observing the other conditions to be established by the National Monetary Council.

(Included by Lei nº 13.331, de 2016)

(Revoked by Medida Provisória nº 897, de 2019).

I - fully linked to credit rights with a correction clause in the same currency; and

(Amended by Law No. 13,986, of 2020

(Revoked by Lei nº 14.421, de 2022)

II - issued in favor of:

(Amended by Law No. 13,986, of 2020

(Revoked by Lei nº 14.421, de 2022)

a) non-resident investor, observing the provisions of § 5º of this article; or

(Included by Lei nº 13.986, de 2020) .

(Revoked by Lei nº 14.421, de 2022)

b) agribusiness credit rights securitization company, for the exclusive purpose of linking to CRA with an equivalent clause;

(Included by Lei nº 13.986, de 2020) .

(Revoked by Lei nº 14.421, de 2022)

III - (revoked) .

(Amended by Law No. 13,986, of 2020

(Revoked by Lei nº 14.421, de 2022)

§ 5º The National Monetary Council may establish other conditions for the issuance of CDCA with a clause for correction by exchange rate variation, including on the issuance in favor of resident investors and the restriction of products subject to CDCA with exchange rate variation.

(Included by Medida Provisória nº 897, de 2019)

§ 5º The National Monetary Council may establish other conditions for the issuance of CDCA with a clause for correction by exchange rate variation, including on the issuance in favor of resident investors and the list of products admitted in the credit rights subject to CDCA.

(Included by Lei nº 13.986, de 2020) .

(Revoked by Lei nº 14.421, de 2022)

Section III Agribusiness Credit Letter

Art. 26. The Agribusiness Credit Letter – LCA is a registered credit instrument, freely negotiable, representing a promise of payment in cash and constitutes an extrajudicial enforcement instrument.

Sole paragraph. The LCA is issued exclusively by public or private financial institutions.

Art. 27. The LCA shall have the following requirements, stated in its context:

I - the name of the issuing institution and the signature of its legal representatives;

II - the order number, place and date of issuance;

III - the name "Agribusiness Credit Letter";

IV - the face value;

V - the identification of the credit rights linked to it and their respective values, except as provided in art. 30 of this Law;

VI - interest rate, fixed or floating, capitalization being permitted;

VII - maturity date or, if issued for installment payment, breakdown of the amounts and maturity dates of the various installments;

VIII - the name of the holder;

IX - "to order" clause, except as provided in item II of art. 35 of this Law.

Sole paragraph. The credit rights linked to the LCA:

(Repealed by Provisional Measure No. 897, of 2019) .

(Revoked by Law No. 13,986 of 2020

I - must be registered in a registration and financial settlement system for assets authorized by the Central Bank of Brazil;

(Revoked by Provisional Measure No. 897 of 2019).

(Revoked by Law No. 13,986 of 2020

II - may be kept in custody, in which case the provisions of item II of § 1 and § 2 of art. 25 of this Law shall apply.

(Revoked by Provisional Measure No. 897 of 2019).

(Revoked by Law No. 13,986 of 2020

§ 1 The credit rights linked to the LCA:

(Wording given by Provisional Measure No. 897 of 2019)

I - must be registered or deposited with an entity authorized by the Central Bank or the Securities and Exchange Commission to carry out the activity of registration or centralized deposit of financial assets and securities; and

(Wording given by Provisional Measure No. 897 of 2019)

II - may be kept in custody, in which case the provisions of item II of § 1 and § 2 of art. 25 shall apply.

(Wording given by Provisional Measure No. 897 of 2019)

§ 2 Subject to the conditions established by the National Monetary Council, the following may be used to comply with the direction of LCA resources to rural credit as provided in art. 21 of Law No. 4,829 of 1965:

(Included by Provisional Measure No. 897 of 2019)

I - Rural Product Note

– CPR, including when acquired from third parties;

(Included by Provisional Measure No. 897 of 2019)

II - quotas of guarantee funds for credit operations with rural producers, at the value of the capital contribution; and

(Included by Provisional Measure No. 897 of 2019)

III - CDCA, provided that the linked credit rights are entirely originated from transactions in which the rural producer is a direct party.

(Included by Provisional Measure No. 897 of 2019)

§ 1 The credit rights linked to the LCA:

(Wording given by Law No. 13,986 of 2020

I - must be registered or deposited with an entity authorized by the Central Bank of Brazil or the Securities and Exchange Commission to carry out the activity of registration or centralized deposit of financial assets and securities; and

(Wording given by Law No. 13,986 of 2020 da

II - may be kept in custody, in which case the provisions of item II of § 1 and § 2 of art. 25 of this Law shall apply.

(Wording given by Law No. 13,986 of 2020

§ 2 Subject to the conditions established by the National Monetary Council, the following may be used to comply with the direction of LCA resources to rural credit, as provided in art. 21 of Law No. 4,829 of 5 November 1965:

(Included by Law No. 13,986 of 2020) .

I - Rural Product Note (CPR) issued by a rural producer, including those acquired by financial institutions from third parties;

(Included by Law No. 13,986 of 2020) .

II - quotas of guarantee funds for credit operations with rural producers, at the value of the capital contribution, provided that the guaranteed credit operations are rural credit;

(Included by Law No. 13,986 of 2020) .

III - CDCA and CRA, provided that the linked credit rights are entirely originated from transactions in which the rural producer is a direct party; and

(Included by Law No. 13,986 of 2020) .

IV - CDA and WA, provided they have been issued in favor of a rural producer.

(Included by Law No. 13,986 of 2020) .

§ 3 Financial institutions may use an interfinancial transfer instrument for rural credit operations as a substitute for the credit rights referred to in § 1 of art. 23 of this Law, for the purpose of issuing LCA, taking into account the provisions of § 2 of this article and observing that: (Included by Law No. 14,937 of 2024)

I - the interfinancial transfer and rural credit instruments must have identical maturity dates and indicate their mutual linkage, and the resources of each transfer must be destined to only one rural credit operation; (Included by Law No. 14,937 of 2024)

II - the credit right representing the rural credit operation must be pledged as collateral to the financial institution transferring the resources or be the subject of a subrogation clause in favor of the latter; and (Included by Law No. 14,937 of 2024)

III - the credit instrument representing an interfinancial transfer must be made in favor of a single credit cooperative that is part of the same system, in the case of cooperative banks, confederations of credit cooperatives, and central credit cooperatives that are part of cooperative credit systems constituted in accordance with

Complementary Law No. 130 of 17 April 2009.

(Included by Law No. 14,937 of 2024)

§ 4 The granting of tax benefits associated with LCA issuance operations shall observe the provisions of the budget legislation. (Included by Law No. 14,937 of 2024)

Section IV Common Provisions for the CDCA and the LCA

Art. 28. The value of the CDCA and the LCA may not exceed the total value of the agribusiness credit rights linked to them.

Art. 29. The issuers of CDCA and LCA are responsible for the origin and authenticity of the credit rights linked to them.

Art. 30. The identification of the credit rights linked to the CDCA and the LCA may be made in a separate document, bearing the signature of the issuer's legal representatives, with mention of this circumstance in the certificate or in the records of the institution responsible for maintaining the bookkeeping systems.

Sole paragraph. The identification of the credit rights linked to the CDCA and the LCA may be made by the corresponding registration numbers in the system referred to in item I of § 1 of art. 25 of this Law.

Art. 31. The CDCA and the LCA may contain other clauses, which shall be set out in a separate document, bearing the signature of the issuer's legal representatives, with mention of this circumstance in its text.

Art. 32. The CDCA and the LCA confer a right of pledge over the credit rights linked to them, regardless of any agreement, and the provisions of arts. 1.452, caput, and 1.453 of Law No. 10.406, of 10 January 2002 – Civil Code, shall not apply.

§ 1º The substitution of the credit rights linked to the CDCA and the LCA, by agreement between the issuer and the holder, shall result in the extinction of the pledge over the substituted rights, with a new pledge being automatically constituted over the credit rights given in substitution.

§ 2º In the event of issuance of CDCA in series, the right of pledge referred to in the caput of this article shall apply to an ideal fraction of the set of linked credit rights, proportional to the credit of the holder of the CDCA of the same series.

Art. 33. In addition to the pledge constituted in the manner set forth in art. 32 of this Law, the CDCA and the LCA may have additional guarantees, real or surety, freely negotiated between the parties.

Sole paragraph. The description of the real guarantees may be made in a separate document, signed by the legal representatives of the issuer, with mention of this circumstance in the context of the securities.

Art. 33. In addition to the pledge constituted in the manner set forth in art. 32 of this Law, the CDCA and the LCA may have any additional guarantees provided for in the legislation and freely agreed upon between the parties, which may be constituted in the security itself or in a separate document.

(Wording given by Law No. 13.986, of 2020

Sole paragraph. If the guarantee is constituted in the security itself, the description of the assets may be made in a separate document, signed by the legal representatives of the issuer, with mention of this circumstance in the context of the securities.

(Wording given by Law No. 13.986, of 2020

Art. 34. The credit rights linked to the CDCA and the LCA shall not be pledged, sequestered or attached as a result of other debts of the issuer of such securities, who shall inform the court that has determined such measure regarding the linking of such rights to the respective securities, under penalty of being liable for the losses resulting from its omission.

Art. 35. The CDCA and the LCA may be issued in book-entry form, in which case:

I - such securities shall be registered in registration and financial settlement systems for assets authorized by the Central Bank of Brazil;

(Revoked by Provisional Measure No. 897, of 2019).

II - the transfer of their ownership shall take place through the records of the transactions carried out in the manner set forth in item I of the caput of this article.

(Revoked by Provisional Measure No. 897, of 2019).

Sole paragraph. The registering entity is responsible for maintaining the record of the chain of transactions involving the securities registered in the system.

(Revoked by Provisional Measure No. 897, of 2019).

(Revoked by Law No. 13.986, of 2020

Art. 35. The CDCA and the LCA may be issued in book-entry form, in which case such securities shall be registered or deposited with an entity authorized to carry out the activity of registration or centralized depository of financial assets and securities.

(Wording given by Provisional Measure No. 897, of 2019)

Art. 35. The CDCA and the LCA may be issued in book-entry form, in which case such securities must be registered or deposited with an entity authorized to exercise the activity of registration or central deposit of financial assets and securities.

(Drafting by Law No. 13.986 of 2020

I -

(repealed) ;

(Drafting by Law No. 13.986 of 2020

II -

(repealed) .

(Drafting by Law No. 13.986 of 2020

Sole paragraph. ( Repealed) .

(Drafting by Law No. 13.986 of 2020

Art. 35-A. The book-entry issuance of the CDCA may, alternatively, occur by means of entry in an electronic bookkeeping system managed by an entity authorized by the Central Bank of Brazil to exercise the bookkeeping activity.

(Included by Provisional Measure No. 897 of 2019)

(Included by Law No. 13.986 of 2020) .

Art. 35-B. The Central Bank of Brazil shall be responsible for:

(Included by Provisional Measure No. 897 of 2019)

I - establishing the conditions for the exercise of the bookkeeping activity referred to in art. 35-A; and

(Included by Provisional Measure No. 897 of 2019)

II - authorizing and supervising the exercise of the activity provided for in item I.

(Included by Provisional Measure No. 897 of 2019)

§ 2 The entity responsible for the bookkeeping referred to in art. 35-A shall issue, upon request, a full transcript certificate of the security, including for purposes of protest and judicial execution.

(Included by Provisional Measure No. 897 of 2019)

§ 3 The certificate referred to in §2 may be issued in electronic form, observing the security requirements that guarantee the authenticity and integrity of the document.

(Included by Provisional Measure No. 897, of 2019)

Art. 35-B. The Central Bank of Brazil shall be responsible for:

(Included by Law No. 13,986, of 2020) .

I - establishing the conditions for the exercise of the bookkeeping activity referred to in art. 35-A of this Law; and

(Included by Law No. 13,986, of 2020) .

II - authorizing and supervising the exercise of the activity provided for in item I of the caput of this article.

(Included by Law No. 13,986, of 2020) .

§ 2 The entity responsible for the bookkeeping referred to in art. 35-A of this Law shall issue, upon request, a full transcript certificate of the title, including for purposes of protest and execution.

(Included by Law No. 13,986, of 2020) .

§ 3 The certificate referred to in § 2 of this article may be issued in electronic form, observing the security requirements that guarantee the authenticity and integrity of the document.

(Included by Law No. 13,986, of 2020) .

Art. 35-C. The settlement of payment in favor of the legitimate creditor, by any means of payment existing within the scope of the Brazilian Payment System, shall constitute proof of payment, total or partial, of the CDCA issued in book-entry form.

(Included by Provisional Measure No. 897, of 2019)

Sole paragraph. The proof of payment referred to in the caput shall be informed in the electronic bookkeeping system referred to in art. 35-A, with express reference to the amortized or settled CDCA.

(Included by Provisional Measure No. 897, of 2019)

(Included by Law No. 13,986, of 2020) .

Sole paragraph. The proof of payment referred to in the caput of this article shall be informed in the electronic bookkeeping system referred to in art. 35-A of this Law, with express reference to the amortized or settled CDCA.

(Included by Law No. 13,986, of 2020) .

Art. 35-D. The system referred to in art. 35-A shall register:

(Included by Provisional Measure No. 897, of 2019)

I - the issuance of the title with its essential requirements;

(Included by Provisional Measure No. 897, of 2019)

II - the endorsement;

(Included by Provisional Measure No. 897, of 2019)

III - the amendments, ratifications and rectifications; and

(Included by Provisional Measure No. 897, of 2019)

IV - the inclusion of notifications, contractual clauses and other information.

(Included by Provisional Measure No. 897, of 2019)

Sole paragraph. In the event that liens and encumbrances are constituted, such occurrence shall be informed in the system referred to in art. 35-A.

(Included by Provisional Measure No. 897, of 2019)

Art. 35-D. The electronic bookkeeping system referred to in art. 35-A of this Law shall include:

(Included by Law No. 13,986, of 2020) .

I - the essential requirements of the title;

(Included by Law No. 13,986, of 2020) .

II - the endorsement and the chain of endorsements, if any;

(Included by Law No. 13,986, of 2020) .

III - the amendments, ratifications and rectifications; and

(Included by Law No. 13,986, of 2020) .

IV - the inclusion of notifications, contractual clauses and other information.

(Included by Law No. 13,986, of 2020) .

Sole paragraph. In the event that liens and encumbrances are constituted, such occurrence shall be informed in the system referred to in art. 35-A of this Law.

(Included by Law No. 13,986, of 2020) .

Section V Securitization of Agribusiness Receivables

Subsection I Of the Agribusiness Receivables Certificate

Art. 36. The Agribusiness Receivables Certificate – CRA is a nominative credit instrument, freely negotiable, representing a promise of payment in money and constitutes an extrajudicial enforcement instrument.

Sole paragraph. The CRA is issued exclusively by agribusiness receivables securitization companies, in accordance with the sole paragraph of art. 23 of this Law.

Sole paragraph. The CRA is exclusively issued by agribusiness receivables securitization companies, pursuant to the provisions of § 1 of art. 23.

(Text given by Provisional Measure No. 897, of 2019)

Sole paragraph. The CRA is exclusively issued by agribusiness receivables securitization companies, pursuant to § 1 of art. 23 of this Law.

(Text given by Law No. 13.986, of 2020)

(Repealed by Provisional Measure No. 1.103, of 2022)

(Repealed by Law No. 14.430, of 2022)

Art. 37. The CRA shall have the following requirements, stated in its context:

(Repealed by Provisional Measure No. 1.103, of 2022)

(Repealed by Law No. 14.430, of 2022)

I - name of the issuing company;

II - serial number, place and date of issue;

III - designation "Agribusiness Receivables Certificate";

IV - name of the holder;

V - nominal value;

VI - maturity date or, if issued for installment payment, breakdown of the amounts and maturity dates of the various installments;

VII - interest rate, fixed or floating, with capitalization permitted;

VIII - identification of the Receivables Securitization Term that gave rise to it.

§ 1 The CRA shall adopt book-entry form, observing the provisions of art. 35 of this Law.

§ 1 The CRA shall adopt book-entry form, observing the provisions of arts. 35, 35-A, 35-B, 35-C and 35-D of this Law.

(Text given by Law No. 13.986, of 2020)

(Repealed by Provisional Measure No. 1.103, of 2022)

(Repealed by Law No. 14.430, of 2022)

§ 2 The CRA may have, as provided in the Receivables Securitization Term, a floating charge, which shall assure its holder a general privilege over the assets of the securitization company, but shall not prevent the trading of the assets that make up such assets.

(Repealed by Provisional Measure No. 1.103, of 2022)

(Repealed by Law No. 14.430, of 2022)

§ 3 The CRA may be issued with a clause for correction by exchange rate variation provided that:

(Included by Provisional Measure No. 725, of 2016)

§ 3

The CRA may be issued with a clause for correction by exchange rate variation provided that:

(Included by Law No. 13.331, of 2016)

(Repealed by Provisional Measure No. 1.103, of 2022)

(Repealed by Law No. 14.430, of 2022)

I - fully backed by securities representing receivables with a correction clause in the same currency, in the form established by the National Monetary Council;

(Included by Provisional Measure No. 725, of 2016)

I - fully backed by securities representing receivables with a correction clause in the same currency, in the form established by the National Monetary Council;

(Included by Law No. 13.331, of 2016)

I - fully linked to receivables with a correction clause in the same currency; and

(Text given by Provisional Measure No. 897, of 2019)

II - traded exclusively with non-resident investors under the legislation and regulations in force; and

(Included by Provisional Measure No. 725, of 2016)

II - traded exclusively with non-resident investors under the legislation and regulations in force; and

(Included by Law No. 13.331, of 2016)

II - issued in favor of a non-resident investor, subject to the provisions of § 4º.

(Wording given by Provisional Measure No. 897, of 2019)

III - subject to the other conditions to be established by the National Monetary Council.

(Included by Provisional Measure No. 725, of 2016)

III - subject to the other conditions to be established by the National Monetary Council.

(Included by Law No. 13.331, of 2016)

(Repealed by Provisional Measure No. 897, of 2019).

I - fully linked to credit rights with an adjustment clause in the same currency; and

(Wording given by Law No. 13.986, of 2020)

(Repealed by Provisional Measure No. 1.103, of 2022)

II - issued in favor of a non-resident investor, subject to the provisions of § 4º of this article;

(Wording given by Law No. 13.986, of 2020)

(Repealed by Provisional Measure No. 1.103, of 2022)

III - (repealed).

(Wording given by Law No. 13.986, of 2020)

(Repealed by Provisional Measure No. 1.103, of 2022)

(Repealed by Law No. 14.430, of 2022)

§ 4º The National Monetary Council may establish other conditions for the issuance of CRA with an adjustment clause based on exchange rate variation, including regarding issuance in favor of a resident investor.

(Included by Provisional Measure No. 897, of 2019)

(Included by Law No. 13.986, of 2020).

(Repealed by Provisional Measure No. 1.103, of 2022)

(Repealed by Law No. 14.430, of 2022)

§ 5º In distributions carried out abroad, the CRA may be registered with a registration and financial settlement entity abroad, provided that the entity is:

(Included by Provisional Measure No. 897, of 2019)

I - authorized in its country of origin; and

(Included by Provisional Measure No. 897, of 2019)

II - supervised by a foreign authority with which the Securities and Exchange Commission has entered into a mutual cooperation agreement that allows the exchange of information regarding transactions carried out in the markets it supervises, or that is a signatory of a multilateral memorandum of understanding of the International Organization of Securities Commissions.

(Included by Provisional Measure No. 897, of 2019)

§ 5º In distributions carried out abroad, the CRA may be registered with a registration and financial settlement entity located in the country of distribution, provided that the entity is:

(Included by Law No. 13.986, of 2020).

(Repealed by Provisional Measure No. 1.103, of 2022)

(Repealed by Law No. 14.430, of 2022)

I - authorized in its country of origin; and

(Included by Law No. 13.986, of 2020).

(Repealed by Provisional Measure No. 1.103, of 2022)

(Repealed by Law No. 14.430, of 2022)

(Included by Law No. 13.986, of 2020).

(Repealed by Provisional Measure No. 1.103, of 2022)

(Repealed by Law No. 14.430, of 2022)

Subsection II Of Agricultural Business Credit Rights Securitization Companies and the Fiduciary Regime

Art. 38. Agricultural business credit rights securitization companies are non-financial institutions incorporated in the form of a corporation and shall have as their purpose the acquisition and securitization of such rights and the issuance and placement of Agricultural Business Receivables Certificates in the financial and capital markets.

(Repealed by Provisional Measure No. 1.103, of 2022)

(Repealed by Law No. 14.430, of 2022)

Art. 39. Agricultural business credit rights securitization companies may establish a fiduciary regime over credit rights arising from the agricultural business, which shall be governed, as applicable, by the provisions set forth in arts. 9º to 16 of Law No. 9.514, of 20 November 1997.

(Repealed by Provisional Measure No. 1.103, of 2022)

(Repealed by Law No. 14.430, of 2022)

Subsection III On the Securitization of Agricultural Business Credit Rights

Art. 40. The securitization of agricultural business credit rights is the operation by which such rights are expressly linked to the issuance of a series of credit securities, by means of a Credit Rights Securitization Term, issued by a securitization company, which shall contain the following elements:

(Repealed by Provisional Measure No. 1.103, of 2022)

(Repealed by Law No. 14.430, of 2022)

I - identification of the debtor;

(Repealed by Provisional Measure No. 1.103, of 2022)

(Repealed by Law No. 14.430, of 2022)

II - the nominal value and maturity of each credit right linked to it;

(Revoked by Provisional Measure No. 1,103 of 2022)

(Revoked by Law No. 14,430 of 2022)

III - identification of the securities issued;

(Revoked by Provisional Measure No. 1,103 of 2022)

(Revoked by Law No. 14,430 of 2022)

IV - indication of other redemption guarantees for the securities of the series issued, when constituted.

(Revoked by Provisional Measure No. 1,103 of 2022)

(Revoked by Law No. 14,430 of 2022)

Section VI Common Provisions Applicable to the CDCA, the LCA and the CRA

Art. 41. The fiduciary assignment of agribusiness credit rights as security is permitted in favor of the acquirers of the CDCA, the LCA and the CRA, in accordance with the provisions of Articles 18 to 20 of Law No. 9,514 of November 20, 1997.

Art. 42. The CDCA, the LCA and the CRA may contain an express clause for the variation of their nominal value, provided that it is the same as that of the credit rights linked to them.

Art. 43. The CDCA, the LCA and the CRA may be publicly distributed and traded on Stock and Commodity and Futures Exchanges and on organized over-the-counter markets authorized to operate by the Securities and Exchange Commission.

Sole paragraph. In the hypothesis of the main body of this article, the provisions of Law No. 6,385 of December 7, 1976 shall be observed.

Art. 44. The provisions of negotiable instruments law shall apply to the CDCA, the LCA and the CRA, as far as applicable, with the following modifications:

I - endorsements must be complete;

II - protest of negotiable instruments is dispensed with to secure the right of recourse against endorsers and guarantors.

CHAPTER III TRANSITIONAL AND FINAL PROVISIONS

Art. 45. The issuance of the CDA and the WA is authorized, for a term of 2 (two) years, by warehouses that do not hold the certification provided for in Article 2 of Law No. 9,973 of May 29, 2000, but that meet minimum requirements to be defined by the Ministry of Agriculture, Livestock and Supply.

Art. 45. The issuance of the CDA and the WA is authorized until December 31, 2009, by warehouses that do not hold the certification provided for in

Article 2 of Law No. 9,973 of May 29, 2000

, but that meet minimum requirements to be defined by the Ministry of Agriculture, Livestock and Supply.

(Wording given by Provisional Measure No. 372 of 2007)

Art. 45. The issuance of the CDA and the WA is authorized until December 31, 2009 by warehouses that do not hold the certification provided for in

Article 2 of Law No. 9,973 of May 29, 2000,

but that meet minimum requirements to be defined by the Ministry of Agriculture, Livestock and Supply. (Wording given by Law No. 11,524 of 2007)

Art. 46. For the products specified in Section 1 of Article 1 of this Law, the issuance of the Deposit Receipt and the Warrant provided for in Decree No. 1,102 of November 21, 1903 is prohibited, observing the provisions of Article 55, II, of this Law. (Takes effect)

Art. 47. The main body of Article 82 of Law No. 5,764 of December 16, 1971, shall be in force with the following wording:

"Art. 82. The cooperative engaged in joint sales may register as a general warehouse, and may also develop the activities provided for in Law No. 9,973 of May 29, 2000, and in that capacity issue Deposit Receipts, Warrants, Agricultural Deposit Certificates - CDA and Agricultural Warrants - WA for the products of its members kept in its own or leased warehouses, without prejudice to the issuance of other securities arising from its normal activities, applying, as far as applicable, the specific legislation.

...................................................................." (NR)

Art. 48. Article 6 of Law No. 9,973 of May 29, 2000, shall be in force with the following wording:

"Art. 6 ............................................................

........................................................................

§ 3 The depositary and the depositor may define, by mutual agreement, the constitution of guarantees, which must be registered in the deposit contract or in the Agricultural Deposit Certificate - CDA.

..........................................................................

§ 7 The provisions of § 3 of this article do not apply to the relationship between a cooperative and its members referred to in art. 83 of Law No. 5.764, of 16 December 1971. " (NR)

Art. 49. It is incumbent upon the National Monetary Council to issue the instructions necessary for the execution of the provisions of this Law referring to the CDA, the WA, the CDCA, the LCA and the CRA.

Art. 49. It is incumbent upon the National Monetary Council to regulate the provisions of this Law referring to the CDA, the WA, the CDCA, the LCA and the CRA, and it may even establish minimum terms and other conditions for issuance and redemption and differentiate such conditions according to the type of indexer adopted contractually (Text given by Provisional Measure No. 656, of 2014)

Art. 50. Art. 2 of Law No. 8.427, of 27 May 1992, shall come into force with the following alterations:

"Art. 2 .................................................................................

§ 1 ......................................................................................

.............................................................................................

II – at most, the difference between the exercise price in put option contracts for agricultural products launched by the Executive Branch or by the private sector and the market value of these products.

..............................................................................................

§ 3 The subsidy referred to in this article shall be granted upon observance of the conditions, criteria, limits and norms established within the scope of the Ministry of Agriculture, Livestock and Food Supply, in accordance with the budgetary and financial availabilities existing for the purpose." (NR)

Art. 51. Art. 19 of Law No. 8.929, of 22 August 1994, shall come into force with the addition of the following §§ 3 and 4:

"Art. 19 .........................................................................

......................................................................................

§ 3 The CPR registered in a system of registration and financial settlement of assets authorized by the Central Bank of Brazil shall have the following characteristics:

I - it shall be in paper form before its registration and after its deregistration and in book-entry or electronic form while it remains registered in a registration and financial settlement system;

II - the transactions occurring during the period in which the CPR is registered in a registration and financial settlement system shall not be transcribed on the back of the certificates;

III - the registering entity is responsible for maintaining the record of the chain of transactions occurring during the period in which the certificates are registered.

§ 4 In the event of having a guarantee from a financial institution or insurer, the CPR may be issued in favor of the guarantor, and the issuer must deliver it to the latter, by means of an endorsement-mandate with powers to negotiate it, custody it, register it in a system of registration and financial settlement of assets authorized by the Central Bank of Brazil and endorse it to the creditor informed by the registration system." (NR)

Art. 52. The Inspection Fee established by Law No. 7.940, of 20 December 1989, is owed by the investment funds regulated and supervised by the Securities Commission - CVM, regardless of the assets that make up their portfolio, according to the amounts set out in Annexes I and II of this Law. (Production of effect)

(Repealed by Provisional Measure No. 1.072, of 2021)

Production of effects

(Repealed by Law No. 14.317, of 2022)

Production of effects

§ 1 In the event of the caput of this article:

(Repealed by Provisional Measure No. 1.072, of 2021)

Production of effects

(Repealed by Law No. 14.317, of 2022)

Production of effects

I - the Inspection Fee shall be calculated and paid quarterly, based on the daily average of net equity for the immediately preceding quarter;

(Repealed by Provisional Measure No. 1,072, of 2021)

Production of effects

(Repealed by Law No. 14,317, of 2022)

Production of effects

II - the Inspection Fee shall be collected by the last business day of the 1st (first) ten-day period of the months of January, April, July and October of each year, observing the provisions of item I of this paragraph.

(Repealed by Provisional Measure No. 1,072, of 2021)

Production of effects

(Repealed by Law No. 14,317, of 2022)

Production of effects

§ 2º Investment funds that, based on the applicable regulations in force, do not calculate the average daily value of their net equity, shall collect the fee referred to in the caput of this article based on the net equity calculated on the last day of the quarter immediately preceding the payment.

(Repealed by Provisional Measure No. 1,072, of 2021)

Production of effects

(Repealed by Law No. 14,317, of 2022)

Production of effects

Art. 52-A. Infractions of the legal and regulatory rules governing the electronic bookkeeping activity subject the entity responsible for the electronic bookkeeping system, its administrators and the members of its statutory or contractual bodies to the provisions of Law No. 13,506, of 13 November 2017 . (Included by Provisional Measure No. 897, of 2019)

(Included by Law No. 13,986, of 2020) .

Art. 53. Arts. 22, sole paragraph, and 38 of Law No. 9,514, of 20 November 1997, shall come into force with the following wording:

Art. 22. ......................................................................................

Sole paragraph. The fiduciary alienation may be contracted by a natural or legal person, not being exclusive to entities operating in the SFI, and may have as its object emphyteutic assets, in which case the payment of the laudêmio shall be required, if there is consolidation of the useful domain in the fiduciary." (NR)

"Art. 38. The acts and contracts referred to in this Law or resulting from its application, even those aimed at the constitution, transfer, modification or waiver of real rights over real estate, may be executed by public deed or by private instrument with the effects of a public deed." (NR)

Art. 54. Art. 4 of Law No. 9,973, of 29 May 2000, is repealed.

Art. 55. This Law enters into force on the date of its publication, producing effects:

I - as to art. 52 and Annexes I and II, from 3 January 2005;

II – as to art. 46, from 365 (three hundred and sixty-five) days after the date of publication of this Law.

Brasília, 30 December 2004; 183rd of Independence and 116th of the Republic.

LUIZ INÁCIO LULA DA SILVA

Bernard Appy Roberto Rodrigues

This text does not replace the one published in the D.O.U. of 31.12.2004.

ANNEX I (Production of effect)

Value of the Inspection Fee owed by Investment Funds

In Reais

(See art. 55, I)

Average Net Equity Class

Value of the Inspection Fee

Up to 2,500,000.00

600.00

From 2,500,000.01 to 5,000,000.00

900.00

From 5,000,000.01 to 10,000,000.00

1,350.00

From 10,000,000.01 to 20,000,000.00

1,800.00

From 20,000,000.01 to 40,000,000.00

2,400.00

From 40,000,000.01 to 80,000,000.00

3,840.00

From 80,000,000.01 to 160,000,000.00

5,760.00

From 160,000,000.01 to 320,000,000.00

7,680.00

From 320,000,000.01 to 640,000,000.00

9.600,00

Above 640.000.000,00

10.800,00

ANNEX II (Production of effect)

Amount of the Inspection Fee owed by Investment Funds in Shares of Investment Funds

In Reais

(See art. 55, I)

Class of Average Net Equity

Amount of the Inspection Fee

Up to 2.500.000,00

300,00

From 2.500.000,01 to 5.000.000,00

450,00

From 5.000.000,01 to 10.000.000,00

675,00

From 10.000.000,01 to 20.000.000,00

900,00

From 20.000.000,01 to 40.000.000,00

1.200,00

From 40.000.000,01 to 80.000.000,00

1.920,00

From 80.000.000,01 to 160.000.000,00

2.880,00

From 160.000.000,01 to 320.000.000,00

3.840,00

From 320.000.000,01 to 640.000.000,00

4.800,00

Above 640.000.000,00

5.400,00

Lineage: Amended

Timeline