Lei nº 9.514, de 20 de novembro de 1997 — Dispõe sobre o Sistema de Financiamento Imobiliário, institui a alienação fiduciária de coisa imóvel e dá outras providências (Law No. 9,514 of 20 November 1997 on the Real Estate Financing System (SFI), instituting fiduciary transfer of real property)

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

Presidency of the Republic

Civil House

Deputy Office for Legal Affairs

LAW No. 9.514, OF 20 NOVEMBER 1997

Provides for the Real Estate Financing System, institutes fiduciary alienation of real property and makes other provisions.

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

CHAPTER I

Of the Real Estate Financing System

Section I

Of the purpose

Art. 1 The Real Estate Financing System

– SFI has the purpose of promoting real estate financing in general, under conditions compatible with those of the formation of the respective funds.

Section II

Of the entities

Art. 2 The savings banks, commercial banks, investment banks, banks with real estate credit portfolios, real estate credit companies, savings and loan associations, mortgage companies and, at the discretion of the National Monetary Council - CMN, other entities may operate in the SFI.

Art. 3 The real estate credit securitization companies, non-financial institutions incorporated as corporations, shall have the purpose of acquiring and securitizing such credits and issuing and placing, in the financial market, Real Estate Receivables Certificates, and may issue other credit instruments, conduct business and provide services compatible with their activities.

Sole paragraph. The National Monetary Council - CMN may establish conditions for the operation of the companies referred to in this article.

(Repealed by Law No. 13.097, of 2015)

(Effectiveness)

Section III

Of real estate financing

Art. 4 Real estate financing operations in general shall be freely carried out by entities authorized to operate in the SFI, under market conditions and observing legal requirements.

Sole paragraph. In the operations referred to in this article, funds from fundraising in the financial and securities markets may be used, in accordance with the relevant legislation.

Art. 5 Real estate financing operations in general, within the scope of the SFI, shall be freely agreed upon by the parties, observing the following essential conditions:

I - full replacement of the amount lent and respective adjustment;

II - remuneration of the capital lent at the rates agreed in the contract;

III - capitalization of interest;

IV - contracting, by the financing borrowers, of insurance against the risks of death and permanent disability.

§ 1 The parties may establish the criteria for the adjustment referred to in item I, observing the legislation in force.

(Repealed by Provisional Measure No. 2.223, of 2001)

§ 1 The parties may establish the criteria for the adjustment referred to in item I, observing the legislation in force.

§ 2 The operations of commercialization of real estate, with installment payment, leasing of real estate and real estate financing in general, may be agreed under the same conditions permitted for entities authorized to operate in the SFI, observing, as to any adjustment, the same indices and the same periodicity of incidence and collection.

§ 2 The operations of commercialization of real estate, with installment payment, leasing of real estate and real estate financing in general, may be agreed under the same conditions permitted for entities authorized to operate in the SFI.

(Redaction given by Provisional Measure No. 2.223, of 2001)

§ 2 The operations of commercialization of real estate, with installment payment, leasing of real estate and real estate financing in general may be agreed under the same conditions permitted for entities authorized to operate in the SFI. (Redaction given by Law No. 10.931, of 2004)

§ 3 In the sale of units in a building under the regime of Law No. 4.591, of 16 December 1964, at the discretion of the purchaser and upon mandatory information from the developer, insurance may be contracted to guarantee reimbursement to the purchaser of the amounts paid by the latter, in the event of default by the developer or builder regarding delivery of the work.

Section IV

Of the Real Estate Receivables Certificate

Art. 6 The Real Estate Receivables Certificate - CRI is a registered credit instrument, freely negotiable, backed by real estate credits and constitutes a promise of payment in money.

Sole paragraph. The CRI is issued exclusively by securitization companies.

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

(Repealed by Law No. 14.430, of 2022)

Art. 7 The CRI shall have the following characteristics:

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

(Repealed by Law No. 14.430, of 2022)

I - name of the issuing company;

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

(Repealed by Law No. 14.430, of 2022)

II - order number, place and date of issue;

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

(Repealed by Law No. 14.430, of 2022)

III - denomination "Real Estate Receivables Certificate";

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

(Repealed by Law No. 14.430, of 2022)

IV - book-entry form;

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

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

V - name of the holder;

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

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

VI - nominal value;

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

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

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

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

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

VIII - interest rate, fixed or floating, and dates of its enforceability, with capitalization permitted;

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

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

IX - adjustment clause, in compliance with the relevant legislation;

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

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

X - place of payment;

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

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

XI - identification of the Credit Securitization Term that gave rise to it.

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

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

§ 1º The registration and trading of the CRI shall be carried out through centralized custody and financial settlement systems for private securities.

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

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

§ 2º The CRI may have, as provided in the Credit Securitization Term, a floating charge, which shall assure it 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)

Section V

On the securitization of real estate credits

Art. 8º The securitization of real estate credits is the operation by which such credits are expressly linked to the issuance of a series of credit securities, through a Credit Securitization Term, drawn up 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 - the identification of the debtor and the nominal value of each credit that backs the issuance, with the individualization of the property to which it is linked and indication of the Real Estate Registry Office in which it is registered and respective registration number, as well as the registration number of the act by which the credit was assigned;

I - the identification of the debtor and the nominal value of each credit that backs the issuance, with the individualization of the property to which it is linked and the indication of the Real Estate Registry Office in which it is registered and respective registration number, as well as the indication of the act by which the credit was assigned;

(Text provided by Provisional Measure No. 2,223 of 2001)

I - the identification of the debtor and the nominal value of each credit that backs the issuance, with the individualization of the property to which it is linked and the indication of the Real Estate Registry Office in which it is registered and respective registration number, as well as the indication of the act by which the credit was assigned; (Text provided by Law No. 10,931 of 2004)

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

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

II - the identification of the securities issued;

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

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

III - the constitution of other guarantees for the redemption of the securities of the series issued, if applicable.

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

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

Sole paragraph. The securitization of credits arising from the sale of units in buildings under the incorporation regime in accordance with Law No. 4,591 of 16 December 1964 shall be permitted.

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

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

Section VI

On the fiduciary regime

Art. 9º The securitization company may institute a fiduciary regime over real estate credits, in order to back the issuance of Real Estate Receivables Certificates, with a financial institution or company authorized for this purpose by BACEN acting as fiduciary agent and the acquirers of the securities backed by the receivables subject to this regime as beneficiaries.

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

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

Art. 10. The fiduciary regime shall be instituted by unilateral declaration of the securitization company in the context of the Credit Securitization Term, which, in addition to containing the elements referred to in art. 8º, shall be subject to the following conditions:

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

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

I - the constitution of the fiduciary regime over the credits that back the issuance;

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

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

II - the constitution of a separate estate, comprised of all the credits submitted to the fiduciary regime that back the issuance;

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

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

III - the allocation of the credits as backing for the issuance of the respective series of securities;

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

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

IV - the appointment of the fiduciary agent, with the definition of its duties, responsibilities and remuneration, as well as the hypotheses, conditions and form of its dismissal or replacement and the other conditions of its performance;

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

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

V - the form of liquidation of the separate estate.

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

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

Sole paragraph. The Credit Securitization Term, in which the fiduciary regime is instituted, shall be recorded in the Real Estate Registries in which the respective real properties are registered.

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

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

Art. 11. The credits subject to the fiduciary regime:

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

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

I - constitute a separate estate, which is not confused with that of the securitization company;

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

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

II - shall remain separate from the estate of the securitization company until the redemption of all the securities of the series to which they are allocated is completed;

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

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

III - are intended exclusively for the liquidation of the securities to which they are allocated, as well as for the payment of the respective administration costs and tax obligations;

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

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

IV - are exempt from any action or execution by the creditors of the securitization company;

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

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

V - are not subject to the constitution of guarantees or to foreclosure by any of the creditors of the securitization company, however privileged they may be;

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

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

VI - shall only be liable for the obligations inherent to the securities allocated to them.

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

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

§ 1 In the Credit Securitization Term, the beneficiaries and other creditors of the separate estate may be granted the right to have their credits against the estate of the securitization company, if the separate estate becomes insufficient.

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

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

§ 2 Once the right referred to in the previous paragraph is assured, the securitization company, whenever the insufficiency of the separate estate is verified, shall promote its respective recomposition, by means of an amendment to the Credit Securitization Term, including in it other real estate credits, in compliance with the requirements provided for in this section.

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

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

§ 3 The realization of the rights of the beneficiaries shall be limited to the real estate credits comprising the separate estate, unless additional guarantees have been constituted by third parties.

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

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

Art. 12. Once the fiduciary regime is instituted, the securitization company shall be responsible for administering each separate estate, maintaining independent accounting records for each of them and preparing and publishing the respective financial statements.

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

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

Sole paragraph. The entirety of the securitization company's estate shall be liable for the losses it causes due to non-compliance with a legal or regulatory provision, negligence or reckless administration, or even due to deviation from the purpose of the separate estate.

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

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

Art. 13. The fiduciary agent is granted general powers of representation of the community of beneficiaries, including those of receiving and giving discharge, and is responsible for:

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

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

I - ensuring the protection of the rights and interests of the beneficiaries, monitoring the performance of the securitization company in the administration of the separate estate;

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

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

II - adopting the necessary judicial or extrajudicial measures for the defense of the interests of the beneficiaries, as well as for the realization of the credits allocated to the separate estate, if the securitization company does not do so;

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

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

III - to exercise, in the event of insolvency of the securitization company, the administration of the separate estate;

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

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

IV - to promote, in the manner set forth in the Term of Securitization of Credits, the liquidation of the separate estate;

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

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

V - to perform the other duties assigned to it in the Term of Securitization of Credits.

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

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

§ 1 The fiduciary agent shall be liable for losses caused by non-compliance with legal or regulatory provisions, by negligence or reckless administration.

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

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

§ 2 The same requirements and incompatibilities imposed by art. 66 of Law No. 6,404, of December 15, 1976, apply to the fiduciary agent.

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

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

Art. 14. The insufficiency of the assets of the separate estate shall not cause its bankruptcy, and in this case, the fiduciary agent shall convene a general meeting of the beneficiaries to deliberate on the rules of administration or liquidation of the separate estate.

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

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

§ 1 In the case referred to in this article, the general meeting shall be entitled to adopt any measure pertinent to the administration or liquidation of the separate estate, including the transfer of the assets and rights comprising it to another entity operating in the SFI, the form of liquidation of the estate and the appointment of the liquidator.

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

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

§ 2 The general meeting, convened by notice published three times, with twenty days' notice, in a newspaper of large circulation in the place where the issuance of the securities was made, shall be installed, on first call, with the presence of beneficiaries representing at least two-thirds of the global value of the securities and, on second call, with any number, and the resolutions taken by the absolute majority of that capital shall be valid.

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

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

Art. 15. In the event of insolvency of the securitization company, the fiduciary agent shall immediately assume the custody and administration of the real estate credits comprising the separate estate and shall convene the general meeting of the beneficiaries to deliberate on the form of administration, observing the requirements established in § 2 of art. 14.

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

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

Sole paragraph. The insolvency of the securitization company shall not affect the separate estates it has constituted.

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

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

Art. 16. The fiduciary regime referred to in this section shall be extinguished upon the fulfillment of the conditions to which it is subject, in accordance with the Term of Securitization of Credits that instituted it.

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

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

§ 1 Once the credits of the beneficiaries are satisfied and the fiduciary regime is extinguished, the Fiduciary Agent shall provide, within three business days, to the securitization company, a release term, which shall serve to cancel, in the competent Real Estate Registries, the registration that instituted the fiduciary regime.

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

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

§ 2 The cancellation referred to in the previous paragraph shall result in the reintegration into the common estate of the securitization company of the remaining real estate receivables.

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

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

§ 3 The fees due to the Real Estate Registries for cancellation of the fiduciary regime and existing real guarantees shall be charged as a single act.

(Included by Provisional Measure No. 2,223, of 2001)

§ 3 The fees due to the Real Estate Registries for cancellation of the fiduciary regime and existing real guarantees shall be charged as a single act. (Included by Law No. 10,931, of 2004)

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

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

Section VII

Of the guarantees

Art. 17. Real estate financing operations in general may be guaranteed by:

I - mortgage;

II - fiduciary assignment of credit rights arising from real estate sale contracts;

III - pledge of credit or acquisition rights arising from contracts of sale or promise of sale of real estate;

IV - fiduciary alienation of real property.

§ 1 The guarantees referred to in items II, III and IV of this article constitute a real right over the respective objects.

§ 2 The provisions of arts. 789 to 795 of the Civil Code apply to the pledge of credit rights referred to in item III of this article.

§ 3 SFI operations involving leasing may be additionally guaranteed by anticresis.

Art. 18. The contract of fiduciary assignment in guarantee operates the transfer to the creditor of the ownership of the assigned credits, until the liquidation of the guaranteed debt, and shall contain, in addition to other elements, the following:

I - the total amount of the debt or its estimate;

II - the place, date and form of payment;

III - the interest rate;

IV - the identification of the receivables subject to the fiduciary assignment.

Art. 19. The fiduciary creditor is entitled to:

I - retain and recover possession of the instruments representing the assigned receivables, against any holder, including the assignor itself;

II - notify the debtors who do not pay the assignor, for as long as the fiduciary assignment lasts;

III - use the actions, remedies and executions, judicial and extrajudicial, to collect the assigned receivables and exercise the other rights conferred on the assignor in the real estate sale contract;

IV - receive directly from the debtors the receivables assigned in trust.

§ 1 The amounts received as provided in item IV of this article, after deducting collection and administration expenses, shall be credited to the assignor debtor, in the transaction subject to the fiduciary assignment, until final settlement of the debt and charges, and the fiduciary creditor shall be liable to the assignor, as depositary, for whatever it receives in excess of what the latter owed it.

§ 2 If the amounts received, referred to in the preceding paragraph, are insufficient for the full payment of the debt and its charges, as well as the collection and administration expenses of those receivables, the debtor shall remain obligated to redeem the remaining balance under the conditions agreed in the contract.

Art. 20. In the event of bankruptcy of the assignor debtor and if there has been no delivery of the instruments representing the receivables assigned in trust, the fiduciary assignee shall be assured restitution in accordance with the relevant legislation.

Sole paragraph. Once restitution is effected, the fiduciary assignee shall continue to exercise its rights as provided in this section.

Art. 21. Rights to acquire real estate, even if under construction, are susceptible to pledge, provided they are transferable.

§ 1 The instrument of pledge referred to in this article shall state the amount of the debt and charges and identify the real estate whose acquisition rights are pledged.

§ 2 If the pledge refers to acquisition rights under a promise of purchase and sale whose price has not yet been fully paid, the pledge creditor may, upon default by the promissory buyer, enforce its claim or, under protest, make payment of the balance of the promise.

§ 3 If, under the preceding paragraph, the creditor makes the payment, the amount paid, with all its accessories and any penalties, shall be added to the debt secured by the pledge, without prejudice to the creditor's right to immediately enforce against the debtor, including as to the portion of the debt so added.

CHAPTER II

On the Fiduciary Sale of Real Property

Art. 22. The fiduciary sale governed by this Law is the legal transaction by which the debtor, or trustor, with the purpose of security, contracts the transfer to the creditor, or fiduciary, of the resolvable ownership of real property.

Art. 22. The fiduciary sale governed by this Law is the legal transaction by which the trustor, with the purpose of securing its own obligation or that of a third party, contracts the transfer to the creditor, or fiduciary, of the resolvable ownership of real property.

(Text as amended by Law No. 14,711 of 2023)

Sole paragraph. The fiduciary sale may be contracted by a natural person or legal entity, and may have as its object completed or under-construction real property, and is not exclusive to entities operating in the SFI.

§ 1 The fiduciary sale may be contracted by a natural person or legal entity, and is not exclusive to entities operating in the SFI.

(Included by Provisional Measure No. 2,223 of 2001)

§ 2 The fiduciary sale may have as its object emphyteutic property, and payment of the laudêmio shall also be required if the useful domain is consolidated in the fiduciary.

(Included by Provisional Measure No. 2,223 of 2001)

Sole paragraph. The fiduciary sale may have as its object emphyteutic property, and payment of the laudêmio shall also be required if the useful domain is consolidated in the fiduciary. (Text as amended by Law No. 10,931 of 2004)

Sole paragraph. The fiduciary sale may be contracted by a natural person or legal entity, and is not exclusive to entities operating in the SFI, and may have as its object emphyteutic property, in which case payment of the laudêmio shall be required if the useful domain is consolidated in the fiduciary. (Text as amended by Law No. 11,076 of 2004)

§ 1 The fiduciary sale may be contracted by a natural person or legal entity, and is not exclusive to entities operating in the SFI, and may have as its object, in addition to full ownership: (Text as amended by Law No. 11,481 of 2007)

I - emphyteutic property, in which case payment of the laudêmio shall be required if the useful domain is consolidated in the fiduciary; (Included by Law No. 11,481 of 2007)

II - the special right of use for housing purposes; (Included by Law No. 11,481 of 2007)

III - the real right of use, provided it is susceptible to alienation; (Included by Law No. 11,481 of 2007)

IV - surface ownership. (Included by Law No. 11,481 of 2007)

IV - surface ownership; or (Text as amended by Provisional Measure No. 700 of 2015)

Term expired

IV - surface ownership. (Included by Law No. 11,481 of 2007)

V - the rights arising from provisional investiture in possession, when granted to the Union, the States, the Federal District, the Municipalities or their delegated entities, and the respective assignment and promise of assignment. (Included by Provisional Measure No. 700 of 2015)

Term expired

V - the rights arising from provisional investiture in possession, when granted to the Union, the States, the Federal District, the Municipalities or their delegated entities, and the respective assignment and promise of assignment; (Included by Law No. 14,620 of 2023)

VI - property that, while not constituting integral parts of the real estate, is intended, on a lasting basis, for its use or service. (Included by Law No. 14,620 of 2023)

§ 2 The security rights established in the cases of items III and IV of § 1 of this article are limited to the duration of the concession or surface right, if they have been transferred for a determined period. (Included by Law No. 11,481, of 2007)

§ 3 The fiduciary alienation of the supervening property, acquired by the fiduciary debtor, is susceptible of registration in the real estate registry from the date of its execution, becoming effective from the cancellation of the previously constituted fiduciary property. (Included by Law No. 14,711, of 2023)

§ 4 In the event of successive fiduciary alienations of the supervening property, the earlier ones shall have priority over the later ones in the enforcement of the security, provided that, in the case of enforcement of the property by the prior fiduciary creditor with alienation to third parties, the rights of the later fiduciary creditors subrogate to the price obtained, canceling the registrations of the respective fiduciary alienations. (Included by Law No. 14,711, of 2023)

§ 5 The fiduciary creditor who pays the debt of the common fiduciary debtor shall be subrogated in the credit and in the fiduciary property in guarantee, under the terms of item I of the caput of art. 346 of Law No. 10,406, of January 10, 2002 (Civil Code). (Included by Law No. 14,711, of 2023)

§ 6 The non-performance of any of the obligations guaranteed by the fiduciary property entitles the creditor to declare due the other obligations of which it is holder guaranteed by the same property, including when the ownership arises from the provisions of art. 31 of this Law. (Included by Law No. 14,711, of 2023)

§ 7 The provisions of § 6 apply to the hypothesis provided for in § 3 of this article. (Included by Law No. 14,711, of 2023)

§ 8 The constitutive instrument of the fiduciary alienation in the form of § 3 must contain a clause with the provision of § 6 of this article. (Included by Law No. 14,711, of 2023)

§ 9 In the event that the fiduciary chooses to exercise the faculty of § 6 of this article, it must inform it in the notice of § 1 of art. 26 of this Law. (Included by Law No. 14,711, of 2023)

§ 10 The provisions of § 3 of art. 49 of Law No. 11,101, of February 9, 2005, benefit all fiduciary creditors, even those arising from the fiduciary alienation of the supervening property. (Included by Law No. 14,711, of 2023)

Art. 23. The fiduciary property of a real thing is constituted by registration, in the competent Real Estate Registry, of the contract that serves as its title.

Sole paragraph. With the constitution of the fiduciary property, the possession is split, with the fiduciary debtor becoming direct possessor and the fiduciary creditor indirect possessor of the real thing.

§ 1

Sole paragraph. With the constitution of the fiduciary property, the possession is split, with the fiduciary debtor becoming direct possessor and the fiduciary creditor indirect possessor of the real thing.

(Included by Law No. 14,620, of 2023)

§ 2 The fiduciary debtor shall have the obligation to bear the cost of payment of the Urban Property and Territorial Tax (IPTU) incident on the property and the existing condominium fees.

(Included by Law No. 14,620, of 2023)

Art. 24. The contract that serves as title to the fiduciary business shall contain:

I - the value of the principal of the debt;

I - the value of the debt, its estimate or its maximum value;

(Redaction given by Law No. 14,711, of 2023)

II - the term and conditions for replacement of the loan or credit of the fiduciary;

III - the interest rate and incident charges;

IV - the clause of constitution of the fiduciary property, with the description of the property object of the fiduciary alienation and the indication of the title and mode of acquisition;

V - the clause ensuring the fiduciary debtor, while in compliance, the free use, at its own account and risk, of the property object of the fiduciary alienation;

V - the clause that ensures the fiduciary debtor the free use, at its own account and risk, of the property object of the fiduciary alienation, except in the case of default;

(Redaction given by Law No. 14,711, of 2023)

VI - the indication, for the purpose of sale at public auction, of the value of the property and the criteria for its respective revision;

VII - the clause providing for the procedures of art. 27.

VII - the clause that provides for the procedures of arts. 26-A, 27 and 27-A of this Law.

(Redaction given by Law No. 14,711, of 2023)

Sole paragraph. If the value of the property agreed by the parties under the terms of item VI of the

caput of this article is lower than that used by the competent body as the calculation basis for the assessment of the transmission tax

inter vivos, due by force of the consolidation of the property in the name of the fiduciary creditor, the latter shall be the minimum value for the purpose of sale of the property at the first auction. (Included by Law No. 13,465, of 2017)

(Revoked by Provisional Measure No. 1,162, of 2023)

§ 1 If the value of the property agreed by the parties under the terms of item VI of the caput is lower than that used by the competent body as the calculation basis for the assessment of the transmission tax inter vivos, due by force of the consolidation of the property in the name of the fiduciary creditor, the latter shall be the minimum value for the purpose of sale of the property at the first auction. (Included by Provisional Measure No. 1,162, of 2023)

§ 2 In contracts signed with a clause of fiduciary alienation in guarantee, the fiduciary debtor shall have the obligation to bear the cost of payment of the Urban Property and Territorial Tax - IPTU incident on the property and the existing condominium fees. (Included by Provisional Measure No. 1,162, of 2023)

Sole paragraph. If the value of the property agreed by the parties under the terms of item VI of the

caput of this article is lower than that used by the competent body as the calculation basis for the assessment of the transmission tax

inter vivos, due by force of the consolidation of the property in the name of the fiduciary creditor, the latter shall be the minimum value for the purpose of sale of the property at the first auction. (Included by Law No. 13,465, of 2017)

Art. 25. Upon payment of the debt and its charges, the fiduciary ownership of the property is resolved, under the terms of this article.

§ 1º Within thirty days from the date of settlement of the debt, the fiduciary shall provide the respective discharge term to the fiduciant, under penalty of a fine in favor of the latter, equivalent to half a percent per month, or fraction thereof, on the contract value.

§ 1º Within 30 (thirty) days, counted from the date of settlement of the debt, the fiduciary shall provide the discharge term to the debtor and, if applicable, to the third-party fiduciant.

(Redaction given by Law No. 14,711, of 2023)

§ 1º-A The failure to provide the discharge term within the period provided in § 1º of this article shall entail a fine to the fiduciary equivalent to 0.5% (half a percent) per month, or fraction thereof, on the contract value, which shall revert in favor of the one to whom the term was not made available within said period.

(Included by Law No. 14,711, of 2023)

§ 2º In view of the discharge term referred to in the previous paragraph, the officer of the competent Real Estate Registry shall effect the cancellation of the registration of the fiduciary ownership.

§ 3º In cases where the discharge of the debt arises from the portability of the financing to another financial institution, the discharge term referred to in this article shall not be issued, and, as regards the fiduciary alienation, mere annotation of its transfer shall be made. (Included by Law No. 12,703, of 2012)

(Revoked by Law No. 12,810, of 2013)

Art. 26. If the debt is due and unpaid, in whole or in part, and the fiduciant is in default, the ownership of the property shall be consolidated, under the terms of this article, in the name of the fiduciary.

Art. 26. If the debt is due and unpaid, in whole or in part, and the debtor and, if applicable, the third-party fiduciant are in default, the ownership of the property shall be consolidated, under the terms of this article, in the name of the fiduciary.

(Redaction given by Law No. 14,711, of 2023)

§ 1º For the purposes of the provisions of this article, the fiduciant, or their legal representative or duly constituted attorney, shall be notified, upon request of the fiduciary, by the officer of the competent Real Estate Registry, to satisfy, within fifteen days, the overdue installment and those that become due until the date of payment, the conventional interest, the penalties and other contractual charges, legal charges, including taxes, condominium contributions attributable to the property, in addition to collection and notification expenses.

§ 1º For the purposes of the provisions of this article, the debtor and, if applicable, the third-party fiduciant shall be notified, upon request of the fiduciary, by the officer of the competent real estate registry, to satisfy, within 15 (fifteen) days, the overdue installment and those that become due until the date of payment, the conventional interest, the penalties and other contractual charges, legal charges, including taxes, condominium contributions attributable to the property, and collection and notification expenses.

(Redaction given by Law No. 14,711, of 2023)

§ 1º-A In the event that there are properties located in more than one real estate district securing the same debt, the notification for purging the default may be requested from any of the competent registrars and, once carried out, entails compliance with the notification requirement in all foreclosure procedures, provided that it informs the totality of the debt and the properties subject to consolidation of ownership.

(Included by Law No. 14,711, of 2023)

§ 2º The contract shall define the grace period after which the notification shall be issued.

§ 2º The contract may establish the grace period, after which the notice shall be issued.

(Wording given by Law No. 14,711 of 2023)

§ 2º-A Where the grace period is not established in the contract referred to in § 2º of this article, it shall be 15 (fifteen) days.

(Included by Law No. 14,711 of 2023)

§ 3º The notice shall be served personally on the fiduciary debtor, or on their legal representative or on the regularly appointed attorney, and may be carried out, at the request of the Real Estate Registry officer, by an officer of the Registry of Titles and Documents of the district where the property is located or of the domicile of the person who must receive it, or by mail, with acknowledgment of receipt.

§ 3º The notice shall be served personally on the debtor and, where applicable, on the third-party fiduciary debtor, who by this act shall be informed that, if default is not cured within the legal period, ownership shall be consolidated in the creditor's assets and the property shall be taken to auction under the terms of arts. 26-A, 27 and 27-A of this Law, as applicable, in which case the notice may be carried out at the request of the real estate registry officer, by an officer of the registry of titles and documents of the district where the property is located or of the domicile of the person who must receive it, or by mail, with acknowledgment of receipt, in which case the provisions of art. 160 of Law No. 6,015 of 31 December 1973 (Public Records Act) shall apply, as applicable.

(Wording given by Law No. 14,711 of 2023)

§ 3 o -A. Where, on two occasions, the real estate registry officer or the registry of titles and documents officer, or the clerk duly authorized by them, has sought the person to be notified at their domicile or residence without finding them, they shall, where there is reasonable suspicion of concealment, notify any member of the family or, in their absence, any neighbor that they will return to the property on the next business day in order to carry out the notice, at the time they designate, the provisions of arts. 252, 253 and 254 of Law No. 13,105 of 16 March 2015 (Code of Civil Procedure) applying subsidiarily. (Included by Law No. 13,465 of 2017)

§ 3 o -B. In residential condominiums or other types of real estate developments with access control, the notice referred to in § 3 o -A may be served on the concierge employee responsible for receiving correspondence. (Included by Law No. 13,465 of 2017)

§ 4º Where the fiduciary debtor, or their legal representative or regularly appointed attorney, is in another place, unknown and not ascertained, the officer shall certify the fact, and it shall then be the duty of the officer of the competent Real Estate Registry to carry out the notice by public notice, published for at least three days in one of the newspapers of greatest local circulation or in another of a district of easy access, if there is no daily press in the place.

§ 4 o Where the fiduciary debtor, or their assignee, or their legal representative or attorney is in an unknown, uncertain or inaccessible place, the fact shall be certified by the clerk in charge of the diligence and reported to the Real Estate Registry officer, who, upon viewing the certificate, shall carry out the notice by public notice published for at least 3 (three) days in one of the newspapers of greatest local circulation or in another of a district of easy access, if there is no daily press in the place, the period for curing default being counted from the date of the last publication of the public notice.

(Wording given by Law No. 13,043 of 2014)

§ 4º Where the debtor or, where applicable, the third-party fiduciary debtor, the assignee, the legal representative or the regularly appointed attorney is in an unknown, uncertain or inaccessible place, the fact shall be certified by the clerk in charge of the diligence and reported to the real estate registry officer, who, upon viewing the certificate, shall carry out the notice by public notice published for a minimum period of 3 (three) days in a newspaper of greatest local circulation or in a newspaper of a district of easy access, if the place does not have daily press, the period for curing default being counted from the date of the last publication of the public notice.

(Wording given by Law No. 14,711 of 2023)

§ 4º-A It is the responsibility of the debtor and, where applicable, the third-party fiduciary debtor to inform the fiduciary creditor of any change in their domicile.

(Included by Law No. 14,711 of 2023)

§ 4º-B The debtor and, where applicable, the third-party fiduciary debtor shall be presumed to be in an unknown place when they are not found at the location of the property given as collateral nor at the address they last provided, it being observed that, where the debtor has provided electronic contact in the contract, it is essential to send the notice by that means with, at a minimum, 15 (fifteen) days' advance notice of the carrying out of the notice by public notice.

(Included by Law No. 14,711 of 2023)

§ 4º-C For the purposes of the provisions of § 4º of this article, an inaccessible place is considered to be:

(Included by Law No. 14,711 of 2023)

I - that in which the employee responsible for receiving correspondence refuses to attend to the person in charge of the notice; or

(Included by Law No. 14,711 of 2023)

II - that in which there is no employee responsible for receiving correspondence to attend to the person in charge of the notice.

(Included by Law No. 14,711 of 2023)

§ 5º Once default is cured at the Real Estate Registry, the fiduciary alienation contract shall be revived.

§ 6º The Real Estate Registry officer, within the three days following the cure of default, shall deliver to the fiduciary creditor the amounts received, less the collection and notice expenses.

§ 7º Once the period referred to in § 1º has elapsed without the cure of default, the officer of the competent Real Estate Registry, certifying this fact, shall, upon presentation of proof of payment by the fiduciary creditor of the inter vivos transfer tax, register, in the property's registration entry, the consolidation of ownership in the name of the fiduciary creditor.

§ 7º Once the period referred to in § 1 has elapsed without the purging of the default, the official of the competent Real Estate Registry, certifying this fact, shall promote the registration, in the property's registration entry, of the consolidation of ownership in the name of the fiduciary, upon proof of payment by the fiduciary of the inter-vivos transfer tax and, where applicable, of the laudêmio

(Wording given by Provisional Measure No. 2,223, of 2001)

§ 7º Once the period referred to in § 1º has elapsed without the purging of the default, the official of the competent Real Estate Registry, certifying this fact, shall promote the annotation, in the property's registration entry, of the consolidation of ownership in the name of the fiduciary, upon proof of payment by the latter of the inter vivos transfer tax and, where applicable, of the laudêmio. (Wording given by Law No. 10,931, of 2004)

§ 8 o The fiduciary grantor may, with the consent of the fiduciary, give his eventual right to the property in payment of the debt, dispensing with the procedures provided for in art. 27. (Included by Law No. 10,931, of 2004)

Art. 26-A. The collection procedures, purging of default and consolidation of fiduciary ownership relating to housing financing operations, including the operations of the Minha Casa, Minha Vida Program, established by Law n o 11,977, of 7 July 2009, with resources arising from the capitalization of quotas in the Residential Leasing Fund (FAR), are subject to the special rules established in this article. (Included by Law No. 13,465, of 2017)

Art. 26-A. The collection procedures, purging of default, consolidation of fiduciary ownership and auction arising from financing for the acquisition or construction of the debtor's residential property, except for the operations of the consortium system referred to in Law No. 11,795, of 8 October 2008, are subject to the special rules established in this article. (Wording given by Law No. 14,711, of 2023)

§ 1 o The consolidation of ownership in the name of the fiduciary creditor shall be annotated in the real estate registry thirty days after the expiration of the period for purging the default referred to in § 1 o of art. 26 of this Law. (Included by Law No. 13,465, of 2017)

§ 2 o Until the date of the annotation of the consolidation of fiduciary ownership, the fiduciary debtor is assured the right to pay the overdue installments of the debt and the expenses referred to in item II of § 3 o of art. 27, in which case the fiduciary alienation contract shall be reinstated. (Included by Law No. 13,465, of 2017)

§ 2º Until the date of the annotation of the consolidation of fiduciary ownership, the debtor and, where applicable, the third-party fiduciary grantor are assured the right to pay the overdue installments of the debt and the expenses referred to in item II of § 3º of art. 27 of this Law, in which case the fiduciary alienation contract shall be reinstated.

(Wording given by Law No. 14,711, of 2023)

§ 3º In the second auction, the highest bid offered shall be accepted provided it is equal to or greater than the full value of the debt guaranteed by the oldest fiduciary alienation in force over the asset, plus the expenses, including notarial fees, the insurance premiums, the legal charges, including taxes, and the condominium contributions.

(Included by Law No. 14,711, of 2023)

§ 4º If, in the second auction, there is no bid that meets the minimum benchmark for foreclosure established in § 3º of this article, the debt shall be considered extinguished, with reciprocal release, in which case the creditor shall be vested with free disposal.

(Included by Law No. 14,711, of 2023)

§ 5º The extinction of the debt in excess of the minimum benchmark for foreclosure constitutes a resolutory condition inherent to the debt and, therefore, extends to the hypotheses in which the creditor has preferred to use the judicial route to enforce the debt. (Included by Law No. 14,711, of 2023)

Art. 27. Once ownership has been consolidated in its name, the fiduciary creditor shall, within thirty days counted from the date of the registration referred to in § 7º of the preceding article, promote a public auction for the alienation of the property.

Art. 27. Once ownership has been consolidated in its name, the fiduciary creditor shall promote a public auction for the alienation of the property, within 60 (sixty) days counted from the date of the registration referred to in § 7º of Art. 26 of this Law.

(Wording given by Law No. 14,711, of 2023)

§ 1º If, in the first public auction, the highest bid offered is lower than the value of the property, stipulated in the manner of item VI of Art. 24, the second auction shall be held within the following fifteen days.

§ 1 o If in the first public auction the highest bid offered is lower than the value of the property, stipulated in the manner of item VI and of the sole paragraph of Art. 24 of this Law, the second auction shall be held within the following fifteen days. (Wording given by Law No. 13,465, of 2017)

§ 2º In the second auction, the highest bid offered shall be accepted, provided it is equal to or higher than the value of the debt, the expenses, the insurance premiums, the legal charges, including taxes, and the condominium contributions.

§ 2º In the second auction, the highest bid offered shall be accepted, provided it is equal to or higher than the full value of the debt guaranteed by the fiduciary alienation, the expenses, including notary fees, the insurance premiums, the legal charges, including taxes, and the condominium contributions, and, should there be no bid reaching said value, a bid corresponding to at least half of the appraised value of the asset may be accepted by the fiduciary creditor, at its sole discretion.

(Wording given by Law No. 14,711, of 2023)

§ 2 o -A. For the purposes of the provisions of §§ 1 o and 2 o of this article, the dates, times and places of the auctions shall be communicated to the debtor by correspondence addressed to the addresses stated in the contract, including the electronic address. (Included by Law No. 13,465, of 2017)

§ 2º-A For the purposes of the provisions of §§ 1º and 2º of this article, the dates, times and places of the auctions shall be communicated to the debtor and, if applicable, to the third-party fiduciary grantor, by means of correspondence addressed to the addresses stated in the contract, including the electronic address.

(Wording given by Law No. 14,711, of 2023)

§ 2 o -B. After the annotation of the consolidation of the fiduciary ownership in the assets of the fiduciary creditor and until the date of the second auction, the fiduciary debtor is assured the right of first refusal to acquire the property at a price corresponding to the value of the debt, added to the charges and expenses referred to in § 2 o of this article, to the amounts corresponding to the inter

vivos transfer tax and to the laudêmio, if applicable, paid for the purpose of consolidating the fiduciary ownership in the assets of the fiduciary creditor, and to the expenses inherent to the collection and auction procedure, the fiduciary debtor also being responsible for the payment of the tax charges and expenses required for the new acquisition of the property referred to in this paragraph, including court costs and notary fees. (Included by Law No. 13,465, of 2017)

§ 2º-B After the annotation of the consolidation of the fiduciary ownership in the assets of the fiduciary creditor and until the date of the second auction, the fiduciary grantor is assured the right of first refusal to acquire the property at a price corresponding to the value of the debt, added to the expenses, the insurance premiums, the legal charges, the condominium contributions, the taxes, including the amounts corresponding to the inter vivos transfer tax and to the laudêmio, if applicable, paid for the purpose of consolidating the fiduciary ownership in the assets of the fiduciary creditor, and to the expenses inherent to the collection and auction procedures, in which case the fiduciary grantor shall also be responsible for the payment of the tax charges and the expenses required for the new acquisition of the property, including court costs and notary fees.

(Wording given by Law No. 14,711, of 2023)

§ 3º For the purposes of the provisions of this article, the following are understood as:

I - debt: the outstanding balance of the fiduciary alienation operation, on the date of the auction, including therein the conventional interest, the penalties and the other contractual charges;

II - expenses: the sum of the amounts corresponding to the charges and the costs of notice and those necessary for the holding of the public auction, therein included those relating to the advertisements and to the auctioneer's commission.

II - expenses: the sum of the amounts corresponding to the charges and to the costs of notice and to those necessary for the holding of the public auction, including those relating to the advertisements and to the auctioneer's commission; and

(Wording given by Law No. 14,711, of 2023)

III - charges of the property: the insurance premiums and the legal charges, including taxes and condominium contributions.

(Included by Law No. 14,711, of 2023)

§ 4º Within the five days following the sale of the property at the auction, the creditor shall deliver to the debtor the amount that remains, the value of the indemnity for improvements being considered included therein, after deducting the amounts of the debt and of the expenses and charges referred to in §§ 2º and 3º, this fact implying reciprocal release, the provisions of the final part of Art. 516 of the Civil Code not applying.

§ 4º Within 5 (five) days following the sale of the property at auction, the creditor shall deliver to the fiduciary the amount that remains, including the value of the compensation for improvements, after deducting the amounts of the debt, expenses and charges referred to in § 3º of this article, which shall constitute reciprocal discharge, in which case the provisions of the final part of Art. 516 of Law No. 10.406, of 10 January 2002 (Civil Code), shall not apply.

(Wording given by Law No. 14.711, of 2023)

§ 5º If, in the second auction, the highest bid offered is not equal to or greater than the value referred to in § 2º, the debt shall be deemed extinguished and the creditor released from the obligation referred to in § 4º.

§ 5º If, in the second auction, there is no bid that meets the minimum benchmark for acquisition established in § 2º, the fiduciary shall be vested with the free disposal of the property and released from the obligation referred to in § 4º of this article.

(Wording given by Law No. 14.711, of 2023)

§ 5º-A If the proceeds of the auction are not sufficient for full payment of the amount of the debt, expenses and charges referred to in § 3º of this article, the debtor shall remain obligated for payment of the remaining balance, which may be collected by means of an enforcement action and, where applicable, execution of the other guarantees of the debt, save for the hypothesis of extinction of the remaining debtor balance provided for in § 4º of Art. 26-A of this Law.

(Included by Law No. 14.711, of 2023)

§ 6º In the hypothesis referred to in the preceding paragraph, the creditor, within five days from the date of the second auction, shall grant the debtor a discharge of the debt, by means of a specific instrument.

§ 6º ( Repealed ).

(Wording given by Law No. 14.711, of 2023)

§ 6º-A In the hypothesis referred to in § 5º, for purposes of calculating the remaining balance referred to in § 5º-A, the value corresponding to the minimum benchmark for acquisition of the updated value of the debt, as established in § 2º of this article, shall be deducted, including the charges and collection expenses.

(Included by Law No. 14.711, of 2023)

§ 7º If the property is leased, the lease may be terminated with a thirty-day period for vacating, unless there has been written consent from the fiduciary, the termination must be carried out within ninety days from the date of consolidation of ownership in the fiduciary, and this condition must expressly appear in a specific contractual clause, distinguished from the others by its graphic presentation.

(Included by Provisional Measure No. 2.223, of 2001)

§ 7º If the property is leased, the lease may be terminated with a thirty-day period for vacating, unless there has been written consent from the fiduciary, the termination must be carried out within ninety days from the date of consolidation of ownership in the fiduciary, and this condition must expressly appear in a specific contractual clause, distinguished from the others by its graphic presentation. (Included by Law No. 10.931, of 2004)

§ 8 The fiduciary transferor shall be liable for the payment of taxes, fees, condominium contributions and any other encumbrances that fall or may fall upon the property, whose possession has been transferred to the fiduciary, under the terms of this article, until the date on which the fiduciary is placed in possession.

(Included by Provisional Measure No. 2,223, of 2001)

§ 8 The fiduciary transferor shall be liable for the payment of taxes, fees, condominium contributions and any other encumbrances that fall or may fall upon the property, whose possession has been transferred to the fiduciary, under the terms of this article, until the date on which the fiduciary is placed in possession. (Included by Law No. 10,931, of 2004)

§ 9 The provisions of § 2-B of this article apply to the consolidation of fiduciary ownership of properties of the FAR, as provided in Law No. 11,977, of July 7, 2009.

(Included by Law No. 13,465, of 2017)

§ 10 The auctions and the publication of the respective notices may be carried out by electronic means.

(Included by Law No. 14,620, of 2023)

§ 11. Real security rights or restraints, including attachments, arrests, blockings and unavailability of any nature, incident upon the fiduciary transferor's real right of acquisition do not prevent the consolidation of the property in the fiduciary creditor's estate and the sale of the property to enforce the guarantee.

(Included by Law No. 14,711, of 2023)

§ 12. In the case provided for in § 11 of this article, the holders of real security rights or restraints shall be subrogated to the fiduciary transferor's right to receive the balance that may remain from the sale proceeds.

(Included by Law No. 14,711, of 2023)

Art. 27-A. In credit transactions secured by fiduciary transfer of 2 (two) or more properties, in the event that the linking of each property to 1 (one) portion of the debt is not agreed upon, the creditor may promote foreclosure in a simultaneous act, through consolidation of ownership and auction of all properties together, or in successive acts, through consolidation and auction of each property in sequence, as necessary for full satisfaction of the credit.

(Included by Law No. 14,711, of 2023)

§ 1 In the case of foreclosure in successive acts, the fiduciary creditor shall indicate the properties to be foreclosed in sequence, except if there is an express provision to the contrary in the contract, in which case the consolidation of ownership of the others shall be suspended.

(Included by Law No. 14,711, of 2023)

§ 2º At each auction, the fiduciary creditor shall, in the registrations of the properties not auctioned, record the statement of the result and shall forward it to the debtor and, if applicable, to the third-party grantors, by correspondence addressed to the physical and electronic addresses provided in the contract.

(Included by Law No. 14,711, of 2023)

§ 3º In the event that a sufficient amount is not obtained to satisfy the credit, at each auction held, the creditor shall pay the inter vivos transfer tax and, if applicable, the laudêmio, relating to the property to be foreclosed next, shall request the recording of the consolidation of ownership and, within 30 (thirty) days, shall carry out the auction procedures under the terms of art. 27 of this Law.

(Included by Law No. 14,711, of 2023)

§ 4º If the credit is fully satisfied with the proceeds of the auctions carried out successively, the fiduciary creditor shall deliver to the debtor and, if applicable, to the third-party grantors, the release term and the authorization for cancellation of the registration of the fiduciary ownership of any properties that remain to be released.

(Included by Law No. 14,711, of 2023)

Art. 28. The assignment of the credit that is the object of the fiduciary alienation shall entail the transfer, to the assignee, of all rights and obligations inherent to the fiduciary ownership in guarantee.

Art. 29. The grantor, with the express consent of the fiduciary, may transfer the rights it holds over the property that is the object of the fiduciary alienation in guarantee, with the acquirer assuming the respective obligations.

Art. 30. The fiduciary, its assignee or successors, including the acquirer of the property by virtue of the public auction referred to in §§ 1 and 2 of art. 27, is assured reinstatement of possession of the property, which shall be granted on an interim basis, for vacating within sixty days, provided that the consolidation of ownership in its name is proven, in the manner set forth in art. 26.

Art. 30. The fiduciary, its assignee or its successors, including the acquirer of the property by virtue of the public auction referred to in arts. 26-A, 27 and 27-A, is assured reinstatement of possession of the property, which shall be granted on an interim basis, for vacating within 60 (sixty) days, provided that the consolidation of ownership in its name is proven, in the manner set forth in art. 26 of this Law.

(Wording given by Law No. 14,711, of 2023)

Sole paragraph. In real estate financing operations, including operations of the Minha Casa, Minha Vida Program, established by Law No. 11,977, of 7 July 2009, with funds arising from the payment of quotas in the Residential Leasing Fund (FAR), once the consolidation of the fiduciary ownership is recorded, judicial actions whose object is controversies over contractual stipulations or the procedural requirements for collection and auction, except for the requirement of notification of the fiduciary debtor, shall be resolved in damages and shall not prevent the reinstatement of possession referred to in this article.

(Included by Law No. 13,465, of 2017)

Sole paragraph. If the property is auctioned or the ownership is definitively consolidated in the event of unsuccessful auctions, judicial actions whose object is controversies over contractual stipulations or the procedural requirements for collection and auction, except for the requirement of notification of the debtor and, if applicable, of the third-party grantor, shall not prevent the reinstatement of possession referred to in this article and shall be resolved in damages.

(Wording given by Law No. 14,711, of 2023)

Art. 31. The guarantor or interested third party who pays the debt shall be subrogated, by operation of law, in the credit and in the fiduciary ownership.

Sole paragraph. In cases of transfer of financing to another financial institution, payment of the debt to the original creditor institution may be made, in favor of the borrower, by the new creditor institution.

(Included by Law No. 12,810, of 2013)

Art. 32. In the event of insolvency of the grantor, the fiduciary is assured restitution of the property fiduciary alienated, in the manner of the relevant legislation.

Art. 33. The provisions of arts. 647 and 648 of the Civil Code apply to fiduciary ownership, as applicable.

CHAPTER II-A

(Included by Law No. 12,810, of 2013)

ON REFINANCING WITH

TRANSFER OF CREDITOR

Art. 33-A. The transfer of real estate financing debt with real guarantee, from one creditor to another, including in the form of subrogation, obliges the original creditor to issue a document attesting, for all legal purposes, including for recording purposes, the validity of the transfer.

(Included by Law No. 12,810, of 2013)

Sole paragraph. The document shall be issued within a maximum period of 2 (two) business days after settlement of the original debt.

(Included by Law No. 12,810, of 2013)

Art. 33-B. For the purposes of effecting the provisions of art. 33-A, the new creditor institution shall inform the original creditor institution, by written document or, when requested, electronic document, of the financing conditions offered to the borrower, including the following:

(Included by Law No. 12,810, of 2013)

I - the interest rate of the financing;

(Included by Law No. 12,810, of 2013)

II - the total effective cost;

(Included by Law No. 12,810, of 2013)

III - the term of the operation;

(Included by Law No. 12,810, of 2013)

IV - the payment system used; and

(Included by Law No. 12,810, of 2013)

V - the amount of the installments.

(Included by Law No. 12,810, of 2013)

§ 1 The original creditor institution shall have a maximum period of 5 (five) business days, counted from receipt of the information referred to in the

caput, to request from the institution proposing the transfer the sending of the funds necessary to effect the transfer.

(Included by Law No. 12,810, of 2013)

§ 2 The borrower of the original creditor institution may, at any time, while the request to send the necessary funds to effect the transfer referred to in § 1 has not been forwarded, decide not to effect the transfer, and the charging of any type of burden or cost by the institutions involved is prohibited.

(Included by Law No. 12,810, of 2013)

§ 3 The eventual withdrawal of the borrower must be informed to the original creditor institution, which will have up to 2 (two) business days to transmit it to the institution proposing the transfer.

(Included by Law No. 12,810, of 2013)

Art. 33-C. The original creditor must provide to third parties, whenever formally requested by the borrower, the information about the credit that is necessary to enable the transfer referred to in art. 33-A. (Included by Law No. 12,810, of 2013)

Sole paragraph. The original creditor may not carry out actions that prevent, limit or hinder the provision of the information required in the form of the

caput. (Included by Law No. 12,810, of 2013)

Art. 33-D. The original creditor institution may require financial reimbursement for the cost of originating the credit operation, which may not be passed on to the borrower. (Included by Law No. 12,810, of 2013)

§ 1 The reimbursement provided for in the

caput must be proportional to the amount of the outstanding balance determined at the time of the transfer and decreasing with the passage of time since the signing of the contract, and its settlement shall be the responsibility of the institution proposing the transfer. (Included by Law No. 12,810, of 2013)

§ 2 The National Monetary Council shall regulate the provisions of this article, and may even limit the reimbursement considering the type of credit operation or the time elapsed since the signing of the credit contract with the original creditor institution until the moment of the transfer.

(Included by Law No. 12,810, of 2013)

Art. 33-E. The National Monetary Council and the Board of Trustees of the Time of Service Guarantee Fund, within the scope of their respective competences, shall issue the instructions necessary for the execution of the provisions of the sole paragraph of art. 31 and arts. 33-A to 33-D of this Law. (Included by Law No. 12,810, of 2013)

Art. 33-F. The provisions of arts. 33-A to 33-E of this Law do not apply to debt transfer operations resulting from credit assignment between entities that make up the Housing Finance System, provided that the aforementioned transfer does not depend on the borrower's manifestation.

(Included by Law No. 12,810, of 2013)

CHAPTER III

General and Final Provisions

Art. 34. Contracts relating to real estate financing in general may stipulate that disputes or controversies between the parties be settled by arbitration, under the terms of Law No. 9,307, of September 24, 1996.

Art. 35. In the credit assignments referred to in arts. 3, 18 and 28, notification of the debtor is waived.

Art. 36. In contracts for the sale of real estate in installments, including fiduciary alienation, leasing of real estate, real estate financing in general and in the securities dealt with in arts. 6, 7 and 8, the stipulation of a readjustment clause and the conditions and criteria for its application shall be permitted, respecting the relevant legislation.

(Revoked by Provisional Measure No. 2,223, of 2001)

Art. 36. In contracts for the sale of real estate in installments, including fiduciary alienation, leasing of real estate, real estate financing in general and in the securities dealt with in arts. 6, 7 and 8, the stipulation of a readjustment clause and the conditions and criteria for its application shall be permitted, respecting the relevant legislation.

Art. 37. The legislation pertaining to the leasing of residential, non-residential or commercial real estate does not apply to leasing operations of real estate.

Art. 37-A. The fiduciant shall pay to the fiduciary, or to whoever succeeds him, as an occupancy fee for the property, per month or fraction, an amount corresponding to one percent of the amount referred to in item VI of art. 24, computed and payable from the date of the auction sale until the date on which the fiduciary, or his successors, is given possession of the property.

(Included by Provisional Measure No. 2,223, of 2001)

Art. 37-A. The fiduciant shall pay to the fiduciary, or to whoever succeeds him, as an occupancy fee for the property, per month or fraction, an amount corresponding to one percent of the amount referred to in item VI of art. 24, computed and payable from the date of the auction sale until the date on which the fiduciary, or his successors, is given possession of the property. (Included by Law No. 10,931, of 2004)

Art. 37-A. The fiduciary debtor shall pay to the fiduciary creditor, or to whoever succeeds him, as an occupancy fee for the property, per month or fraction, an amount corresponding to 1% (one percent) of the amount referred to in item VI or the sole paragraph of art. 24 of this Law, computed and payable from the date of consolidation of the fiduciary property in the estate of the fiduciary creditor until the date on which the latter, or his successors, is given possession of the property.

(Redaction given by Law No. 13,465, of 2017)

Art. 37-A. The fiduciant shall pay to the fiduciary creditor or his successor, as an occupancy fee for the property, per month or fraction, an amount corresponding to 1% (one percent) of the amount referred to in item VI of the caput or the sole paragraph of art. 24 of this Law, computed and payable from the date of consolidation of the fiduciary property in the estate of the fiduciary creditor until the date on which the latter or his successor is given possession of the property.

(Redaction given by Law No. 14,711, of 2023)

Sole paragraph. The provisions of the caput of this article apply to the operations of the Minha Casa, Minha Vida Program, instituted by Law No. 11,977, of July 7, 2009, with funds arising from the payment of quotas in the Residential Leasing Fund (FAR). (Included by Law No. 13,465, of 2017)

Art. 37-B. The contracting or extension of a lease of property subject to fiduciary alienation for a term exceeding one year without the written consent of the fiduciary shall be considered ineffective and without any effect before the fiduciary or its successors.

(Included by Provisional Measure No. 2,223, of 2001)

Art. 37-B. The contracting or extension of a lease of property subject to fiduciary alienation for a term exceeding one year without the written consent of the fiduciary shall be considered ineffective and without any effect before the fiduciary or its successors. (Included by Law No. 10,931, of 2004)

Art. 37-C. The public notices provided for in this Law may be published electronically.

(Included by Law No. 14,620, of 2023)

Art. 38. The contracts resulting from the application of this Law, when entered into with a natural person, the final beneficiary of the transaction, may be formalized by private instrument, and the provision of

art. 134, II, of the Civil Code shall not apply to them.

Art. 38. Contracts of purchase and sale with financing and fiduciary alienation, of loan with fiduciary alienation, of leasing, of assignment of credit with real security and, likewise, any other acts and contracts resulting from the application of this Law, even those constituting or transferring real rights over immovable property, may be entered into by private instrument, attributing to them the character of a public deed, for all legal purposes, and the provision of art. 134, II, of the Civil Code shall not apply to them.

(Wording given by Provisional Measure No. 2,223, of 2001)

Art. 38. Contracts of purchase and sale with financing and fiduciary alienation, of loan with fiduciary alienation, of leasing, of assignment of credit with real security may be entered into by private instrument, attributing to them the character of a public deed, for all legal purposes. (Wording given by Law No. 10,931, of 2004)

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 immovable property, may be entered into by public deed or by private instrument with the effects of a public deed. (Wording given by Law No. 11,076, of 2004)

Art. 39. To the real estate financing operations in general referred to in this Law:

Art. 39. To the credit operations included in the real estate financing system referred to in this Law:

(Wording given by Law No. 13,465, of 2017)

Art. 39. The provisions of Law No. 4,380, of August 21, 1964, and the other

legal provisions referring to the Housing Finance System do not apply to the credit operations included in the real estate financing system referred to in this Law.

(Wording given by Law No. 14,711, of 2023)

I - the provisions of Law No. 4,380, of August 21, 1964, and the other legal provisions referring to the Housing Finance System - SFH do not apply;

I - (revoked);

(Wording given by Law No. 14,711, of 2023)

II - the provisions of arts. 29 to 41 of Decree-Law No. 70, of November 21, 1966 apply.

II - the provisions of arts. 29 to 41 of Decree-Law No. 70, of November 21, 1966, apply exclusively to the procedures for enforcement of credits secured by mortgage.

(Wording given by Law No. 13,465, of 2017)

II - (revoked).

(Wording given by Law No. 14,711, of 2023)

Art. 40. Items I and II of art. 167 of Law No. 6,015, of December 31, 1973, shall come into force with the addition, respectively, of the following items:

Art. 167. ...................................................................

I - ..............................................................................

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

35) of the fiduciary alienation in guarantee of immovable property.

II - ..............................................................................

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

17) of the Securitization Term of real estate credits, when submitted to a fiduciary regime."

Art. 41. The Minister of State for Finance may issue the instructions necessary for the execution of the provisions of this Law.

Art. 41. The National Monetary Council may regulate the provisions of this Law, including establishing minimum terms and other conditions for the issuance and redemption of CRI and differentiating such conditions according to the type of real estate credit linked to the issuance and the indexer contractually adopted. (Wording given by Provisional Measure No. 656, of 2014)

Art. 41. The National Monetary Council may regulate the provisions of this Law, including establishing minimum terms and other conditions for the issuance and redemption of CRI and differentiating such conditions according to the type of real estate credit linked to the issuance and the indexer contractually adopted. (Wording given by Law No. 13,097, of 2015)

Art. 42. This Law enters into force on the date of its publication.

Brasília, November 20, 1997; 176th of Independence and 109th of the Republic.

FERNANDO HENRIQUE CARDOSO

Pedro Malan Antonio Kandir.

This text does not replace the one published in the D.O.U. of 21.11.1997 and

rectified on 24.11.1997.

*