Enforcement of security rights in receivables. Since 2012,
tax laws in Mexico require all companies to provide customers with electronic invoices. This system was put in place by
Mexico’s federal revenue office (known as “SAT”) in 2002 as a
way to collect detailed information of all the accounts receivables of companies. Thus, electronic invoicing will allow creditors to be more effective in enforcing security rights in
receivables, as the courts can now obtain such information
from SAT, should a debtor deny or fail in any way to provide
accurate information regarding its receivables during the
enforcement process.
Formalities and Filings
The pledge agreement has to be executed in writing. Only
pledge agreements where the value of the collateral exceeds
250,000 UDIS (Mexican “investment units”), which equaled
$1,277,829.75 pesos as of February 6, 2014 (USD $95,570.82),
have to be ratified before a Notary Public. Agreements where
collateral does not exceed this amount can be signed privately.
Furthermore, the filing at the RUG registry is not necessary
for the pledge agreement to be valid and enforceable. This
allows creditors to create a security interest by inserting a
good pledge clause in their credit application and have the
debtors sign that form upon opening credit lines.
May is World Trade Month
“Our 21st-century economy requires American
businesses and workers to compete in an international
marketplace. To ensure our success, we must advance
a robust, forward-looking trade agenda that emphasizes
exports and domestic job growth.”
So said President Barack Obama when he proclaimed
May 15-21, 2011 as World Trade Week in support of his
Administration’s National Export Initiative. The idea has
grown and each May since, federal agencies, cities and
organizations across the United States participate in
World Trade Month, which is comprised of:
• National Travel and Tourism Week (May 4-10)
• National Small Business Week (May 11-17)
• World Trade Week (May 18-24)
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