According to the law guaranteeing rights to movable property

“Finance”: Fish, bees and agricultural crops are suitable as collateral for loans

Accounts payable with banks can be loan guarantees.

Archives

The Ministry of Finance stated that there are nine types of funds and movable assets that can be used as collateral in exchange for loans and bank financing, including fish, bees, and agricultural crops.

The ministry clarified to "Emirates Today" that according to the text of Article Three of the Law on Guarantee of Rights in Movable Funds, which has been published in the Official Gazette, and is expected to enter into force as soon as its executive regulations are issued, it may be subject to guarantee, any movable funds, whether material or intangible. Or a part thereof, or an indivisible right in it, whether current or future, including: Accounts receivable, unless it is part of a transaction of the transfer of ownership of a project, and credit accounts with banks, including the current account and the deposit account, bonds and written documents Transferable ownership by way of delivery or endorsement, which establishes the entitlement of an amount or ownership of goods, including commercial papers, bank certificates of deposit, shipping documents, and goods deposit bonds.

It also includes: equipment and work tools, material and intangible items for the shop, goods intended for sale or leasing, raw materials and goods in process of processing or transformation, agricultural crops, animals and their products, and this includes: fish and bees, in addition to the property in particular, and any movable money Other laws in force in the country stipulate its ability to be subject to security, in accordance with the provisions of this law.

• «Financial»: 9 types of funds and movable assets suitable for security.

Follow our latest local and sports news, and the latest political and economic developments via Google news