FIDUCIARY

 FIDUCIARY

1. Definition of Fiduciary

If viewed from a linguistic perspective, the word fiduciary itself can be interpreted in several languages. The first is the word fiduciary which is taken from the Roman language, namely fides. The word fides itself means trust. 

Then the word fiduciary is also taken from Dutch, namely Fiduciaire Eigendom Overdracht. Apart from that, the word fiduciary is also taken from English, namely Fiduciary Transfer of Ownership. If these two languages are translated, they mean the transfer of property rights which is based on trust. 

Apart from that, if you look at Law Number 42 of 1999 concerning fiduciary, it turns out that it has its own meaning, namely the transfer of ownership rights to an object on the basis of trust, provided that the object whose ownership rights are transferred remains in the control of the owner of the object. 

It should also be noted that Law Number 42 of 1999 concerning Fiduciary Guarantees also explains that there are parties as fiduciary givers and fiduciary recipients. So, for more details about this. Below are several points of explanation regarding fiduciary givers and fiduciary recipients. 

• A fiduciary is an individual or a cooperative who owns an object as an object for fiduciary collateral. 

• The fiduciary recipient is an individual or cooperative who has a debt. Where the debt can be guaranteed with the help of a fiduciary guarantee. 

If described simply, the process of implementing a fiduciary is when an owner of goods hands over ownership of the goods to another person. However, even though the item is already owned by someone else, control of the item still belongs to the person giving the item. 

In general, fiduciary is a process of transferring ownership rights to an object. Where even though the ownership rights have been transferred to someone else. However, the object actually still belongs to the authorizer. 

An example is the motorbike credit system. Even though the name submitted in the ownership rights registration process is you. However, the motorbike is actually still under the control of the motorbike giver. So, the explanation above was just a general outline. 

2. Fiduciary Guarantee

Fiduciary guarantees according to Law Number 42 of 1999 are security rights over movable objects, both tangible and intangible, in connection with debts between debtors and creditors. Fiduciary guarantees are given by debtors to creditors to guarantee the repayment of their debts. 

This fiduciary guarantee gives the fiduciary recipient a privileged position over other creditors. 

From the definition given, it is clear to us that Fiduciary is differentiated from Fiduciary Guarantee, where Fiduciary is a process of transferring ownership rights and Fiduciary Guarantee is a guarantee given in the form of a fiduciary.

 

3. Fiduciary Guarantee Certificate

Fiduciary guarantees must have a certificate and this certificate will later be ratified by a notary. This certificate will regulate the transfer of ownership rights to the object on the basis of trust between the creditor and the debtor. The Fiduciary Certificate also provides the power of executive rights to revoke the Fiduciary Object without going through a Court Decision if the debtor violates the agreement. 

With this fiduciary guarantee certificate, it is hoped that it can provide protection for borrowers and lenders. Apart from that, this fiduciary guarantee certificate can also be used to guarantee that no party is harmed, either by the loan recipient or the lender.

 

4. LEGAL BASIS

1. Law Number 42 of 1999 concerning Fiduciary Guarantees

2. Republic of Indonesia Government Regulation Number 21 of 2015 concerning Procedures for Registration of Fiduciary Guarantees and Costs for Making a Fiduciary Guarantee Deed

3. Government Regulation of the Republic of Indonesia Number 28 of 2019 concerning Types and Tariffs of Non-Tax State Revenues Applicable to the Ministry of Law and Human Rights

 

5. FIDUCIAL SERVICES

The types of services available in the fiduciary application are:

• Fiduciary Guarantee Registration;

• Repair of Fiduciary Guarantee Certificate;

• Changes to the Fiduciary Guarantee Certificate;

• Search/download fiduciary data;

• Elimination of Fiduciary Collateral.