CIVIL CODE – PROPERTY AND OWNERSHIP RIGHTS
The Vietnamese Civil code 2005 is comprised of seven parts for different issues.
PART TWO: PROPERTY AND OWNERSHIP RIGHTS
- Property:
Property comprises objects (can be future property), money, valuable papers (stocks, bonds, bills of exchange, promissory note, deposit certificates, checks, and other papers that are specified by law, can be monetized and are allowed to be transferred) and property rights.
Article 163 of Civil code.
- Ownership rights
- Ownership rights comprise the rights of owners to possess, use, and dispose of their property in accordance with law. An owner is an individual, legal entity or organization having all of the three above-mentioned rights with respect to particular property.
- The owner shall be entitled to conduct all acts permitted by an owner with respect to property, but may not cause damage to or adversely impact the interests of the State, the public interest, or the lawful rights and interests of others.
- The owner shall bear the loss in relation to property that is destroyed or damaged as a result of an event force majeure, unless otherwise agreed or provided by law.
- Ownership rights of immovable property shall be registered in accordance with the provisions of the civil code and the law on registration of immovable property; and not to be required to be registered, except where otherwise provided by law.
- Transfer of ownership rights varies depending on type of property. With respect to immovable property, the transfer of ownership rights shall be effective as from the time of registration of ownership. The transfer of ownership rights of the movables shall take effect from the time those movables are transferred, unless otherwise provided for by law.
Article 164 of Civil code.
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