Hipoteca Industrial, Definiciones

Industrial mortgages are granted in terms of article 67 of the Credit Institutions Law (Ley de Instituciones de Crédito; the “LIC”). According to such provision, industrial mortgages may only be granted in favor of Mexican banking institutions (instituciones de crédito); however, a Mexican banking institution may act as security agent for a group of local and/or foreign banking institutions, thus, giving them access to this type of security interest. Please note that the Civil Codes of some states of Mexico also regulate this type of security interest; and if granted pursuant to a local Civil Code, such security interest may be granted in favor of creditors other than Mexican banking institutions.

Under an industrial mortgage, the creditor can take a security interest over all of the assets comprising a commercial or industrial unit, including all real estate properties and all moveable property, such as machinery and equipment used in the exploitation of the relevant business, as well as a floating lien on inventory, work in progress, cash and receivables. It is possible to limit the security interest to a single plant and the assets located there, although this is not mandatory.

Industrial mortgages must be granted in writing before a Mexican notary public and recorded in the Public Registry of Property of the jurisdiction where the real estate properties are located and in the Public Registry of Commerce of the debtor’s corporate domicile. Nota: Conforme a los cambios recientes al Código de Comercio art. 32 bis 1 A IV, la hipoteca sobre los bienes muebles se inscribe en el RUG.

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