Thursday, August 16, 2018

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Glossary

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REGISTER OF AGREEMENTS ON FINANCING AGRICULTURAL PRODUCTION – a unique, centralized, public, electronic repository of data on signed agreements on financing agricultural production and documents submitted in support of the registration of these contracts, pursuant to the Law on financing and securing financing of agricultural production.

APPLICATION FOR REGISTRATION – a brief filed on the prescribed form to initiate the registration procedure.

Types of applications for registration:

  • application for registration of an agreement on financing agricultural production,
  • application for registration of changes of data on a registered agreement on financing agricultural production,
  • application for registration of an annotation,
  • application for strike-off of an annotation,
  • application for registration of termination of an agreement or strike-off of data on a registered agreement,
  • application for issuing a copy of entry/certificate from the Register of Agreements on Financing Agricultural Production.

Forms for all types of applications can be downloaded from the Agency’s website.

LEGAL GROUNDS FOR REGISTRATION OR STRIKE-OFF FROM THE REGISTER – documents submitted in support of the application as grounds for either registration or strike-off of data from the Register (agreement on financing agricultural production, statement of the creditor that the debtor has fulfilled its obligations and similar).

RPU number – this is the filing number of the financing agreement in the Register of Agreements on Financing Agricultural Production (assigned by the Serbian Business Registers Agency).

EXTRACT OF REGISTERED DATA – a public document containing data on a registered agreement on financing agricultural production, according to the situation on the date of issue of the extract.

CERTIFICATE – a public document confirming that the Register contains no data on an agreement on financing agricultural production, or that an individual or company is not registered as a debtor, or confirming that data or documents were registered in the past. 

TIME OF RECEIPT OF THE APPLICATION FOR REGISTRATION – the exact time (day, hour and minute) when the application for registration was received at the Serbian Business Registers Agency.

AGENT – a person authorized to represent. If an application is filed through an agent, the latter must be provided with a power of attorney to prove that he/she is authorized to represent and act on behalf of the client before the Serbian Business Registers Agency. If the agent is not an attorney-at-law and the principal is a natural person, then the power of attorney has to be notarized by a court or other authority competent for the notarization of signatures.

AGREEMENT ON FINANCING AGRICULTURAL PRODUCTION – an agreement under which the debtor undertakes to deliver certain commodities and/or money to the creditor in return for the money and/or other resources received from the creditor for financing agricultural production.

FINANCING AGRICULTURAL PRODUCTION – the granting of cash or other resources under an agreement stipulated to finance agricultural production;

CREDITOR – a legal entity, an entrepreneur or a natural entity that approves, i.e. grants cash or other resources to the debtor under a financing agreement;

DEBTOR – a legal entity, an entrepreneur or a natural entity who has undertaken a commitment under a financing agreement;

CREDITOR’S OBLIGATION – the obligation of the creditor to grant the debtor cash or other resources for financing agricultural production;

COMMODITY OBLIGATION of the debtor – the obligation of the debtor to deliver a certain quantity of agricultural products under a financing agreement;

CASH OBLIGATION of the debtor – obligation of the debtor to pay the creditor a certain amount of money under a financing agreement;

AGRICULTURAL PRODUCT – harvested or picked primary agricultural products listed in the Plant Code List, which is a part of the regulation governing the Register of Agricultural Holdings, registration renewal, and the requirements for inactive status of agricultural holdings; 

FUTURE AGRICULTURAL PRODUCTS – agricultural products that will be produced at the production venue in accordance with the financing agreement;

PRODUCTION VENUE – agricultural or other land or agricultural building or block of buildings on the territory of the Republic of Serbia where the pledger will produce the agricultural products to be pledged;

PLEDGE ON FUTURE AGRICULTURAL PRODUCTS – a right of pledge on future agricultural products established under a pledge agreement, without handing the possession of the assets after production, by registering the right of pledge in the Pledge Register;

PLEDGER – a debtor or third party that pledges future agricultural product to secure the satisfaction of the creditor’s claim under a financing agreement;

PLEDGE CREDITOR – a legal entity, an entrepreneur or natural entity that acquired a right of pledge on future agricultural products to secure satisfaction of its claim under a financing agreement;

STATUTORY PLEDGE RIGHT – the right that a pledge creditor acquires over agricultural products owned by the pledger, which the pledger produced at the production venue, irrespective of the crop and variety, in sufficient quantities and values to settle the matured claim of the pledge creditor, if on the maturity date of the claim secured by a pledge on future agricultural products there are no pledged products.

RIGHT TO LIMITED DURATION OF A PLEDGE – the right of a pledge creditor to offset the claim from the value of the pledged products if the pledger should lose the right to the use of land where the pledged agricultural products are produced before the harvest, or in case the claim settlement procedure should start by enforcing the mortgage on the production venue land.

AGRICULTURAL HOLDING – a production unit under the management of a company, agricultural cooperative, institution or other legal entity, entrepreneur or farmer engaged in agricultural production activities and registered with the Register of Agricultural Holdings, in accordance with the law governing agriculture and rural development.

  
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