Churches could receive real estate, for example through donations or estates28. A church was prohibited from alienating or mortgaging its property.29 Therefore, a church could not use its real estate as collateral to increase ad pias causas 30 financing. The above amendment provided an exception. It allowed a church to borrow a credit guaranteed by an anti-chertic pledge. While awaiting repayment of the loan, the creditor was able to gradually satisfy his right from the fruits of the taxed real estate. Thus, a church could use real estate as collateral, without risking losing its property due to performance in the event of default31. Antichrese`s function in this news was depreciated. If, instead, a church granted interest on its real estate as collateral, the transaction could prove to be a lucrative investment for the creditor. As indicated in paragraph 5.1, interest rate antisis allowed the creditor to borrow money for a profit above legal interest rates. Een door BI in het geding gebrachte Engelse vertaling van de notulen van de vergadering van de raad van commissarissen van 15 januari 1998 luidt, voor zover hier van belang: (…) It is clear that Indover is in a dark situation. We understand that (…) Indover will not have sufficient liquidity from today. Indover applied for cash assistance from Indonesia Bank.

At this stage, it is not clear whether this assistance will be granted. In this context, you asked us for advice on what actions the board of directors and the supervisory board would take under Dutch law, given their duties. We believe that there is an urgent need to draw the attention of all members of the supervisory board as well as the shareholder to the acute situation. In addition, it is appropriate to draw the attention of both parties to the fact that Indover is unable to meet its obligations and is therefore technically bankrupt if Indonesia does not confirm in writing that it will meet its obligations, followed by immediate cash support. Such confirmation and support can take many forms, such as . B a deposit or guarantee, but should be made in a few days or even hours. The Roman preseding of depreciation is processed at Sept.Sev.Ant.Car.C. The creditor granted an interest-only loan to the debtor. When guaranteeing the loan at an amortization rate, the parties agreed that the creditor would retain the fruits as payment of the secured debt. The interest owed would first be removed from the fruits.

If the value of the fruit exceeds this interest rate (or if no interest rate has been set), the arrears would be recorded on the principal amount. If the amount is sufficient to clear the principal amount, the creditor of Antichressis had to return to the debtor himself all the remaining fruit at the same time as the mortgaged object. Otherwise, the creditor is liable for actio pigneraticia directa 87. In addition, the IB will present a “promise of commitment” to cover the provision for sovereign risks. In this regard, you have informed us that funds placed outside Indonesia are no longer considered part of the Indonesian International Net Reserve (NIR). It therefore considers that a link or non-connection of the deposits does not affect the level of the NIR. You told us that the situation is completely transparent and acceptable to the IMF. Even in the event of non-payment, the creditor of Antichressis could initiate the effective execution of the subject of an anti-chemical loan as well as other assets in the debtor`s estate.