BANKING LAWYER

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BANKING LAWYER

1. What is a Banking Lawyer?
2. How many types of credit organizations are there according to current regulations?
3. What do Banking lawyers do?
4. Who needs a Banking Lawyer?
5. Why do you need to hire a Banking Lawyer?
6. What are the criteria for selecting a Banking Lawyer?
7. Which does agency resolve banking disputes?
8. Where do you find a Banking Lawyer?
9. Questions related to Banking Lawyers

In the past, thinking of banks, people had a certain level of trust. When dealing with banks, individuals and businesses placed their full trust in the belief that banks were state-owned institutions; their operations were closely monitored by the government. However, in recent years, the reality has shown many disputes related to banks, and many of them arise from faults of banks. If you need a Banking Lawyer for advice before and during transactions with banks or to resolve disputes arising with banks, please read this article.

1. What is a Banking Lawyer?

Bank law encompasses all legal provisions governing social relations arising from the organization and management of banking activities by the state. It regulates the organization and operation of credit institutions in general and banks in particular.
A Bank Lawyer is an attorney who provides legal advice on financial and banking, issues resolving disputes between banks and their customers.

2. How many types of credit organizations are there according to current regulations?

According to the law, there are currently 4 types of credit institutions including: banks, non-bank credit institutions, micro financial institutions and people's credit funds.

Bank

A bank is a credit institution that can perform all banking activities, including: receiving deposits, granting credit, and providing payment services by account. Banks are not limited in the scope of performing business operations like non-bank credit institutions. In addition to banking business activities, banks can also carry out other business activities such as preserving rare assets, financial consulting...

Non-bank credit institutions

A non-bank credit institution is a type of credit institution that carries out one or several banking activities, except for the activities of receiving deposits from individuals and providing payment services through customer accounts. Non-bank credit institutions include financial companies, financial leasing companies...

Microfinance institution

A microfinance institution is a type that mainly carries out banking activities aimed at meeting the needs of individuals or low-income households and small businesses.

People's Credit Fund

People's Credit Fund is a credit institution voluntarily established by legal entities, individuals and households in the form of cooperatives to carry out banking activities according to regulations with the main goal of supporting each other to develop production, business and life.

3. What do Banking lawyers do?

Legal advice for individuals and organizations in mortgage, loan relationships... with banks or other credit institutions;
Representing to resolve issues arising between individuals and organizations mortgaging, borrowing capital... with banks or other credit institutions;
Protecting the legal rights and interests of litigants in disputes between individuals, organizations and banks or other credit institutions at the competent People's Court;
Defending suspects and defendants in criminal cases related to banks in particular and credit institutions in general;
…

4. Who needs a Banking Lawyer?

Individuals and organizations need a bank loan but the collateral is unclear, related to common assets, inheritance, etc. In this case, a Banking Lawyer is needed to assist and resolve to meet the requirements. of notaries and banks.
Individuals and organizations need a Banking Lawyerto review, clarify and advise on issues related to mortgage, guarantee and credit contracts with banks.
Individuals and organizations need consulting from a Banking Lawyer to resolve issues arising with the bank related to mortgage, guarantee and credit contracts with the bank.
Individuals and organizations need a Banking Lawyer to represent and/or protect their legal rights and interests in disputes with banks in court.
Individuals and organizations need a Banking Lawyer to protect their legal rights and interests; Participate in defense in criminal cases related to credit and banking.
Banks need a Banking Lawyer to advise on legal issues related to their operations, especially resolving arising disputes, handling overdue debts, handling collateral...
Banks need a Banking Lawyer to represent and/or protect legal rights and interests in arising disputes.

5. Why do you need to hire a Banking Lawyer?

Disputes related to banks are usually disputes of great value and high complexity, which originate from transactions such as loan contracts, mortgage contracts, insurance contracts... and sometimes contains consequences for society. For being proactive in all situations and preventing legal risks in banking-related transactions, and resolve disputes in compliance with legal regulations, support from legal banking experts is needed. That is why Banking Lawyers become necessary and play an important role in ensuring the sustainable development of this industry. Below are some detailed reasons why you need to hire a Banking Lawyer.

Knowledge of the banking: A Bbanking Lawyer is the one who understands and has extensive knowledge of the laws and regulations of the banking industry, including regulations on currency, credit, and transactions.
Support with legal procedures: Banking is an unique industry, so legal procedures are complex and documents require detail and meticulousness. Therefore, Bank Lawyers will help banks perform these complex procedures such as preparing contracts, legal documents in compliance with current legal regulations... Banking Lawyers will provide professional advice to ensure that the bank's activities comply with legal regulations and do not violate the rights and interests of customers.
Consulting on transactions and contracts: Banking Lawyers provide consulting on financial transactions, borrowing and lending contracts, insurance contracts, securities transactions and other related agreements, ensuring that transactions are carried out in accordance with legal procedures and regulations, protecting the interests of the bank as well as individuals and organizations participating in the transactions. In addition, the Lawyer will identify risks, disadvantages as well as key points, and provide appropriate options for clients when performing transactions related to financial and banking law;
Representing in contacting with competent agencies: The banking industry must comply with many complex and changeable legal regulations. Banking Lawyers will update and represent banks in interacting with regulatory agencies. such as the State Bank and other financial management agencies.
Dispute resolution: In case of a dispute or complaint related to banking activities, a Banking Lawyer is responsible for consulting, providing legal strategies and resolving disputes through legal measures such as negotiating out of court, representing in court to protect the bank's interests.

6. What are the criteria for selecting a Banking Lawyer?

Choosing a suitable, trustworthy and experienced Banking Lawyer is extremely important in the banking transactions. Below are factors that need to be considered when choosing a Banking Lawyer.

First, reliability and information security

Supporting for a special industry such as banking requires absoluteconfidentiality of information of both bank and its customers

Second, professional knowledge and experience in the banking sector

In-depth legal knowledge is the basis for lawyers to practice. Lawyers with experience working in the banking and finance sector will have a deep understanding of relevant regulations, rights and legal responsibilities.

Third, negotiation skills

Lawyers with professional negotiation skills will achieve the best results for disputes between banks and customers.

Fourth, improvise flexibly.

Banking Lawyers should have the ability to flexibly respond to dispute situations because this is a unique industry that needs to be handled quickly. Time is of the essence in the banking sector and responding promptly can help minimize losses and negative impacts on customers.

Fifth, the ability to analyze, synthesize, and think logically

For complex cases with a large amount of records, good analytical skills are required, then synthesizing information to be able to grasp the overview of the incident and make accurate decisions. beneficial to the client.

Sixth, there is a supporting team

There must be a large-scale team to be able to coordinate and support each other in the best way, thereby providing the optimal solution for the bank.

7. Which does agency resolve banking disputes?

In the case of a banking dispute, the disputing parties can choose a resolution agency appropriate to the bank's situation. The main agencies for resolving banking disputes include:
- Court
According to the provisions of Article 186 of 2015 Civil Procedure Code (CPC 2015), the parties in the dispute have the right to sue and request the Court to resolve the dispute.
There are two possible cases in this case, defined as follows:

A dispute is determined to be a normal civil case according to the provisions of Clause 3, Article 26 of 2015 Civil Procedure Code if the credit contract is established between a credit institution and an individual or organization without business registration, and the other party is not registered. Borrowers do not use credit granting for business purposes to make a profit.
A dispute is determined to be a business or commercial case according to the provisions of Clause 1, Article 30 of the 2015 Civil Procedure Code if the credit contract is established between a credit institution and an individual or organization with business registration and both have profit purpose.

In both of the above cases, the jurisdiction to resolve the dispute may be the district or provincial People's Court.
- Commercial Arbitration
Commercial arbitration is a method of dispute resolution agreed upon by the parties and conducted according to the provisions of Commercial Arbitration Law. The Arbitrator's authority to resolve disputes according to the provisions of Article 2 of 2010 Commercial Arbitration Law includes:

Disputes between the parties arise from commercial activities.
Disputes arise between parties in which at least one party has commercial activities.
Other disputes between the parties are resolved by Arbitration as prescribed by law.

Thus, banking disputes in the cases above will be resolved at Commercial Arbitration. Note that disputes can only be resolved by arbitration when the parties have an arbitration agreement. Arbitration agreements can be made before or after a dispute arises.

8. Where do you find a Banking Lawyer?

Phong & Partners Law Firm is proud to be a prestigious and professional Law Firm in the Central region in particular and other provinces and cities across the country in general. Phong & Partners provides comprehensive legal services in many fields, especially the banking. With the guiding principle of "Service quality and client’s satisfaction are the measure of success", operating for the philosophy of "Honour Justice - Respect Goodwill", Banking Lawyers at Phong & Partners always work with enthusiasm, passion, and sense of responsibility, ensuring the rights and benefits of clients. Phong & Partners is one of the reliable choices for clients because:

A large team of lawyers and legal experts with strong and professional expertise, dedicated and dedicated consultants;
A team of lawyers with 20 years of experience in consulting and resolving banking disputes;
Providing banking legal services with the best quality - the result of professionalism, concentration and commitment, for the best interests of clients;
Always be aware of improving service quality, regularly update legal regulations and practical situations to enhance the value of legal products sent to customers;
Committing to absolute confidentiality of client’s information, to ensure client have complete peace of mind when using the service.

(1) Can a red book in the household's name be used as collateral for a bank loan?

In principle, a property that is allowable for mortgage must be consented by the co-owners. Therefore, if the red book is in the name of the household, all the people named in the household must sign mortgage contract at the notary office. Therefore, the red book in the household's name can absolutely be used as collateral for a bank loan.
However, in reality there are many problems that affect it, making it difficult or impossible to use the red book as mortgage to borrow from banks. These include cases such as: unable to prove who was in the household at the time the red book was issued; One of the household members has gone to live elsewhere and cannot be contacted; one of the household members does not co-sign the mortgage; One of the household members died, their property rights transferred to the co-heirs...

(2) The husband uses his retirement book to borrow money from the bank. After his death, is the wife obliged to pay the bank?

First, in terms of joint liability of spouses for debts established by spouses, according to the law, debts arise from transactions performed by spouses to meet essential needs of the family is the joint debt of husband and wife. Essential needs are the normal daily needs of food, clothing, shelter, education, medical examination, treatment and other common daily needs that are indispensable for the life of each person and each family. At the same time, the law also stipulates that husband and wife have joint responsibility for transactions made by one party for the family's essential needs. Therefore, if there is a basis to determine that this is a debt to meet the family's essential needs, the wife must be responsible for paying it when her husband dies.
Second, in terms of the heir's obligations regarding the obligations left by the deceased, according to Article 615 of 2015 Civil Code, the heirs are responsible for fulfilling their property obligations within the scope of the inheritance left by the deceased, unless otherwise agreed. Therefore, if the deceased husband leaves an inheritance, the co-heirs, including the wife, are responsible for paying the debt left by the deceased husband within the scope of the inheritance. That is, the beneficiary of the inheritance is only responsible for paying the debt equal to or lower than the value of the inheritance to which he or she is entitled.

(3) Using real estate to secure a bank loan for my child’s company, will I lose my house?
It can be understood that there is a loan contract between your child's company and the bank, you are the guarantor of the above loan, your real estate acts as the mortgaged asset to secure the performance of obligations".
In principle, if your child's company fails or is late in fulfilling its payment obligations to the Bank, the Bank has the right to handle the secured assets, which are real estate, to settle the debt. Therefore, when using real estate to secure a bank loan for your child’s company, losing the house is possible.

(4) My husband and I used our house to secure a loan for our son-in-law's company. The son-in-law's company is still doing well, but the son-in-law used the money to buy his own property and put it in his parents' name. What should I do to avoid losing my house?
When using your assets to secure another person's loan, you become a guarantor and your assets become collateral for the loan obligations of your son-in-law's company. Thus, if the son-in-law's company cannot pay its debt to the Bank, the Bank has the full right to handle the security assets to finalize the loan; You may face the risk of losing your home.
In this situation, you can solve the problem in the following two ways to avoid losing your house.

Case 1: Asking the son-in-law to settle debt with the bank

In a situation where your son-in-law's company is doing well and has the ability to repay debt, you should ask your son-in-law to arrange and settle the debt at the Bank.

After the debt is settled, the mortgaged property will be released. You have full rights to your property.

Case 2: Requesting the son-in-law's company to replace the mortgaged asset.

In a situation where your son-in-law's company is doing well and has money to buy many assets, you should ask your son-in-law to replace the mortgaged asset.

To do this, approval and coordination from the Bank is required. You also need to discuss with the Bank before proceeding.

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