Legal Protection for Creditors in Credit Agreements Secured by Fiduciary Security When the Collateral Is Lost
Keywords:
fiduciary security; credit agreement; legal protection; creditor; lost collateral; force majeure; defaultAbstract
Fiduciary security lets a debtor keep using the collateral while the creditor holds a preferential security right. This makes the arrangement efficient, but it exposes the creditor to the risk that the collateral is lost, stolen, destroyed or transferred. This article examines (1) the legal liability of the debtor in a credit agreement secured by fiduciary security when the collateral is lost, and (2) the legal protection available to the creditor. The study is normative juridical research using statute and conceptual approaches. Primary legal materials (Law No. 42 of 1999 on Fiduciary Security, Law No. 4 of 1996 on Mortgage Rights and the Indonesian Civil Code) and secondary and tertiary materials were collected through library research and analysed descriptively, interpretively, evaluatively and argumentatively. The findings show that the loss of the collateral extinguishes the fiduciary security but not the principal debt, because fiduciary security is accessory to the credit agreement. The debtor therefore remains obliged to repay the debt and is also liable for damages if the loss results from the debtor’s fault, whereas a loss caused by force majeure releases the debtor from damages under Articles 1244–1245 of the Civil Code. The creditor loses the executorial title over the object and becomes, in effect, a concurrent creditor over the debtor’s general assets under Articles 1131–1132. Protection then relies mainly on insurance claims, a default lawsuit and conservatory attachment. Preventive protection through notarial deeds, registration and insurance remains the most effective safeguard.
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