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 SPC Issues Judicial Interpretation on Regulating the Enforcement of Notarized Debt Instruments
Category:Legislative Updates  
Subject:Civil action  
Keywords:SPC;  notarization to grant enforceability to debt instruments;  enforcement
Publish Date:10-11-2018
On September 30, 2018, the Supreme People's Court (SPC) issued the Provisions of the Supreme People's Court on Several Issues concerning the Enforcement of Notarized Debt Instruments, effective from October 1, 2018.
The Provisions specify that the enforcement basis of a notarized debt instrument is the notarized debt instrument itself. The Provisions also clarify the content that a notarized debt instrument should state as the enforcement basis, as well as the basic requirements for case acceptancee. To urge creditors to exercise their rights in a timely manner, they provide for the starting time of the time period for the application for the enforcement of notarized debt instruments and the circumstances under which the prescriptive period will be interrupted. In addition, the Provisions enumerate the circumstances in serious violation of the statutory notarization procedures where the party against which enforcement is sought may apply for non-enforcement of the said instrument, and set forth the complete remedies.
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