Article Four
| No: 41061554 | Date(g): 20/6/2020 | Date(h): 29/10/1441 |
Translated Document
Effective from 2020-06-20 - Jun 19 2020
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| 1- | The contents of the registry consist of the data included in the registered contracts and their contents. If the content of the registry conflicts with any other documents between the parties to the contract, the registry content shall prevail. Any amendments to the contract must be attached to the registry; otherwise, they will not be accepted for enforcement. | ||
| 2- | Notwithstanding the provisions of paragraph (1) of this article, the previous provisions do not apply to contracts concluded before the establishment of the registry, except after they are recorded in the registry and the parties agree to their content. | ||
| 3- | The registrar must verify the data regarding the subject of the contract, and this data must include, at a minimum, the following: | ||
| (a) | A description of the registered right, including the name, type, serial number—if available—production date, country of origin, and ownership document data of the asset. | ||
| (b) | Insurance data—if available. | ||
| (c) | Contract duration. | ||
| (d) | Total amount of financing under the contract, its duration, method of calculating the rent, and payment mechanism. | ||
| (e) | Bank account number for depositing the rent, and the bank name (if available). | ||
| (f) | Details of the consequences of delay in payment under the contract. | ||
| (g) | Conditions under which the beneficiary may recover the registered right from a third party. | ||
| (h) | Agreement of the contracting parties to disclose contract registry information. | ||
| (i) | Ownership and possession data of the leased asset. | ||
| (j) | Any other data or information that SAMA may later determine or that enforcement authorities may require. | ||