What is Bona Fide Possession of Property in Vietnam?
Bona fide possession of property in Vietnam is the possession in good faith which means the possession that the possessor has bases to believe that he/she has the right to the property in Vietnam under his/her possession.
Bona fide possessor is protected by the law on property rights. Owning this type of property might be subject to many potential disputes which parties should consult with dispute lawyers from time to time to understand his/her rights to the property.
What Are the Rights of Bona Find Possessor?
According to the Civil Code, a person possessing in good faith, continuously and overtly shall be eligible for prescriptive periods for enjoying the rights and enjoy the yield and income derived from the property as prescribed in this Code and relevant laws.
A person possessing in good faith is entitled to protect his/her rights and his right to possession when meeting specific conditions.
Before a third person entered into a civil transaction, a prior civil transaction was established, the previous civil transactions were invalidated.
Besides, the third person establishing civil transactions must be honest. Property traded in accordance with law and civil transactions must be compensated.
The owner has the right to reclaim the property from the rightful owner in accordance with the Civil Code. Accordingly, depending on the type of property subject to ownership registration or not, the reclaim of ownership of the owner has a certain difference.
Specifically, owners may reclaim movable property not subject to ownership right registration from bona fide possessors in cases where such bona fide possessors have acquired such property through unindemnifiable contracts with persons who have no right to dispose of the property; in case of indemnifiable contracts, the owners may reclaim the movable property if such movable property has been stolen, lost or other cases of possession against the owners’ will.
Owners may reclaim their movable property subject to ownership right registration and immovable property, except for cases where a civil transaction is invalid but the transacted property is registered at a competent authority and such property has already been transferred to a bona fide third party through another transaction which is established according to that registration, such transaction shall remain valid.
In cases where the transacted property which is required to be registered has not registered at a competent authority, the transaction with the third party shall be invalid, except for cases the bona fide third party received such property through an auction or a transaction with an another party being the owner of such property pursuant to a judgment or decision of a competent authority but thereafter such person is not the owner of the property as a result of the judgment or decision being amended or annulled.
About ANT Lawyers, a law firm in Vietnam
We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi, and Danang, and will help customers in doing business in Vietnam.
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