Atlas · Governance
The proceeds from the realization of the collateral constitute a separate estate of the collateral agent for up to 180 days
AnswerThe proceeds from the realization of the collateral constitute a separate estate of the collateral agent for up to 180 days from receipt, immune from its obligations.
Reviewed on 2026-10-02 · next review 2027-04-02
Data
| Who | Criterion | Consequence | Source | Data date |
|---|---|---|---|---|
| Collateral agent | While the proceeds from the realization of the collateral have not been transferred to the secured creditors | The realization proceeds constitute a separate estate from that of the collateral agent and are not liable for its obligations for up to 180 days from the date of receipt | Law 10.406/2002, art. 853-A, § 5 | 24/04/2023 |
Data consulted on 02/10/2026.
Basis
- Law No. 10.406/2002 (Planalto, in Portuguese): art. 853-A, § 5, establishes the period of up to 180 days, from the date of receipt, in which the proceeds from the realization of the collateral constitute a separate estate of the collateral agent without being liable for its obligations, while not transferred to the secured creditors.
- Law No. 12.846/2013 (Planalto, in Portuguese): provides for the administrative and civil liability of legal entities for acts against the public administration, domestic or foreign.
How it applies
The rule applies when collateral managed by a collateral agent designated by creditors is realized. The amount obtained from this realization, before being passed on to the secured creditors, is segregated from the collateral agent's own assets. During the maximum period of 180 days from receipt, this amount is not liable for the obligations of the collateral agent itself, serving as an asset protection period until effective transfer to the creditors.
Limits
- Asset separation depends on the proceeds not having been transferred to the secured creditors.
- The time limit provided is up to 180 days from the date of receipt of the collateral proceeds.
- This sheet is restricted to the period and asset separation of the collateral agent according to the indicated legal provision; other rules on the fiduciary collateral management contract are not detailed.
- Subsequent amendments to the legislation must be verified directly in the official Planalto sources.