Pledge Without Delivery Chile (Prenda Sin Desplazamiento)

Pledge Without Delivery Chile (Prenda Sin Desplazamiento) is a real security instrument governed by Ley 20.190 of 2007 Art. 14 that allows a debtor or third-party grantor to create a security interest (derecho real de prenda) over movable property — including machinery, vehicles, livestock, inventory, agricultural equipment, intellectual property rights, and commercial credits — while retaining physical possession and continued use of the pledged assets. Unlike the classical prenda civil regulated by Arts. 2384–2406 of the Código Civil, which requires the physical transfer (desplazamiento) of the pledged object to the creditor or a third-party depositary as a perfection requirement, the Prenda Sin Desplazamiento under Ley 20.190 is perfected exclusively through inscription in the Registro de Prendas Sin Desplazamiento maintained by the Conservador de Bienes Raíces (CBR) of the jurisdiction where the debtor is domiciled or the pledged assets are located.

The Ley 20.190 de 2007 — also known as the Ley de Mercado de Capitales II (MK2) — introduced the Prenda Sin Desplazamiento as a unified, modernized security framework replacing a patchwork of prior special pledge statutes including Ley 4.287 (prenda agraria), DL 3.447 (prenda industrial), and DL 776 (prenda de valores mobiliarios). The unified registry administered by the Servicio de Registro Civil e Identificación (SRCeI) through the Conservadores de Bienes Raíces provides national-level notice and priority ranking, enabling sophisticated commercial lending against Chilean business and agricultural assets.

The Reglamento del Registro de Prendas Sin Desplazamiento (Decreto Supremo N° 722 of the Ministerio de Justicia) prescribes the formal requirements for inscription, the information that must appear in the constitutive instrument, and the procedures for annotation, cancellation, and electronic access to the registry. The constitutive act (acto constitutivo) must identify: the parties (deudor prendario and acreedor prendario), the secured obligation (obligación garantizada) — whether existing or future — its maximum amount or cap (suma máxima garantizada), a precise description of the pledged property (especie o cuerpo cierto or género y cantidad for fungible assets), the duration of the pledge, and any agreed enforcement procedure.

The Comisión para el Mercado Financiero (CMF) — formerly the Superintendencia de Valores y Seguros (SVS) and the Superintendencia de Bancos e Instituciones Financieras (SBIF) before their merger under Ley 21.000 of 2017 — supervises compliance by regulated financial institutions granting credit secured by Prenda Sin Desplazamiento. Banks supervised by the CMF regularly use the Prenda Sin Desplazamiento as collateral for working capital lines (líneas de crédito de capital de trabajo), equipment financing (financiamiento de activos), and agricultural credit (crédito agrícola) in Chile.

The priority (preferencia) of a Prenda Sin Desplazamiento is determined by the date and time of inscription in the CBR registry, not by the date of the constitutive instrument. Competing creditors with prendas over the same assets rank according to inscription priority under Art. 14 of Ley 20.190. The pledge confers on the creditor the right to pursue the pledged assets in the hands of any third party who acquires them with notice of the inscription (derecho de persecución), and the right to enforce through the judicial or extrajudicial procedures established in Ley 20.190 upon default of the secured obligation.

forms-legal.com provides this free Prenda Sin Desplazamiento template as a starting point for Chilean secured lending transactions. Legal counsel from an abogado registered with the Colegio de Abogados de Chile and a Notario Público for protocolization of the constitutive instrument is strongly recommended given the specialized technical requirements of the CBR inscription process.

A Pledge Without Delivery Chile (Prenda Sin Desplazamiento) is required or strongly advisable in a range of Chilean financing and commercial transactions. Understanding when this instrument is needed protects both creditors seeking enforceable collateral and debtors wishing to retain operational use of their assets.

The Prenda Sin Desplazamiento is the standard security mechanism for equipment and machinery financing throughout Chile. When a manufacturing company (sociedad de responsabilidad limitada or sociedad anónima) purchases industrial machinery financed by a bank or leasing company under the supervision of the CMF, the lender typically requires a Prenda Sin Desplazamiento over the equipment as a condition of the credit. The machine remains in the debtor's plant and generates revenue to service the debt, while the creditor's security interest is perfected through CBR inscription.

Agricultural producers (agricultores) in Chile's Regions VI through X regularly use the Prenda Sin Desplazamiento to secure agricultural credit (crédito agrícola) from the Banco del Estado de Chile, Banco BCI, Banco Santander Chile, or cooperative lenders against standing crops (cosechas en pie), livestock (animales), and agricultural equipment (tractores, cosechadoras). The Ley 20.190 replaced the former prenda agraria of Ley 4.287, which required physical delivery and was commercially impractical for large-scale agricultural operations.

In vehicle and fleet financing, the Prenda Sin Desplazamiento is used alongside the inscripción en el Registro de Vehículos Motorizados of the Servicio de Registro Civil e Identificación to create a security interest over commercial fleets while the transport company (empresa de transporte) continues operations. The SRCeI maintains both registries, and lenders coordinate dual-inscription to maximize protection.

Startup companies and small-to-medium enterprises (PYMEs) recognized by CORFO (Corporación de Fomento de la Producción) increasingly use Prenda Sin Desplazamiento over their accounts receivable (cuentas por cobrar), intellectual property (marcas registradas, patentes), and inventory to access working capital without liquidating assets. The Ley 20.416 (Estatuto de las PYMEs) and CORFO's credit guarantee programs (Fondo de Garantía para Pequeños y Medianos Empresarios — FOGAPE) interact with the Prenda Sin Desplazamiento registry in providing enhanced collateral structures for PYME lending.

When a creditor already holds an unsecured debt (deuda quirografaria) and negotiations lead to a restructuring with collateral, the parties may agree to grant a Prenda Sin Desplazamiento over specified business assets as a condition of a payment plan (convenio de pago) or debt extension (prórroga). This conversion of an unsecured to a secured claim requires careful drafting to ensure the inscription predates any bankruptcy petition (solicitud de liquidación concursal) under Ley 20.720 de 2014 (Ley de Insolvencia y Reemprendimiento), as prendas constituted in the suspect period (período sospechoso) may be challenged by the veedor or liquidador.

A valid and enforceable Pledge Without Delivery Chile under Ley 20.190 of 2007 must contain the following essential elements, each of which affects the perfection, priority, and enforceability of the security interest before the Conservador de Bienes Raíces and Chilean courts.

**Identification of parties.** The constitutive instrument must fully identify the acreedor prendario (secured creditor) and the deudor prendario (pledgor/grantor), including their RUT (Rol Único Tributario) numbers as registered with the Servicio de Impuestos Internos (SII), full legal names (razón social for legal entities), and domiciles. If the pledgor is a sociedad anónima or sociedad de responsabilidad limitada, the instrument must reference the company's constitutive deed and its registration in the Registro de Comercio of the CBR, and the representative must have sufficient powers under the company's estatutos or a specific poder notarial.

**Description of pledged assets.** The Reglamento del Registro de Prendas Sin Desplazamiento requires an adequate description of the pledged property sufficient for identification. For specific assets (especie o cuerpo cierto) such as individual machines, vehicles with VIN numbers, or named patents, individual descriptions are required. For fungible inventory (mercaderías fungibles), the description may be by type, quantity, and location. The description determines the scope of the lien and any ambiguity may limit enforceability against third parties.

**Secured obligation.** The instrument must describe the obligation(s) guaranteed by the pledge — including principal amount (capital), interest rate, term, and identification of the credit instrument (pagaré, contrato de crédito, línea de crédito). A Prenda Sin Desplazamiento may secure present or future obligations, and may secure obligations of third parties (prenda de garantía). The suma máxima garantizada (maximum secured amount) caps the creditor's preference in insolvency proceedings under Ley 20.720 de 2014.

**Duration and termination.** The parties must specify the duration of the pledge or the condition upon which it terminates (e.g., full payment of the secured obligation). A pledge of indefinite duration (prenda de duración indefinida) is permitted under Ley 20.190 but must be explicitly stated.

**CBR inscription requirements.** The constitutive instrument must be submitted to the Conservador de Bienes Raíces of the debtor's domicile or the location of the pledged assets for inscription in the Registro de Prendas Sin Desplazamiento. The inscription assigns a folio real number, date, and time-stamp that establishes priority over subsequently inscribed competing claims. The CBR charges inscription fees (aranceles) regulated by the Arancel de los Conservadores de Bienes Raíces.

**Enforcement provisions.** Upon default (incumplimiento), the creditor may enforce the Prenda Sin Desplazamiento through (i) the judicial execution procedure (procedimiento de realización judicial) under Ley 20.190 before the Juzgado de Letras en lo Civil, (ii) the extrajudicial public auction (remate extrajudicial) procedure if expressly agreed in the constitutive instrument, or (iii) the appointment of an administrator (administrador de la prenda) if authorized by the instrument. The CMF may also intervene in the enforcement of prendas held by regulated financial institutions.

**Restrictions on pledgor.** The instrument typically prohibits the pledgor from selling, transferring, encumbering, or destroying the pledged assets without the creditor's prior written consent. The Ley 20.190 provides for criminal sanctions (Art. 14 paragraph relating to alzamiento de prenda) against a pledgor who improperly disposes of pledged assets, in addition to civil liability.

forms-legal.com offers this template as a reference starting point for Chilean secured lending transactions involving movable assets.