<![CDATA[In Indonesia, the uniformity of it collateral implementation system is reflected in three instruments that are used: mortgage right, fiduciary security and pledge. Instruments have native insolvency law as part of the secured transaction system. Thus, this research aims to answer how much the system’s capacity can provide the certainty of legal norms that are claimed, especially by recent decisions of the Constitutional Court that restored judicial control over fiduciary execution. This study thus takes on a doctrinal approach to analyze the acts, decisions, and legal theories based on the three dimensions: legal certainty, efficiency, and justice. The study findings indicated that the implementation of fiduciary security institutions is not an isolated issue, but a structural one, in which each failure of the system is interdependent. Unnecessary costs arose from Jurisdictional overlaps among some incumbent courts, auction offices, and land agencies. Additionally, both ambiguous statutory language and court interpretations of pledges do not permit the creditor or the debtor to plan transactions based on the expected degree of surety or compliance with expectations about legal structure. Seizing digital and intangible collateral is not an obvious process. Currently, a lack of legal protection for the creditor and debtor means that neither party can anticipate the level of coverage. These are not just problems that can be addressed through incremental tweak. In this environment, reform should be harmonized, more efficient procedurally and responsive to the economics driving the secured transactions system.]]>
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