GACC Customs Recordation Procedures for Intermediate Component Seizure Actions
Record intermediate component patents and authorized supplier codes with GACC to execute immediate border seizures against unauthorized vendor exports.
Property Preservation Petition
Meaning
Interim judicial measures allow a plaintiff to freeze the bank accounts or real property of a defendant during the early stages of a lawsuit. A plaintiff submits a property preservation petition to the court to ensure that the eventual judgment remains enforceable against the counterparty. This measure prevents the defendant from transferring or hiding assets during the legal proceedings.
Court Filing
The application requires detailed information about the assets to be frozen and the legal basis of the main claim. This filing must show that the defendant is likely to dispose of the assets to avoid payment. Judges evaluate the petition quickly to prevent the defendant from being alerted beforehand.
Financial Guarantee
Applicants must provide a financial guarantee to cover any potential losses incurred by the defendant if the claim is unsuccessful. This guarantee can take the form of cash, bank letters of credit, or property located within the jurisdiction. Court clerks verify the security before executing the detention.
If the applicant fails to provide the required security, the court will dismiss the petition and the assets will remain unfrozen.
Asset Arrest
Once approved, the court issues a freeze order to banks, property registries, and other relevant institutions holding the assets. These institutions must comply immediately by blocking transactions on the designated accounts or properties. The freeze remains in place until the court issues a new order or the lawsuit is concluded.