Brazil: Tribunais prejudicam credores de CPR-F ao impor teto para juros remuneratórios

Produtores rurais que captaram recursos por meio de Cédulas de Produto Rural com liquidação financeira (CPR-F) têm levado vantagem em batalhas judiciais em diversos tribunais pelo País. Os devedores dessas CPR-F contestam judicialmente a taxa dos juros remuneratórios pactuada com seus credores, apoiando-se no argumento de que as CPR-F devem respeitar as disposições do Decreto-Lei 167/67, que regula as cédulas de crédito rural. O Decreto-Lei prevê que, em caso de ausência de regulamentação do Conselho Monetário Nacional (CMN) sobre o tema, a taxa de juros remuneratórios dos títulos deverá seguir o teto legal, ou seja, o percentual máximo de 12% ao ano.

A tese defendida pelos produtores decorre de uma lacuna legislativa. Desde que a Lei 8929/94 criou a CPR-F, a disposição legal a respeito da cobrança de juros remuneratórios nos casos das CPR-F permanece ausente. Segundo o parágrafo 1º do art. 4º-A da Lei 8929/94, a CPR-F consiste em um título exigível na data de seu vencimento pelo resultado da multiplicação do preço pela quantidade do produto especificado. Não há, portanto, nenhuma menção expressa sobre a aplicação dos juros remuneratórios nas CPR-F.

As decisões dos tribunais sobre o tema valem-se de uma analogia interpretativa com as disposições do Decreto-Lei 167/67. Entendem que a CPR-F, disciplinada pela Lei 8924/94, também deve sofrer limitação sobre a taxa de juros remuneratórios, mediante a ausência de regulamentação específica, por se tratar de um título de crédito rural. A Lei 8924/94 e o CMN, até a presente data, não regulam nenhum dispositivo a respeito do assunto.

As decisões devem servir de alerta para o mercado de capitais por causa do seu potencial de "judicialização" — fenômeno de transferência de questões não solucionadas dos âmbitos do Legislativo e do Executivo para o Poder Judiciário. Um levantamento do escritório Cascione, Pulino, Boulos & Santos Advogados indica a existência de sete julgados favoráveis aos devedores, com limitação de juros na CPR-F a 12% ao ano, em seis diferentes estados brasileiros entre 2010 e 2016. "Quando um título lastreado em CPR-F é distribuído no mercado em uma operação estruturada de securitização, por exemplo, todos os agentes partem da premissa de que aquele título será pago com as taxas de juros originalmente pactuadas, que muitas vezes superam os juros legais. Com o entendimento em sentido contrário dos tribunais, abrimos uma oportunidade de questionamento pelos devedores sobre as taxas de juros remuneratórios presentes nas CPR-F na Justiça", ressalta o advogado Fábio Cascione, sócio do escritório.

A análise do escritório de advocacia vem em resposta a uma decisão do Superior Tribunal de Justiça (STJ) publicada em fevereiro deste ano, em que é afastada a cobrança dos juros remuneratórios da CPR-F pela taxa Selic. O STJ deu ganho à emissora da CPR-F e reduziu os juros ao máximo de 1% ao mês, com base nas disposições, por analogia, do Decreto-Lei 167/67.

Após a decisão do STJ, instituições financeiras encaminharam um ofício ao Banco Central questionando qual seria o seu entendimento quanto à possibilidade ou não de aplicação da taxa DI às CPR-F. O Banco Central, em resposta aos questionamentos apresentados, explicitou que não há vedação legal para a cobrança de juros remuneratórios em CPR-F, sejam eles fixos ou variáveis, como por exemplo a taxa DI. Conforme o Banco Central, os juros remuneratórios podem ser aplicados, por instituições financeiras, acima do teto legal de 1% ao mês, desde que atendidos os requisitos de formalização dispostos na Lei 8.929/94.

A manifestação ofereceu maior conforto e fundamento para as instituições financeiras questionarem judicialmente as alegações dos devedores de CPR-F. "A resposta do Banco Central cria um ambiente de maior segurança jurídica sobre o tema com relação às instituições financeiras", avalia Cascione. Entretanto, adverte o advogado, a interpretação da autarquia ampara apenas instituições financeiras. Instituições não financeiras, como as securitizadoras, e demais credores devem ficar atentos ao risco a respeito da limitação das taxas de juros remuneratórios em âmbito judicial. "As empresas securitizadoras, por exemplo, não são enquadradas como instituições financeiras pela Lei 4.595/64. Por essa razão, considerando as atuais decisões dos tribunais brasileiros sobre o assunto, a depender da estrutura adotada, uma emissão de CRA lastreada em CPR-F pode correr o risco de sofrer limitação, por causa da taxa máxima de juros remuneratórios de 12% ao ano", alerta Cascione.

Nessa mesma direção, mas sob outra perspectiva, o Tribunal de Justiça de São Paulo (TJ-SP) decidiu, em outubro de 2014, que as cessões de crédito de natureza bancária para instituições não pertencentes ao Sistema Financeiro Nacional (fundos de investimento, securitizadoras etc) não podem ultrapassar a taxa de juros de 12% ao ano. Nota-se, nesse sentido, uma tendência dos tribunais brasileiros de limitar a cobrança de juros remuneratórios para créditos detidos por instituições não financeiras, considerando o teto legal.

Source: Estúdio Capital Aberto

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