After notification, the pledged creditor enjoys a right of retention on the pledged claim and has the sole right to its payment both in principal and interest. The pledged creditor, like the pledgor, may pursue enforcement, with the other duly informed.
The debtor of the pledged claim may set up against the pledgee the defences inherent in the debt. He may also raise defences arising from his relationship with the pledgor before the pledge became enforceable against him.
Sums paid in respect of the pledged claim are deducted from the secured claim when it is due. If this is not the case, the pledged creditor retains them as security in a specially allocated account opened for this purpose with an institution authorised to receive them, with the responsibility for returning them if the secured obligation is performed. In the event of default by the debtor of the secured…
In the event of default by his debtor, the pledged creditor may have the pledged claim and all rights attached thereto assigned to him by the court or under the terms of the agreement. He may also wait until the pledged claim falls due.
If more has been paid to the pledgee than the secured debt, the pledgee owes the difference to the settlor.
Ownership of an asset may be retained as security by the effect of a retention of title clause which suspends the translative effect of a contract until full payment of the obligation which constitutes the consideration for it. Ownership thus reserved is the accessory of the claim whose payment it guarantees.
The reservation of ownership is agreed in writing.
Reserved ownership of a fungible asset may be exercised, up to the amount of the outstanding claim, over assets of the same nature and quality held by the debtor or on his behalf.
The incorporation of an item of movable property subject to a retention of title into another item of property does not preclude the creditor’s rights where those items of property can be separated without suffering damage.
In the absence of full payment on the due date, the creditor may request the return of the property in order to recover the right to dispose of it. The value of the property taken back is set off, by way of payment, against the balance of the secured debt. Where the value of the property taken back exceeds the amount of the secured debt still due, the creditor owes…
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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