Title III: Security agents

Any security or guarantee may be taken, registered, managed and enforced by a security agent, who acts in his own name for the benefit of the creditors of the secured obligation. The security agent is the holder of the security and guarantees. The rights and assets acquired by the security agent in the exercise of his mission form a patrimony assigned to it, distinct from his own patrimony. The qualities…

On pain of nullity, the agreement by which the creditors appoint the security agent must be evidenced by a writing that mentions his capacity, the purpose and duration of his assignment and the extent of his powers.

When the security agent acts for the benefit of the creditors of the secured obligation, he must expressly mention his capacity.

The security agent may, without having to show proof of a special mandate, take any action to defend the interests of the creditors of the secured obligation and make any declaration of claim.

The rights and assets acquired by the security agent in the exercise of his mission may only be seized by the holders of claims arising from their safekeeping or management, subject to the exercise of a right of resale and excluding cases of fraud. The opening of safeguard, receivership, judicial liquidation, professional recovery, overindebtedness or bank resolution proceedings in respect of the security agent has no effect on the assets…

In the absence of contractual stipulations providing for the conditions of his replacement and if the security agent fails in his duties, jeopardises the interests entrusted to him or is the subject of the opening of safeguard, legal redress, legal liquidation, professional recovery, over-indebtedness or bank resolution proceedings, any creditor benefiting from security and guarantees may apply to the courts for the appointment of a provisional security agent or the…

Security agents are liable, on their own assets, for any faults they commit in the performance of their duties.