Paragraph 2: Guarantee of financial obligations

I. – As security for the present or future financial obligations referred to in article L. 211-36, the parties may provide for the delivery in full ownership, enforceable against third parties without formalities, of financial instruments, goods represented by a warehouse receipt, bills, debts, contracts or sums of money, or the creation of securities on such goods or rights, can be realised, even when one of the parties is the…

No creditor of the beneficiary other than the provider of the financial collateral referred to in Article L. 211-38 and provided as initial margin pursuant to Article 11 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on over-the-counter derivatives, central counterparties and trade repositories may claim any right whatsoever over the assets or rights to which such collateral relates, even on…

The rights or obligations of the collateral provider, the beneficiary or any third party in respect of the collateral referred to in I of article L. 211-38 relating to financial securities are determined by the law of the State in which the account in which the securities are delivered or provided as collateral is located.