Subsection 3: Assignment of sums of money as security

Ownership of a sum of money, either in euros or in another currency, may be assigned as security for one or more present or future claims.

On pain of nullity, the assignment must be made in writing. This writing shall include the designation of the secured claims. If they are future, the deed must allow them to be individualised or contain elements allowing this such as the indication of the debtor, the place of payment, the amount of the claims or their valuation and, if applicable, their due date.

The assignment is enforceable against third parties by delivery of the amount assigned.

The assignee is free to dispose of the sum assigned, unless an agreement to the contrary specifies its use.

Where the assignee does not have free disposal of the sum assigned, the fruits and interest produced by it increase the basis of the guarantee, unless otherwise agreed. Where the assignee has free disposal of the sum assigned, interest may be agreed for the benefit of the assignor.

In the event of default by the debtor, the assignee may set off the amount of the sum assigned, plus any fruits and interest, against the secured claim. Where appropriate, the assignee returns the excess to the assignor.

When the secured claim is paid in full, the assignee shall return the sum assigned to the assignor, plus any fruits and interest.