A simple extension of the term, granted by the creditor to the principal debtor, does not discharge the guarantor. When the initial term has expired, the guarantor may either pay the creditor and take action against the debtor, or, under the provisions of Book V of the Code of Civil Enforcement Procedures, seek the constitution of a judicial security over any of the debtor’s assets up to the amount of…
The autonomous guarantee is the undertaking by which the guarantor undertakes, in consideration of an obligation entered into by a third party, to pay a sum either on first demand or in accordance with agreed terms. The guarantor is not liable in the event of manifest abuse or fraud on the part of the beneficiary or collusion on the part of the beneficiary with the principal. The guarantor may not…
A letter of intent is an undertaking to do or not to do with the object of supporting a debtor in the performance of his obligation to his creditor.
A security interest is the allocation of an asset or a group of assets, present or future, to the preferential or exclusive payment of the creditor.
Security in rem is legal, judicial or contractual, depending on whether it is granted by law because of the nature of the claim, by a protective judgment or by an agreement. It is movable or immovable, depending on whether it relates to movable or immovable property. It is general when it relates to all movables and immovables or only to movables or only to immovables. It is special where it…
A contractual security interest may be created by the debtor or by a third party. When it is constituted by a third party, the creditor has an action only on the property assigned as security. The provisions of articles 2299,2302to 2305-1,2308 to 2312 and 2314 are then applicable.
A security interest may be created over the assets of a legal person governed by private law by virtue of powers resulting from deliberations or delegations drawn up under private signatures, even though the security interest must be created by an authenticated deed.
Security interests in movable property are: 1° Movable liens; 2° Pledges of tangible movables; 3° Pledges of intangible movables; 4° Ownership retained or assigned as security.
Moveable liens are granted by law. They may be general or special. The legal provisions governing them are to be interpreted strictly. They give the right to be preferred to other creditors. Unless otherwise provided, they do not confer a resale right. They are carried over to the debtor’s price claim against the purchaser.
Other than those provided for by special laws, privileged claims on the generality of movables are: 1° Legal costs, on condition that they have benefited the creditor against whom the lien is asserted; 2° Funeral expenses; 3° The following remuneration and allowances: the remuneration, for the last six months, of employees and apprentices; the deferred salary, for the year ended and for the current year, instituted by the article L….
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75001, Paris France
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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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