Book IV: Securities

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.