Unless otherwise agreed, where the holder of the pledged asset is the creditor of the secured debt, he shall receive the fruits of that asset and set them off against the interest or, failing that, against the principal of the debt.
If the secured debt is not paid, the creditor may pursue the sale of the pledged asset. This sale shall take place in accordance with the procedures set out in the Code of Civil Enforcement Procedures, without the pledge agreement being able to derogate therefrom. Where the pledge is constituted as security for a professional debt, the creditor may arrange for the public sale of the pledged property by a…
The creditor may also obtain a court order that the property shall remain in payment to him. Where the value of the property exceeds the amount of the secured debt, the sum equal to the difference shall be paid to the grantor or, if there are other pledgees, shall be consigned.
It may be agreed, at the time the pledge is created or subsequently, that if the secured obligation is not performed, the creditor will become the owner of the pledged asset. The value of the asset is determined on the day of the transfer by an expert appointed amicably or judicially, in the absence of an official quotation of the asset on a trading platform within the meaning of the…
The pledge is indivisible notwithstanding the divisibility of the debt between the heirs of the debtor or those of the creditor. The heir of the debtor who has paid his portion of the debt may not demand the return of his portion in the pledge until the debt is fully discharged. Conversely, the heir of the creditor, who has received his portion of the debt, may not surrender the pledge…
The sequestration or deposit of sums, effects or values, ordered by a court as a guarantee or as a precautionary measure, entails special allocation and preferential right within the meaning of Article 2333.
A pledge is the assignment, as security for an obligation, of an intangible movable asset or a group of intangible movable assets, present or future. It is conventional or judicial. Judicial pledging is governed by the provisions applicable to civil enforcement proceedings. Conventional pledging which relates to claims is governed, in the absence of special provisions, by this chapter. That which relates to other intangible movables is subject, in the…
On pain of nullity, the pledge of a claim must be concluded in writing. The secured claims and the pledged claims are designated in the deed. 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.
A pledge of a claim may be made for a specific period of time. It may relate to a fraction of a claim, unless the claim is indivisible.
The pledge extends to the accessories of the claim unless the parties agree otherwise.
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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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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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