GAGE
LexInter | September 28, 2019 | 0 Comments

GAGE

The pledge

 

  • Civil Code art. Article 277, 1023, 1286, 1501, e 2285, 2318, 2329, 2332 and s., 2404 and s., 2409, 2425, 2435.
  • Commercial code art. Article L141-7, L142-2, L143-5, L225-110 and s., L225-111, L225-215, L228-44, L242-24, L511-13, L521-1 and s, L522-1, L522-38, L523-1 and s., E L524-1 and s., L524-16 and s, L527-1 and s, L622-4, L622-7, L632-1, L642-25.
  • Monetary and Financial Code, art. Article L142-2, L213-2, L313-45, L431-4 and s, L514-1 and s, L571-12.
  • L. March 31, 1896 (objects abandoned or left as pledges to hoteliers).

 

Definition of pledge

The pledge is a real movable security.

The ordinance of March 23, 2006 defined it as security relating to tangible movable property. 

Constitution of the pledge

Under these new texts, a pledge can be made with or without dispossession. In this second case, the enforceability against third parties of the pledge agreement concluded is achieved by the publication of the pledge contract in a register freely accessible from the Internet.

Nature of the pledge

The pledge is a contract . The pledge was defined by article 2233 of the Civil Code as being an agreement by which the grantor grants a creditor the right to be paid by preference to his other creditors on movable property or a set of   tangible movable property , present or future.

Pledge plate

The pledge is redefined in French law in relation to its basis: tangible movable property .

The good must be in the trade, so that the pledgee can realize his pledge by the forced sale. The base is defined in art. L 2333: ”  on a good or a set of tangible movable goods present or future  “. The pledge can relate to a future good because the dispossession is no longer important in the qualification as pledge.

The pledge can relate to a set of goods (universality of facts, stock, etc.). The mechanism by which new assets replace old ones as a whole is actual subrogation.

The debt securities may be present or future, provided it is determinable.

FURNITURE PLEDGE

The pledge can be with dispossession, or without dispossession. In a pledge with dispossession, the debtor necessarily delivers the pledged thing, either to the creditor himself, or to a third party who is the depositary . This is the case in particular with regard to  warrants . In a pledge without dispossession the debtor retains possession.

Among the pledges without dispossession there is the pledge made on motor vehicles. The Ordinance of March 23, 2006 reorganized the provisions of the Civil Code and those of the specific laws relating thereto.

The publicity formalities relating to the pledge without dispossession are provided for by decree n ° 2006-1804 of 23 December 2006 taken for the application of article 2338 of the civil code.

The pledge is opposable to third parties by the publicity that is made of it.

The person who gives a movable object   as a pledge or a value gives it to his creditor   to ensure the performance of his commitments, for example the repayment of a loan of money . The pledge is part of the collateral .

Pledge formation

 The pledge contract is formed by handing over the object to which the pledge relates.

The implementation of the pledge

If the pledgee does not perform his obligations (for example if he does not repay the loan), the pledgee can have the pledge sold at public auction.

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