Legal Encyclopedia. Letter W

pledges

The obligations are, the essence of which is that the creditor-mortgagee acquires the right in case of default by the debtor (mortgagor) the obligation secured by the pledge, to obtain satisfaction by pledged property preferentially before other creditors of the exceptions provided for by law. Collateral can be in the ground force of the treaty or by law upon the occurrence of the circumstances specified therein. Pledge Agreement entered into in writing. For some types of collateral mandatory notarial form of identification (mortgage, pledge of movable property or rights to property to secure obligations under the contract) and registration (security of land, businesses, vehicles). The right of pledge arises from the time:

1) the conclusion of the contract;

2) the transfer of property to the pledgee;

3) acquisition of ownership

debtor on the goods or right of economic management.

Parties - the pledger - the debtor or a third person who is the owner of the thing or the person who owns the property on the right of economic management; mortgagee - a person who received the property as collateral (the lender).

The mortgagor is entitled to:

1) verify the availability, quantity, condition, conditions of storage of pledged property in the possession of the pledgee;

2) to demand early termination of the pledge, if created a threat of loss of the pledged property;

3) within a reasonable time to recover collateral or replace it with an equivalent property in the event of loss;

4) use of collateral, to extract from it the fruits and revenues;

5) dispose of the collateral with the consent of the pledgee.

The pledgee shall have the right, in cases stipulated by the contract, to use the property; handle vindication action for recovery of property from unlawful possession.

The pledgee is entitled to demand

early performance of the secured obligation in the case of loss of the collateral due to circumstances for which the mortgagor is not responsible; in the case of violation by the pledgor of the rules on subsequent pledge; if the collateral was eliminated from the possession of the pledgor in the case, did not conform to the contract, in case of violation by the pledgor of the rules on the disposal of the pledged property.

Depending on who owns the pledged property, the parties must, unless otherwise stipulated in the contract:

1) by the mortgagor to insure the collateral against loss or damage in the full amount, but not less than the size requirements;

2) take measures to ensure the preservation of the pledged property;

3) immediately notify the other party about the threat of damage to or loss of property.

The pledge is terminated in the following cases:

1) termination of the principal obligation;

2) the requirements of the mortgagee;

3) the death of the collateral or termination of the pledged right;

4) sale of the mortgaged property;

5) removal of the mortgagor of the collateral if the owner of the property is another person;

6) transfer of ownership of the mortgaged property for compensated and gratuitous transactions or by way of universal succession.