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Right Of Pledge

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Chapter Summary

This chapter on the right of pledge contains several articles concerning the general provisions, pledge over moveable things and pledge over rights. The right of pledge is a right held by an obligee to obtain satisfaction of his credit out of the value of the personal property or property right of which he has received possession from the obligor or a third party as security for such credit in preference to other obligees. If the pledgee does not know the fact that the pledgor did not have the right to dispose of the pledged asset at the time when taking possession, the pledgee shall still acquire the pledge. The pledgee is entitled to demand the obligor of the pledged credit to satisfy the pledgee's secured credit, unless when the pledgee and the pledgor have not notified the obligor in advance.

Keywords: pledge over moveable things; pledge over rights



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