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25 February 2020

02 Rajab 1441

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Law no (22) of 2004 Regarding Promulgating the Civil Code

Law Summary Record Type: LawNumber: 22Date: 30/06/2004 Corresponding to 13/05/1425 HijriNumber of Articles: 1188Status: In force

Official Gazette :Issue: 11Offcial Journal Issue Publication Date: 08/08/2004 Corresponding to 22/06/1425 HijriPage from: 364

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Subchapter Two: Pledge of Movables

1151 Article

Possessory pledge of a movable property shall only be effective towards any third party where the possession of the real property passes to the pledgee and the pledge contract is reduced to writing and reflects a fixed date and the amount secured by the pledge and pledged movable property. Such fixed date shall determine the rank of the debt.

1152 Article

The provisions relating to the effects of the possession of movable properties and the instruments given to such owner shall apply to the possessory pledge of movables.
The pledge in particular, if acting in good faith, may hold to his right to the pledged property even if the pledgor may not dispose thereof. On the other hand, any possessor acting in good faith may hold to his right in the pledged property, even after the date of the pledge.

1153 Article

Where the pledged property is at the risk of damage, destruction or loss of value such that there is a reasonable fear that it will be insufficient to secure the right of the pledgee, and the pledgor does not request that it be substituted for something else, the pledgee or the pledgor may request the court for authorization to sell it by auction or at its market price.
Where he authorizes the sale, the judge shall decide upon depositing the proceeds. The right of the pledgee shall then be transferred from the property to the proceeds.

1154 Article

The pledgor may request the court to authorize the sale of the pledged property, even before the debt becomes due, if a favourable opportunity presents itself. In such a case, if the court grants the authorization, it shall also determine the conditions of sale and shall decide upon how the proceeds are dispersed.

1155 Article

The creditor may, if his right is not granted, request the court for an authorization to sell the property pledged by auction or at its market price.
1156 Article

The preceding provisions shall apply in so far as they do not contradict the provisions of the Laws of Commerce and particularly the laws providing for possessory pledges of movables.