The pledge is a contract whereby a person gives his creditor a movable object or value to ensure fulfillment of its commitments, such as repayment of a loan of money. The contract is formed by depositing the object on which the pledge.
s Order No. 2006-346 of 23 March 2006 on the safeties, Contracts security law reform. Now the subtitle II of Title II of Book IV includes a chapter I entitled "The liens. The pledge is defined under section 2233 of the Civil Code (new version resulting Ordinance above) as an agreement by which the grantor grants a creditor the right to be paid in preference to other creditors on a chattel or a set of tangible personal property, present or future, being specified that secured claims may be present or future, provided, however, be determinable. The pledge is perfected by advertising that is made. When the pledge was published regularly by an inscription on a special register the details of which are set by decree in Conseil d'Etat, the successors by particular title of the grantor can not rely on section 2279. Under section 2078 of the Civil Code, the pledgee can order in court that he remain in his pledge payment to an equal extent after estimate made by experts. In bankruptcy law, when the liquidation has been pronounced against the pledgor, the pledgee may request the judicial function of the collateral prior to its implementation by the liquidator. The assignment of judicial lien, ordered before the opening of proceedings by a collective decision on the merits, enforceable provision transfers the property to the creditor and off the claim of the latter up to its value (Com. - January 24, 2006 BICC No. 634 of February 15, 2006).
Our law knows several types of pledges, some assume that the debtor furnish necessarily the thing pledged, either the creditor himself or a third party who is made the custodian, other types of wages do not include this requirement such, the pledge created on the vehicle, the lien on business assets and pledging of machinery or capital equipment. Ordinance No. 2006-346 of 23 March 2006, on this point also redesigned the provisions of the Civil Code and those special laws relating thereto. On the publication formalities relating to the pledge without dispossession see Decree No. 2006-1804 of 23 December 2006 taken for the purposes of section 2338 of the Civil Code.
The pledge is part of the collateral. Misconduct by the debtor to repay the loan, the pledgee may sell the pledge at a public auction. The pledgee has a lien on the proceeds of the sale of the pledged object.
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