Where one and the same asset is the subject of many and successive non-possessory pledges the ranking of the creditors shall be determined by the order of their registration.
Where an asset which is the subject of a non-possessory pledge subsequently becomes the subject of a possessory pledge, the right of preference of the first pledgee shall be binding on the subsequent pledgee where the first pledge was regularly published notwithstanding the possessory lien of the latter.
Where an asset which is the subject of a possessory pledge subsequently becomes the subject of a non-possessory pledge the possessory lien of the first pledgee shall be binding on the subsequent creditor who shall exercise no right over the asset as long as the first creditor has not been fully paid.
Official translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 28
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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