Where the pledge concerns a bank account, the pledged claim shall cover the provisional or final credit balance on the date the security is realized subject to the regularization of current transactions in accordance with the terms and conditions provided for by the Uniform Act on the Organization of Simplified Recovery Procedures and Measures of Execution on matters of attachment and assignment of debts in the custody of a credit institution.
Subject to the same reservation, where collective proceedings are started against the debtor of the secured debt, the creditor of the pledged debt shall have the right to claim the credit balance of the account on the day the said proceedings are commenced.
Official translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 33
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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