SECTION 104

Where payment has not been made on the due date, the pledgee-creditor in possession of a writ of execution may proceed to the forceful sale of the collateral eight days after notice has been duly served on the debtor and, where necessary, on the third party settlor under the conditions laid down by the provisions organizing measures of execution from which no pledge may derogate. In this case, he shall exercise his right of preference on the price of the thing sold under the terms of article 226 of this Uniform Act. The creditor may also cause the competent court to order that the collateral be given to him in payment of the balance of his debt and following the valuation at current market or as determined by an expert. Where the collateral is a sum of money or an asset whose value has been officially fixed, the parties may agree that the collateral be allotted to the pledgee-creditor where there is default in payment. The same shall be for other tangible assets where the debtor of the secured debt is a professional debtor. In this case, the value of the collateral shall be estimated by the parties or by an expert agreed upon by the parties or chosen by the court on the day it is transferred. Any contrary clause shall be regarded.