Where a collateral of a non-possessory pledge is in danger of perishing, the pledgee-creditor or the third party agreed upon may by order of the competent court made on the basis of a simple application cause it to be sold upon giving notice of the said court order to the settlor. The effects of the pledge shall then be transferred to the proceeds of sale.
Official translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 29
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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Section 111 of the Acte uniforme révisé portant organisation des sûretés/akn/ohada/act/loi/2010-12-15/aus-2010
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