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
Spot-checked
In force from 15 December 2010
Source page 28