Where the maturity date of the pledged debt is due before that of the secured debt, the secured creditor shall keep the money as security in an account opened in an institution empowered to receive the said money on condition of refunding same to the settlor when the secured debt shall be paid. Failing this, and eight days after due notice unheeded to by the debtor of the secured debt, the secured creditor shall transfer, an amount equal to his unpaid debt.
Where the maturity date of the secured debt is due before that of the pledged debt, the creditor may by court order or by operation of the terms of the contract, be granted the secured debt and all other rights attached thereto. The creditor of the pledged debt may also wait for the maturity date of the pledged debt.
Except otherwise agreed, the creditor of the pledged debt shall in addition receive the interest charged on the amount due in capital, interest and other accessories.
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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Section 134 of the Acte uniforme révisé portant organisation des sûretés/akn/ohada/act/loi/2010-12-15/aus-2010
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