The secured creditor and the holder of the pledged account shall define the conditions under which the holder of the said account may have at his disposal the financial bonds and the sums of all the money appearing in the pledged account.
Where the secured creditor not being the holder of the pledged account authorizes the holder of the said account to dispose of any security and any sum of money appearing in the pledged account, the holder of the account and the secured creditor shall in writing let the keeper of the account know the conditions of such disposition. The keeper of the account may not disregard the instructions he receives without the consent of the secured creditor.
Official translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 36
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 151 of the Acte uniforme révisé portant organisation des sûretés/akn/ohada/act/loi/2010-12-15/aus-2010
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