The Fundamentals of Secured Obligations
The Fundamentals of Secured Obligations

Author(s): Hristina Tancheva
Contributor(s): Savina Mihaylova-Goleminova (Editor)
Subject(s): Law, Constitution, Jurisprudence, Civil Law, Commercial Law
Published by: Сиела Норма АД
Keywords: surety; joint and several liability; bank guarantee; pledge; mortgage; registration; movables; immovables
Summary/Abstract: Securities serve to guarantee the performance of monetary or non-monetary obligations (contractual or extra-contractual). Depending on the way the interests of the creditor are guaranteed, securities can be personal – another person is liable to the creditor together with the debtor (surety, joint and several liability, bank guarantee), and real – the obligation is guaranteed with a particular movable (pledge) or immovable (mortgage) asset. Pledged property will be delivered to the creditor by general rule, although there are also registered pledges that are established without providing possession of the pledged property, but through the conclusion of a formal contract and its registration in the Central Pledge Register or into another register provided by law. A mortgage is established upon contract conclusion in the form of a notary deed and its entry in the Property register.

• Details
• Contents