Spanish Commercial Code - Book II - Contracts and Obligations in General - Title XV - The Pledge Agreement

SPANISH COMMERCIAL CODE

Title XV

PLEDGE AGREEMENT

Article 813. The pledge contract is made ​​and proof as to the creditor and debtor and other commercial contracts.

Article 814. The security agreement gives the creditor the right to be paid the value of the thing pledged in preference to other creditors of the debtor.

Article 815. For the enjoyment of the privilege lienholder statement in concurrence of other creditors, you need:

1. ° That the pledge contract is awarded by a public or private document notarized, after certification on the same date of that disclosure, set by the notary in question;

2. ° That the writing or document containing the statement of the amount of debt and the species and engaged nature of things, or be attached to a description of its quality, weight and measure.

Article 816. Nothing in the preceding article is applicable to the garment consisting of a loan, subject to the notification in this case required by Article 2389 Civil Code.

Article 817. The privilege is born and dies remains with the possession of the garment, or have the pledgee's or a third party chosen by the parties.

Article 818. The obligation under Article 811 imposes the depositary is extended to the creditor who receives a credit as collateral.

Article 819. If credit accrues interest pawned, the lender booked to pay those owed.

But if the debt guaranteed by the pledge does not earn interest, it applied to produce the credit determined in part payment of the sum insured.