At the fourth session of the First Regular Session in 2019, on April 25, 2019, the National Assembly of the Republic of Serbia adopted the Law on Changes and Amendments to the Law on Pledge Law on Movable Matters registered in the Register, which entered into force on the eighth day from the day of publication in the Official Gazette of the Republic of Serbia and on May 7, 2019.
The amendments amended the name of the law in the first place, as it now reads the “Law on the pledge on movable property and RIGHTS registered in the register”, which points to the expanded jurisdiction of the Registry.
Amendments to the Act are made possible for the creditor who has acquired the pledge right by transferring the thing to a state or otherwise in a certain manner, that he may request entry of his right of pledge in the Register of stocks, in order to obtain the right of priority in accordance with this law, it was now possible only in accordance with the Law on Obligations.
The subject of the pledge right now can also be the claims of a mortgage that are paid to a special bank account of the mortgagee, and in this case the object of the pledge is the creditor’s claims, and in the Register of stocks also the data on the special bank account of the creditor to which these claims are paid are entered.
Also, the object of the pledge right may be shares (which in practice has not been controversial until now, having in mind the practice of the Business Registers Agency), movable things at a particular place, including an inventory that constitutes movable items for sale or lease, as well as raw materials and materials used in performing activities. Also, if they are in the possession of the mortgagee, the pledge right, according to the law itself, is extended to all movables that become an integral part of the collection of movable items after the establishment of the stock.
When acquiring the pledge right to a claim that is acquired under a pledge contract by subscription to the Registry of stocks, it is not necessary to inform the debtor about the commitment beforehand.
One of the most important novelties relates to an authorized person who now has the rights of the pledge creditor in relation to the mortgagee, and the Register of the data is written about the authorized person instead of the lien creditor. In the case of a waiver of a pledge, an authorized person must have a special authorization.
Amendments stipulate that a pledge arising from the transfer of goods to a State and not entered in the Registry of Stocks shall not enjoy priority over the pledge right entered in the register. Also, the order of priority between the pledge right arising from the transfer of the pledged item into the creditor’s country and the pledge right entered into the Registry of a pledge is determined by the time (day, time and minute) of the receipt of the request for the pledge of the pledge right into the Registry of stocks, pledge law.
It is stipulated that the out-of-court settlement procedure begins with the expiration of 30 days from the date of publication of the notification by the Registry of the stock, and upon the expiration of the deadline, the pledge creditor has the right to take the object of pledge right into the state.
In the case of out-of-court sales, the location and maintenance notice shall be published on the website of the Register of Stocks at least 15 days before the date of the out-of-court sale.
For any additional questions, explained and help with the application, you can contact the Tasić & Partners team at +381 116302233 or by e-mail [email protected] or [email protected].