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§ 276. Definition and classification of pledge
- (1)
- A thing may be encumbered with a pledge (right of security) such that the person for whose benefit the pledge is established has the right to satisfaction of the claim secured by the pledge out of the pledged property, unless the claim is appropriately performed.
- (2)
- A pledge is security over movables or real security.
§ 277. Object of pledge
- (1)
- Things, securities and proprietary rights the pledging of which is not prohibited by law may be pledged (object of pledge).
- (2)
- Property which is in the ownership of the pledgor can be pledged unless otherwise provided by law. Property for which a claim for payment is not permitted by law shall not be pledged.
- (3)
- Several pledges may be established on one and the same object of pledge for the benefit of one or several creditors unless otherwise provided by law or a pledge contract.
§ 278. Pledgor
A debtor or a third person may be a pledgor.
§ 279. Claim secured by pledge
- (1)
- Any claim which can be valuated in money may be secured by a pledge.
- (2)
- A conditional claim may also be secured by a pledge.
- (3)
- A future claim may be secured by a pledge.
- (4)
- Collateral claims relating to a claim, including interest and penalties, are also secured by a pledge unless otherwise provided by law or a contract.
- (5)
- Claims which are created due to acts of the debtor after creation of a pledge are not secured by the pledge unless otherwise provided by a contract.
- (6)
- Expenses made on a thing, court expenses and expenses relating to the sale of the thing are secured by a pledge.
§ 280. Preference of claim secured by pledge
A claim secured by a pledge shall be preferred to all other claims with respect to the pledged property unless otherwise provided by law.
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