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Subsections
§ 297. Definition of registered security over movables
A movable may be encumbered with a pledge such that the pledged thing remains in the possession of the pledgor, and the pledge is registered pursuant to procedure provided by law (registered security over movables).
§ 298. Application of provisions concerning possessory pledge
- (1)
- The provisions concerning possessory pledge apply to registered security over movables unless otherwise provided by law.
- (2)
- The provisions of subsection 282 (3) do not apply to registered security over movables.
§ 299. Registration
- (1)
- Registered security over movables is created on the basis of a pledge contract upon registration of the pledge in the register prescribed by law.
- (2)
- Upon registration, the nature, amount of and term for performance of a claim secured by the pledge and the pledged thing shall be entered in the register unless the pledged thing was entered in the register earlier.
- (3)
- After entering into a pledge contract, the pledgee has the right to demand that the pledgor submit an application to the registrar for registration of the pledge.
§ 300. Ranking of registered security over movables
- (1)
- The rankings of registered security over movables which are established over one and the same thing are determined by the dates of submission of applications for registration.
- (2)
- If the applications for registration of pledges established on one and the same thing are submitted on the same day, the pledge which is based on a pledge contract entered into earlier has prior ranking.
- (3)
- If registration of pledges established on one and the same thing which arise from pledge contracts entered into on the same day is applied for on the same day, the pledges have the same ranking.
- (4)
- Upon extinguishment of a pledge with a prior ranking, the pledge with a subsequent ranking moves forward.
- (5)
- To amend an entry in the register in which registered security has been entered, the notarised consent of the pledgees whose right, entered in the register, is prejudiced by the amendment of the entry is required.
(17.06.98 entered into force 10.07.98 - RT I 1998, 59, 941)
§ 301. Surrender of ranking of registered security over movables
- (1)
- A pledgee may, for or without payment, surrender a ranking to another pledgee to the extent of the secured claim, and shall take the ranking of the other pledgee to the extent of the claim being surrendered.
- (2)
- The pledgee who surrenders a ranking is required to notify the pledgor and the debtor, if the pledgor is a third person, of surrender of the ranking within three days.
- (3)
- Surrender of the ranking of a pledge is possible within the limits of one and the same register and with respect to one and the same thing.
- (4)
- A ranking may be surrendered if the rights of other pledgees for whose benefit the pledge is established on the same thing are not violated thereby.
- (5)
- Surrender of a ranking shall be registered on the basis of an application of the pledgee pursuant to the same procedure as for the establishment of a pledge.
§ 302. Order of satisfaction of claims of pledgees
- (1)
- Claims are satisfied according to the ranking of pledges unless otherwise provided by law.
- (2)
- Claims secured by pledges with one and the same ranking are satisfied in proportion to the amount of the claims.
§ 303. Access to registered security over movables
Everyone has the right to examine information entered in the register concerning registered security over movables.
§ 304. Obligations of pledgor upon safe-keeping of pledged thing
- (1)
-
A pledgor is required to:
- 1)
- preserve and maintain the pledged thing and on the demand of the pledgee report on the state of the thing;
- 2)
- promptly notify the pledgee of a danger of decrease in value or destruction of the thing.
- (2)
- If the pledgor does not perform the pledgor's obligations in safe-keeping the pledged thing, the pledgee has the right to demand satisfaction of the claim secured by the pledge before the due date.
§ 305. Prohibition of transfer of pledged thing
A pledgor shall not transfer a thing on which registered security over movables is established unless otherwise provided by law.
§ 306. Demanding delivery of pledged thing for sale
Upon creation of the right to sell, a creditor has the right to demand delivery of a pledged thing from the possession of the pledgor in order to sell it.
§ 307. Establishment of pledge on means of transport
- (1)
- Registered security over movables may be established on a vehicle entered in the motor vehicle register or an aircraft entered in the civil aircraft register. 11.03.98 entered into force 01.07.98 - RT I 1998, 30, 409)
- (2)
- A pledge of a means of transport specified in subsection (1) of this section shall be registered by the corresponding registrar.
§ 308. Extent of pledge established on means of transport
Registered security over movables extends to a means of transport and its accessories, insurance proceeds, carriage fees and compensation payable in the case of accident, unless otherwise provided by the pledge contract.
§ 309. Commercial pledge
Commercial pledge shall be provided for in a separate Act.
(05.06.96 entered into force 01.01.97 - RT I 1996, 45, 848)
§ 310. (Repealed - 05.06.96 entered into force 01.01.97 - RT I 1996, 45, 848)
§ 311. (Repealed - 05.06.96 entered into force 01.01.97 - RT I 1996, 45, 848)
§ 312. (Repealed - 05.06.96 entered into force 01.01.97 - RT I 1996, 45, 848)
§ 313. Establishment of pledge on intellectual property
- (1)
- Registered security over movables may be established over a registered patent, trade mark, industrial design, utility model and other forms of registered intellectual property.
- (2)
- The pledge of a patent or trade mark shall be registered by the corresponding registrar.
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