The Cape Town Convention and Polish Law on Security Interests
Maria Dragun-Gertner, Zuzanna Peplowska-Dqbrowska, and Jacek Krzeminski
Polish civil law provides a creditor with different methods of securing his interest, which can be divided into two categories: personal and real security rights. The former entails full of surety for the debtor’s obligations with all his assets, while the latter liability solely from certain asset, irrespective of its ownership. Among personal securities there are for example: suretyship, bank guarantee, blank bill of exchange, whereas among proprietary securities for example: a hypothecation, pledge (including the registered pledge), right of retention, transfer of ownership for security purposes.
From the abovementioned forms of securities the registered pledge is mostly similar to the system created under the Cape Town Convention. As all pledges, the registered pledge is a limited proprietary right having erga omnes character. It is an accessory right that follows the right which it secures. A creditor whose rights are secured by the registered pledge may be satisfied from a movable object irrespective of its ownership. The registered pledge allows the creditor (pledgee) to secure his interest in a movable object which remains in hands of a pledgor. Transfer of possession is not required, instead such pledge is evidenced in a special registry which is run by the district courts (commercial courts). In particular, a court in which circuit pledgor’s domicile or his place of business is situated is competent to register the pledge. Registration has a constitutive effect what means that the registered pledge is created upon registration. The registry has an open character and everybody who wishes to do so may review the registry as well as require certified excerpts from it.
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S. Kozuka (ed.), Implementing the Cape Town Convention and the Domestic Laws on Secured Transactions, Ius Comparatum - Global Studies in Comparative Law 22, DOI 10.1007/978-3-319-46470-1_18