Friday, September 21, 2018

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Glossary

PLEDGE REGISTER - a public register of pledges on movable assets and rights. It is an integrated electronic database containing data on pledge rights registered pursuant to the law.

REGISTERED PLEDGE - pledge rights subject to registration with the Pledge Register pursuant to the law, specifically;

  • conctractual pledge- a pledge right that arises on the grounds of a contract stipulated in accordance with the law governing non-possessory pledges on movable assets and rights;
  • judicial pledge- a pledge right that arises in the enforcement of a writ of execution, pursuant to the law governing the procedure of enforcement and security of claims;
  • statutory pledge- a pledge right that arises in the tax enforcement procedure, pursuant to the law governing tax procedures.

APPLICATION FORM - an application for registration filed on a prescribed form.

Types of application forms:

  • Application for registration of a pledge right
  • Application for registration of changes and/or additions to data on a registered pledge
  • Application for registration of an annotation
  • Application for strike off of an annotation
  • Application for strike off of a registered pledge
  • Application for issuance of an extract from the Pledge Register

All application forms are available for downloading on the SBRA’s website.

LEGAL GROUNDS FOR REGISTRATION OR STRIKE OFF FROM THE REGISTER - documents submitted in support of an application for registration that provide the basis for registration or strike off of data from the Register (e.g. pledge agreement, report on the inventory and assessment of movable assets, court decision, discharge statement and similar).

ZL.No - is the registration number of a pledge in the Pledge Register (assigned by the Serbian Business Registers Agency).

EXTRACT OF REGISTERED DATA - a public document containing information on a registered right of pledge reflecting the state as it is at the moment of issuance of the extract. An extract from the Register is an executive document.

CERTIFICATE - a public document confirming that a movable asset is/is not encumbered by a registered pledge according to records kept in the register, or that a natural or legal entity is/is not a registered pledger, or confirming that particular data or documents were  registered, or that a particular document is/is not kept in the Register.

TIME OF RECEIPT OF AN APPLICATION - the exact time (day, hour and minute) when an application is received at the Serbian Business Registers Agency. This information is important because it determines the order of priority of the creditors in the settlement of claims from the value of the pledged asset.

PLEDGER - a person whose asset (movable property or right) is encumbered by a pledge to secure a creditor’s monetary claims. A pledger may also be a person, other than the debtor, putting up security for another person’s debt. If the debtor fails to settle the debt at maturity date, the pledger is required to allow the creditor to settle its claims from the value of the pledged asset.

DEBTOR - a person who owes a debt to someone that is secured by a registered pledge. If the debtor is also the owner, i.e. title holder of the pledged asset or right, then that person is also the pledger.

PLEDGE CREDITOR - a person securing its claim by means of a pledge on a movable asset or right. In case of default by the debtor, the creditor is entitled to settle the claim from the value of the pledged asset.

THIRD PARTY UNDER ARTICLE 16, PARA. 1 OF THE LAW - a party authorized by one or more pledge creditors to take legal action to protect and settle the claim secured by a pledge. That party can either be one of the creditors or some other person.

AGENT - a person authorized to represent. If an application is filed through an agent, he/she must be provided with a power of attorney to prove that he/she is authorized to represent and act on behalf of the client before the Serbian Business Registers Agency. If the agent is not an attorney-at-law and the principal is a natural person, then the proxy has to be notarized by a court or other authority competent for the notarization of signatures.

INTERESTED PARTY - a person, other than the pledger or pledgee, who has a legitimate interest in the registration of annotations in the Pledge Register or in the strike off of registered data.

OBJECT OF PLEDGE - it can be a movable asset or right.

PRINCIPAL AMOUNT OF SECURED CLAIM - the principal amount of the claim secured by a pledge. It can be expressed in domestic or foreign currency.

If the collateral is a future of conditional claim, then the amount entered in the Register as the secured claim amount is the maximum amount of the principal claim up to which the pledge right secures the conditional or future claims.

MAXIMUM AMOUNT OF SECURED CLAIM - the amount of the principal claim, i.e. basic claim plus interest rate and costs of debt collection, up to which the creditor will settle its claim from the value of the pledged asset by way of priority, in case of default by the debtor.
 

MATURITY DATE - the date on which the debtor must repay its debt.

TEMPORARY PLEDGE RIGHT - a pledge right established by a court injunction in favor of the enforcement creditor. This pledge right lasts until the expiry of the period of the injunction, and may be registered with the Pledge Register at the request of the enforcement creditor.

  
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