LAWON RIGHT OF SECURITY UPON MOVABLE OBJECTS FILED IN REGISTRY("Official Herald of the Republic of Serbia", Nos. 57/2003, 61/2005, 64/2006 - correction and 99/2011 - other laws) |
Article 1
The present Law regulates the pledge, without delivering in possession, of movable objects and rights for the purpose of securing a claim of a creditor, the contract of security, the rights and obligations of contracting parties, the filing of the right of security in the registry, the settling of a creditor secured by pledge, and the termination of the right of security.
Movable objects and rights shall be pledged by filing in the registry that shall be instituted in conformity with the present Law.
Legal relations that are not regulated by the present Law shall be subject to regulations covering obligations (contract and torts) and property law relations, and to other regulations.
Article 2
By a contract of security a pledger shall assume the obligation to a creditor to extend to him a security for his claim in such a way as to have creditor's right over pledger's object filed in the security right registry (hereinafter: Security Registry).
A pledger may be a debtor or a third party.
The contract of security shall regulate rights and obligations of the pledger and the creditor.
Article 3
Contract of security shall particularly include: the day of conclusion, name and surname or firm, dwelling-place or residence, and/or creditor's and pledger's head office, as debtor, where these are different persons, the subject matter of the right of security, with necessary indication and data regarding the claim to be secured by the right of security.
The contract of security shall be concluded in writing.
Acquiring the Right of Security
Article 4
Unless otherwise specified by the present Law, a creditor shall acquire the right of security by the filing in the Security Registry.
If a pledger has pledged an object upon which he has no right of ownership, or where the security is not valid out of other reasons, the filing in the Security Registry shall produce no legal effect.
Article 5
Filing the right of security in the Security Registry may be requested by the creditor or the pledger.
Where filing is requested by the creditor, a special statement shall be necessary of the pledger indicating his consent to creditors' request for filing the right of security in the Security Registry.
Legal Effect of the Right of Security
Article 6
A creditor whose right of security is filed in the Security Registry shall be entitled to effect collection out of value of the object of the right of security before other creditors, should his claim not be paid when due.
The right referred to in paragraph 1 of the present Article shall have legal effect also regarding a third party who has acquired the object of the security right from the pledger, as well as regarding subsequent acquirers of the object of the right of security.
Article 7
By a right of security a monetary claim may be secured whose amount is expressed in domestic or foreign currency.
By a right of security a designated amount of principal claim shall be covered, together with the interest due, and costs of putting into effect of collection of the claim.
By a right of security future and conditional claims may be covered as well.
In the event referred to in paragraph 3 of the present Article, to be filed in the Security Registry shall be the highest amount of the principal claim up to which the right of security covers the conditional or future claims.
Legal Effect in Event of Bankruptcy
Article 8
In the event of bankruptcy proceedings instituted against pledger's property, the settlement to be effected out of value of the object of the right of security shall be subject to rules of the Law regulating the matter of bankruptcy.
II SUBJECT MATTER OF THE RIGHT OF SECURITY
Article 9
The subject matter of the right of security may be an individually specified object that may be freely disposed of by the pledger.
It is also possible to pledge moveables specified in kind, if the quantity or number, and the manner in which they can be distinguished from other property of the same kind, are stipulated by contract.
Subject matter of the right of security may also be a collection of moveables, such as goods in a designated warehouse or store, the stock serving for the performance of commercial activity and the like, in conformity with the contract of security.
Right of Claim and other Rights
Article 10
Subject matter of the right of security may be pledger's right to make a claim against a debtor also if the pledgee is a debtor to the pledger, except for those claims whose transfer is prohibited by law, and those that are connected to a specific person or may not be transferred to another.
Right of security upon a claim shall be acquired by filing in the Security Registry.
The subject of a right of security may also be other property rights that are at free disposal of their owner.
Unless otherwise prescribed, the provisions relating to the pledge upon objects shall apply also to pledging of claims and other rights.
Article 11
Until being notified in writing on the taking place of right of security, a debtor of the pledged claim may fulfill his obligation to the pledger.
The debtor may be notified of existence of a pledge upon claim referred to in paragraph 1 of the present Article either by the pledger or the pledgee.
Beginning with the day of notifying of the existence of the right of security, the debtor of the pledged claim may settle the debt only to the pledgee, and not to the pledger, unless the pledgee has instructed him otherwise.
A certificate from the Registry confirming that the creditor has a security right upon a claim shall be a proof for the debtor of pledged claim that he is to pay the claim to the pledgee.
Article 12
A co-ownership share of a movable object or a collection of moveables may be a subject of a pledge.
An ideal part of property rights may be pledged.
Article 13
A subject of the right of security may be the objects or rights that the pledger will acquire in the future.
The right of security referred to in paragraph 1 of the present Article shall take place when the pledger acquires the right of ownership over the object, and/or the right of claim or some other property right.
Creditor is entitled to request to file in the Security Registry the right of pledge on the future object.
Article 14
Provisions of the present Law shall not apply to security upon ships and aircrafts, for which registries are instituted according to special regulations.
Provisions of the present Law shall not apply to pledge upon securities for which a registry is instituted according to special regulations for filing third party rights upon securities.
Provisions of the present Law shall apply to a pledge upon intellectual property rights, while the pledge upon these rights shall be filed in the registry of the institution in charge of intellectual property, i.e.: brand registry, patent registry, small patents registry, registry of models, sample registry, point of origin marks registry, and topographies registry.
Article 15
Pledgee, in terms of the present Law, shall be a creditor who has acquired the right of security by filing it in the Security Registry.
Article 16
A pledgee, or several of them, may designate a third party or one among them to undertake legal transactions for the purpose of protecting and settling the pledged claim.
In the event referred to in paragraph 1 of the present Article, the third party shall have the rights of a pledgee in relation to pledger.
The name of the third party specified in paragraph 1 of the present Article shall be entered in the Security Registry instead of names of the pledgees.
Article 17
Pledger, in terms of the present Law, shall be a debtor having the right of ownership upon a movable object or the capacity of a holder of some other freely disposable right.
The pledger may also be a third party extending security for another person's debt.
IV LEGAL EFFECTS OF THE CONTRACT OF SECURITY
Obligation of Preservation and Maintenance of the Subject of Security Right
Article 18
Upon concluding a contract of security, a pledger shall be obliged to preserve the subject of the right of security by applying the care of a good master of the house, and/or good businessman.
The pledger shall be obliged to maintain the subject of security right in running condition and shall make necessary repairs.
Insuring the Subject of the Right of Security
Article 19
The obligation of a pledger to insure the subject of the right of security may be stipulated by the contract of security.
Article 20
Even after filing the right of security in the Security Registry, the pledger shall have the right of possession upon the object of the right of security.
The pledger shall forfeit the right of possession after failing to meet his obligation to the pledgee.
The pledger shall be entitled to use the object of the right of security in conformity with its usual purpose.
Article 21
Should an object of the right of security produce accruals, the pledger shall be entitled to collect them.
The contract of security may provide that, instead of pledger, the pledgee be entitled to collect the accruals produced by the object of the right of security.
Article 22
Unless otherwise stipulated by contract, the pledger shall be entitled to lease the object of the right of security and to enter into other contracts by which the object of the right of security is given for use and collection of accruals.
Abalienation of the Object of the Right of Security
Article 23
A pledger may abalienate the object of the right of security and transfer the right of ownership upon a third party.
The pledger shall be obliged to submit, without delay, a request for entering the right of security into the Security Registry at the debit of the new owner.
The obligation referred to in paragraph 2 of the present Article shall refer to the new owner as well.
The pledger and the new owner of the object of the right of security shall be jointly and severally liable to the pledgee for damage that may take place due to their failure to enter into the Security Registry the right of security at the burden of the new owner.
The acquirer shall acquire the right of ownership under the burden of the filed right of security.
Should the pledger sell the object of the right of security within the scope of his regular activity, the buyer shall acquire the right of ownership without burden.
Article 24
It may be possible to exclude by contract of security the right of a pledger to abalienate the object of the right of security.
Article 25
Unless otherwise stipulated by contract, the pledger may pledge anew the object of the right of security.
Limitation of the Right of Use
Article 26
It shall be possible to limit by the contract of security the use of the object of the right of security and to determine the way in which the pledger may use it in the future.
Specific ways of using the object of the security right may be excluded by the contract of security.
V PARTICULAR CONTRACTUAL PROVISIONS ON SETTLEMENT
Article 27
Should a pledger have the capacity of a commercial entity (a person professionally engaged in commercial activity), it may be provided by the contract of security that the pledgee be entitled to sell the object of the right of security at an out-of-court public sale, if his claim be not settled when due.
Where an object of the right of security has a market or a stock-exchange price, it may be possible to provide by the contract of security that the pledgee be entitled to sell it at such price, or to keep it for himself at such price.
The status of a commercial entity shall include an enterprise, a commercial company, a shop-keeper and other natural person professionally engaged in commercial activity.
The rules specified in paragraphs 1 through 3 of the present Article shall also apply to other natural persons in the sphere of private or public law.
Where an object of the right of security has no market or stock-exchange price, the pledgee may sell it in the manner that would be applied by a reasonable and considerate man, and by preserving the interests of the debtor and the pledger, if they are not the same person.
Particular Rules Applicable to Natural Persons
Article 28
If a pledger is a natural person who enters into contract of security outside the scope of a commercial activity, it may be possible to provide by the contract of security that the object of the right of security shall be transferred to ownership of the pledgee, if his claim be not settled when due.
In the event referred to in paragraph 1 of the present Article, it shall not be possible to provide by contract of security that the pledgee, if his claim is not settled when due, may sell the object of the right of security at the price fixed in advance, or to keep it for himself.
It shall be possible to provide by the contract of security that the object of the right of security shall be transferred to creditor's possession, should his claim be not settled when due.
At the moment of maturity of the claim, the pledgee and the pledger may come to agreement that the object of the right of security be transferred into creditor's ownership instead of paying the debt, or that the creditor may sell it at a fixed price, or that he keeps it for himself at such price.
The pledgee shall be obliged to pay without delay to the pledger the value exceeding the amount of claim.
VI ORDER OF PRIORITY OF SECURITY RIGHTS
Right of Priority of Collection
Article 29
Unless otherwise specified by the present Law, the pledgee shall be entitled to collect his claim prior to other creditors, out of the price obtained through sale of the object of security right.
Article 30
Should one and the same object of the right of security, by way of being entered into the Security Registry, be given in security to several creditors, the order of paying their claims from the value of that object shall be determined according to the time (day, hour and minute) of receiving the request for filing the security right with the Agency for Commercial Registries (hereinafter: Agency).
Order of Priority of Different Security Rights
Article 31
Order of priority between a right of security filed in the Security Registry and a right of security that originates through delivering of the pledged object into creditor's possession, shall be determined according to the time of taking place of the respective right of security.
The right of security acquired by delivering in possession shall have priority over the subsequent right of security entered into the Security Registry if effected on the ground of a contract of security that is concluded in writing and certified in the court of law or in another agency authorised for certification of signatures.
Article 32
A creditor claiming that an object has been delivered to him in possession before the filing in the Security Registry has been effected to the benefit of another creditor, shall be obliged to provide evidence that the delivery was effected before the filing in the Security Registry.
Right of Security from a Commercial Contract by Operation of Law
Article 33
The right of security by operation of law of a carrier, commission agent, forwarder or warehouse keeper originated by forwarding or transporting of objects that are given in pledge in conformity with the Law regulating the obligations (contracts and torts), shall have priority over the right of security filed in the Security Registry.
The right of security by operation of law of an operator in charge for claiming a fee for a specific work, compensation for material spent and for other claims relating to his work, that have originated on the ground of a contract for personal services provided for in the Law regulating obligations (contracts and torts), shall have priority over the rights of security that are filed in the Security Registry.
Right of the State by Operation of Law
Article 34
The order of priority for claims relating to taxes and other dues shall be determined according to the time of their filing in the Security Registry.
Article 35
Should a debtor fail to meet his obligation when due, the pledgee shall acquire the right to possession by operation of law itself.
At the moment of maturity the pledgee shall be entitled to effect settlement from the value of the object of the right of security of his principal claim, the interest due and the amount of expenses incurred in the process of collection.
The pledgee shall be obliged to pay to the pledger without delay the amount of price obtained through sale that exceeds the amount of the claim.
The pledgee who fails to pay to the pledger, within an eight day time-limit, the amount of price obtained through sale exceeding the amount of claim, shall pay to the pledger the prescribed interest on arrears.
Article 36
The pledgee shall be obliged to notify the debtor and the pledger, by a registered letter, if they are not the same person, and the third party actually holding the object, about the intention to settle his matured claim from the value of the object of the right of security.
The procedure of settlement shall commence with pledgee's forwarding the notification, by registered mail, addressed as indicated in the Security Registry, to the debtor and the pledger, if they are not the same person.
Entering of Settlement Procedure in the Security Registry
Article 37
A pledgee shall be obliged to request the filing in the Security Registry of the commencement of the settlement procedure.
Article 38
The pledger shall be obliged to cooperate with the pledgee in the procedure of settling the creditor's claim out of the object of the right of security, from the moment of receiving creditor's notification.
The pledger shall be obliged to provide the creditor with necessary information for the purpose of carrying out the settlement.
Obligations referred to in paragraphs 1 and 2 of the present Article shall also be the obligations of a debtor as well, if this is not the same person.
The pledger or the debtor, if they are not the same person, who violates any of the duties specified in the present Article shall be obliged to redress the damage suffered by the pledgee.
Article 39
The pledger shall be obliged, from the day of being served the notification by the pledgee, to permit that the pledgee effects settlement from the value of the object of the right of security.
The pledger shall be obliged to hand over to the pledgee, at latter's request, the object of the right of security or the document necessary for acquiring possession.
Until the handing over of possession to the pledgee, the pledger shall be obliged to refrain from actions that could reduce the value of the object of the right of security.
The pledger shall be obliged to undertake other actions as well, that are necessary for the settlement of pledgee's claim.
A pledger violating any of the obligations referred to in the present Article shall be obliged to redress the damage suffered by the pledgee.
Creditor's Right to Possession
Article 40
After forwarding the notification to the debtor and the pledger, if they are not the same person, and to a third party being in possession of the object, the pledgee shall be entitled to take possession of the object of the right of security.
Special Procedure for Acquiring Possession upon the Object of the Right of Security
Article 41
Should a pledger fail to fulfill voluntarily his obligation to hand over to the pledgee the object of the right of security, the pledgee shall be entitled to address the court of law with a request for rendering a ruling on taking away of the object of the right of security from the pledger, or a person in possession of the object of the right of security, and on delivering that object into possession of the pledgee.
Enclosed to the request specified in paragraph 1 of the present Article shall be a certified excerpt from the Security Registry and the contract of security.
In terms of the present Law, the excerpt from the Security Registry shall be treated as equal to an execution document.
The court of law shall be obliged to decide on the request referred to in paragraph 1 of the present Article within a three day time-limit from the day of submitting the request.
The procedure of taking away of the object of the right of security shall be conducted within a three day time-limit from the day of rendering the ruling by which the request specified in paragraph 1 of the present Article has been adopted.
If the object of the right of security, due to its nature, is unfit for being transferred in possession, or if this is in pledgee's interest, at the proposal of the pledgee, the court of law shall designate an administrator to take care of the object of the right of security until the moment of settling the claim secured by pledge.
Against the ruling on taking away of the object of the right of security from the pledger or a person in possession of the object of the right of security, the pledger may, within a three day time-limit from the day of receipt of the ruling, lodge an objection claiming that there is no creditor's claim or the right of security, or that the debt has been paid, for the purpose of which he must provide evidence in writing.
The objection referred to in paragraph 6 of the present Article shall not postpone the execution.
In charge of deciding on the objection referred to in paragraph 6 of the present Article shall be the court of law, in conformity with the Law regulating the execution procedure.
Unless otherwise specified by the present Law, the procedure for acquiring possession upon the object of the right of security shall be subject to the Law regulating the execution procedure
Article 42
After forwarding the notification by the pledgee, the pledger shall not legally dispose of the object of the right of security without permission of the pledgee.
If the pledger sells the object of the right of security within the scope of his regular activity, the prohibition of abalienation shall not produce legal effect towards an acquirer in good faith, who shall acquire the right of ownership without burden.
Judicial Sale of Object of the Right of Security
Article 43
After filing the commencement of settlement in the Security Registry, the pledgee may request from the court of law a decision that the object of the right of security be sold at a public sale or at the current price as an object having a market or a stock-exchange price.
Should public sale expenses turn out to be disproportionately high as compared to the value of object of the right of security, the court of law may decide that the pledgee sell the object at a price determined by an expert, or that he keeps it for himself at such price, if he so wishes.
Article 44
A pledgee may accede to out-of-court sale of the object of the right of security after the expiration of a 30 day time-limit from the day of filing the commencement of settlement in the Security Registry.
The debtor may validly settle the debt at any time before the sale of the object of the right of security.
Although not being obliged, the pledger may fulfill debtor's obligation within that time-limit.
Article 45
After forwarding the notification to the pledger relating to the commencement of settlement, the pledgee and the pledger may come to agreement to reduce the 30 day time-limit.
Article 46
A pledgee may accede to out-of-court sale by way of auction, should such way be provided for by the contract of security.
By exception, where a pledger is a natural person who concludes the contract of security outside the scope of a commercial activity, the pledgee may accede to out-of-court public sale by way of auction if the pledgee and the pledger have come to agreement about that at the moment of maturity of creditor's claim.
The pledgee may entrust the carrying out of public sale to an expert regularly engaged in that kind of activity.
Sale at Market or Stock-Exchange Price
Article 47
The pledgee may sell the object of the right of security at a market or a stock-exchange price should such way of sale be provided for by the contract of security.
By exception, if the pledger is a natural person who has entered into contract of security outside the scope of commercial activity, this may be possible after the pledgee and the pledger have agreed about that at the moment of maturity of creditor's claim.
The market price shall be the price in regular selling of the same or similar objects under usual circumstances in the place and at the time of sale of the object of the right of security.
Should in the place and at the time of sale of the object of the right of security, the object has no market price, the price to be considered shall be the one valid at the nearest market.
The stock-exchange price shall be the price at which the same or similar objects are sold at the nearest stock-exchange.
If the object of the right of security has no market or stock-exchange price, the pledgee may sell it in the way that would be applied by a reasonable and considerate man, while preserving the interests of the debtor and the pledger.
The pledgee may entrust to a person professionally engaged in granting loans covered by pledge, or a person professionally engaged in the sale of such objects, the task of selling the object of the right of security, in his behalf and for his account.
The pledgee and the person being entrusted with the task of sale of the object of the right of security shall be jointly and severally liable to the pledger for possible damage caused in course of the sale.
Article 48
A pledgee shall be obliged to notify the debtor and the pledger, when this is not the same person, and the third party holding the object, about the place and the time of effecting the sale.
If the sale of the object of the right of security is effected without the debtor and the pledger being present, when this is not the same person, the pledgee shall be obliged to notify each one of them without delay about the circumstances that may be relevant, and particularly about the sale that is effected, the way of conducting the sale, the price obtained, and the expenses.
Pledger's Bringing Suit into Court
Article 49
A pledger may challenge the right of the pledgee to settle by way of out-of-court procedure if, within a 30 day time-limit from filing the commencement of settlement in the Security Registry, he files an action with the court of law together with evidence claiming that the creditor's claim or right of security does not exist, that the claim is not due for payment or that the debt has been paid.
Filing the action with the court of law shall not prevent conducting of the procedure, except if the pledger submits a public document or a private document, verified in a legally prescribed procedure, containing an evidence that creditor's claim or right of security does not exist, that the claim is not due for payment or that the debt has been paid.
In determining time-limits and dates of the appearance at court, the court shall always pay particular attention to the need of urgent deciding of these disputes.
Acquiring the Right of Ownership at Public Sale and Other Kinds of Sale
Article 50
A person buying in good faith an object of the right of security, at a court or out-of-court sale, shall acquire the right of ownership without burden.
The right of ownership acquired by a buyer in good faith shall not be challenged on the ground of possible omissions in the procedure of sale.
The rules specified in paragraphs 1 and 2 of the present Article shall also apply to sales in the procedure of settlement, if the person has purchased the object of the right of security at a market or a stock-exchange price, or at price that would be applied by a reasonable and considerate man, while preserving the interests of the debtor and the pledger.
IX TERMINATION OF THE RIGHT OF SECURITY
Payment and Other Ways of Termination of Claim
Article 51
Should a pledgee's claim cease through the payment of debt or in some other way, the right of security shall cease and shall be deleted from the Security Registry at the request of the pledgee, the debtor or the pledger, when they are not the same person.
However, the pledgee may be settled from the value of the object of the right of security even after his claim has expired due to lapse of time.
Article 52
The right of security shall cease and be deleted from the Security Registry after the object of the right of security has been ruined.
If the object of the security right has been insured, the right of security shall be established, by operation of law itself, upon the claim relating to the amount (or compensation) of insurance.
Article 53
The right of security shall cease on the ground of a public sale and other kind of sale of the object of the right of security, that has been effected for the purpose of settling the claim of the pledgee.
After the court decision on settlement has become finally binding, the court shall order by its ruling that the right of security be deleted from the Security Registry.
In the event of an out-of-court sale, the pledgee shall be obliged to issue a document on the ground of which the pledger may request that the right of security be deleted.
Entitled to request from the pledgee to issue such a document shall also pertain to a buyer who has acquired the object of the right of security at an out-of-court sale.
Article 54
Deletion of the right of security from the Security Registry may also be requested should the pledgee renounce his right of security in writing, should the capacity of a pledgee coincide in the same person having the status of a debtor, as well as should the pledgee acquire the right of ownership upon the object of the right of security.
Consent of a Creditor or Court Decision
Article 55
A debtor or a pledger, when they are not the same person, who requests deletion of the right of security, shall be obliged to submit to the Security Registry a statement in writing of the pledgee indicating his consent to deletion, or a court decision by which it is determined that the right of security has ceased.
Article 56
Security Registry shall be a public registry of rights of security upon objects of natural or legal persons, and of other data that are to be filed in the Security Registry in conformity with the present Law.
The Security Registry shall be a unified electronic data base whose foundation is a central data base where data filed in the Security Registry are kept safe.
Local Security Registry units shall be established in the territory of the Republic of Serbia. The central data base shall be accessible through local Security Registry units, for the purpose of filing or searching.
Competence for Keeping the Security Registry
Article 57 and 57a*
(Ceased to be valid)
Accessibility to Security Registry
Article 58
The Security Registry shall be accessible to all persons regardless of the place and territory of their acceding to the Security Registry. All persons shall be free to address any Security Registry unit, without limitation, for the purpose of filing or searching.
The Security Registry shall be accessible at any moment within the Registry's working hours.
Article 59
Data from the Registry shall be open to the public.
Every one shall be entitled to request an insight to data entered into the Security Registry.
Every one shall be entitled to request, in conformity with regulations, a certified excerpt relating to data from the Security Registry.
Every one shall be entitled to request an excerpt by which it is confirmed that the Registry does not include data relating to a pledge upon a specific object or right.
Article 60*
(Ceased to be valid)
Effect of Filing of Data in the Security Registry towards Third Parties
Article 61
It shall be deemed that third parties are aware of the existence of a right of security on the ground of the very filing in the Security Registry. No one may claim the circumstance that he was not aware of the data from the Security Registry.
Filing of data in the Security Registry shall make no evidence of the existence of property or other rights of the pledgee upon the pledged moveables, nor that the secured claim or pledging is full and valid.
Data Included in the Security Registry
Article 62
The Security Registry shall include:
1) data on the pledger and the debtor, when they are not the same person, as well as on the pledgee or a person referred to in Article 16, paragraph 1 of the present Law;
2) data indicating more closely the subject of the right of security;
3) data indicating more closely the claim covered by the right of security, with the indication of the basic and the maximum amount;
4) data on the existence of a litigation regarding the right of security or in relation to the subject of security;
5) data indicating that the procedure of reimbursement is commenced by the realization of the right of security.
If a holder of the right of security is a domestic natural person, the data specified in paragraph 1, item 1 of the present Article shall refer to the name, surname, personal identification number and the place of residence of that person, and if the holder of the security right is a foreign natural person, the data specified in paragraph 1, item 1 of the present Article shall refer to the name, surname, passport number and the country of issuing it.
If a holder of the right of security is a domestic juridical entity, the data specified in paragraph 1, item 1 of the present Article shall refer to the business name and the identification number, and if a holder of the right of security is a foreign juridical entity, the data specified in paragraph 1, item 1 of the present Article shall refer to the business name, designation under which it is filed in the registry of foreign commercial entities, the title of that registry and the name of the country of its head office.
All the changes of data specified in paragraph 1 of the present Article shall also be entered into the Security Registry.
Should data specified in paragraph 1 of the present Article be deleted from the Security Registry, a note shall be entered in the Security Registry: "DATA DELETED".
Amendments to a Filed Right of Security
Article 63
Amendments relating to essential elements of the filed right of security shall have the character of a new entry.
The amendments filed shall be indicated in the excerpts from the Security Registry as particular entries.
Other Entries in the Security Registry
Article 64
A pledgee shall be obliged to request that commencement of the settlement procedure be entered into the Security Registry.
A pledger may request that a note relating to existence of a dispute be entered into the Security Registry, if he has brought a suit for deleting the right of security from the Security Registry.
The pledger, the pledgee and any other person may request that a note relating to existence of a litigation be entered into the Security Registry, if they have brought a suit relating to pledged moveables or other relations in connection with security.
Article 65
Documentation on the ground of which an entry into the Security Registry has been made shall be an integral part of the Security Registry until its rendering into electronic form.
After rendering the documentation specified in paragraph 1 of the present Article into electronic form and its entering into the Security Registry, such documentation shall be kept safe in conformity with regulations relating to archival materials.
Procedure of Making Entries in the Security Registry
Article 65a - 65f**
(Ceased to be valid)
XI TRANSITIONAL AND CONCLUDING PROVISIONS
Article 66
Until the enactment of special regulations for a detailed regulation of the mater of filing of the right of security in the registries of intellectual property, referred to in Article 14, paragraph 3 of the present Law, the right of security upon intellectual property rights shall be filed in the Security Registry, in conformity with the present Law.
Article 67
Where a non-possession pledge upon a movable property or claim is constituted by a decision of the competent court, in conformity with the law regulating the execution procedure, or with other law, until 1 January 2004, the right of priority in settling shall be calculated from the day of rendering the court decision, if the creditor submits a request for filing the pledge in the Security Registry until 15 January 2004.
If the creditor submits the request for filing a non-possession pledge referred to in paragraph 1 of the present Article into the Security Registry after 15 January 2004, the right of priority in settling shall be calculated from the day of filing in the Security Registry.
The creditor shall be obliged to enclose to the request specified in paragraphs 1 and 2 of the present Article the court decision on constituting a non-possession pledge.
Article 68
If a non-possession pledge originates directly on the ground of law or is constituted by a decision of a state agency in conformity with law until 1 January 2004, the priority right in settling shall be calculated from the day of its taking place on the ground of law, or from the day of rendering the decision of the state agency, if the creditor submits a request for filing the pledge in the Security Registry until 15 January 2004.
If the creditor submits the request for filing of a non-possession pledge specified in paragraph 1 of the present Article into the Security Registry after 15 January 2004, the right of priority in settling shall be calculated from the day of filing in the Security Registry.
The creditor shall be obliged to enclose to the request specified in paragraphs 1 and 2 of the present Article the decision of the state agency on constituting a non-possession pledge.
Article 69
By exception to the provisions of Article 34 of the present Law, the Republic of Serbia shall have priority in settling, regardless of filing the right of security in the Security Registry, upon monetary funds deposited in the account of a taxpayer at the banks or other financial organisations.
Article 70
The present Law shall come into effect on the eighth day following the day of publishing in the "Official Herald of the Republic of Serbia", and shall be applicable from 1 January 2004.
Independent Articles of the Law on Amending the
Law on
Right of Security upon Movable Objects Filed in Registry
("Official Herald of the RS", No. 61/2005)
Article 10
The Security Registry shall begin the work on 15 August 2005.
Article 11
Should a request for filing a right of security in the Security Registry be submitted within 90 days following the day of commencement of work of the Security Registry, the right of priority in settling a claim shall be counted in the following way:
1) from the day of passing a court decision, if a non-possession pledge upon a movable object or a right is constituted until the day of coming into force of the present Law by a decision of the competent court;
2) from the day of materialising of a non-possession pledge or from the day of passing an act of the government agency, if the non-possession pledge upon a movable object or a right was materialised until the day of coming into force of the present Law directly on the ground of law, or on the ground of an act of the government agency;
3) from the day of certification of a contract by the court or another agency authorised for signature certification, if a non-possession pledge upon a movable object or a right was materialised until the day of coming into force of the present Law on the ground of contract.
Article 12
The present Law shall come into force on the eighth day following the day of publication in the "Official Herald of the Republic of Serbia".
PUBLISHER’S NOTE
* Provisions of the Articles 57, 57a and 60 of the Law on Right of Pledge upon Movable Assets Inscribed in the Register ("Official Herald of the RS", No. 57/2003, 61/2005 and 64/2006-correction); shall cease to be valid on 4 January 2012 which is the day of entry into force of the Law on Amendments to the Law on Business Registers Agency ("Official Herald of the RS", No. 99/2011).
** Provisions of the Articles 65а through 65f of the Law on Right of Pledge upon Movable Assets Inscribed in the Register ("Official Herald of the RS", No. 57/2003, 61/2005, 64/2006 - correction, and 99/2011 - other law) shall cease to be valid on 1 May 2013, on the day that the Law on the Procedure of Registration with the Serbian Business Registers Agency ("Official Herald of the RS", No. 99/2011) shall enter into force in respect to the appropriate register.