Real collateral - New act to change Belgian legal framework on securities over moveable assets
On 30 May 2013, the Belgian Parliament approved the draft law of 24 October 2012 amending the Belgian Civil Code regarding securities over movable assets.
The goal of the approved law is to increase coherence and simplifying the rules regarding the securities on movable assets.
The new text proposes important changes to the existing framework, taking into account solutions previously proposed by jurisprudence and accepted by legal doctrine.
The main change is that pledge agreements are considered contracts "solo consensu" (i.e. the dispossession of the good is no longer an essential condition for the coming into being of the contract) and that their enforceability against third parties can be realized by registration in a National Pledge Registry to be created.
The text is still to be published in the Belgian State Gazette to become law. Furthermore, its entry into force is dependent on a Royal Decree or in absence thereof shall occur at the latest on 1 December 2014.
An additional Royal Decree for the organisation of the National Pledge Registry is also still to be issued. Entry into force of the new regime regarding securities over movable assets thus still requires some implementing acts.