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Enforcement Of Mortgage Contract

Author

Listed:
  • Alisa A. BELU

    (Lawyer, Bucharest Bar Association)

Abstract

A chattel mortgage contract is the expression of a real guarantee that gives the creditor precedence over other creditors, in addition to the general pledge upon the belongings of the debtor. It refers to the sale of mortgaged movable assets, exclusively or prioritized in favor of the mortgaging creditor, in case the debtor does not comply with his / her commitments, under the signed mortgage contract. Beginning from this purpose, shared by both sides (as the chattel mortgage contract is synallagmatic), in case the debtor is unable to fulfill his / her commitments, the sides reach a situation of enforcement of the signed chattel mortgage contract. Given the legal status of the chattel mortgage contract [Art. 2387-2477 Noul Cod Civil , Universul Juridic, Bucureşti, 2016, ISBN 978-606-673-792-0], the principle of binding force of the contract and the principle according to which signed legal conventions will entail legal effects, the Romanian law maker developed the proper legal framework for the enforcement of the chattel mortgage contract. [art. 622 si urm. Noul Cod de Procedură Civilă, ed. Hamangiu, Bucureşti, 2016, ISBN 978-606-27-0459-9].

Suggested Citation

  • Alisa A. BELU, 2016. "Enforcement Of Mortgage Contract," Management Intercultural, Romanian Foundation for Business Intelligence, Editorial Department, issue 36, pages 151-155, July.
    • Handle: RePEc:cmj:interc:y:2016:i:36:p:151-155
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    More about this item

    Keywords

    Mortgage Contract; Enforcement; Bank Account;
    All these keywords.

    JEL classification:

    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law

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