Law On Measures To Facilitate The Mobilization Of Debts In The Financial Sector (1)

Original Language Title: Loi relative à des mesures diverses pour faciliter la mobilisation de créances dans le secteur financier (1)

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Posted the: 2012-08-24 Numac: 2012003255 SERVICE PUBLIC FÉDÉRAL FINANCES, SERVICE PUBLIC FEDERAL economy, SMEs, Middle CLASSES and energy and SERVICE PUBLIC FEDERAL JUSTICE 3 August 2012. -Law on measures to facilitate the mobilization of debts in the financial sector (1) ALBERT II, King of the Belgians, to all, present and to come, hi.
The Chambers have adopted and we endorse the following: Chapter 1. -Available general Article 1. This Act regulates a matter referred to in article 78 of the Constitution.
CHAPTER 2. -Definitions art. 2. for the purposes of this Act, it has to be understood by: 1 ° "Financial Securities Act": the law of December 15, 2004 on secured financial and tax provisions in constituent conventions of security and loans relating to financial instruments;
2 ° "bank debt": Bank debt within the meaning of article 3, 10 °, of the law on financial securities;
3 ° "public or financial Corporation": an establishment within the meaning of article 3, 11 °, of the law on financial collateral and a mobilization Belgian or foreign body;
4 ° a 'financial establishment': an establishment within the meaning of article 3, 12 °, of the law on financial securities;
5 ° a 'mobilization body': has) an organization that is registered with the FSMA as an undertaking for collective investment in Receivables; or (b) an organization that is registered on the list of the institutional undertakings for investment in debt with the federal public Service Finance, in accordance with article 108 of the law of 20 July 2004 on certain forms of collective management of investment portfolios; or (c) other Belgian or foreign agencies: (i) that perform and perform independently the securitisation operation and those involved in such operations by the support of all or part of the securitised risks (called acquisition agencies) or through the issuance of securities to ensure funding (known as broadcast organizations); or (ii) that acquire claims or other property by issuing securities whose value or yield depends on such claims or property or which on the basis of coverage by such claims or by these goods emit a guarantee for the benefit of the holders of securities;
6 ° "the law of 22 March 1993": Act of 22 March 1993 on the status and control of credit institutions;
and 7 ° a 'securitisation': the operation by which a body mobilization acquires or assumes, directly or through another organization, the risks related to receivables, other property, or to commitments assumed by third parties or inherent in all or part of the activities carried out by third parties by collecting financial means whose performance depends on these underlying risks.
CHAPTER 3. -Mobilization of banking claims Section 1. -Markets public art. 3. articles 23 and 41 juncto 23 of the law of 24 December 1993 relating to procurement and some markets works, supplies and services and articles 43 and 55 juncto 43 of Act of 15 June 2006 on public procurement and some work, supplies and services markets are not applicable in case of assignment or pledging of a bank debt resulting from procurement concerning the granting a loan or a credit to a contracting authority or public company, when this assignment or in lorsque cette cession ou mise en gage gage is performed by or to a credit institution, a financial institution or a body mobilization. The assignment or pledging is enforceable against the debtor of the credit claim from the moment where, respectively, the transfer or pledge has been served (e) the contracting authority or the company public by feat of bailiff or notified (e) by registered letter. The service must be carried out no later than as the request for payment of the assignee or pledgee. Several transferred or pledged receivables can be served using the same feat of bailiff or notified using the same registered letter. The contracting authority or public undertaking made known to assignees of Bank debts and creditors debtors, by registered letter, garnishments or objections which have been notified to it at the request of the creditors.
Section 2. -Openings of credit unsecured by mortgage articles
4. If a credit opening is not guaranteed by a mortgage, a lien on property, a mortgage mandate or a promise of mortgage within the meaning of article 50 of Act of 4 August 1992 on mortgage credit, the following provisions shall apply: 1 ° a bank debt resulting from an advance under a line of credit may be transferred;
2 ° in the event of an assignment referred to in paragraph 1 °, the assignee enjoys also, competition of the assigned credit receivable, privileges and security interests that guarantee the credit opening, without prejudice to the amount owed will remain under the opening of the credit;
3 ° unless otherwise agreed between the assignor and the assignee, the bank assigned receivable referred to in point 1 ° is paid by priority over the Bank claims the head of advances under the line of credit after this assignment; Bank Chief advances claims arising before or at the time of the transfer, are paid the same rank that the bank assigned receivables unless the assignor and the assignee have agreed contractually to regulation of rank or subordination;
4 ° the right to the use of the credit opening is suspended up to the amount of the transferred advance remaining due by the borrower;
5 ° the assignor may at any time require that the transferee shall inform him of the amount due referred to in point 4.
Section 3. -Only mortgage other collateral, for future debts or all are art. 5. unless otherwise agreed, when a same lien, pledge, pledge on goodwill, or personal security guarantees several Bank debts, each secured claim may be transferred and each assignee enjoys competition of the assigned privileges and security benefit receivable. Without prejudice to articles 51 to 53 of the Act of 4 August 1992 on mortgage credit, regulations of rank and subordination established to set the order of payments of these banking debts, including such regulations or subordination for a heritage special of a credit institution having issued with Belgian bonds covered, are enforceable right to any third party other than the debtors of the subordinated bank debt or the debtors of the collateral and will be opposable to the debtors concerned once they have been notified to the latter. Such a regulation of rank or such subordination cannot prejudice the rights acquired by third parties before the date of the assignment or, where appropriate, before the settlement date of rank or the subordination without the express permission of these third parties.
Section 4. -Compensation and certain other exceptions art.
6 § 1. When the assignment or pledging of a claim against a credit institution or a financial institution related services referred to in article 3, § 2, of the law of 22 March 1993 was notified at that institution or has been recognized by it, the latter cannot invoke against the assignee or pledgee , notwithstanding any connection: 1 ° compensation legal or contractual claim assigned or implementation guarantee if the conditions of compensation have been met until after notification or recognition;
2 ° the exception for non‑performance by which the payment of the receivable assigned or pledged would be suspended or reduced if the conditions of the exception for non‑performance are filled only after notification or recognition.

§ 2. When the assignment or pledging of bank debt by or a credit institution, a financial institution or a body mobilization was notified to the debtor or has been recognized by him, the latter may no longer invoke compensation legal or contractual claim assigned or pledged against the assignee or pledgee , notwithstanding any connection, if the terms of compensation are met only after notification or recognition.
After the assignment or pledge of a bank debt by or a credit institution, a financial institution or an agency of mobilization, that the assignment or pledging has been previously notified to the debtor or not, or whether or not, it has been recognized by the debtor may no longer invoke in respect of the transferee or pledgee Notwithstanding any link connection, the statutory set-off or conventional if the conditions of compensation have been met only occasionally or as a result of the insolvency proceedings or of a situation of competition relating to the assignor or the pledgor.
§ 3. When the assignment or pledging of a bank debt by or a credit institution, a financial institution or a body mobilization was notified to the debtor or has been recognized by the debtor, the latter can invoke against the assignee or the creditor, notwithstanding any connection, the exception for non‑performance by which the payment of the receivable assigned or pledged would be suspended or reduced if the conditions of the exception

breach are fulfilled only after notification or recognition.
After the assignment or pledge of a bank debt by or a credit institution, a financial institution or an agency of mobilization, that the assignment has been previously notified to the debtor or not, or that it has recognized it or not, the debtor can no longer invoke in respect of the transferee or pledgee, notwithstanding any connection , the exception for non‑performance by which the payment of the receivable assigned or pledged would be suspended or reduced if the conditions of the exception for non‑performance have been met on the occasion or as a result of the insolvency proceedings or of a situation of competition relative to the assignor or to the constituting of gage.
§ 4. Do not apply: 1 ° the § 1, in case the assignor or the pledgor is a legal entity of public or financial and credit institution or financial institution may rely on a convention of netting in the sense of financial securities act that is part of an agreement of security within the meaning of financial securities act or an agreement that contains a security;
2 ° §§ 2 and 3 in the event that the debtor of the receivable assigned or update pledge may invoke article 27 of the consumer credit Act of 12 June 1991;
3 ° § 2 in relation to the conventional, in case the debtor compensation is a public or financial Corporation which may invoke a convention of netting in the sense of financial securities act that is part of an agreement of security or an agreement containing such security interest.
§ 5. The provisions of §§ 1 to 5 shall not preclude the compensation that would be invoked or made achieving a pledge or other security interest that would bring down the debt to compensate.
Section 5. -Formalities and accessories art. 7 § 1. Without prejudice to article 22, paragraph 3, of the law of 20 July 2004 on certain forms of collective management of investment portfolios, when a bank debt is transferred to or by a credit institution, a financial institution or an agency of mobilization, article 1328 civil code, 26 of the law of 12 June 1991 on consumer credit 8 of chapter II, title I of book II du Code de Commerce and articles 18 and 20 of the Act of April 15, 1884, on agricultural loans, do not apply to this transfer. These same provisions apply not to the pawning of a claim to the benefit of or by such institution or agency.

§ 2. Without prejudice to article 22, paragraph 4, of the law of 20 July 2004 on certain forms of collective management of investment portfolios, when a bank debt is transferred to or by a credit institution, a financial institution or an agency of mobilization, the transferee acquires by simple respect for the provisions of Book III, title VI, Chapter VIII of the civil Code all rights arising from insurance contracts in which the transferor has as collateral for or in connection with the assigned receivables. A bet to prove those rights for the benefit of or by such an institution, agency or special heritage is the result of simple respect for the provisions of Book III, title XVII of the Civil Code or title VI, book I du Code de Commerce.
§ 3. Unless otherwise expressly stated in the terms of reference, considered by right as stipulated for the benefit of the successors in title universal or of the holder of the guarantee bank debt, including a mandate to establish a pledge on goodwill is assignees of the bank debt. ÷ condition that the original creditor has responded, at the time of the first assignment, to the legal criteria to become the holder of a pledge on goodwill, subsequent assignees of the bank debt and rights relating to the mandate, are not subject to compliance with these legal criteria.
When a bank debt is transferred to or by a credit institution, a financial institution or an agency of mobilization, the transferee acquires, unless agreed otherwise between the assignor and the assignee, the rights enjoyed by the transferor in respect of the mandate and, to the extent of the assigned receivable. Unless otherwise agreed between the assignor and the assignee, the assignee may exercise these rights with respect to the principal and to the agents referred to in the mandate. On the basis of the mandate the pledge on Trade Fund may be constituted for the benefit of the assignee before the or the principal (s) and the debtor of the assigned obligations have knowledge of the assignment.
When one or more receivables secured by a warrant, prior to the constitution of this pledge on Fund of commerce, surrendered to or by a credit institution, a financial institution or an agency of mobilization, the gage contrary which consists in execution of the warrant guarantees, except convention between the assignor and the assignee, not only claims existing and future of the grantor described in the deed of hypothec , but also guarantees right claims which have been previously transferred by the transferor to the transferee. The pledge may, at the choice, be registered, either to the name of the transferor, or on behalf of the assignor and the assignee, or the name of the transferee.
Regardless of the choice of the mode of registration, the assignee enjoys the rights under the pledge to competition from la (s) claim (s) which has (have) been transferred (s) and it can exercise these rights that consents the pledge and to third parties.
Section 6. -Covered Belgian bonds art.
8 § 1. Assignment of receivables banking, financial instruments and of their accessories or other rights y related by or to a transmitter covered Belgian bonds credit institution, which by virtue of an assignment agreement is set out as an assignment against a price: 1 ° shall be considered as a sale of these assets if the transfer takes place under or to issue covered bonds Belgian or a covered Belgian bonds program;
2 ° is valid and opposable to third parties and can therefore get out its effects including in the event of insolvency proceedings or entry or in the event of competition, if the assignment precedes the moment of opening of insolvency proceedings, the occurrence of a seizure or a situation of competition, or if the transfer is made after that time, if the counterparty may rely at the time when the convention was entered into a legitimate opening ignorance or the previous occurrence of such a procedure or situation.

§ 2. Registration of assets referred to in article 64/20, § 2, of the law of 22 March 1993 by a transmitter covered Belgian bonds credit institution is valid and opposable to third parties and therefore out its effects if the record: has) before the moment of opening of insolvency proceedings, the occurrence of a seizure or a situation of competition; or (b)) was made the day of the opening of the insolvency proceedings provided that the establishment can avail themselves of a legitimate ignorance of the opening of the insolvency proceedings.

§ 3. Articles 8, paragraph 8, 17 and 18, of 8 August 1997 Bankruptcy Act shall not apply to covered assignments in the § 1, or the records referred to in § 2.
§ 4. It cannot be undermined effectiveness of an assignment or registration of assets referred to in §§ 1 and 2 in accordance with article 1167 of the civil Code or pursuant to article 20 of the law on bankruptcy on August 8, 1997.
S.
9 § 1. The registration of a bank in accordance with article 64/20 debt, § 2, of the law of 22 March 1993 or the withdrawal of a debt in this register for a reinvestment in the heritage of the credit institution issuer of covered Belgian bonds for which the register is kept, is processed in the same way as an assignment of those receivables for the purposes of the provisions contained in articles 2 to 7. Special heritage has then the assignee in case of registration quality and quality of assignor in the case of withdrawal of the registry.
§ 2.
If the removal of the registry takes place following an assignment of Bank receivables to an assignee other than the credit institution issuer of covered Belgian bonds for which the register is kept, the provisions of articles 2 to 7 shall apply to the transfer to the transferee and the withdrawal is a simple act on this transfer execution.
§ 3. Registration or the withdrawal of an asset the register evidences full registration or withdrawal of the assets in question of special heritage to which relates this register, as well as of the date of registration or withdrawal, if the register is kept in accordance with the provisions of article 64/20, § 2, of the Act on March 22, 1993 and the orders of execution affected taken on the basis of article 64/20, § 3, of the law of 22 March 1993.
Section 7. -Application in time article 10 § 1. Articles of Chapter 3 shall apply to all agreements concluded before the entry into force of this Act and claims arising therefrom securities and guarantees, including the irrevocable mandates, which were granted or date of before its entry into force. Articles 3, 4, 5 and 7 are not applicable to assignments or pledges of banking claims warnings that: 1 ° date back to before the entry into force of this Act; or 2 ° take place after the entry into force of this Act, but in execution of agreements which have been concluded before that date, except

If the assignee and the assignor, or the pledgee and the pledgor of receivables contractually agree after the entry into force of the present law that articles 3, 4, 5 or 7 shall apply.

§ 2. The § 1 shall not affect the rights previously acquired by third parties.
CHAPTER 4. -Provisions amending Section 1st. -Amendments to the Act of 4 August 1992 on mortgage credit art. 11 ÷ article 50 of Act of 4 August 1992 on mortgage credit, amended by the law of 13 April 1995, the words "debts for which was stipulated a law to require a mortgage guarantee, including a mortgage mandate or a promise of mortgage" are inserted between the words "mortgage" and "as well as".
S. 12A section 51 of the Act, replaced by the law of July 6, 1994 and amended by the Act of 13 April 1995, the following changes are made: 1 ° the § 1 is replaced by the following: "§ 1.»
When a debt referred to in section 50 is transferred or given in pledge by or to an institution or, as appropriate, or by a special heritage or a compartment of an institution which, at the time of the assignment or implementation pledge: 1 ° is an agency of mobilization within the meaning of article 2 of the law of August 3, 2012 on measures to facilitate the mobilization of debts in the financial sector; or 2 ° is a Belgian credit within the meaning of Act of 22 March 1993 on the status and control of credit institutions, including, where appropriate, a special heritage of a credit institution issuer of covered Belgian bonds within the meaning of this Act;
3 ° is a financial institution within the meaning of article 3, 12 °, of the law on financial securities;
articles 5 and 92, paragraph 3, of the mortgage law of December 16, 1851 does not apply on this transfer or this pawning. The assignor or the pledgor of the claim is required to provide, at the request of third parties, the necessary information as to the identity of the transferee or pledgee. »;
2 ° to § 2, paragraph 1, the words "or in the context of a credit opening specified with the right to require a mortgage guarantee, including a mortgage mandate or a promise of mortgage" are inserted between the words "mortgage" and «transferable»;»
3 ° to the § 2, paragraph 2, the words "and, unless otherwise agreed between the assignor and the assignee, rights to enforce a mortgage" are inserted between the words "opening of credit" and "regardless of the amount."
4 ° in § 2, paragraph 2 is supplemented by the words 'advances made before or on the date of the assignment are paid at a rank equal to advances transferred, unless the assignor and the assignee have agreed on another regulation of rank or subordination. Article 5 of the mortgage law of December 16, 1851 does not apply to such a regulation of rank or such subordination.
Such regulation of rank or one such subordination cannot prejudice the rights acquired by third parties before the date of the transfer or, where appropriate, before the date of the regulation of rank and subordination, including the rights of the assignee or the creditor pledgee of existing claims relating to cash advances that have been previously sold or put pledge , without the express permission of these third parties. »;
5 ° to § 3, 'The Act' shall be replaced by the words ' without prejudice to article 92, paragraph 2, of the mortgage law of December 16, 1851, the ";
6 ° article is supplemented by a § 4, as follows: "§ § 4 4» Unless otherwise agreed, a mortgage established for existing and future, determined or determinable debts based on the description of guarantees contained in the deed of hypothec, claims also guarantees right claims that fit this description and previously ceded by the hypothecary creditor to an institution, in a compartment of an institution or a special heritage , as referred in the § 1, provided that this transfer has not yet been notified to the debtor of the receivable or recognized by the debtor at the time of the constitution of the mortgage.
The first paragraph also applies to assigned receivables which, at the time of the transfer, are not guaranteed by a mortgage, a lien upon property or a right to require a mortgage guarantee, including a mortgage term or mortgage commitment. ».
S. 13A article 51bis, § 3, of the Act, inserted by the Act of 13 April 1995, the following changes are made: 1 ° the words 'whether or not as part of a credit opening of' shall be inserted between the words "same mortgage" and "ensures more receivables."
2 ° the word "consistent" is replaced by the words "an institution or a compartment of an institution, as provided.
3 ° the word "assigned" is inserted between the words "debt" and "paid";
4 ° article 51bis, § 3, shall be supplemented with the words "claims arising before or on the date of the transfer shall be paid to a rank equal to the assigned receivables, unless the assignor and the assignee have agreed on another regulation of rank or subordination. Article 5 of the mortgage law of December 16, 1851 does not apply to such a regulation of rank or such subordination. Such a regulation of rank or such subordination cannot prejudice the rights acquired by third parties before the date of the transfer or, where appropriate, before the date of the regulation of rank and subordination, including the rights of the assignee or the creditor pledgee of existing debts which have been previously surrendered or taken pledge , without the express permission of these third parties. ».
S. 14. in title III of the Act, it is inserted an article 51ter as follows: 'Article 51ter. § 1. A mortgage mandate is, unless otherwise expressly stated in the terms of reference, considered by right as stipulated for the benefit of the successors in title universal or particular holder of the secured claim, including the assignees of the debt. A promise of mortgage is, unless otherwise express, reporting of right as stipulated for the benefit of the successors in title universal or particular holder of the secured claim, including the assignees of the debt.
§ 2. When a receivable is assigned pursuant to article 51 § 1, unless otherwise agreed between the assignor and the assignee, the assignee acquires the rights enjoyed by the transferor in respect of a mortgage mandate or a promise of a mortgage and, to the extent of the assigned receivable. Unless otherwise agreed between the assignor and the assignee, the assignee may exercise these rights with respect to the principal and to the agents referred to in the mandate or in respect of those who have provided the promise of mortgage. On the basis of the mandate or the promise of mortgage, the mortgage can be incorporated for the benefit of the assignee until the or the principal (s) and the debtor of the assigned obligations have knowledge of the assignment.
§ 3. When one or more receivables secured by a mortgage mandate or mortgage commitment, prior to the constitution of the mortgage, transferred to an institution, in a compartment of an institution or a special heritage, as referred to in article 51, § 1 mortgage which consists in execution of the mandate or the promise of mortgage guarantees, unless otherwise agreed between the assignor and the assignee not only existing and future of the transferor claims described in the mortgage, but also guarantees right claims which have been previously transferred by the transferor to the transferee. The mortgage may, at the choice, be registered, either to the name of the transferor, or on behalf of the assignor and the assignee, or the name of the transferee. Regardless of the choice of the mode of registration, the assignee has the mortgage rights to competition from la (s) claim (s) which has (have) been transferred (s) and it can exercise these rights who agrees the mortgage and to third parties.
§
4. When a mortgage is made in execution of a mortgage or a mortgage promise, the assigned receivables before or after the establishment of the mortgage to an institution, a heritage special or a compartment of an institution as referred to in article 51, § 1, are paid by preference over claims arising after the date of the transfer and without distinction as to the fact that the claim between or not as part of a credit opening. Claims which arose before or on the date of the transfer are paid by rank of the assigned receivables, unless the assignor and the assignee have agreed on another regulation of rank or subordination.
Article 5 of the mortgage law of December 16, 1851 does not apply to the regulation of rank or subordination under the present paragraph. Such a regulation of rank or such subordination cannot prejudice the rights acquired by third parties prior to the date of the assignment, or where applicable prior to the date of rank regulations or subordination, including the rights of the assignee or the creditor pledgee of existing debts which were previously transferred or put pledge , without the express permission of these third parties. ».
S. 15. in the same way, it is inserted an article 51quater, worded as follows: 'Article 51quater. When replacing a mortgage term, a promise of mortgage or an existing mortgage, a new mortgage mandate, a new promise

mortgage is voluntary (e) or a new mortgage is made, such a mortgage mandate, such a promise of a mortgage or a mortgage, will be rightfully deemed to (e), unless otherwise agreed between the assignor and the assignee, or between the pledgor and the pledgee, and to the same extent as these existing securities, agreed (e) or incorporated, for the benefit of the assignee or pledgee of claims guaranteed by the existing mortgage mandate , the promise of existing mortgage or hypothec existing and which have been surrendered or put in pledge, prior to replacement, or by an institution, a special heritage or a compartment of an institution as referred to in article 51 § 1. ».
S. 16. in the same way, it is inserted an article 51quinquies, worded as follows: 'Article 51quinquies. § 1.
When a receivable that was transferred to an institution, a special heritage or a compartment of an institution as referred to in article 51 § 1, is transferred by this institution, this special heritage or compartment of an institution: 1 ° the assignee also acquires the rights that the institution, special heritage or compartment holds in accordance with articles 50 to 51quater, including the rights that relate to the privileges , mortgages, promises of mortgages and mortgage terms or mortgages constituted a warrant or promise of a mortgage;
2 ° the debt still maintains its position determined on the basis of articles 51bis, § 3, and 51ter, § 4, unless otherwise provided in the transfer agreement. Article 5 of the mortgage law of December 16, 1851 does not apply to such a regulation of rank or such subordination.
§ 2. When a claim is pledged for the benefit of or by an institution, a special heritage or a compartment of an institution, as referred to in article 51 § 1: 1 ° the pledge extends, unless otherwise provided in the Act of guarantee to the rights of the pledgor in regards to the mortgage mandate, the promise of mortgage or mortgage under the mortgage mandate or the promise of mortgage;
2 ° the pledgee may, unless otherwise provided in the deed of pledge, exercise in respect of third parties, of principal and agents listed in the warrant as well as one that provided the promise of mortgage, the rights of the pledgor for the mortgage mandate or the promise of mortgage or mortgage under the mortgage mandate or the promise of mortgage pledged in his favour. The mortgage may, at the choice, be registered, either in the name of the grantor of the pledge, either on behalf of the grantor of the pledge and the assignor which gave the debt to the grantor of the pledge, or the name of the transferor of the debt. ».
S. 17. in the same way, it is inserted an article 51sexies, worded as follows: 'Article 51sexies. In the event that a receivable incorporated into a big mortgage to bearer or to order is transferred or pledged for the benefit of or by an institution, a special heritage or a compartment of an institution within the meaning of article 51, § 1, the provisions of articles 50 to included 51quinquies are applicable to this assignment or this pawning without endorsement or a discount of the title to the assignee or pledgee is necessary. ».
S. 18. in the same way, it is inserted an article 51septies, worded as follows: 'Article 51septies. § 1.
Registration of a claim in accordance with article 64/20, § 2, of the law of 22 March 1993 on the status and control of credit institutions or the cancellation of a debt due to the register for a reinvestment in the heritage of the issuing institution's covered Belgian bonds for which the register is kept, is Treaty (e) in the same way as an assignment of those receivables for the purposes of the provisions stipulated in articles 51 to 51sexies of this Act. Special heritage has then the assignee in case of registration quality and the quality of assignor in the case of removal from the register.
§ 2. If there is a removal from the register for any assignment to one assignee other than an establishment of credit-issuer of covered Belgian bonds for which the register is kept, the provisions of articles 51 to 51sexies of this Act shall apply to the transfer to the transferee and the radiation is a simple act of execution relative to this transfer.
».
S. 19A article 53 of the same Act, replaced by the law of 13 April 1995, the following changes are made: 1 ° the words "all or a portion of" are inserted between the words "sale of» and «mortgage activity»;»
2 ° the words "or of all or a part of the portfolio of these receivables" are inserted between the words "mortgage activity" and ", by a company»
3 ° article is supplemented by a second paragraph worded as follows: "articles 51, 51bis, § 3, 51ter, 51quater, 51quinquies and 51sexies are also applicable when the referred transfer is made pursuant to this article 53 by or to an undertaking subject to title II of this Act."
S. 20 § 1. Subject to §§ 2 and 3, the articles of the law of 4 August 1992 on mortgage credit, such amended or introduced by this Act, shall apply to all agreements entered into before the entry into force of this Act, claims arising therefrom and security, including the mortgage terms and promises of mortgages , as well as disposals or pledge updates referred to in article 51 § 1, who were awarded or date of before its entry into force.
§ 2. By exception in § 3, the changes made to article 51bis, § 3, and the new sections 51ter, §§ 2 to 4, 51quater, 51quinquies and 51sexies of the Act of 4 August 1992 on mortgage credit are not applicable to assignments or pledges of claims warnings that: 1 ° date back to before the entry into force of this Act; or 2 ° take place after the entry into force of this Act, but in execution of agreements which have been concluded before that date.
§ 3. Notwithstanding paragraph 2, amendments to article 51bis, § 3, and the new provisions of the law of 4 August 1992 on mortgage credit, referred to in paragraph 2, shall apply to the disposals and put in pledge of receivables in enforcement of conventions which were concluded prior to the date of entry into force of this Act, that disposals or pledge warnings occur before or after the entry into force of this Act If the assignee and the assignor, or the pledgee and the grantor of the pledge of receivables, contractually agree after the entry into force of this Act that these provisions are applicable.
§
4. §§ 1 to 3 shall not affect the rights previously acquired by third parties.
Section 2. -Amendment to the article consumer credit Act
21A article 25 of the law of 12 June 1991 relating to the consumer credit, amended by the law of June 13, 2010, the words "who have received permission to make such investments" are repealed.
Section 3. -Amendments to the law on financial securities art.
22. in article 4/1, § 1, of the law on financial securities, inserted by the law of September 26, 2011, the first sentence is replaced by the phrase: "without prejudice to title III of the law on mortgage credit, when a bank debt secured by a mortgage or a lien on property is pledged or transferred by contract in accordance with this Act and when article 51. , § 1 of the law on mortgage credit does not apply articles 5 and 92, paragraph 3, of the mortgage Act of December 16, 1851, do not apply to this pawning or this assignment. ».
Promulgate this Act, order that it be under the seal of the State and published by le Moniteur.
Given at Chateauneuf-de-Grasse, August 3, 2012.
ALBERT by the King: the Minister of finance, S. VANACKERE. the Minister of the economy, J. VANDE LANOTTE the Minister of Justice, Ms. A. TURTELBOOM sealed with the seal of the State: the Minister of Justice, Mrs.
TURTELBOOM _ Note (1) references to parliamentary work: records of the House of representatives: 53 2341 /(2011/2012): 001: Bill.
002: Amendments.
003: Report.
004: Text adopted by the commission.
005: Text adopted in plenary meeting and transmitted to the Senate.
Annals of the House of representatives: 18 July 2012 Senate Documents: 5-1763-2011/2012: 001: project referred by the Senate.
002: Report.
003: Decision not to amend.
Annals of the Senate: July 19, 2012.

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