On 26 September 2017, the long awaited Royal Decree of 14 September 2017 implementing title XVII of Book III of the Belgian Civil Code (Security rights in rem on movable assets – also known as the new collateral act) was published in the Belgian State Gazette.
The new Royal Decree governs the use of the new national pledge register.
The new collateral act (which was adopted already on 11 July 2013) concerns one of the most important innovations of Belgian collateral law of the past decades, by the introduction of a non-possessory pledge on movable assets which is perfected against third parties by way of registration in a new national pledge register. More information on the new collateral act can be found here.
The practical implementation of this new pledge register took much longer than expected, which resulted in a repeated delay of the entry into force of the new collateral act.
The Royal Decree of 14 September 2017 provides inter alia the following:
- The manner of registration of a right of pledge or retention of title in the pledge register;
- The modification, renewal or removal of a registration; the mentioning of a waiver of rank or transfer;
- Consultation of the register;
- The retributions which are payable upon a registration or removal of data.
The new Royal Decree will enter into force on the day of entry into force of the new collateral act, which is scheduled for 1 January 2018 at the latest.
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