ro fr
universul juridic magazin

what is this: the hypothec over movable assets? (i) about the security interest

This study presents the legal nature of the security interest created by the hypothec over movable assets as well as the specific legal characteristics of this right in rem as regulated by the New Civil Code. After a short story about the (re)emergence of the concept of “hypothec over movables” in our legal system, the article presents a summary of the system of securing the performance of obligations under the New Civil Code.

The hypothec represents the prototypical form of security interest without dispossession. Its determination as being over movable or immovable assets is just an element for triggering the application of special rules for a common pool.

The hypothec over movable assets is a right in rem accessory to an obligation. It entails the power to follow the collateral and the power to be preferred over other creditors. The special rules laid down under the New Civil Code for regulating these powers are analyzed on multiple layers. The milestones of the modern theory of the patrimony are presented. The preference of the State as tax collector benefits of a special section. The characteristics of the hypothec over movable assets as being an accessory, indivisible and conventional right are also mentioned.

In the end, it is tentatively offered a definition of the security interest created by the hypothec over movable assets as regulated by the New Civil Code as well as a synthesis of the main moments in the life of this security interest.