Romania

Law Respecting Certain Measures for theAcceleration of the Economic Process

(Title VI on Legal Treatment of SecurityInterests in Personal Property)

(adopted on 27 May 1999)

This English translation has been generouslyprovided by

the Center for the Economic Analysis of Law.

Important Disclaimer

This does not constitute an official translation and the translator cannot be held responsible for anyinaccuracy or omission in the translation. The text should be used for information purposes onlyand appropriate legal advice should be sought as and when appropriate.

Chapter 1 - General Provisions

Art.1

This title regulates the legal treatment of security interests in movables, aimed at securing the

fulfilment of a civil or commercial obligation arising from any contract concluded between natural

or legal persons.

Art.2

The following legal acts are also subject to the provisions of this title with regard to their priority

order, publicity and enforcement:

� all the assignments of accounts receivables even if the assignment is not aimed at

securing the fulfilment of an obligation;

� conditional sales, as well as any other legal acts, irrespective of their form or name,

aimed at securing the fulfilment of an obligation with a good, as such good is defined in

art.6 of this title.

� all types of rental, including any leasing, concluded for a period longer than a year,

having as object the goods provided by art.6 of this title, even if such legal acts are not

aimed at securing the fulfilment of an obligation.

� consignment contracts having as object goods set forth by art.6 of this title provided that

the value of the good which is to be sold, set by the consignment contract is larger than

the equivalent in Lei of EURO 1,000.

� warrants and deposit receipts.

Art.3

The provisions of this title regarding the priority order and the publicity of security interests in

personal property are also applicable to pawning, as it is regulated by art.1685-1696 of the Civil

Code.

Art.4

In the scope of this title the following terms have the meanings set forth below:

� debtor: the person liable to fulfil the obligation secured by a security interest in

personal property. References to the capacity of ?debtor? in the scope of this title also

include the lessee in a rental agreement or the beneficiary in a leasing contract, provided

that such contracts are concluded for a period exceeding a year, the assignor of accounts

receivable, the consignee of certain goods and the debtor in the legal acts provided by

art.2 letter b). Unless otherwise provided by law or by contract, debtor also means, in

the scope of this title, the owner of the good securing the fulfilment of an obligation in

case that the owner is not the person held liable to fulfil the secured obligation.

� creditor: the person to the benefit of which the security interest has been created.

� In the scope of this title, by ?creditor? it is also understood the lessor in a rental or the

lessor or financor in a leasing contract concluded for a period longer than a year, the

assignee of accounts receivables, the consignor and the beneficiary of a security interest

created by a legal act set forth under art.2 letter b).

� deposit account: means time, demand, savings, passbook or other similar accounts

maintained with a bank.

� rental, including leasing, concluded for a term exceeding one year includes:

- rental of goods, including leasing, concluded for an indefinite term.

- rental of goods, including any type of leasing, initially concluded for a term of

one year or less, if the lessee or the beneficiary, with the consent of the lessor or

the Financor, retains uninterrupted possession of the good for more than one

year, calculated from the delivery of the good. However, the rental agreement is

considered to have duration longer than a year only upon the expiry of such

period.

- rental of goods, including any type of leasing, for a term of one year or less, with

respect to which the contract provides that it can be extended for one or several

periods.

Nevertheless, the provisions of para (1) letter d) do not apply to the lease of goods by the lessor or

by the Financor which does not have as object of activity the rental or leasing of goods and to the

lease of movables which are accessories to an immovable, needed for the proper utilisation of such

immovable.

Art.5

The application of the provisions of this title is not affected by the fact that the accounts receivable

used as security interest is in its turn secured by a legal act which is not subject to this title.

Art.6

1. It is considered that all movables, tangible or intangible, are subject to the provisions of this

title.

2. It is also subject to the provisions of this title any tangible movable or movable which is an

accessory to a real estate, but which can be removed or taken out of the real estate, except for

the buildings and construction materials, even if the parties have named the respective contract a

mortgage.

3. By ?buildings? it is understood the erection of a structure, opening of a mine or starting a work

carried out at the surface or underground. The phrase ?construction materials? means those

materials which are incorporated in a building and includes the goods affixed to a building in

such a manner as they can be detached only by producing damage amounting to a greater value

than that of the materials obtained as a result of the removal operation.

4. This title also applies to the goods provided by art.467-468 of the Civil Code.

5. The following goods are subject to the provisions of this title:

� fungible and nonfungible stock of goods;

� the credit balances in deposit accounts, savings accounts or time deposits in banking or

other financial institutions;

� deposit receipts, bills of lading and similar documents;

� shares and social parts in joint stock and limited liability companies;

� the rights to exploit natural resources and to operate public services, under the law;

� rights arising from patents, trademarks and other intellectual, industrial or commercial

property rights;

� accounts receivables, whether secured or unsecured;

� negotiable instruments, including instruments secured by a mortgage;

� all the personal property of the debtor which may include goods in circulation and future

goods;

� forest, agricultural crop, minerals and hydrocarbon to be extracted or which have been

extracted;

� insurance policies;

� the right arising from rental or land lease (arenda) of real property;

� equipment, installations, agricultural machinery and the like;

� corporate rights;

� any right, whether or not exclusive, to deal with personal property or to provide services,

that may be assigned by the grantee notwithstanding that the assignment is subject to

restriction and notwithstanding that the assignment may require the consent of the

grantor or any other person;

� rented or leased personal property for a period longer than a year;

� any such other goods.

Art.7

In the scope of this title, ?secured property? means all the goods provided by art.6 as well as the

products thereof, pursuant to art.12.

Art.8

This title does not apply to:

� assignment of succesoral rights and of intellectual and industrial property rights;

� privileges, rights of retention except for their ranking of priority vis-à-vis security

interest, according the provisions of chapters 3 and 4;

Art.9

1. The security interest governed by this title constitutes a right in rem whose scope is to secure the

fulfilment of any obligation.

2. The security interest grants to the secured creditor the right to satisfy its claim with the secured

property before any other unsecured creditor and before other creditors whose security interest

or rights over such secured property has a lower ranking of priority, as provided in Chapter 3.

3. The security interest regulated by this title may be created with or without dispossession of the

person who grants the security interest over the secured property.

Art. 10

1. Any type of obligation to give, to do or not to do may be secured with the security interest

regulated by this title, including present or future obligations, whether conditional or not,

whether severable or not, determined or likely to be determined, denominated in national or

foreign currency.

2. The security interest fully covers the secured obligation. Unless the parties otherwise agree, the

secured obligation includes the accrued and unpaid interests on the principle obligation and the

expenses incurred by the creditor in taking possession and selling the secured property after the

debtor’s failure to fulfil its obligation. In addition, unless the parties otherwise agree and should

the secured property is in the secured party’s possession, reasonable expenses, including the

insurance cost and payment of any other taxies incurred in obtaining and maintaining possession

of the secured property and in its preservation in proper conditions are borne by the debtor,

being also secured by the secured property.

3. The security interest may have as object an individualised or a generically determined movable

asset, or a universality of movable assets. In the event that the secured property is a universality

of movable assets, including a fond de comert, the content and the characteristics thereof shall

be determined by the parties by the date of creating the security interest. In this case, it is not

necessary for the items comprising the secured property to be in a state functional

interdependency.

Art.11

1. If the debtor fails to fulfil its obligation, the security interest entitles the creditor to take

possession over the secured property or to retain the secured property and the right to sell it to

obtain the payment for the secured obligation.

2. The security interest also entitles the secured creditor to the following rights:

� the right to inspect the secured property during the debtor’s working hours in such a way

as not to affect its activity;

� the right to deem that the secured obligation has become exigible and to proceed with the

enforcement of the security interest under the conditions provided in this title, should it

determines the lack of proper maintenance of the secured property or other facts likely to

make the enforcement of the security interest difficult or impossible, as such are

established by the security agreement. The creditor may exercise this right only if it has

reasonable commercial grounds to believe that the secured property has been or is about

to be placed in jeopardy or there is a possibility that payment is about to be impaired.

Art.12

1. In the context of this title, the ?products obtained from realisation of the secured property?

means any asset received by the debtor upon the sale, exchange, the fruits or products as well as

the insurance proceeds or from any other form administration or disposition thereof, including

the amounts arising from any subsequent operations.

2. The value of the insurance indemnity over the secured property represents the result of trading

of the secured property as long as the amount to be paid is owed to either party of the security

agreement or to the representative of such party.

CHAPTER 2 - CREATION OF SECURITY INTERESTS IN PERSONAL PROPERTY

Art.13

1. The security interest in personal property shall be created only by a security agreement.

2. The security interest in securities shall also be created, by inalienability of such securities in

compliance with the rules of the market on which they are traded or based on the parties?

agreement with regard to the securities which are not listed on an authorised market.

3. The security interest in securities may also be created, as the case may be, by endorsing the

respective securities in compliance with their governing regulations.

Art.14

1. The security agreement is the agreement pursuant to which a security interest in goods or

rights is created for the benefit of a certain creditor.

2. The security agreement must be concluded in authentic form or by deed under private signature

and must be signed by the debtor. The term ?deed under private signature? means any mode of

communication that preserves the registration of the information contained therein and which

can be reproduced in tangible form and cannot be changed unilaterally.

Art.15

The security agreement may either indicate the maximum amount of the secured obligation or not.

Art.16

1. The security agreement must contain a description of the secured property. Nevertheless, the

secured property may be described by genre, object by object or through the generic phrase ?all

present and future personal property. All personal property? represents a sufficient description.

If the secured property consists of a sum of money deposited into a bank account, the respective

account shall be distinctly individualised.

2. In addition, the security agreement may provide the creditor's right to collect, on the account of

its debt, the fruits and/or products of the secured property, but, in this case, the conditions and

the proportion in which the secured obligation shall be reduced shall be mandatory stipulated.

3. The security agreement may provide for guaranteeing the making of advance payments.

?Advance? means granting of any amounts, credits or other values which include the debtor's

obligation to pay interests, costs arising from obtaining the credit as well as other taxes payable

by the debtor, related to the advance or to the enforcement of the security interest which has

guaranteed the advance payment. ? Future advance? means a payment, which may either arise or

not from on obligation and which includes the advances and the reasonable expenses arising

from such as well as the expenses incurred for the protection, maintenance, preservation or

repair of the secured property.

Art.17

The security agreement is an executory title.

Art.18

1. The security agreement may provide for to a security interest in future assets. Such a security

interest becomes effective when the debtor obtains the ownership right over the assets that falls

within the description set out in the agreement.

2. The rank of priority over future assets against third parties is established upon the moment of

fulfilling the publicity formalities regarding the respective security interest, in compliance with

the requirements for establishment of the priorities provided in Chapter 3, even if such moment

may occur before the debtor has obtained a right over the secured property.

Art.19

For the purposes of this title, any natural or legal person, Romanian or foreign, may be party to

agreement securing an obligation for any type of transaction.

Art.20

1. The security agreement may provide that the secured property secures the fulfilment of a future

obligation. Such a security interest comes into existence when the secured party transfers the

funds, which create the debt and thus fulfilling the condition required for the existence of the

principle secured obligation.

2. The priority of the security interest securing future obligations against third parties commences

upon the moment of fulfilling the publicity formalities with regard to the secured interest in

compliance with the provisions of Chapter 3. This ranking of priority shall be preserved even

though it is established before the transfer of funds or of other obligations required for the

existence of the principle secured obligation.

Art.21

1. For the duration of the security agreement, the debtor may administer or dispose in any manner

of the secured property and of its products inclusively through renting, granting of another

security interest or sale.

2. In addition, the secured property may be distrained in favour of a creditor on the basis of the

judicial enforcement procedure.

3. The disposition acts related to the secured property are valid even if the person who has acquired

the property is aware of the contractual provision of the security agreement which forbids the

transfer or which states that the transfer as being equivalent to nonfulfillment of the obligation.

Art.22

1. The clauses of a security interest may not impose obligations of anticipated and immediate

payments on demand, either in whole or in part, of the principle secured obligation or call for by

such any other payment or debt to the debtor, in the event that the debtor grants a second

security interest in the same property; such clauses shall be null dejure except for the case when

the creditor has objective reasons to believe that the secured property has been or is about to be

placed in jeopardy or that the prospects of payment was or is about to be impaired.

2. Any agreement forbidding the assignment of accounts receivables or conditions it only to the

consent of the assigned debtor or considers it as a failure to fulfil an obligation is null and void.

Art.23

1. Pursuant to this title, the security interest maintains its existence and validity over the secured

property or right in compliance with art.38, except for the case when, the creditor agrees,

expressly or implicitly, to seek enforcement only with respect to the products of the initial asset.

2. If the debtor does not fulfil its obligation and disposes of the secured property or right, the

creditor has the possibility to exercise its right over the secured property which is held in

possession by a third party or over the products resulted from such secured property, or over

them both.

3. In case that a creditor enforces a security interest both over the secured property and over the

products of such, the amount secured by the original asset and its products shall be limited to the

market value of the secured property upon enforcement.

Art.24

1. Any asset replacing the secured property or the asset, which incorporates the value of the

secured property, shall be considered to be produced of the initial asset - except for the case

when the debtor proves to the contrary.

2. The secured property shall continue to be considered as such even in the event that it has

become accessory to a real property as provided by art.6. This provision shall apply in the same

manner to the products of the secured property.

Art.25

The goods represented by a title, including deposit receipts or bills of lading, may be the object of a

security interest only by creating such security interest over the titles representing them, according

to the provisions of this title.

Art.26

1. When the security agreement does not specify the maximum value of the secured obligation,

such as securing a credit line, or when the security interest covers all the debtor's goods or only

certain types of goods, the debtor may at any moment request for a statement regarding the value

of the obligation which has remained to be secured or a detailed list containing the secured

property. In this respect, the debtor shall give the creditor a list comprising an approximated

evaluation of the secured property to be certified by the creditor.

2. Within 30 days, the creditor shall reply to the debtor. Otherwise, it will be deemed that the

creditor has implicitly agreed, and thus the debtor's estimation shall become valid.

Art.27

1. The security interest terminates upon the fulfilment of the secured obligation, except for the case

when the parties have agreed, by contract, that the security interest also covers future

obligations as well as in other cases provided by law.

2. The security interest may also terminate:

� by a releasing act of the creditor which should specify the termination in whole or in part

of the secured obligation;

� by court order.

3. Within 40 days after the security interest terminates, the creditor must register a notice with the

Archive with regard to the termination of the security interest. The Archive shall enter a mention

in the corresponding filing entry with regard to the termination of the security interest. The

regulation for the application of this title must provide the form and the content of this notice as

well as the registration manner of such with the Archive.

4. Subsequent to the fulfilment of the secured obligation, the secured creditor shall, upon the

debtor's request, immediately return possession of the secured property in the event that such

creditor has previously come into possession of such.

5. Failure to comply with the requirements set forth under paras 3 and 4 may result in compelling

the creditor to pay damages to the debtor in a quantum representing at least the equivalent in Lei

of EURO 200.

Chapter 3 - Publicity and Rank of Priority of Security Interests

Art.28

A security interest and other real encumbrances over goods which are subject to this title have a

ranking priority against third parties, including the state, established at the time such security

interest or encumbrances have been made public by using one of the methods provided by this

article.

Art.29

1. The security interests and encumbrances created in personal property which are subject to this

title meet the publicity requirement on the moment of registration the ?security interest notice

with the Electronic Archive of Security Interests in Personal Property hereinafter called

?Archive.

2. The registration with the Archive does not confer validity to a security interest, which is null.

3. By registration of the security interest, the creditors to the benefit of which a security interest in

the same property is subsequently registered are presumed as having knowledge of the existence

of the security interest, contrary evidence not being admitted.

Art.30

1. The following are excepted from the provisions of art.29:

� the security interest, if the secured obligation upon conclusion of the security agreement

over tangible personal property does not exceed the equivalent in Lei of EURO 300, the

publicity of which may be performed either by taking possession of the secured property

or by registration of the security interest notice with the Archive.

� the security interest or the encumbrance created over money, securities or titles

representing goods, including deposit receipts and negotiable bills of lading, as well as

cheques and promissory notes, the publicity of which may be carried out only by holding

possession of the instrument or by endorsement of such, if the transfer of the respective

instrument requires possession or endorsement. Registration with the Archive is not a

valid publicity method in these cases.

� the security interest or the real encumbrance over securities, which, pursuant to the

regulations of securities market, may be transferred simply by being recorded into the

records kept for the market on which they are traded, shall be deemed as being made

public as of that moment; registration with the Archive is not a valid publicity method in

these cases.

� the security interest or the encumbrance created over ships or aircraft's should be

made public by registration of a security interest notice with the registry where the

ownership title over such has been recorded. The registry should enter the security

interest under the entry where the ownership right over the asset has been recorded.

2. The possession of a secured property provided by para 1 letters a and b must be made public.

The possession is public if it can be easily acknowledged by third parties. If the secured

property is lawfully held in possession by and is under the control of the creditor or of its

representative, but it is created, with respect to third persons, the appearance that the possession

belongs to the debtor, the creditor's possession does not represent public possession.

Art.31

In case of goods in consignment within the scope of this title, the consignee is responsible for

registration of a security interest notice form with the Archive with regard to the respective goods.

If the consignee fails to fulfil this obligation and the consignor suffers damages due to such failure,

the consignee is liable for the payment of certain damages in a quantum representing at least the

equivalent in Lei of EURO 200.

Art.32

Between a security interest over stocks of goods, including future stock, and a security interest in

certain goods on the inventory of such stocks, generically determined, the security interest, which

has been, registered first has priority.

Art.33

The following are excepted from the general rule setting the ranking priority provided by art.28:

� the security interest created in favour of the seller of the good or of the creditor whose

loan enabled the purchase of the good. This has priority over a prior security interest or

before other encumbrance provided that, before the debtor has obtained the possession

over the secured property, the security interest notice has been registered with the

Archive, and the seller or the creditor notifies the creditor which has been previously

secured about the sale and about the registration of the of the security;

� the security interest over the crop or over the products which will be obtained from

trading it, created in view of obtaining the funds needed by the debtor to produce such

crop or created during the period of growing plants or during a 6 month period before

harvesting. This has priority over any other security interest or encumbrance as of the

moment of its registration with the Archive;

� the security interest over poultry, cattle, horses, ship, swain and fish or over the products

thereof created to ensure the funds necessary for enabling the debtor to acquire animal

food, drugs or hormones necessary for feeding or treatment of animals or fish. This has

priority over any other security interest or encumbrance created over the same good or

its utilities, other than the security interest created for the benefit of the seller of animal

food, drugs or hormones.

Art.34

In the cases in which products arise and the description of the good initially registered with the

Archive is not broad enough to cover the type of products arisen, the ranking priority established by

registration with the Archive extends over all the products, if, within 15 days from obtaining them,

the creditor expresses its interest in these by modifying the security interest notice form which

describes them. The requirement to modify the notice form and to re-register it does not operate in

the situations when the products are amounts of money, checks or deposit accounts in a bank or

similar institution.

Art.35

1. When the Archive registers a security interest in movables affixed to land, the security interest

notice shall contain the description, address and registration with real property publicity

registries.

2. The mortgage encumbered on all amelioration's carried out subsequent to the creation of the

mortgage, pursuant to art.1777 of Civil Code, shall ensure the priority over the creditors which

have created a security interest in such amelioration's only provided that such mortgage over the

amelioration's have been registered with the Archive even if the mortgage was registered with

the transcription/inscription registries.

Art.36

1. Any creditor which, without being party to a security agreement, has a privilege simply by the

operation of law, including the privilege of the state for taxes due, has priority over the

creditor's security interest in the good at issue only from the time the privilege meets the

publicity requirements its registration with the Archives or by possession of it.

2. However, the privilege of the warehouseman for the expenses incurred with storing the asset has

priority over the security interest in the same asset, as of the moment the privilege has been

registered with the Archives. The notice for registering such privilege should indicate the

deposit receipt representing the assets. The regulations for the application of this title shall

provide the type of form and the manner of filling in such form.

Art.37

The creditor, which has obtained, by court order, the right to enforcement over personal property

has priority over the creditors holding security interests in such personal property only upon

fulfilment by the respective creditor of the publicity formalities provided by art.28.

Art.38

1. In the event that the purchase price of an asset does not exceed the equivalent in Lei of EURO

1,000, the security interest is not opposable to the person which acquired the secured property

in a public sale, even if the security interest is registered and the purchaser is aware of the

existence of such security interest.

2. Any security interest previously registered with the Archives shall be opposable to the buyer

provided that the purchase price of the asset exceeds the equivalent in Lei of EURO 1,000. The

debtor shall submit to the buyer a writ issued by the Archive certifying the existence of all

security interests or encumbrances in the goods or another writ from every holder of a security

interest or encumbrance stating that the goods are free from any encumbrances.

3. Nonfulfillment by the debtor of the obligation provided by para 2 results in engaging the liability

of such debtor for any damage caused to the secured creditor, in a quantum representing at least

the equivalent in Lei of EURO 500.

Art.39

1. In case that the secured property is held in possession by the creditor or by a third party which

represents the creditor, such persons have the rights and obligations provided by the Civil Code

for the voluntary bailment.

2. The creditor shall collect the fruits or interests on the secured property for the account of the

debtor.

3. Unless otherwise stipulated, the collected fruits and interests shall be firstly applied to the

normal expenses for the preservation of the goods, then to the interests and finally to the

quantum of the secured obligation in order to reduce the amount thereof.

Art.40

The creditor or its representative which has taken the possession of the secured property is bound to

return the property to its owner once the secured obligation has been fulfilled. Such person is liable

for any damage resulted from the loss, deterioration, unjustified delay in returning the secured

property or unjustified refuse to accept payment of the secured obligation.

Art.41

If the debtor has possession of the secured property, the alienation, destruction or degradation due to

negligence or the depreciation of such due to lack of diligence, provided that the creditor has been

prejudiced, shall result in engaging the liability of the debtor, which shall pay damages in a quantum

representing at least the equivalent in Lei of EURO 500.

Art.42

Besides the rights and obligations established by the security agreement, the possessor of the

secured property shall have the following obligations:

� to maintain the secured property and to use it as a diligent owner;

� to keep, if necessary, accurate accounting records of the secured property and, as the case

may be, of its products, in compliance with the legislation in force.

Art.43

Any security interest may be transmitted by assignment. Even a deed under private signature may

serve as proof of the assignment.

Art.44

The registration of a security interest notice is valid for a 5-year period. The creditor may renew the

registration before its expiration, for another 5-year period or for another period of time. In case

that the registration is not renewed, the Archive may erase any other registration in its database.

Chapter 4 - Electronic Archives of Security Interests in Personal Property

Art.45

1. The registration of the operations regarding security interests in personal property shall be

performed in the Electronic Archive of Security Interests in Personal Property, hereinafter called

the Archive.

2. The Archive is a system for the recording of the priority of security interest in personal property,

structured on persons and on goods.

3. The Government, by the Oversight Authority, shall concession, by public auction, the right to

exploit the Archive, to any natural or legal persons which meet the requirements set by

regulation. The authorised persons comprise the body of operators of the Archive, hereinafter

called the body of operators. The operators may organise themselves in an association, under the

law.

Art.46

1. The legal persons authorised to operate the Archive shall designate a Director of the Archive,

hereinafter called the Director, who should be a person with a high moral profile and should

enjoy a good enough material standing as to be able to bear the potential damages. The

authorised legal persons shall be held liable for the actions of the person they have assigned as

director.

2. The operators are empowered, under the Regulation, to authorise other persons who shall have

the competency to directly register with the Archive the notice forms of security interest in

personal property, hereinafter called authorised agents.

Art.47

1. The Government shall name the governmental agency, hereinafter called the Oversight

Authority, which will supervise the body of operators and authorised agents to ensure the

compliance with the provisions of this title.

2. Whenever necessary, the Oversight Authority shall inspect the manner in which the Archive

operates, in order to verify the compliance with the provisions of the law.

3. The Surveillance Authority may immediately withdraw the authorisation granted to an operator

or authorised agent, when it acknowledges the fact that the respective operator or authorised

agent has failed to observe the provisions of this title or of the Regulation issued for the

application thereof.

Art.48

1. The Oversight Authority must investigate any complaint regarding failure to comply with the

provisions of this title and of other regulations by operators, authorised agents or by the director

of the Archive.

2. The Oversight Authority shall communicate its conclusions to the body of operators and shall

decide with respect to the most adequate measures.

3. The Oversight Authority has the power to confiscate all the records of the Archive, to take

control and to carry out the financial-accounting audit of such service if it ascertains gross and

repeated breaches of law throughout the operation of the respective service.

Art.49

1. The Archive shall be organised in a single, easily accessible database.

2. The Archive shall register the security interest notices and other mentions without performing

the control of the legality or a control of any other nature. Registration of the security interest

notices is an obligation, and the personnel of the Archive is not entitled and cannot be bound to

take measures with regard to the accuracy of the information recorded by the Archive.

3. The database shall accurately reflect only the recorded information having the obligation to keep

it updated.

4. The security interest notices shall be alphabetically classified and the registrations are searchable

under the debtor's name and under the serial number in the case of vehicles.

Art.50

The registration of a security interest notice with the Archives shall not be conditioned by the

submittal of documents certifying payment of taxes levied on the secured property, on the loan

granted or any other taxes of any nature. Also, the registration with the Archive shall not be

conditioned by the obligation to verify the possession of the secured property either.

Art.51

1. The level of the fee for registering a security interest shall be established upon free competition

between the operators in the body of operators and the authorised agents.

2. The Oversight Authority shall ensure a fair competition.

3. The Oversight Authority shall forbid publication of comparative tables with regard to the level

of fees and any other measures aimed at limiting the advertisement regarding the level of fees

received by operators and authorised agents in exchange for the registration services or for

authorising new authorised agents by operators.

Art.52

1. The operators are entitled to establish fees for the access to the database, the level of which must

be sufficient to cover the cost of operating such database.

2. The financial situation of the operators with regard to the expenses incurred for operating the

database shall be verified from the financial-accounting standpoint, by a firm selected by

operators, from a list accepted by the Oversight Authority.

3. The Oversight Authority shall decide whether the funds provided for the operation of the

database are sufficient and has the right to order that the appropriate measures be taken for

enlarging the competition, if it ascertains that the earnings resulted in excessive revenues for the

body of operators.

Art.53

1. In case that the operator uses more than a computer or the authorised agents use separate

computers to enter data, the various databases containing registrations shall be connected in a

network and thus the Archive shall operate as one system.

2. The Archive shall use interlinked databases of a kind that permits any person to search and

electronically record from any point connected to the network. In such a case, the director of the

Archive shall administer such extended network.

Art.54

1. The Archive is public and may be consulted during the hours established by the Oversight

Authority.

2. Consultation shall be free of charge - in case of unmediated access - unlimited and

unconditioned. The Archive may ensure public access in order to obtain and copy the

information in the archives. The long-distance access may be also permitted by telephone,

Internet and other methods provided by the regulation, even outside the operation hours.

Art.55

1. Entries of data in the Archive must be made on special forms, in compliance with this title and

with the regulation issued for the application hereof, which shall represent the adequate

document for the performance of the registration with the Archive and which shall produce

effects against to third parties.

2. The regulation issued for the application of this title shall establish certain technical standards of

general use applicable to database of the Archives.

Art.56

1. The applicant who wishes to register a document to make public its intention to create a security

interest must submit or deliver to the Archive, by any means, a security interest notice filled in

compliance with the requirements of the regulation. There are no requirements as to the

certification or authentication of the signature on such form, or as to the payment of any duty.

2. The registration of the intention to create the security interest expires after the lapse of a 2-

month period as of the registration date.

3. If the security interest is created, such interest shall have the rank as of the date of the

registration of the intention.

Art.57

1. When any person authorised to operate the Archive receives a form, such person shall record the

information contained in the form into the database either manually or by electronic means.

2. The database should contain irrefutable and valid information regarding the time, date, hour,

minute, second the notice was registered.

Art.58

Within 24 hours as of the registration of the security interest notice at the most, each creditor is

compelled to send a copy of the notice to the debtor.

Art.59

1. The security interest notice includes: debtor's name, domicile, residence or the chosen domicile,

creditor's name, domicile, residence or the chosen domicile, secured property or rights,

number/series of the registration of title over the secured property, data regarding the principal

real property if the secured properties are accessories to the real property, and if the secured

obligation is conditional, a limit of time for the expiry of the registration - according to the

security agreement - and, optionally, the maximum value of the secured obligation.

2. In the event there is an inconsistency between the data in the security interest notice form and

those in the security agreement, those contained in the security interest notice form shall prevail

in the relationships between third parties and those between parties and third parties.

Art. 60

1. In exercising the rights and obligations of the parties with respect to third parties, it is deemed

that such parties have the chosen domicile at the address indicated in the security interest notice.

All the notifications sent in compliance with the security agreement to the address mentioned in

the security interest notice form shall be valid and shall produce effects.

2. Any party may change its domicile by properly informing the other party at the address

indicated in the form and by informing the Archive.

Art.61

1. The secured creditors shall request the operator to enter the mention about the termination of the

security interest in the Archive, within maximum 40 days as of the date of the termination of the

secured obligation. The secured creditor which fails to fulfil such obligation is held liable for the

payment of the direct or indirect damages caused to the debtor. In this case, the value of the

damages which are to be paid cannot be less than the equivalent in Lei of EURO 500.

2. The regulations of the Archive shall establish the verification methods which shall proof that the

registration of the mention has been requested indeed by the secured creditor as well as methods

for erasing the security interest from the database.

Chapter 5 - Enforcement of Security Interests

Art. 62

1. In case of nonfulfillment of the secured obligation, the creditor may choose between initiating

the enforcement procedure provided by the Civil Procedure Code or enforcing the security

interest in compliance with the provisions of this chapter.

2. Unless otherwise stipulated, the provisions of this chapter are applicable only to the security

interests over assets securing the fulfilment of an obligation which is subject to this title. The

obligation has to be certain and exigible.

Art. 63

1. In case the debtor does not fulfil its obligation, the creditor has the right to satisfy its claim with

the secured property. In this respect, the creditor has the right to take possession, by peaceful

means, the secured property or the products resulted from trading such property, as well as the

titles and the deeds which acknowledge the ownership right of the debtor over the good, no prior

authorisation or notification being required and without payment of any taxes or fees.

2. By exercising the right to take possession of the good, the creditor should not disturb public

order, should not resort to physical force or to any other means of intimidating the debtor nor it

should resort to any other means to force the debtor on the moment of taking possession of the

good.

3. Throughout the peaceful taking of possession of the good, the creditor may not, at any moment,

be accompanied by a civil servant or by a police officer.

4. For taking possession over the good in compliance with paras 1-3, the security agreement must

include the following phrase In case of non-performance, the Creditor may use self-help in

taking possession of the Secured Property.

Art.64

1. Any person having possession of the secured property shall turn over such property, upon the

request of the creditor whose obligation reached the maturity date and whose security interest

has a higher ranking priority according to this title, as to enable the enforcement of the security

interest according to the procedure provided by this title.

2. Except for the aforementioned situation, during the period of enforcement of a security interest,

no other creditor may request the taking possession of the respective good.

Art.65

The creditor may sell any secured property, even if such property is held in possession by the debtor.

In such case, the buyer of the good has the same right to take possession as the secured creditor,

under the provisions of this title.

Art.66

At any time until the sale of the good by the creditor, the debtor may pay to the creditor the entire

due amount together with the reasonable expenses, incurred with the taking of possession and sale

of the good, thus extinguishing the debt. The creditor is bound to accept the payment, to

immediately stop any enforcement procedure and to return the property to the debtor.

Art.67

If taking possession of the secured property in a peaceful way is not possible, the secured creditor

may, through the judicial executor in charge with the enforcement or through the bank officer, as the

case may be, or with the assistance of any other enforcement officer, take possession of the good.

The creditor's application shall be supported by a certified copy of the registration with the Archive,

a copy of the security agreement and by a description of the good which is to be taken in possession.

Upon the request of the enforcement bodies, the police officers are bound to assist the creditor to

take possession of the good.

Art. 68

1. Within 48 hours as of the receipt of the application, the enforcement officer shall go to the place

where the secured property is, shall take possession of it and deliver it immediately to the

creditor. The enforcement officer shall prepare minutes in two counter parts, of which one shall

be kept with the enforcement file and the other shall be handed to the debtor which shall sign for

receipt. In the event that recourse to force is needed, the enforcement officer must return during

the same day, accompanied by police officers, to take possession of the secured property.

2. The creditor shall bear the expenses and risks related to the transportation and storage of the

goods at issue.

Art.69

1. The parties may agree, by the security agreement, on the method of selling the encumbered

goods as a result of failure to fulfil the obligation.

2. In the absence of such agreement, the creditor shall sell the secured property in a reasonable

commercial manner which should ensure that the best price be obtained. The method, manner,

place and time of the sale should observe the adequate commercial practices, used by the

persons who currently sell similar goods on the respective market.

3. The adequate commercial practices may be: direct sale to a third party, sale by auction

advertised in a newspaper, sale on public markets or by any other reasonable commercial

method applied to the type of goods subject to sale. The creditor shall choose from among the

various reasonable commercial methods of sale the one which ensures the obtainment of the best

price.

Art.70

1. The buyer retains ownership over the secured property free of any existing security interest or

encumbrance.

2. The titles or deeds acknowledging the ownership right of the debtor over the asset and the

security agreement, together with the mention entered with the Archive regarding the

termination of the security interest, prove the ownership right of the buyer or, as the case may

be, of the creditor which has adjudicated the asset.

Art.71

1. Prior to the sale, subject to nullity and liability for caused damage, the creditor shall notify the

sale to the debtor and to the other creditors which have registered a security interest notice

regarding the same debtor and asset, as well as to the owner of such secured property, if the

debtor is not the owner of the respective property.

2. The notice shall be communicated to the persons mentioned under para 1 to their domicile, in

such a way as to be received with at least 5 full days before the sale, and shall indicate the place,

day, hour at which the sale shall take place as well as the conditions of the sale.

3. The notice shall be made by any means which shall ensure proof of the receipt thereof and, if

needed, it shall be handed over by an adult person.

4. The creditor may sell the asset even before the notice, if the respective asset is perishable.

Art.72

The creditor shall initiate and terminate the enforcement procedure of the security interest within a

reasonable period of time, depending on the type of goods and in compliance with the usual market

practices which may ensure the selling of the asset at the best price.

Art.73

The creditor cannot adjudicate the secured property in the sale that it has initiated unless it has

previously allowed the third parties to participate in the sale, except for the case when the parties

otherwise agreed. The asset adjudicated by the creditor shall be free of any encumbrances, except

for those which were registered before the registration of its security interest.

Art.74

In the event that the results obtained from the sale of the asset following the enforcement are

insufficient to cover the payment in full of the secured obligation, the debtor shall continue to be

liable for the remainder of payment. In this case, the creditor may satisfy the remainder of its claim

as an ordinary creditor.

Art.75

1. Within 5 full days as of the receipt of the notice, the debtor, creditor or the owner of the asset, if

it holds an interest, may challenge the sale of the asset.

2. The court shall settle the claim within 3 full days. The court decision may be appealed within 3

full days as of the communication of the decision. The appeal shall not suspend the enforcement

of this decision.

3. The court may order the cease of the enforcement initiated by the creditor if the debtor has paid,

in compliance with art.66, as well as the return of the movable to the debtor. In case that the

court ascertains that the sale would be carried out by breaching the provisions of art.69 paras 2

and 3, it shall establish the appropriate conditions and rules and shall approve the sale.

Art.76

1. When the creditor is aware of the fact that the debtor is not the owner of the secured property,

the respective creditor shall deliver to the owner of the secured property what has been left from

the sale.

2. In the event that the creditor is not aware of this circumstance, it is exonerated of any liability

provided that it has delivered to the debtor what has been left from the sale of the asset.

Art.77

1. The parties may agree that the sale of the secured property to take place without the taking of

possession of the good by the secured party.

2. In such a sale, the parties may agree that the debtor remains in possession of the assets, as

lessee. The debtor's right shall be opposable to any third party which acquires the movable.

Art.78

1. In the event that the secured property is sold, the creditor shall distribute the proceeds of the sale

in the following order:

� payment of the expenses resulting from the maintenance, preservation, taking in

possession and sale of the asset.

� payment of the interests and of the secured claim which has the first rank of priority even

if such claim is not exigible;

2. Any amount remained after satisfying the creditor with the highest rank of priority shall be

distributed to the other creditors in the order of their priority established by the provisions of

Chapter 3, even if the claims of such creditors have not become exigible. Only after the payment

in full of a creditor the payment of a subsequent creditor may start.

3. Within 3 days after receiving the proceeds of the sale of the secured property, the creditor which

has sold it shall transfer any surplus to its debtor or to its representative. If the payment of the

surplus cannot be effected, the respective amount shall be deposited into a bank account, and the

debtor shall be subsequently informed in this respect by the creditor.

4. Any agreement between the creditor and the debtor establishing another destination for the

amounts shall be null and void de jure.

Art.79

The creditors and debtors cannot intervene in order to change the rank of priority established under

this title.

Art.80

1. If the secured obligation has not been paid, and the secured property or the products obtained

from the sale thereof represent amounts deposited into a bank account, the creditor shall notify

the bank as to its intention to satisfy its claim out of the amounts deposited into that account.

2. The creditor shall attach a copy of the security agreement to the notice and shall provide the

bank with all the information regarding the amount which is to be withheld.

Art.81

1. The day the bank receives the notification, it is compelled to verify whether the security

agreement has been registered with the Archives, the priority of such security interest and the

conformity of the debtor? signature on the security agreement with the one recorded in its books.

2. If the requirements set out under para.1 are fulfilled, the bank may accept further deposits in the

debtor's account but it shall not honour any payment orders received after the notice.

Art.82

1. Subsequent to freezing the account, pursuant to art.81 para.2, the bank shall pay the claim of the

secured debtor out of the amounts existing in that account, in compliance with the creditor's

demand.

2. If, according to the priority order regulated under this title, another creditor holds a higher

priority rank in the deposit account, the bank shall first pay the creditor holding the highest

priority rank, even if the claim has not become exigible.

3. The bank shall not be liable for the payments thus effected as long as it strictly complies with

the provisions of this title and with the instructions received from the creditor together with the

notice.

4. The bank shall inform the debtor within 24 hours with respect to every action in relation to its

account and shall proceed to unfreezing the accounts of such immediately after the amounts

claimed by the creditor have been paid.

Art. 83

1. In case that the security interest is represented by titles attesting rights in rem over certain

personal property, including deposit receipts and warrants, the creditor may sell the assets and

distribute the price in compliance with the provisions of this chapter.

2. In case of non-payment, the secured creditor holding a security interest over certain negotiable

instruments is entitled to execute the security interest against the endorsers and guarantors.

Art.84

The secured creditor holding a security interest in certain accounts receivables may exercise the

following rights, upon its choice:

� take possession by peaceful means of the documents ascertaining the accounts

receivable. In this respect, the creditor may use peaceful means in collecting the sums

resulting from the accounts receivables constituted as security interest up to the amount

of the owed sum, in compliance with the provisions of this chapter;

� to take over or transfer to another person the accounts receivables with respect to which

the security interest has been created, up to the amount of the secured receivable, the rest

being transferred to the other creditors or to the debtor, in compliance with the rules

regarding the distribution of the sale proceeds established in this chapter.

Art.85

1. In case the secured property, consisting of a pecuniary claim, is assigned, the assignee shall

notify the assignment in writing to the assigned debtor.

2. The notice may be made either by a deed under private signature, or by court or by an act

authenticated by the public notary. The notice shall mention the assigned interest, the amount to

be paid, its name, the modality and place of the payment.

3. As of the moment the debtor receives the notice, it may be exonerated from such obligation only

by effecting the payment to the assignee in the manner indicated in the notification.

4. However, if the debtor demands that the assignee serves proof of the assignment and the

assignee does not make such proof within 15 days as of the date of the demand, the debtor may

continue effecting payments to the assignor.

5. The assignment may be proven by the certified copy of the assignment contract or of the security

agreement or by a copy of the registration of the assignment in the Archive.

Art.86

1. The actions undertaken by the creditor in view of enforcing the security interests in personal

property, in compliance with the provisions of this title, are not suspended as a result of the

initiation of the judicial reorganisation or bankruptcy procedure.

2. In view of enforcing its security interest, the creditor which has fulfilled the publicity formalities

provided by this title for opposability to third parties may request to the syndic judge to take

possession of such movable. The syndic judge shall order that the administrator or, as the case

may be, the liquidator deliver the secured property to the creditor.

3. Subsequent to taking possession of the asset, the creditor may exercise its right to satisfy its

claim with the secured property, in compliance with the provisions of this title, the intervention

of the syndic judge, of the liquidator, or, as the case may be, of the administrator not being

needed.

4. Subsequent to the sale of the secured property, the creditor must transfer the surplus, through the

administrator or the liquidator, into the debtor's patrimony.

5. Any creation of a security interest in personal property, subsequent to initiating the

reorganisation or bankruptcy procedure with respect to the debtor, is null and void, except for

the case in which it has been approved by the syndic judge or in other cases provided by law.

Art.87

The creditor which takes possession of the secured property by breaching the provisions of this

chapter, shall pay to the debtor an amount equivalent to 30% of the value of the secured obligation,

shall return the asset or the right, if possible, and shall compensate the debtor for any damage

resulting from the taking possession in bad faith.

Art.88

1. If the creditor sells the secured property, by breaching the provisions of this chapter, it shall pay

the debtor an amount equivalent to 30% of the amount of the secured obligation existing at the

moment of the sale or the difference between the market price and the sale price, depending on

which of them is higher and, in addition, it shall indemnify the debtor for any damages resulting

from the sale in bad faith.

2. The creditor may retain the proceeds of such sale, after it has paid the amounts owed to the

debtor in compliance with para.1.

3. However, the creditor shall no longer have the right to claim the remaining amount out of the

secured obligation.

Art.89

In order to establish the market value of the asset, in view of determining the damages owed to the

debtor, the secured creditor and the debtor shall each appoint an expert. If the difference between

the value established following both appraisals is lower than 20%, the market value shall be

considered as being the arithmetic average of the two appraisals. If the difference between the value

of the two appraisals exceeds 20%, the experts shall appoint a third expert to appraise the asset. The

appraised market value shall be deemed the arithmetic average of the two appraisals, closest in

value among the three.

Chapter 6 - International Operations

Art.90

1. The requirements regarding the validity of a security interest in a tangible personal property or

in a negotiable title which is held in possession by the creditor are subject to the law of the place

where the asset or the title was located on the date of the conclusion of the security agreement.

2. The rules relating to opposability and to priority order of the security interest provided under

para.(1) are established by the law of the place where the asset was located on the date when the

security interest was created.

Art.91

1. The security interest in a tangible personal property which is opposable, in compliance with the

law of the place where the asset was located on the date the security interest was created, shall

have the same priority rank in Romania, if it was registered with the Archive:

� within at most 60 days as of the date when the asset was brought into Romania;

� within at most 15 days as of the date when the creditor acknowledged that the asset had

been brought into Romania;

� before the priority rank obtained in compliance with the law of the place where the

movable was located when the security interest was created terminates.

2. However, the security interest shall not be opposable if the movable has been sold, leased or

given under leasing to a third party which acquired it without having known the existence of the

security interest and before such security interest became opposable in any manner according to

this title.

Art.92

1. The security interest of the Lessor or of the Financor, which is opposable regardless of the

existence of publicity formalities in accordance with the law of the place where the asset was

located at the date of the conclusion of the rental or leasing contract preserves the priority rank

if the registration with the Archive has been made according to this title:

� within at most 60 days as of the date when the asset was brought into Romania;

� within at most 15 days as of the date when the Lessor or the Financor acknowledge that

the movable had been brought into Romania;

� before the priority rank obtained in compliance with the law of the place where the asset

was located when the rent or leasing contract was entered into terminates.

2. However, the security interest is not opposable if, before having been registered in compliance

with this title, the asset has been sold, rented or leased to a third party which did not know that

the security interest existed.

3. The security interest of the Lessor or of the Financor which is not opposable in accordance with

the law of the place where the movable was located on the date of the conclusion of the contract

may be registered with the Archive in compliance with this title.

Art.93

1. The rules regarding the validity conditions, publicity and ranking priority of the security interest

are subject to the law of the place where the debtor was when the security interest was created,

in the case of:

� intangible or tangible personal property which, according to their destination, are

transported to another state;

� negotiable titles which are not in the possession of the debtor.

2. The validity terms, publicity and the ranking priority of the security interest of the Lessor or of

the Financor over the tangible personal property rented or leased provided by para 1 letter a are

subject to the law of the place where the Lessor or the Financor are located on the date of the

conclusion of the contract.

3. In the scope of this title, by the place where the Lessor or the Financor are it is understood the

professional headquarters, the domicile or the residence of the natural person or the registered

headquarters of the legal person.

Art.94

In the event that the debtor, the Lessee or the Beneficiary change their domicile or their

headquarters such as they are defined under art.93 para.(3) or in the event that the debtor creates a

security interest in favour of a person in another state, rental, leasing or the security interest which

have acquired a priority rank according to this title preserves its rank held in Romania if the

security interest or the leasing is registered abroad:

� within 60 days as of the date when the debtor, the Lessee or the Beneficiary has relocated

abroad or as of the date when the debtor creates the security interest in favour of a person

who is abroad;

� within at most 15 days as of the date when the creditor became aware of the fact that

debtor, the Lessee or the Beneficiary have relocated abroad or that it has created a

security interest in favour of another person abroad;

� before the date when, according to this title, the security interest or the registration of the

Lessor or of the Financor loses its priority rank.

Art.95

1. If the law regulating the rank of the security interest mentioned under art.94 does not provide

publicity formalities and the asset is not held in possession by the creditor, the rank of the

security interest is inferior to:

� the security interest in an account payable in Romania;

� the security interest in a tangible asset or in a negotiable title which was created when the

asset was in Romania.

2. However, the security interest preserves its priority rank if it is registered, according to this title,

before the security interest mentioned under letters a) or b) of para 1 was created.

Art.96

The validity requirements, the opposability and the priority rank of the security interest in the

mineral resources, oil or gases or in an account resulting from the sale thereof at source, created as

of the date the goods are extracted or as of the date when the amounts obtained from the sale are

transferred into the account, are subject to the law of the place where the exploitation is located.

Chapter 7 - Final and Transitory Provisions

Art.97

1. The fixtures may be mortgaged in compliance with the provisions of the Civil Code.

2. If the fixtures are subject to the provisions of art.6, the priority rank of security interests in such

goods shall be established in accordance with the provisions of Chapter 3 of this title.

Art.98

1. The creditor without security interests in personal or real property, including the state, may have

priority over a creditor holding a security interest only if it has registered its interest with the

Archive or, as the case may be, in the real property publicity registries before such security

interest has been registered by the secured creditor.

2. With regard to the enforcement of the budgetary claims, if the state has not registered its claim,

pursuant to para.1, creditors holding security interests in real and personal property have the

right to be paid out of the price obtained from the selling of the secured property, subsequent to

the payment of the debts representing expenses of any type incurred with the pursuance and

preservation of the secured properties, the price of which is distributed, even if the remaining

pursuable goods and earnings of the debtor do not cover the payment of all the other claims.

Art.99

1. Between the assignment notified to the debtor or accepted thereby and the assignment registered

with the Archive, according to this title, the registered assignment shall have priority.

2. In the event of successive assignments, the assignee which has first registered its assignment

with the Archive shall have ranking priority over third parties, irrespective of whether it is

aware of the existence of other assignments.

Art.100

In the scope of this title, any person which does not receive deposits, may sell on credit or may grant

loans, the provisions of the Banking Law no.58/1998 not being applicable.

Art.101

In the scope of this title, the Lei equivalent of the amounts expressed in EURO shall be calculated

by taking into consideration the reference exchange rate of the National Bank of Romania

applicable on the date of the payment, or as the case may be, on the date provided by this title.

Art.102

1. Pawning or mortgaging the goods subject to this title, created and registered prior to the coming

into force of this title, shall be subject to the legal provisions existing on the date they are

created.

2. The ordinary courts shall transfer to the Archive the records, documents and the databases

regarding the recordings made pursuant to para.1, within at most 120 days as of the date when

the Archive starts operating.

3. Within 120 days as of the establishment of the Archive, the creditors which have created

security interests, pursuant to the law in force on the date of the establishment thereof, shall

register a security interest notice with the Archive, as well as a registration certificate which

should specify the date and time with respect to the priority of the registration in the respective

register.

4. The security interests and encumbrances created in compliance with the law in force on the date

such security interests and encumbrances are created shall produce effects with respect to the

priority order, the right to pursue the secured property, opposability to third parties, judicial

enforcement, as well as the exercise of other rights.

Art.103

1. This title comes into force within 90 days as of the date of the publication of this law in the

Official Gazette of Romania.

2. Within the term provided under para (1), the Government shall adopt, by decision, the regulation

regarding the organisation and operation of the Electronic Archives for Security Interests in

Personal Property.

3. The regulation adopted in compliance with para (2) shall contain provisions regarding the

systems and procedures to register the security interest notices with the consolidated data base or

with the network all over the country, the systems and the procedures to inform the users of such

services and the competent authorities, the actions constituting misdemeanours and the

sanctions which will apply, as well as any other provisions needed for the application of this

title.

Art.104

The following legal provisions shall not be applicable for the security interests provided under this

title:

� Law no.115/1938 regarding the unification of the provisions regarding real property

registries - Official Gazette no.95 of April 27, 1938, as further modified;

� Law no.242/1947 regarding the transformation of the temporary real property registries

into land registers - Official Gazette no.157 of July 12,1947, as further modified;

� Articles 710-720, Book VI, Chapter XIII - ?Transcription of the sale acts and pursuance

of properties and regarding the registration of privileges, mortgages and pawns? of the

Civil Procedure Code;

� Chapter IV (Enforcement over immovables) in the Civil Procedure Code.

Art.105

On the date of the coming into force of this title, the following shall be abrogated:

� art. 478-489 of the Commercial Code, Title IV (About pledge);

� art.710 and 713 of the Civil Procedure Code, with respect to the publicity of pawns.

� any other provisions contrary to this title.