OHADA Security Code
1st edition
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How useful is this OHADA Security Code? Indeed, in the relationship between the creditor and the debtor, two principles are fundamental. The first is the principle of the limitation of the creditor's general pledge to the debtor's assets. According to this principle, "whoever is personally obligated is bound to fulfill his commitment on all his movable and immovable property, present and future. The second is the principle of equality of creditors. According to this principle, "the property of the debtor is the common pledge of his creditors and the price is distributed among them by contribut...
How useful is this OHADA Security Code? Indeed, in the relationship between the creditor and the debtor, two principles are fundamental. The first is the principle of the limitation of the creditor's general pledge to the debtor's assets. According to this principle, "whoever is personally obligated is bound to fulfill his commitment on all his movable and immovable property, present and future. The second is the principle of equality of creditors. According to this principle, "the property of the debtor is the common pledge of his creditors and the price is distributed among them by contribution, unless there are legitimate reasons for preference among the creditors. Security interests, in fact, embody legal techniques which aim, for the creditor, to ensure that his debtor can settle his debt. For the OHADA member States, this Code explains and comments on the provisions of the Uniform Act Organizing Securities. Thanks in particular to recent and updated court decisions and doctrinal analyses, it constitutes an indispensable tool for researchers, judges, lawyers, notaries, bailiffs, students and the general public. The developments devoted to it formulate at the same time a complete summary of the law of property, elements on which any security is supposed to correspond.
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