The Court of Cassation's decision on the regime of pledge of stocks without dispossession and its implications for credit institutions, amidst a backdrop of legislative evolution and coherence.
Contents
Introduction
Detailed Plan
Introduction
Detailed Plan
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Extract
[...] The judgment of 7 December 2015 represents a widely debated event within the doctrine, as it does not fit into legislative coherence A. A judgment that settles the dispute while creating legal uncertainty 1. The Quai de l'Horloge considers that the legislator also addresses credit institutions because it does not make the reverse mention 2. Pouvant thus be a source of legal uncertainty B. This legal uncertainty being filled by the 2016 ordinance: the December judgment becoming a 'legal episode' 1. The ordinance of January comes to fill this legal uncertainty 2. [...]
[...] In a principle, the Court of the Quai de l'Horloge considers that the special regime of pledge of stock without dispossession also applies to credit institutions, as the legislator has not made any contrary mention. If the regime of pledge of stock without dispossession has undergone a revolution with the ordinance of 23 March 2006 to which credit institutions must submit it remains that this decision represents a widely debated event within the doctrine, as it does not fit into legislative coherence (II). [...]
[...] The common law regime bases its roots in the Civil Code 2. A. On the occasion of the introduction of ordinance n°2006-346 of 23 March 2006, a special regime applies B. The submission of credit institutions to the special law 1. The competition between the two regimes could lead to confusion, resulting in disputes such as that introduced by this judgment 2. In which the Judicial Magistrate attempts to put an end by determining the framework in which the special regime is inscribed II. [...]
[...] 14-18.435 - In so far as a special regime of pledge of stocks without dispossession has been created by the legislator at articles L. 527-1 and following of the Commercial Code, is a credit institution entitled to abandon this specific regime in order to hold to the common law regime? - Introduction and detailed plan In authorizing the promulgation of theordinance No. 2016-65 of January 29, 2016 relating to concession contracts, the legislator allows updating the legal regime concerning pledge securities related to stocks for companies without dispossession. [...]
