Discover the intricacies of conservatory seizure of receivables, a tripartite operation involving the creditor, debtor, and third party. Learn about seizure operations, conservation, and conversion into sale seizure, foraging seizure, and seizure-attribution. Understand the procedures, deadlines, and liabilities involved in this complex process.
Extract
[...] The conservation measure is different from the security measure. The security measure is based on a good or a personal commitment as a guarantee of the payment of the contracted claim, whereas the conservation measure serves (aims) to place the debtor's assets under the hand of justice in order to then sell them and pay the seizing creditor. The realization of the security can lead to an execution seizure and not a conservation seizure. References: UNREVISED AUPSRVE I. Section Conditions for the opening of the conservation seizure § Conditions related to the creditor (Art UNREVISED AUPSRVE Art. [...]
[...] § The conversion of the conservatory seizure into a sale seizure When the creditor has proceeded to a conservatory seizure without having a enforceable title, he has a 1-month deadline from the seizure to introduce a legal action to obtain an enforceable title. Otherwise, after this deadline, the seizure becomes null and void and the debtor can request the lifting of the seizure. He does not need to obtain the title within the 1 month, the essential thing is that he has introduced the legal action within the 1 month. [...]
[...] Section Conservatory Seizure of Receivables (Sum of Money) § Seizure Operations The conservatory seizure of receivables is a tripartite operation: - Creditor seizing (creditor) - The seized debtor (the seized) - The seized third party (the third party) - The seizing creditor will notify the third party with a seizure document in accordance with the provisions of Article 77. This seizure makes the amount of money unavailable. 8 days from the seizure, the creditor must notify the debtor of the conservatory seizure, under penalty of seizure lapse. The refusal to respond or a fraudulent response will hold the third party liable. [...]
[...] Within 8 days from the seizure, the seizure is denounced to the debtor under penalty of lapse. The seizure document is drawn up in accordance with Article 85 of the Uniform Act. The seizure document, once denounced, renders the pecuniary rights (share and actions) unavailable. § The Conservation of the Conservatory Seizure or Sale Seizure The creditor must notify the executory title and the conversion document to the third party, then he will denounce the conversion document to the debtor, who is accompanied by a particularity: the conversion document denounced to the debtor is accompanied by a payment request. [...]
[...] A creditor who learns that his debtor sells his assets without his knowledge, may seize the president of the debtor's court where the debtor resides, but on the condition that the claim appears to be founded in principle and that the claim is threatened, he will therefore proceed with the precautionary seizure until the delivery of an enforceable title. II. Section The precautionary seizure of movable property Only movable property can be subject to precautionary seizure. § The seizure operations - When the bailiff arrives two situations present themselves: - The debtor is present. - The debtor is not present. [...]
