The New Civil Code regulates the legal regime of security mortgages and trusts to ensure the fulfilling of a civil or commercial obligation resulting from any contract concluded between individuals or legal entities, being subject to the provisions of the Civil Code in regard to the order of priority, publicity and execution of the following deeds:
a) all assignments of receivable rights;
b) conditional sales, as well as any other legal deeds, irrespective of the form or name thereof, destined to warrant the fulfillment of an obligation by an asset, as defined in art. 6 from this title;
c) all rental forms, inclusively any lease longer than one year;
d) consignment contracts;
e) deposit guarantees and receipts.
All tangible or intangible movables, any tangible movable asset or movable asset that is an accessory to another immovable asset, but that can be removed or extracted thereof are deemed comprised in the application sphere of the Civil Code, save buildings and construction materials, even if the parties named the concerned contract a mortgage.
The assets falling under the incidence of the law are the following:
- fungible and non-fungible asset stock;
- crediting balances of deposit accounts, savings deposits or term deposits opened with banking or financial institutions;
- deposit certificates, bills of lading and other similar ones;
- shares of joint-stock companies and of limited liability companies;
- rights to exploit natural resources and operate public services in the conditions stipulated by law;
- rights resulting from inventions, brands and other intellectual, industrial or commercial property rights;
- secured receivable rights;
- negotiable tools;
- the universality of the debtor’s movable assets that may comprise the inventory of circulating assets and future assets;
- the forest, agricultural harvest, minerals and hydrocarbons that are to be extracted or that were extracted;
- insurance policies;
- the right obtained from the rental or lease of immovable assets;
- the equipment, facilities, farm machines or other such;
- any right, whether exclusive or not, of transacting with movable assets or of ensuring services that may be assigned by the holder, irrespective whether the assignment is subject to certain restrictions or whether it needs the consent of the author or the authorization of another person;
- leased movable assets or such that are the subject matter of a leasing operation for a duration longer than one year;
- any other such assets.
Assets subject to a security mortgage are the aggregate assets provided in the legislative field presented in the LEGISLATION section, as well as the products thereof, i.e. any asset received by a debtor further to the sale, exchange, results and products, as well as the amounts collected from the insurance or another form of management or disposal thereof, inclusively amounts obtained from any other subsequent operations.
Electronic Archive for Security Interests in Movable Property