Brief Introduction
Under general regulations established by the Civil Code and the Law on Pledge all types of securities must be provided in the form of a written agreement. They are normally referred to as the “security agreement”, “pledge agreement” or “mortgage agreement”. Certain types of security agreements, for instance: when pledging immovable property or automobiles, need to be registered with authorised state bodies or public notary offices.
The Civil Code and the Law on Pledge allow security to be provided by third parties.