The specificity of the right of the mortgagee without possession to enforce the secured movable

Abstract

Abstract: Implementation over movable guarantee is divided into two types: the first is judicial execution upon non-performance of the secured obligation and breach of the security contract, or in case there is no agreement on the creditor's right to implementation over the right of guarantee. This is the basis of the movable guarantees’ laws being compared and in accordance with conditions and procedures different from those stated in the civil procedure law. The second is the contractual execution; which is an agreement between the guaranteed party (mortgaged creditor) and the guarantor (mortgaging debtor), in the form of a security contract or a separate document, giving the right to the former to execute over the guarantee in order to satisfy its right after the secured obligation is due without the need for judicial proceedings. Due to the importance of this type, comparative laws have paid special attention to it, such that considered a departure from the general rules that nullifies any agreement that gives mortgagee creditor, when the debt is not paid at the time of its due, the right to own or sell the mortgage of a secured nature, unlike the position of movable guarantees’ laws that allow the creditor himself to agree with the debtor to own the movable guarantee in the event of non-payment of the debt.