Flexibilität, Sicherheit und Effizienz der Grundpfandrechte in Europa ...

148 Bewertungssystem für die rechtlichen Rahmenbedingungen in Kontinentaleuropa
• whether it is a certificated right (letter right) or a non-certificated right (nonletter
right) (if the national law provides for both versions),
• whether or not the Eurohypothec is enforceable (if it is not yet enforceable by
law),
• in the case of a multi-parcel (joint) Eurohypothec, the other land charged.
3.3. Certificated Right and Non-Certificated Right
National law may provide that the Eurohypothec be structured either as a certificated
right (letter right) or as a non-certificated right (registered only right or
non-letter right), according to the parties’ choice.
The land register should state whether it is a certificated right or a non-certificated
right, if the national law provides for both possibilities.
3.4. Payment
Capital Amount: The holder of the Eurohypothec is entitled to payment of the
capital as registered. It must be a claim for payment of money.
The currency of any EU Member State may be used for the Eurohypothec; national
law may provide that it also be created in another currency.
Interest: The Eurohypothec does not yield interest 192 .
Secured Claim: The creation, transfer and existence of the Eurohypothec and the
exercise of the rights therein is not dependent on the existence of the secured
claims 193 .
However, if the Eurohypothec is used for security purposes, the owner can object
if the holder of the Eurohypothec exercises rights under the Eurohypothec which
are not given to him under the terms of the security agreement.
3.5. Object
Land: A Eurohypothec may be charged on land situated in any Member State of
the European Union.
Other Charged Objects: The lex rei sitae determines to what extent land, but
also buildings owned independently of the land or any another land charge or
Eurohypothec, may be charged with an Eurohypothec. (In the case of a land
charge, it will be called a sub-Eurohypothec).
Multi-Parcel (Joint) or Transnational Eurohypothecs: National law must provide
for the possibility of several pieces of land situated within the same Member
State to be charged under a single Eurohypothec (joint or multi-parcel Eurohypothecs).
Several Eurohypothecs in different Member States may secure one or more
claims (credit agreements) at the same time through a single security agreement
(transnational Eurohypothecs).
192 Some members propose that the national law may provide for the Eurohypothec to yield
interest, which may differ from the interest rate agreed upon in the loan contract. The interest
rate (or in the case of a flexible interest rate, the maximum rate) must be registered in the land
register.
193 The causa of the Eurohypothec may lie in the security agreement or in a separate duty to create a
Eurohypothec which might be included in the same document as the loan contract (see part C.II.2).