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

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The owner is entitled to obtain a written copy of the security agreement. However, it
does not have to be entered in the land register.
Minimum Provisions
A Security Agreement must contain the following minimum provisions:
• the names of the parties and the date of agreement,
• the Eurohypothec; it is possible to use one security agreement for several created
Eurohypothecs or for multi-parcel Eurohypothecs,
• the claims to be secured,
• the conditions for redemption of the Eurohypothec by the security provider,
• the conditions of the enforcement procedure of the Eurohypothec, within the
limits of the laws of the jurisdictions concerned.
Forbidden Clauses
The security agreement may not stipulate the following:
• restrictions on the sale of the property as a whole,
• a clause of voie parée 196 .
Without the consent of the holder of the Eurohypothec in the form foreseen by the
national law, the owner of the charged property may not create any charges on the
property which could affect the Eurohypothec. This does not apply to charges
inferior in rank.
4.3. Redemption and Owner’s Rights
If there is no valid security agreement or if all secured claims have been repaid, the
security provider has the right to demand redemption of the Eurohypothec or parts of
it. He has the right to decide the means of redemption, whether it be extinguishment,
transfer of the Eurohypothec to the security provider, or at his discretion to a third
party. The holder of the Eurohypothec must contribute therefore, if necessary, at his
own expense.
The security provider is allowed to assign the right to redemption to a third party.
In the case of a certificated Eurohypothec, the right to redemption includes the right
to receive the certificate.
In the case of over-collateralisation, the security provider may, at his own expense,
ask for partial adaptation of the collateral by reducing the amount of the Eurohypothec
or via partial redemption.
In the event of enforcement, the holder of the different Eurohypothecs may be entitled
under the security agreement to choose over which properties he wishes to carry out
enforcement. As regards individual properties, the enforcement proceedings may be
carried out separately or jointly 197 .
If the holder of the Eurohypothec breaks the security agreement, the owner of the
land is entitled to compensation for the damage suffered under the lex rei sitae.
National law must provide effective compensation.
196 Forfeiture clause.
197 Some members propose that a joint procedure should follow the same rules in all Member States.