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Can the debtor have priority to be repaid when handing over the security deposit

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Can the debtor have priority to be repaid when handing over the security deposit


        

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  • 2024-06-04 23:01:41

    The debtor may have priority in repayment by transferring security deposit or other forms as security. As a special pledge of movable property, money must meet the following requirements:
    First, the two parties should sign a pledge contract and express their intention to pledge money;
    The second is to specify the money of the pledged property and transfer it to the creditor for possession.
    The deposit meeting the above two conditions can be paid in priority.
    [Legal Basis]
    Article 425 of the Civil Code states that if the debtor or a third person pledges his movable property to the creditor for possession in order to guarantee the performance of the debt, if the debtor fails to perform the due debt or the parties agree to realize the pledge right, the creditor has the right to receive priority payments in respect of the movable property.
    The debtor or the third party mentioned in the preceding paragraph is the pledger, the creditor is the pledgee, and the movable property delivered is the pledged property.

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    2024-06-04 23:01:41

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