The securities foreclosure is one of the tools by which the lender can get the forced expropriation of its debtor assets.
In fact, the creditor who is unable to obtain the spontaneous payment of what is due to him, where he is in possession of an executive title of a judicial nature (sentence, injunction, etc.) or extrajudicial (loan contract, authenticated private contract , promissory note, etc.).) may incardinate an executive procedure aimed at subtracting the availability of assets belonging to the debtor.
Any executive procedure begins with the notification of an attachment order, that is to say an injunction of the bailiff to the debtor, with which he is ordered to refrain from performing acts aimed at subtracting from the credit guarantee exactly indicated the assets that subject themselves to expropriation.
The attachment can be of three types: real estate, when it relates to the debtor’s real estate; securities, when it relates to the movable property of the debtor; with third parties, when it is carried out on the credits that the debtor has against another person (pensions, salaries, etc.).
What assets can be foreclosed?
It is good to know that the law limits the attachment of securities, providing that essential items cannot be expropriated from the debtor and the people of his family who live with him (the clothes, the linen, the beds, the tables and the related chairs , wardrobes, refrigerator, household utensils etc.), pets or pets and all other things expressly listed in the code of civil procedure. With regard to these goods, there is talk of “absolutely impassable movable things”.
On the contrary, we refer to “relatively impassable movable things” when referring to the assets necessary for the cultivation of a fund or the exercise of a profession, the attachment of which is permitted by law, but is subject to certain limitations.
The attachment of motor vehicles is also allowed, albeit with the particular forms provided for in the code of civil procedure.
The choice of the attachable assets is left to the discretion of the bailiff , who must privilege those of easier and quicker liquidation, since the aim pursued is to attach the assets on which the creditor can more easily claim. For this reason, the bailiff is required to prefer cash, valuables and debt securities and any other asset that appears easily liquidated.
How does the attachment of securities take place?
Securities attachment, like any other forced enforcement procedure, begins with the notification of the deed of precept , ie a request with which the creditor orders the debtor to pay the amount due to him under an enforceable title, within 10 days.
After this period, without the debtor having spontaneously fulfilled, the creditor can ask the bailiff to proceed with the notification of the attachment order.
In the case of an attachment, as anticipated, the attachments are made up of all the movable assets of the debtor found by the bailiff during access to his residence or registered office , or in any other place belonging to the debtor and even, with due caution, on his person.
The bailiff delivers the seized assets to the court clerk
After 10 days from the attachment, the attaching creditor or any other creditor with an executive title can request the distribution of the money, the assignment and / or the sale of the other assets.
If the sale is not successful, the goods will be returned to the debtor, upon payment of the deposit costs.
If you are afraid of being subject to foreclosure or wish to have more information or clarifications, contact the Best Bank professionals. You will receive all the clarifications completely free of charge and you can get useful advice on how to behave.