Chapter 7. Means of Securing Obligations

The Law on Banking and Banking Activities provides that repayment of credit can be secured by a pledge on movables and immovables, including state and other securities, bank guarantees and other means provided by Federal law or contracts. Provisions on pledges are part of the law of obligations and not the law of property. The open-ended provisions on the list of the means of securing obligations may be possible to argue that contracts involving atypical security rights are contracts which are legitimate under the principle of the freedom of contract. The Supreme Commercial Court held a valid suretyship in which the undertaking of the surety was entered in writing in the contract of loan. A penalty is an amount of money set by law which the debtor is under an obligation to pay in cases of non-performance of an obligation, but in particular, in cases of delay of performance.Keywords: atypical security rights; Federal law; law of obligations; penalty; pledge; Supreme Commercial Court; suretyship