Summary

Unlike BGB (Bürgerliches Gesetzbuch of August 18, 1896) the Property Law contains only one kind of the immovable pledge which corresponds to the German immovable debt. According to the Property Law the immovable pledge is not accessory, i.e. it can be set irrespective of the existence of a debt. The immovable pledge arises with its registration in the register of real estate. At the registration immovable pledges get a succession on which the order of the satisfaction of the claims guaranteed by the pledge depends. It is also possible that the owner of the immovable thing leaves one or several succession to himself. If the owner of the immovable thing is not able to pay his debt, the holder of the pledge is entitled to claim for the distraint through a forced auction or sequestration. The role of the immovable pledge in the Property Law is of greatest importance as on its basis a stable credit system should evolve.