Peculiarities of the Legal Construction of the Pledge of obligations

The article deals with a complex structure of contractual relations in the context of pledge of rights, distinguishes particularities of interrelations between a pledgee, a principal debtor and a third party pledger; analyzes internal and external relations between entities in question. The author justifies the conclusion that application of rules regulating a surety to regulate relations between a pledgee, a third party pledger and a principal debtor contradicts the legal nature of the pledge. With regard to the pledge of obligation rights, the Act sets specific rules that distinguish significant differences in the regulation of a surety and pledge of rights. It was concluded that regarding surety the legislator provides for the construction of subrogation which is not applicable to the pledge of rights (encumbrances on rights). A principal creditor (a pledgee) on the basis of a pledge agreement becomes the holder of the right. Thus, in the case of the pledge of rights a mechanism different from a mechanism applied to the surety and incompatible with either the assignment of rights or subrogation is applied. The paper questions the provision of the RF Civil Code under which a pledge account that is regulated by the rules applicable to an agreement of pledge of rights under a bank account agreement can be open by a pledger. The author provides arguments to support the possibility of opening a nominal account of a pledger. A nominal account agreement made between the bank and the owner of the account (pledger) with the participation of the beneficiary (pledgee) provides an opportunity to avoid complex relations between the named persons in case of the pledge of rights and to preserve the balance of interests of each party when a secured obligation is discharged.

pledge of obligation rights, claim, property right, lien, pledger, debtor, creditor, pledge, assignment of right, cession, subrogation, discharge of obligation, pledge agreement, pledge account agreement, nominal account agreement, surety, collateral

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