Draft Common Frame of Reference:IX. — 2:401 Secured rights

Draft Common Frame of Reference

IX. — 2:401 Secured rights

Geldend

Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.

(1)

The security covers, within its maximum amount, if any, not only the principal secured right, but also the ancillary rights of the creditor against the debtor, especially rights to payment of:

(a)

contractual and default interest;

(b)

damages, a penalty or an agreed sum for non-performance by the debtor; and

(c)

the reasonable costs of extra-judicial recovery of those items.

(2)

The right to payment of the reasonable costs of legal proceedings and enforcement proceedings against the security provider and against the debtor, if different from the security provider, is covered, provided the security provider had been informed about the creditor's intention to undertake such proceedings in sufficient time to enable the security provider to avert those costs.

(3)

A global security covers only rights which originated in contracts between the debtor and the creditor.

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