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pledged, such pledge cannot be set up against the debtor on such obligation or another third person, unless notice of the creation of the pledge is given to such debtor in accordance with the provisions of Art. 467.

The foregoing provisions do not apply to name-shares.[1]

365.

If a name-debenture is pledged, such pledge cannot be set up against the commercial company or against other third persons, unless the creation of the pledge is registered in the company’s books in accordance with the provisions relating to the assignment of debentures.

366.

If an instrument drawn to order is pledged, such pledge cannot be set up against third persons, unless its creation is noted upon the instrument itself in the manner of an endorsement.

367.

The pledgee may collect directly anything that is due upon the obligation pledged.

When the obligation is for money, the pledgee may collect only such portion as corresponds to the amount of his own obligation.

If the obligation pledged is due before the obligation in favour of the pledgee, the latter may require the debtor on the obligation pledged to deposit its amount, in which case the pledge exists in the money deposited.

  1. ↑ I.e. shares of stock in the certificates for which a person certain is named as creditor. See the Commercial Code.
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